All posts tagged Texas

What is going on with Texas Foreclosures?

Texas Foreclosures

Texas ForeclosuresIn layman’s terms, foreclosure is the act of legally terminating a mortgage. Texas Foreclosures are filed when a homeowner fails to keep up with payments on his or her mortgage. In this day and age, this is a common occurrence. The current economic situation in the U.S. has affected the ability of loan holders to maintain their schedule of payments, which directly influences the Texas real estate foreclosure rate.

Foreclosure Basics

Real estate is often purchased through means of a loan, which is borrowed money; this borrowed money is often provided by a bank or loan company. The money is granted to the owner of the property by the financial institution. Until the loan is repaid, the financial institution has the legal power to claim ownership of the property listed on the loan documents. If payments, which include monthly installments and property taxes, aren’t made by the person(s) to whom the loan was given, the financial institution has the legal right to foreclose on the property.

Recent Trends in Metropolitan Areas

Although the business of real estate is unpredictable, various trends can be seen throughout the Texas housing market as it relates to foreclosure. One such trend that is quite alarming is the increase in the Texas foreclosures rate in some of the state’s largest cities. Cities such as Dallas and Austin showed a significant increase in the texas foreclosure rate in the last half of 2010. The Dallas-Fort Worth area showed a 25.36% increase in foreclosure rate from that of 2009. In Austin alone, the foreclosure rate rose 7.5% in the first quarter of 2011; meaning nearly 1 in 200 homes were foreclosed upon.

Recent Trends in Rural Areas

The increase in the foreclosure rates in large cities, when paired with the trend seen in small cities and rural areas, gives the Texas foreclosure rate some stability. While the larger cities have shown a recent increase, rural areas have shown a significant decrease in foreclosure rate. When the statistics of both metropolitan and rural foreclosure rates are added together, the real estate market in Texas is shown to be improving, which is something that can’t be said for most states in the US.

Texas vs. Other States

Texas is the second-largest state in the U.S., behind only Alaska in land size. In 2010, more than 25 million people were registered as citizens of Texas in the official census. Nearly 90% of Texans live in a metropolitan area. In other words, many residents of Texas live in or near a big city. Although the heavily populated larger cities in Texas are showing an increase in foreclosure rate, the overall Texas foreclosures rate is among the lowest in the nation. (Arizona, California, and Nevada have the highest foreclosure rates in the U.S.)

Although the current market trends show improvement in the Texas foreclosures rate, this may not last long. The real estate market is constantly changing, and, along with it, so will the Texas foreclosures rates.

Generate your Texas Sales Contracts online with BULL Forms now.

BULL Forms Texas is in the Chrome Web Store

BULL Forms Texas web app is live in the Google Chrome Web Store.

Good news for all of our users generating Texas Real Estate forms using Chrome as their web browser of choice.  Our web application is now live in the Google Chrome Web Store.  What does this mean for you? First of all, you can easily install the application by heading to the Chrome Web Store and searching for BULL Forms. Once installed, you will be able to easily navigate to BULL Forms Texas and start generating TREC Forms within seconds. We have outlined the steps to installing the application below:

First head to the Chrome Store

BULL Forms Texas Google Chrome Web Store

Now search for BULL Forms Texas:

Search for BULL Forms

When you reach the results page, go ahead and click on our BULL Forms Mascot, “Bob the Bull”

BULL Forms Texas Click on Bob the Bull

You will then be taken to the details page:

BULL Forms Texas Chrome Web Store TREC Forms

Click on install and the magic will happen behind the scenes.  Now the BULL Forms Texas Web application has been installed into your Chrome Web Browser.  You can access it whenever you start up your computer or open a new tab, as pictured below:

Installation CompleteAnd that is a wrap folks.  Click on “Bob the Bull” and you will be taken to your favorite site for Generating Texas Real Estate Forms.  As always, stay on the lookout for improvements and we will notify you as soon as we have added more functionality to the application.

Thank you,

BULL Forms Team

How to E-sign TREC Forms

All subscribers to BULL Forms Texas have unlimited e-sign capabilities built into their accounts. Just as fax machines made our lives as real estate professionals easier in the 1990’s, e-signature capabilities are increasing our efficiency today. You no longer have to print out documents and fax or scan them to your clients. Then sit and wait for them to return the documents hoping and praying that they are sent back correctly the first time. Then the revisions begin!

Why not increase your efficiency and save some time during the signature process? Send out your contracts for e-signature and you don’t have to worry about your clients signing or initialing in the wrong places.  All of the TREC (Texas Real Estate Commission) forms can easily be sent out for e-signatures.  Adding to the time savings is the fact that all of the signature spots and initial locations have already been placed for you. All of this is great! But how do you use e-signatures on your TREC contracts?  Read on:

E-signature Process for TREC Forms

After you have completed all of the TREC contracts that you would like to send out for e-signatures, click on the email icon, which is an envelope with a pen, highlighted in the yellow circle below:

BULL Forms Texas TREC Forms Signature Icon

Once you have clicked on the email icon, the email window will appear on the screen. You want to send out documents for e-signature, click on the yes radio button:

BULL Forms Texas TREC Forms Email Window

After choosing to send out your documents for e-signatures, you will be presented with options for e-signing your TREC forms. All of the signature spots have been placed for you, all you have to do is select who you want to sign the documents and where you want the parties to sign.  We have assigned “roles” to all of the available signature locations.

Roles for E-Signatures

  • Buyer 1
  • Buyer 2
  • Seller 1
  • Seller 2
  • Tenant 1
  • Tenant 2
  • Landlord 1
  • Landlord 2
  • Buyers or Tenants Agent
  • Listing Agent
  • Escrow Agent
At this time, these are the only roles / signature spots available. Do not worry if you are looking for more functionality from our e-signature feature, its coming soon…

Sending your TREC Forms out for E-signature

Enter the first name, last name and email address for the party you want to sign the documents and then select their role.

BULL Forms Texas TREC Forms Signature 1

To add another party to the transaction, click on the add signer link:

BULL Forms Texas TREC Forms Add Signer

If you have added all of the parties that you want to sign the document you are ready to send it out for signatures. Make sure you have added all of the roles, if they are not included now you will have to start a new e-signature transaction.

Before sending out the documents make sure you select all of the forms within the deal that you want to send out for signatures. You should also enter a descriptive subject line and comments to all of the parties receiving the email.

BULL Forms Texas TREC Forms Esignature Send

Congratulations, you have just sent your TREC Forms out for e-signatures.

E-signing the TREC Forms

All of the parties you included in the transaction will receive an email when it is their turn to sign the documents. All parties will have to consent to transacting electronically with you and your company, if you have added your company in your membership profile. This consent ensures that you are complying with all of the e-sign laws.

When a signer clicks on the link in their email, they will be taken to the main e-signature page:

BULL Forms Texas TREC Forms Esignature Compliance

Once the party e-signing agrees to conduct business electronically they will receive an email with their confirmation. They will then be taken to an area that allows them to customize their signatures and initials.

BULL Forms Texas TREC Forms Esignature Steps

The program can either generate initials and signatures for the user, or they can create their own using the mouse to write their initials or signatures.  The option to change your initials is below:

BULL Forms Texas TREC Forms Change Initials

Here is the window to change the signature:

BULL Forms Texas TREC Forms Change Signature

Once the user has created their signature preferences they will be taken to the signature window:

BULL Forms Texas TREC Forms Starting E-signatures

On the left hand side of the page the signor will see all of the pages that require attention.  On the document above pages 1 through 8 require attention and are showing with a red background and orange tab.  As initials and signatures are completed on each page, that page will turn green. By clicking on the next location button the user will be taken to the next initial or signature location requiring their attention.

An initial location will look like this:

BULL Forms Texas TREC Forms Initial Document

A signature location will appear as follows:

BULL Forms Texas TREC Forms Signature Locations

Once all initials and signatures have been completed a green button near the bottom of the screen will blink and the user will be prompted to complete the transaction.

BULL Forms Texas TREC Forms E-signatures Complete

After the user has completed their portion of the signature transaction they will receive an email notifying them they have completed signing the document.  They will also receive a link allowing them to download the document they just signed.  The next party in the transaction will now be notified via email and will start the e-signature process over again.

Checking on the Status of TREC E-signatures

You have sent out your TREC contracts for e-signatures, but you have not received the completed document back yet. What do you do? You can access your e-signature transactions from your e-signature dashboard.  From within the BULL Forms click on the “dashboard” link near the top right of the screen:

BULL Forms Texas TREC Forms Dashboard

From within the dashboard, click on the e-signature tab:

BULL Forms Texas TREC Forms E-signature Panel

When in the e-signature panel you can view all of your pending, completed and cancelled transactions. If for any reason one of the members in a transaction has not received an email you can resend the email.  If you need to cancel a transaction at anytime you can also do it from here.

BULL Forms Texas TREC Forms E-signatures Panel

This wraps up our tutorial on how to use our e-signature feature.  If you have any questions please feel free to use our contact form.

Thank you,

BULL Forms Team