Deborah Peck Century 21 Landmasters

Getting approved for a Loan

Deborah Peck — Mon, 13 Feb 2012 22:34:00 GMT

Taking out a loan can be the most stressful part of the home-buying process. Transactions typically take at least a month to complete. Having your financial situation scrutinized can be an uncomfortable process. Worrying about whether you will be approved is an added stressor. It helps to gather your financial records (credit card balances/statements, bank statements, investment statements) prior to meeting with a loan officer. Obtain a copy of your credit report; you're entitled by law to one free credit report per year. A copy of your 4506 T form (IRS Tax Return Transcript), which includes a summary of your tax information, is also available online for download.

Don't lose sight of the fact that you have options when choosing a lender and a mortgage. This can help restore a sense of control when so much of the home-buying process is out of your hands. Talk to several lenders; don't just go for the first lender you talk to. Consult with your Real Estate agent to help you through the process of securing a mortgage. Don't hesitate to ask questions until you understand the answer.

FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales

Deborah Peck — Wed, 08 Feb 2012 19:09:00 GMT

By: Carrie Bay

The Federal Housing Administration (FHA) is extending the temporary waiver of its property anti-flipping rule through the end of 2012.

FHA rules typically prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, the agency waived this regulation, and later extended the waiver through 2011.

The new extension announced late last week will permit buyers to continue to use FHA-insured financing to purchase HUD-owned and bank-owned properties, no matter how long the homeowner has held the title, through December 31, 2012.

FHA says the waiver will allow homes to resell as quickly as possible, helping to stabilize real estate prices and revitalize communities experiencing high foreclosure activity.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Carol Galante, FHA’s Acting Commissioner. “FHA remains a critical source of mortgage financing and

stability and we must make every effort that to promote recovery in every responsible way we can.”

According to FHA, the waiver contains strict conditions and guidelines to prevent predatory property flipping in which properties are quickly resold at inflated prices to unsuspecting borrowers.

Among these conditions, all transactions must be arms-length, with no link between the buying and selling parties.

In addition, in cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value.

FHA’s property-flipping waiver is limited to forward mortgages, and does not apply to the agency’s Home Equity Conversion Mortgage (HECM) for purchase program.

Since the original waiver went into effect on February 1, 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.

The agency says its own research has found that in today’s market, acquiring, rehabilitating, and reselling foreclosed properties to prospective homeowners often takes less than 90 days.

As a result, FHA says prohibiting the use of its mortgage insurance for a subsequent resale within 90 days would adversely impact the willingness of sellers to consider offers from potential FHA buyers, namely because they would be required to cover holding costs and the risk of vandalism that comes with allowing a property to sit vacant over a 90-day period of time.

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Deborah Peck — Tue, 07 Feb 2012 17:32:00 GMT

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

2011-2012 Cost vs. Value: Which Remodeling Projects Pay Off the Most?

Deborah Peck — Wed, 01 Feb 2012 19:15:00 GMT

By Melissa Dittmann Tracey, REALTOR® Magazine

When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.

Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.

This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.

The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:

1. Replacing the entry door to steel

Estimated cost: $1,238

Cost recouped at resale: 73%

2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)

Estimated cost: $50,148

Cost recouped at resale: 72.5%

3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)

Estimated cost: $19,588

Cost recouped at resale: 72.1%

4. Garage door replacement

Estimated cost: $1,512

Cost recouped at resale: 71.9%

5. Deck addition (wood)

Estimated cost: $10,350

Cost recouped at resale: 70.1%

6. Siding replacement (vinyl)

Estimated cost: $11,729

Cost recouped at resale: 69.5%

2011 Energy Tax Credits: What You Need to Know to Collect

Deborah Peck — Mon, 30 Jan 2012 17:54:00 GMT

2011’s federal energy tax credits of up to $500 for various home improvements are a far cry from what they were in 2009 and 2010. But if you upgraded to one or more of the following systems in 2011, you may be eligible to take a tax credit on your 2011 returns. (As of January 2012, the feds haven’t extended the credits beyond 2011.)

Twelve tips to sell your home

Deborah Peck — Fri, 20 Jan 2012 20:29:00 GMT

There are few things more frustrating to a seller than a home that sits on the market. It's stressful to keep a house in showing condition, and not selling can cost you lots of money.

Use these tips as a quick guide to better your chances at selling your house in a timely fashion.

Sit down with your Texas REALTOR® and evaluate your listing price. Visit open houses in your neighborhood. Are similar homes priced lower? An overpriced home is destined to sit on the market too long.
Do whatever it takes to be away from your home during showings and
open houses.
Ask your Texas REALTOR® for feedback on how your home shows, and ask him to solicit other agents' advice. Feedback from their clients can really help.
If you intend to hold an open house, consider doing so on a weeknight. Competition may be lower, and you'll attract the interest of buyers who may not be available on the weekend.
Help promote your property. Talk about your home to everyone you know. Look for other ways to get the word out, too, even if your agent is doing a lot to promote your house.
If you're really motivated, you can offer perks to buyers, such as a cash bonus or help with closing costs.
Neutralize your color scheme. Most buyers prefer neutral colors that make it easier to imagine a new home as their own.
Consider offering an increased commission or a bonus for your listing agent as extra incentive. If you do so, amend your listing contract to reflect the change, and be sure those details are added to the multiple listing service (MLS). Buyer agents will also be inspired to give your house extra attention.
If your REALTOR® has a video tour of the house, watch the tape as if you were a prospective buyer … you may be surprised at what you see.
Fix lingering problems, such as the dripping faucet or the door that doesn't quite close right.
Clean and de-clutter—neat, organized houses sell faster than those that look too lived-in.
It's not about you. Buyers want to imagine their family in the house. If your house shows an abundance of your personality, it may dissuade the buyer.

There are many other things you can do to hasten the sale of your property, no matter the condition of the housing market. Make sure you consult with your Texas REALTOR® first.

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10 home winterization musts

Deborah Peck — Fri, 06 Jan 2012 22:35:00 GMT

Have you checked your furnace filter, insulation lately?

By Bill and Kevin Burnett
Inman News®

It's been a mild winter throughout most of the country so far. That means we still have time to run through a foul-weather checklist. Here are 10 "must do's" to have a warm, cozy and safe winter.

1. Check attic insulation. A foot of blown-in or batt insulation (R-38) in the attic reduces heat transfer from heated interior space to the great outdoors. This is a do-it-yourself job. If your attic is not insulated, blow in or roll out 12 inches of loose or batt insulation. If the amount of insulation is less than 12 inches, simply roll out unfaced fiberglass batts over the existing insulation to create a heavier thermal blanket. This is a case where more is better. Make sure to leave soffit vents unobstructed.

2. Install or replace weatherstripping, if necessary. Check the rubber threshold gasket at the bottom of exterior doors and replace if worn or torn. Next, make sure the top and sides of the door are weatherstripped and fit tightly. If there are gaps, replace the weatherstripping.

3. Check exterior doors and windows for gaps. Modern windows are probably OK, but older windows may need some help. To reduce air leakage, casement windows might need some weatherstripping at the joint where fixed and movable panes meet. Old double-hung wood windows are notorious air leakers. Place pieces of narrow self-adhesive rubber weatherstripping on the bottom sides and at the joint where the top and bottom panes meet.

4. Check the outside of doors and windows for voids, and caulk any gaps you see.

5. Change the filter in the heater. In older furnaces, filters should be changed monthly. Change or service newer, more efficient filters according to the manufacturer's instructions.

6. Replace your old thermostat with a new programmable model. This allows you to regulate the heater to warm the house when you're there and to reduce the temperature when you are at work or asleep.

7. Have your heater inspected by a licensed heating and air conditioning contractor. An inspection ensures that the heater is operating safely and efficiently. In many cases an inspection can alert you as to whether the unit is at the end of its life. It's nice to have the option to replace an old heater before it quits and becomes an emergency on a cold January day.

8. Check the carbon monoxide (CO) detector. If you don't have one, get one. Carbon monoxide is an odorless and colorless gas that kills. An operating CO detector can prevent a tragedy. While you're at it, check the smoke detectors to ensure they're operable.

9. Clean gutters and downspouts so fallen leaves won't clog them. Make sure that downspouts discharge away from the foundation and that soil is graded away from the foundation and at least 6 inches below the siding.

10. Clean the fireplace of ashes; visually check the chimney for loose or missing mortar. Also consider having the chimney professionally inspected and swept by a licensed and bonded chimney sweep.

Is septic inspection really necessary?

Deborah Peck — Thu, 29 Dec 2011 20:05:00 GMT

Some buyers say 'water test' is enough to assess condition

By Barry Stone
Inman News®

DEAR BARRY: When we bought our home, we did not have the septic system professionally inspected. Instead, we ran water at the sinks, bathtub and shower for more than an hour. There were no backups, so we thought everything was OK because our water test exceeded normal use. Recently, the system was serviced, and we learned that the septic tank is substandard and will soon collapse if not replaced. Are the sellers and real estate agent liable for their failure to disclose this condition? --Ryan

DEAR RYAN: The sellers and agent were required to disclose the problem only if they knew about it. It is highly unlikely that the agent knew the condition of a buried tank. The sellers, on the other hand, may or may not have known, depending on whether there was a septic inspection during the time they owned the property.

But regardless of who knew, your agent and the sellers' agent should have recommended that the septic system be inspected. That would have been normal procedure in the course of the transaction. There was simply no excuse for letting that go by. If you were advised to have a septic inspection but declined to have one, that was a decisive mistake.

It was also a mistake to think that a water test would provide an adequate evaluation of the system. There are many kinds of septic problems that are undetectable by merely running water down the drains. A proper septic inspection involves opening the tank and draining the contents to expose the condition of the interior. The fact that sinks and showers were draining had no bearing on the condition of the tank. A septic tank can be collapsing and still allow water to drain. Someone should have advised you accordingly.

Real Christmas Trees vs. Fake Christmas Trees: Which are Greener?

Deborah Peck — Fri, 16 Dec 2011 15:07:00 GMT

By: G. M. Filisko

Published: December 10, 2010

How do real Christmas trees and fake Christmas trees stack up when it comes to the environment and cost? We’ve got the dirt.

You can pick up a basic fake Christmas tree for as little as $23 from Lowe’s. Or, go deluxe—with already-lit, snow-covered branches—for as much as $298. Either way, keep a faux tree in the family for at least a decade to goose up your holiday gift fund and mitigate the pileup in your local landfill.

If you insist on replacing your fake tree every year to change things up, donate your old one to a charity, a resale shop, or Freecycle.

All I want for Christmas is the greenest of trees. What do I look for?

Visit a local Christmas tree farm. Christmas tree farmland often can’t be used for other crops, says Brian Clark Howard, an environmental reporter at The Daily Green in New York City. When the tree farmers plant new trees, the growing young trees combat climate change by absorbing carbon. And tree farms conserve soil—farmers only till the land once every six or eight years.

If you buy from a Christmas tree lot, your tree was likely shipped from Oregon or North Carolina, and getting it to you created pollution, Howard says.

Do business with a local Christmas tree farmer who grows organic Christmas trees without pesticides. Whether an organic tree costs more depends on where you live.

4 ways to attract more buyers to real estate listings

Deborah Peck — Wed, 14 Dec 2011 21:46:00 GMT

By Dian Hymer
Inman News™

Some buyers are looking for a home that's located in a specific neighborhood. Others have more flexibility regarding where they live. But most buyers share one thing in common: They want a home that's in move-in condition.

Start working on attracting buyers to your home by putting the property in good condition before it goes on the market. In most cases, it's not a good idea to show your home to a prospective buyer before it's ready to be shown. Photos should also wait until your home presents itself well.

Pay attention to "curb appeal"; first impressions are lasting. Some buyers drive by without taking a look inside if they don't like the way a house looks from the street. The yard should be clean and tidy. Replace the front lawn if it's dead; the same goes for plants that have seen better days. Flowering plants make your home look festive and inviting.

Peeling paint should be touched up, if possible. If an entire exterior paint job is called for, consider changing the color scheme to enhance the appeal. One seller repainted the exterior of his home before selling without consulting his agent or a colorist. He repainted using the existing color scheme, which was out of date. The house didn't sell quickly. When it did, the first thing the buyers wanted to do was change the color of the exterior.

Repair deferred maintenance, particularly if it's visible from the street. You want to convey the impression that your home has been well maintained. If you can't afford to repair and paint the white picket fence in front of your house, it would be better to remove it than leave it.

Houses that don't have much architectural appeal can often be improved by the addition of shutters. Houses that don't show much from the street can be enhanced with an architecturally intriguing gate or entryway. You want to peak buyers' interest in seeing what they can't see from the street.

HOUSE HUNTING TIP: List with an agent who can provide wide exposure for your home, including extensive Internet advertising. The vast majority of homebuyers search for homes online. Buyers discount Internet listings that do not have photos, and they gravitate toward those with many photos and quality photos. Make sure that the agent you list with will not put your home on the multiple listing service or Internet without plenty of quality, representative photos -- 15 or more is good.

The importance of Internet advertising should not be underestimated. The Internet is global and available 24/7. Buyers often find the listing they want to buy on the Internet before their agent has seen it. After surfing the Internet, some buyers decide to buy outside the area they were focusing on if they see something elsewhere that appeals to them.

Local marketing may work in some cases, but you wouldn't want to cut yourself short. Broad exposure of your listing to the market is an integral part of selling.

Although the buyer for your home could come from anywhere, you do want it to be exposed to the local agents. Your agent should hold the listing open for real estate agents as soon as it's ready to be shown. Repeat broker open houses may be necessary to make sure a representative number of agents see the listing.

Public open houses are good exposure. Some buyers still find the home they buy at an open house. However, they don't pay off like they did during the bubble market. Encourage private showings, which require that you make it easy for agents to show your home to their buyers.

THE CLOSING: The best way to attract buyers to your listing is to price it right for the market. Otherwise, all of your efforts will be for naught.

Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."

Home Ownership Under Assault: 4 Issues Threaten Housing Market Recovery

Deborah Peck — Thu, 08 Dec 2011 13:26:00 GMT

By: Matt Dornic

Whether you’re an owner, buyer, seller, or hope to own a home one day, it’s important to understand how the decisions made on Capitol Hill today will affect you tomorrow. Lawmakers are aiming proposed regulations right at your home.

Drowned out by such salacious news as Weinergate and Wikileaks, the very real attack on our nation’s housing market has gone virtually unnoticed by most Americans. But the outcome of this assault will hurt your ability to buy, own, and sell a home, long after the latest scandal fades from the headlines.

So mute Nancy Grace, put down your “People” magazine, and turn your attention, just for a moment, to the not-so-sexy but far more important topic of housing policy. We promise it’s not just for political wonks anymore.

1. Tax benefit threat: This longtime home owner tax benefit is under fire. In an attempt to combat the nation’s growing deficit, some legislators want to eliminate the mortgage deduction after 80 years. Rather than curbing wasteful spending, the government wants home owners, who already pay 80% to 90% of all federal income taxes collected, to take the hit. If MID repeal is successful, the typical itemizing home owner could lose an average of $3,000 each year — not to mention the impact such a change would have on the housing market and economic recovery.

2. Penalties for downpayments of less than 20%: Six government regulatory agencies, in overreaching housing market reform, have outlined a plan to tighten up lending standards that would squash the home buying power of many qualified Americans. Bottom line: 70% to 80% of all mortgages would carry higher mortgage rates. Why? Under the proposal, borrowers who can’t cough up a 20% downpayment will get hit with interest rates 0.8% to 1.85% higher than loans defined as qualified residential mortgages. Today, that means interest rates around 5.8% to 6.85%. As interest rates rise, the additional QRM penalty will increasingly limit the affordability of home ownership, and therefore limit the number of buyers in the market. There goes your property value.

3. Mortgage rate threat: Fannie Mae and Freddie Mac, also known as government-sponsored enterprises, work behind the scenes to help keep your interest rate payments lower than they might otherwise have been by buying mortgages from primary lenders, such as your local bank. This is called the secondary mortgage market, and the system provides capital to your local bank so it can offer mortgages at lower costs to more qualified buyers. Fannie Mae, Freddie Mac, and FHA guarantee almost 90% of U.S. mortgage loans.

Because of a taxpayer bailout of the GSEs, which became insolvent during the housing crisis, some lawmakers want to shut them down and turn this secondary market over to private companies. That would hold home ownership and mortgage lending hostage to Wall Street’s terms and unnecessarily high interest rates. Good luck finding financing or a buyer for your home.

4. Downpayments going up? The Federal Housing Administration (FHA) has a solid and successful track record of expanding home ownership to qualified buyers who may not have the hefty downpayments and credit scores required for traditional financing. Still, some legislators want to shrink this program and limit the number of buyers it supports. They’ve proposed raising the required downpayment to at least 5% from 3.5% and lowering the loan limits. Regulators believe raising the downpayment protects against delinquencies by forcing buyers to put more skin in the game. Rather, it’s sound underwriting, not the size of downpayments, that protects against default.

FHA loans carry no cost for taxpayers but help stimulate the economy by putting home ownership in reach for millions of qualified buyers. Why fix something that’s not broken and shrink a government program that actually works?

Each of these issues is a clear and present danger for American home ownership. Combined, they’re a deadly assault on our nation’s already fragile housing market. I encourage you to track these important issues on your own and check HouseLogic regularly for updates on this housing assault and how you can fight back.

Top Reasons to Sell Your Home in Winter

Deborah Peck — Fri, 02 Dec 2011 16:45:00 GMT

Dian Hymer explains that, 'Aside from less competition, low borrowing costs give buyers incentive'.

We're getting close to the end of the year, which begs the question of whether it's worthwhile trying to sell your home now. Is it a waste of time? Will it sit on the market and become shopworn? Should I take my house off the market for the holidays? Will the home-sale market be better for sellers in 2012?

The first question you need to ask yourself is: Are you emotionally prepared to sell? Selling is a challenge for most sellers, although some markets are better than others. Unless you bought more than eight to 10 years ago and preserved your equity, you may not be able to sell for enough to pay off the mortgages secured against the property and the other costs of selling.

For sellers who have no additional assets, a short sale or foreclosure may be the only option. If so, first look into government programs that might help you out financially. Also, talk to your attorney and tax adviser.

Sellers who have the resources to make up the difference between the sale price and the amount they owe need to ask themselves if they are willing to pay the additional cash in order to sell and move on.

There are two reasons why you might prefer bringing cash to closing. One is that your credit will not be negatively impacted, as would be the case with a short sale or foreclosure. The second is that many buyers shy away from short sales because of the lengthy and uncertain process involved.

The next thing to consider is the condition of your home. Is it ready for the market? The most salable homes are those that are in move-in condition.

Before racing to the hardware store, ask your Realtor about how much competition there would be for your home if you put it on the market before the holidays. Some areas are shy on inventory of good homes on the market. If so, now could be a good time to sell.

HOUSE HUNTING TIP: The supply/demand ratio plays a significant role in the health of a local real estate market. No matter what is said about the housing market nationally, it's the local picture that tells the tale in terms of the possibility of selling your home at any given time.

Most sellers don't put their homes on the market during the last or first couple of months of the year. The inventory of homes for sale tends to dwindle during the winter months. Interest rates are low. So, if there are buyers in your local market, you may be at an advantage selling when most sellers are waiting.

Some sellers feel that if they've waited this long to sell, they should put the process on hold until spring and get the house ready in the meantime. Certainly, it's not a good idea to put your house on the market until it looks great. But if you and your house are ready to sell, move ahead.

The market in general tends to slow down over the holidays. But rather than pull your house off the market and miss a likely prospect, change the showing procedure to require advance notice. And enjoy your holidays. A sale before year end could be a great holiday gift.

There is a lot of pent-up demand, on both the buyer and seller sides. Sellers have been waiting for a better time to sell. Buyers have been waiting for more quality inventory and a sense that prices have bottomed or are close to it.

THE CLOSING: Recent projections call for another five or so years of bouncing along close to the bottom of this market cycle. Many experts believe that the big price declines are behind us.

Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of 'House Hunting: The Take-Along Workbook for Home Buyers' and 'Starting Out, The Complete Home Buyer's Guide.'

Source: Dian Hymer
Inman News™

4 steps to buy again after foreclosure

Deborah Peck — Thu, 01 Dec 2011 19:51:00 GMT

Mood of the Market

By Tara-Nicholle Nelson
Inman News™

Homeowners facing foreclosure seem to be desperate to buy again.

Frequently, I receive letters from someone who hasn't yet lost their home to foreclosure but anticipates they soon will, and wants to be able to get back into the market, quick-like.

Many claim their haste is because they don't want to miss out on today's bargain housing prices or interest rates. Yet neither seems poised to rise significantly any time soon.

In the same breath, many of these folks say they're ready to pay top dollar for their next home, and pay an additional premium if they are forced to rely on lease-to-own, seller financing, or a hard-money mortgage.

Others claim they don't want to miss out on the opportunity to build equity in a home instead of paying rent, or cite the tax advantages of homeownership as the piece they particularly want to retain.

My advice is almost always this: Slow down! Most legitimate loan programs now impose a three-year-plus waiting period after a borrower loses a home to foreclosure, even if they would otherwise qualify for a mortgage based on their credit score, income and assets.

Here are my four suggestions for how you can wisely use that waiting period to recover from a foreclosure -- these steps also do double duty in terms of setting you up for success and sustainability the next time you buy a home.

1. Feel the pain.

Many folks who write to me are still in the early stages of grief at the loss of their home: anger and denial. They are angry at the bank, and in denial about the loss of their home and its advantages, from status to tax write-offs.

What I know is that getting through this grief is an essential first step to truly moving forward. Inherent in grief is an acknowledgement that something is dead and over. The acceptance of that finality is what allows you to move forward and learn the lessons that such experiences can teach.

As long as you're stuck in the emotional protestations of how unfair it was that you lost your home, or spinning in a place of outrage about the Wall Street bailouts, you're probably not making emotional progress to the point where you can begin to learn from your experience.

2. Metabolize the loss.

Henry Cloud, bestselling author of "Necessary Endings: The Employees, Businesses, and Relationships That All of Us Have to Give Up in Order to Move Forward" (Harper Business, 2011), recommends that we treat our painful past experiences as our bodies do food, metabolizing them by taking away the lessons we can distill from them that will fuel our future decisions, and leaving behind the pain and other toxic wastes from the experience.

Individuals and couples should take time out to acknowledge what has happened, and distill and discuss mistakes that were made and insights you've gained so that you can avoid repeating them in the future. It's a meaningful method for progressing past grief and repositioning yourself to make smarter decisions about your money and your mortgage for the rest of your life.

3. Avoid rebound home purchases.

There's a whole lot of what I call tuition -- the price we pay to learn life lessons -- involved in the loss a home to foreclosure. If rush in too quickly to the next home purchase, chances are good we'll miss the lesson and get nothing for the tuition. This is evident in the gymnastics many foreclosed homeowners are considering going through in order to buy a home at all costs. These may mirror their willingness a few years ago to take on an unsustainable mortgage, which is what got some portion of them into foreclosure in the first place.

Trying to replace our losses on the rebound, be it after a breakup or after a foreclosure, is how people end up repeating their mistakes. Making new, unsustainable mortgage commitments and chronically overspending or over borrowing is no different from your friend who keeps repeating the same old dysfunctional relationship patterns, year after year.

4. Heal your finances.

My advice to foreclosed homeowners is to devote some real time to working on their finances, without worrying about buying another home. Get your debt paid down or off. Change your spending habits and your overall relationship with money. Get your taxes current and paid. Save some money. Create the habit of paying every bill on time every time. Eliminate unnecessary monthly expenses. Work the programs in "365 Days to Organized Finances or Financial Recovery," or some similar book, or both. Focus for awhile on your career development.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.

Take advantage of expiring tax deductions

Deborah Peck — Sat, 26 Nov 2011 16:04:00 GMT

By Stephen Fishman, Tuesday, November 22, 2011.Inman

There are several tax credits and deductions set to expire at the end of the year, and given the federal deficit problem, there's a good chance they won't be extended. If you want to take advantage of them, you need to act before Jan. 1, 2012.

Mortgage insurance premium deduction

If you itemize deductions, you may deduct the premiums you pay for mortgage insurance, just like you do mortgage interest. However, this deduction is phased out if your income exceeds certain levels. To qualify for the full deduction, a couple or a single taxpayer must have an adjusted gross income of $100,000 or less. The deduction is phased out completely if AGI exceeds $109,000.

This deduction, which was first enacted for 2007, is scheduled to expire at the end of 2011. Thus, your payments are deductible only if you pay them during 2011; a payment after 2011 is not deductible.

Education expenses deduction

A deduction of up to $4,000 for qualified education expenses is available for 2011. All or part of the amount you pay can be for classes beginning in 2012. But you must make your payments during 2011, because the deduction expires at the end of the year. This deduction is not available if your modified adjusted gross income is more than $80,000 ($160,000 if filing a joint return). Nor is it available if any of education tax credits are claimed.

Home energy credit

First, any homeowner may qualify for an energy credit of up to $500. You can qualify for the credit if you purchase during 2011 solar panels to generate electricity or for water heating, or install wind energy equipment, a geothermal heat pump, or certain types of fuel cells to generate electricity. The credit is up to 30 percent of the amount you spend, up to the $500 limit. This credit is not available for purchases in 2012.

Sales tax deduction

If you itemize, you can deduct either your state and local taxes or your sales taxes paid during the year. This deduction is a boon for people who live in states with no or low income taxes. However, the deduction for sales and use taxes instead of state income taxes is scheduled to expire at the end of 2011. To maximize this deduction, you should make any large purchases before the end of the year.

Adoption credit

A tax credit for adoption expenses (adoption fees, court costs, attorney fees, travel, etc.) has been available for many years. However, an enhanced adoption credit is available for adoptions finalized before 2012. The credit is up to $13,360 of adoption expenses. For 2011, this is a nonrefundable credit, meaning you qualify for it even if it exceeds the amount of your 2011 tax liability. This means that you could qualify for a tax refund even if you did not have federal income tax withheld.

Stephen Fishman is a tax expert, attorney and author who has published 18 books, including "Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants," "Deduct It," "Working as an Independent Contractor," and "Working with Independent Contractors." He welcomes your questions for this weekly column.

Housing to gradually improve in 2012, NAR economist says

Deborah Peck — Sat, 26 Nov 2011 15:07:00 GMT

by KERRY CURRY

Gradual improvement in the housing market is expected next year, with existing-home sales edging up 4% to 5% and new home sales getting an even bigger boost off this year's record lows, the chief economist of the nation's largest real estate group said Friday.

"Tight mortgage credit conditions have been holding back homebuyers all year, and consumer confidence has been shaky recently," Lawrence Yun, chief economist of the National Association of Realtors, said. "Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely."

Yun, who made his comments during the annual NAR conference for real estate agents under way in Anaheim, Calif., projected gross domestic product growth of 1.8% for 2011, rising to 2.2% in 2012 with the unemployment rate declining to 8.7% by the second half of 2012.

Mortgage interest rates, he predicted, would gradually rise from record 2011 lows to 4.5% by the middle of 2012.

"Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more homebuyers to take advantage of current opportunities."

Existing-home sales are forecast to edge up about 1% this year. Based on NAR’s current projection model, existing-home sales would total 4.96 million in 2011. NAR is revising downward existing-home sales totals in recent years although it expects little change to previously reported comparisons based on percentage change.

New-home sales for 2011 are projected at 302,000 this year, a record low, with expectations that they will rise about 23% to 372,000 in 2012.

Housing starts are forecast to rise about 8% to 630,000 from 583,000 in 2011.

With falling inventory, the median home price should rise in 2012, he said. "Home prices have yet to show a definitive stabilization pattern in most areas. Still, given an over-correction in prices, there likely will be moderate appreciation in 2012," Yun said.

Richard Peach, senior vice president at the Federal Reserve Board of New York, said the economy continues to disappoint. "Among the significant structural impediments are the legacy of the housing boom and bust, and fiscal contrition at the state and local level."

He promoted moving foreclosures by giving incentives to military servicemembers.

"My idea is to allocate certificates to 2.5 million service members who served in Afghanistan and Iraq that could be used as a down payment on a foreclosed home in the Fannie or Freddie portfolio," he said. This would help to absorb the inventory and stabilize the housing market.

Bon Appetit's Turkey Buying Tips

Deborah Peck — Tue, 15 Nov 2011 20:55:00 GMT

By bon appétit magazine

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Bon Appetit's Turkey Buying Tips

By bon appétit magazine

Conde Nast Digital Studio

Here's what everyone needs to know about the big bird--start to finish.

WHAT TO BUY:

Fresh, frozen, free-range, organic, kosher, or wild? Keep it simple with these top three picks:

1) BEST BIRD: Fresh Heritage Turkey (up to $14 per pound)
Once teetering on the edge of extinction, these birds are descendants of the first domesticated turkeys in this country. "They have excellent genes," says Todd Wickstrom, who co-founded Heritage Foods USA as a way of preserving and promoting heirloom foods in America. He's emphatic in his belief that the conditions under which a turkey is raised and processed are as important as unquestionable pedigree. That's why heritage birds are pasture-raised, antibiotic-free, and natural (no additives). They're also allowed 26 to 28 weeks to develop to their full weight, which is twice as long as it takes factory-farmed birds to reach the same size. This genetic preservation and careful raising ensures a deeper, more intense flavor and a firmer texture, which is why heritage turkeys trump the industrially raised Broadbreasted White, the bird most commonly found in grocers' freezers. "Heritage turkeys are delicious," says Dave Zier, owner of Zier's Prime Meats and Poultry in Wilmette, Illinois. "They're like wild turkeys, but not gamy or dry." Farmers with small turkey farms raise old-fashioned breeds, like the Standard Bronze, Bourbon Red, and Jersey Buff. During the past several years, small-farm producers-as well as independent distributors and butchers-have joined forces, making farm-fresh heritage birds available to anyone with a car, phone, or computer. Orders should be placed one to two months in advance.

Do you have a Texas homestead exemption?

Deborah Peck — Mon, 14 Nov 2011 18:32:00 GMT

Exemptions

Take our two-minute survey about our property tax Web resources.

Do I, as a homeowner, get a tax break from property taxes?

You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes.

For example, your home is appraised at $100,000, and you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.

Do all homes qualify for homestead exemptions?

No, only a homeowner's principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home's owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.

What is a homestead?

A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.

What homestead exemptions are available?

There are several types of exemptions you may receive.

School taxes: All residence homestead owners may receive a $15,000 homestead exemption from their home's value for school taxes.
County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residence homestead owner may receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.
Age 65 or older and disabled exemptions: Individuals 65 and older and/or disabled residence homestead owners may qualify for a $10,000 homestead exemption for school taxes, in addition to the $15,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for 65 and older homeowners and the $10,000 exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions.
Optional percentage exemptions: Any taxing unit-including a city, county, school, or special district-may offer an exemption of up to 20 percent of a home's value. But, no matter what the percentage is, the amount of an optional exemption cannot be less than $5,000. Each taxing unit decides if it will offer the exemption and at what percentage. This percentage exemption is added to any other home exemption for which an owner qualifies. The taxing unit must decide before July 1 of the tax year to offer this exemption.
Optional 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount of at least $3,000 for taxpayers age 65 or older and/or disabled.

How do I get a general $15,000 homestead exemption?

You may file an Application for Residential Homestead Exemption with your appraisal district for the $15,000 homestead exemption up to one year after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.

You DO NOT have to pay for a homestead or any other type of exemption. The tax office will help you with filling out the paper work if you need help. See the following link for the Homestead Exemption and other exemptions you may qualify for: www.window.state.tx.us/taxinfo/taxforms/50-114.pdf.

6 must-haves for mortgage approval

Deborah Peck — Thu, 10 Nov 2011 16:30:00 GMT

By Dian Hymer
Inman News™

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Interest rates fell to new lows in September. Low interest rates increase affordability and should make it easier for buyers to qualify. Yet stories of buyers waiting months to gain loan approval and home purchase transactions not closing on time due to lender's strict underwriting are all too common.

Some buyers are turned down for illogical reasons. For instance, if you have investments -- even if they're performing well -- an underwriter might deny the mortgage because your portfolio doesn't fall into the underwriter's risk assessment model.

One couple was turned down because the husband had worked at his current job for less than a year -- even though he was making more money at the new job than he was before.

These buyers were well-qualified. The wife had worked several years for one employer and was able to qualify for the loan on her own. So, the transaction closed, although two months late.

Generally, it's more difficult to qualify now than it was a year ago. Most conventional lenders require a 20-25 percent down payment. For the lowest interest rates, your credit scores need to be in the 700 range. You need to have verifiable income and cash reserves in addition to your down payment and closing costs.

You could run into underwriting problems if you're self-employed, as W-2 income is much easier to verify. Other hurdles are lapses in employment and owning a lot of property. Some lenders won't lend to buyers who have more than three or four residential properties.

If you're buying a new home before selling your current home, you'll need to have 30 percent equity in your current home. This needs to be verified by the lender's appraiser. Also, the lender will want to see a copy of the cashed check from the tenant for the first month's rent to verify rental income if needed to qualify.

HOUSE HUNTING TIP: As soon as you're serious about buying a home, find the best mortgage broker or loan agent you can to assist you. Don't make your selection based on interest rates alone. A good track record counts for a lot.

Closing the deal should be your primary goal. If you have to pay 0.25 percent more to assure your transaction closes on time and that you're not turned down at the last minute, it's worth it.

Be candid with your loan professional about anything in your financial picture that might impact loan qualification. A good loan agent or broker will be able to assess your financial situation and anticipate what you'll need to do to satisfy the underwriter.

Be aware that appraisal issues can impact your loan approval. For example, if a previous owner added square footage without a building permit, the additional square footage probably won't be included as livable square feet.

If the appraisal comes in for less than the purchase price, the lender might not lend you enough to close the deal. Include an appraisal contingency in your contract.

As of Oct. 1, the conforming jumbo mortgage limit for expensive housing markets like New York City and San Francisco dropped from $729,750 to $625,500. In some cases, conforming jumbo lenders have moved into the market to pick up some slack. You can expect to pay about 0.25 percent more for a 30-year fixed-rate conventional jumbo loan, in some cases. However, today's lower interest rates will help boost affordability.

There are more jumbo financing options available now. Adjustable-rate mortgages that are fixed for 10 years and then revert to an adjustable have a starting rate about 0.25 percent less than a 30-year fixed jumbo. A five-year fixed starts about 0.5 percent to 0.75 percent lower, but is riskier.

THE CLOSING: Because of the risk factor, the lender may want you to have a large cash reserve. Your retirement account counts toward this.

Staged-to-Sell, But Is it Priced-to-Sell?

Deborah Peck — Fri, 04 Nov 2011 19:02:00 GMT

By Melissa Dittmann Tracey, REALTOR® Magazine

Staging a home to perfection can certainly get buyers’ attention, but pricing the home to sell is what often will get them in the front door, housing experts say.

With home values dropping across the country, a few sellers are still struggling to come to terms that their home may not be worth what they previously thought. About 77 percent of home owners believe their home is worth more than the recommended listing price, according to real estate professionals surveyed in the HomeGain National Home Values Survey. Yet, about 67 percent of home buyers say home values are still overpriced.

Nearby foreclosures can certainly influence a seller’s asking price. Foreclosures in a community can actually reduce nearby property values, on average, by $20,300 per household, according to research by the Center for Responsible Lending.

But many sellers can’t accept that their home’s value may be lower because of the houses down the street.

The sellers who tend to be overpricing their homes the most are the ones who bought post-housing bubble too, according to a study earlier this summer by Zillow.

Zillow found that home sellers who purchased their home in 2007 or later are overpricing their homes by an average of 14.1 percent. On the other hand, sellers who purchased their homes between 2002 and 2006 (pre-housing bubble) tend to price their homes about 9.3 percent above market value, according to the Zillow study.

“Post-bubble buyers seem to believe they escaped the worst of the housing recession, as evidenced by how they price their homes today,” says Stan Humphries, Zillow’s chief economist. “But 2006 was just the beginning of the housing recession, and it is continuing in earnest to this day. That means that even people who bought after the bubble burst need to break out the pencil and paper and do serious research into what has happened in their market since they first bought their home, whether it was four years ago or six months ago. Overpricing homes causes them to stagnate on the market and keeps inventory from decreasing–not a desirable outcome for either the sellers or the market as a whole.”

Do you like water?

Deborah Peck — Fri, 28 Oct 2011 16:02:00 GMT

Then vote for Proposition 2

Proposition 2 saves taxpayer dollars on water projects needed by many communities. For example, it gives cities a lower-cost way to repair and replace water mains and to keep treatment plants from being overwhelmed.

How does Proposition 2 save money?
If Proposition 2 passes, communities can finance these much-needed projects through Texas Water Development Board bonds—a low-cost way to pay for them. Without Proposition 2, communities will be forced to finance these projects via alternate, more expensive methods.

What about the other propositions on the Nov. 8 ballot?
The Texas Association of REALTORS® has also endorsed Propositions 1 and 8. Proposition 8 extends a tax exemption to Texans who manage their land to conserve water and protect water quality. Proposition 1 would allow the surviving spouse of a 100% or totally disabled veteran to retain the disabled veteran's property-tax exemption after the veteran is deceased.

Where can I learn more? Early voting runs through Friday, Nov. 4, or you can vote for Propositions 1, 2, and 8 in your polling place on Election Day, Nov. 8. Visit the secretary of state's Web site for more information.

What Affects Credit Scores? 7 Misconceptions

Deborah Peck — Tue, 25 Oct 2011 19:31:00 GMT

If you’re trying to raise your credit score to get a good rate for a refinance or HELOC, you might be surprised by what affects—or doesn’t affect—your score.

You have to keep your credit score up in case you want to take out a second mortgage or home equity line of credit (HELOC), or get the lowest premiums on your home owners insurance. Here’s the 411 on how various money management tactics goose up or ding your credit score.

More money improves your credit score

False. Your level or sources of income don’t affect your credit score, although lenders may look at it when making loan decisions, according to the Fair Isaac Corp., the company that issues the commonly used FICO credit scores.

Ownership of several credit cards can hurt your credit score

Mostly false. Having many credit lines isn’t necessarily a bad thing, says credit expert Liz Weston, author of Your Credit Score. Multiple lines give you a favorable debt-to-available-credit ratio. But use them correctly: It’s best to keep any balances below 10% or 20% of the total credit line, she says. Anything more will affect the ratio of debt-to-available-credit, which can decrease your credit score.

What Affects Credit Scores? 7 Misconceptions

If you’re trying to raise your credit score to get a good rate for a refinance or HELOC, you might be surprised by what affects—or doesn’t affect—your score.

More money improves your credit score

Ownership of several credit cards can hurt your credit score

Opening and closing credit lines can hurt your credit score

True. New credit applications can decrease your credit score, so be careful about applying for new credit cards or personal loans before applying for a HELOC, second mortgage, automobile loan, or other large line of credit.

Surprise: Closing existing credit lines may also hurt your credit score, since it’ll damage your debt-to-available-credit ratio. A good rule is not to make any credit changes in the months leading up to a major credit request, such as for a HELOC.

Consolidating credit lines will help your credit score

Mostly false. Although it may seem like a good idea to move all your balances to one card, that can actually hurt your credit score, since your debt-to-available-credit ratio will spike on that card, says Weston.

However, credit expert Harrine Freeman says such a slight decline isn’t necessarily a deal-breaker for a loan, especially if the card has a lower interest rate and will allow you to pay off the balance sooner. Your score will increase as soon as that ratio goes down.

Changing jobs can hurt your credit score

Partly true. Taking a new job or losing your job doesn’t affect your credit score. However, if you have a spotty employment history, lenders may hold that against you in making a loan. Dips in income may signal that it could be difficult to pay bills in a timely manner.

Co-signing for others can hurt your credit score

Partly true. Simply co-signing on a loan for someone else may not affect your score, but if that person is late on paying the loan, it’s likely to show up on your report, says Freeman. And that’s a nasty surprise if you didn’t know the person was late.

Judgments and liens aren’t considered in your credit score

False. If you’ve had a judgment or lien filed against you, it’s considered in your payment history, which represents 35% of your score.

Similarly, while most utility companies don’t report payment history to credit bureaus, your account will likely be reported if it is seriously delinquent and referred to a collection agency.

Additional details on how to manage your FICO score are available on the FICO site.

What would you do if you had five minutes to evacuate?

Deborah Peck — Mon, 24 Oct 2011 00:57:00 GMT

Lone Star Livin’

Stacy Armijo | columnist

Oct. 19, 2011

The Texas wildfires have really been on my mind lately. For some living in neighborhoods at risk, residents had as few as five minutes to evacuate their homes. That got me thinking … am I prepared to evacuate my home in five minutes?

I have one young son, one husband, two dogs, and a cat. While five minutes feels like a long time when I’m waiting on my mac-n-cheese, it is not a long time to get all of those bodies out of my house. Clearly, I need a plan.

So, I did a little research on how best to prepare for an evacuation. Here’s a summary of what the experts had to say.

Plan your route, twice — Depending on how your neighborhood is evacuated, the quickest route to the highway might be blocked, so pre-plan several routes and share them with your spouse and caregivers for your children and pets.
Be ready for the Stone Age — If you’re evacuating, it’s possible your neighborhood has already lost power, so you should know how to open property gates and garage doors manually.
Have a “go” kit — A “go” kit includes food, water, clothing, and medication for each member of your family for three days packed in a bag that can be grabbed at a moment’s notice. It should also include any important documents as well as food, water, and vaccination records for your pets.

Of course, there is more you can do to prepare. I’m going to read the materials available from the American Red Cross to prepare my family for evacuation. Feel free to check them out yourself.

With the drought continuing, the risk of wildfires in our state persists. While there is nothing we can do personally to stay out of the path of the fire, we can prepare to escape it. Are you ready?

Don't forget the Texas Vet Loans

Deborah Peck — Thu, 20 Oct 2011 15:28:00 GMT

Since the days of the Republic, Texas has always supported her veterans in return for their military service. In the early days, it was in the form of land given by the state for military service in the Texas Revolution. In 1946, this tradition was formally recognized with the creation of the Texas Veterans Land Board (VLB) to administer benefits exclusively for Texas veterans. Since then, more than 200,000 VLB loans have been funded for Texas veterans.

For over half a century, the VLB has been keeping the promise to serve Texas veterans, for life.

Land Loans
The foundation of the VLB is to help Texan veterans buy their piece of Texas with low-interest, long-term land loans. Learn More

Home Loans
In 1983, the Legislature created the Veterans Housing Assistance Program to help Texas veterans buy homes with special, low-interest loans for home purchase. Texas voters overwhelmingly approved a constitutional amendment authorizing the issuance of bonds to fund the program. Learn More

Home Improvement Loans
In 1986, the VLB expanded the Veterans Housing Assistance Program, adding the Veterans Home Improvement Program to provide below-market interest rate loans to qualified Texas veterans for home repairs and improvements to their existing homes. Learn More

State Veterans Homes
In 1997, Senator Jerry Patterson passed a law authorizing the Texas State Veterans Home program to provide long-term care services for Texas veterans. Since 2001, the VLB has built seven Texas State Veterans Homes, which offer long-term, skilled-nursing care for veterans. The homes are located in Amarillo, Big Spring, Bonham, El Paso, Floresville, McAllen and Temple. The eighth home will be built in Tyler. Learn More

State Veterans Cemeteries
In 2006, to augment the federal veterans cemeteries and allow veterans to be buried closer to home and family, the VLB opened the state’s first Texas State Veterans Cemetery in Killeen, followed by state veterans cemeteries in Mission and Abilene. A fourth cemetery is under construction in Corpus Christi. Learn More

Come see us!
The VLB conducts Texas veterans benefit fairs across the state to help veterans better understand their benefits. Free and open to the public, the benefit fairs are co-sponsored by the Texas Veterans Commission. Learn More

Have a story to tell?
The VLB Voices of Veterans^TM oral history program interviews Texas veterans from all eras and all conflicts to save their stories of dedication, courage and sacrifice for future generations. Please visit the Voices of Veterans website to listen to these stories or for more information. Learn More

Links to Additional Resources

External Links

Our Partner Agency

Publications

VLB Newsletters

Statutes & Codes

Texas Natural Resources Code – Veterans Land Board

Texas Constitution - Veterans Land Board

Texas Administrative Code - Veterans Land Board

Contacts

VLB
Main Office
P.O. Box 12873
Austin, Texas 78711-2873
1.800.252.VETS (8387)
512.463.5060
VLB

Paul Moore
Executive Secretary
512.463.5401
Paul Moore

Arleen Valle
Executive Assistant
512.463.5061
Arleen Valle

What, SRES???

Deborah Peck — Wed, 19 Oct 2011 14:13:00 GMT

Recently I was awarded the Seniors Real Estate Specialist (SRES) designation by the National Association of Realtors. I joined more than 16,000 real estate professionals in North America who have earned the SRES designation. We were all required to succesfully complete a comprehensive course in understanding the needs, considerations and goals of real estate buyers and sellers aged 55 and older.

SRES Council, founded in 2007, is the worlds's largest association of real estate professionals focusing specifically on representing senior clients in real estate transactions. There are more than 16,000 active members of the organization worldwide. The National Association of Realtory, "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

The SRES designation is part of my ongoing commitment to education. Please contact me if I can be of service to you or someone you know is looking to buy or sell real estate in the Texas Hill Country.

Can this be fixed?

Deborah Peck — Tue, 18 Oct 2011 20:39:00 GMT

You've heard it 1000 times; don't ever buy a home without getting a
home inspection.

A licensed inspector will examine all areas of the house that are accessible by normal means … this will include the foundation, roof, walls, ceilings, doors, windows, tile, fireplace, the electrical system, the plumbing, and appliances.

After the inspector does his work, your next step is to evaluate the findings and get estimates to fix the problems. You should also determine what items, if any, that you want the seller to repair as a condition of sale. Have your Texas REALTOR® provide the seller with a written copy of the inspection report—she'll be more willing to listen to your requests if there's an official document backing them up.

Concentrate on big-ticket items or safety concerns—don't nitpick. Your goal is to take care of big problems and safety issues that you needed a licensed inspector to point out. You don't need a professional's opinion to tell you that the driveway or sidewalk has cracks or that the kitchen sink is stained. Such considerations should be addressed in the initial purchase offer.

You may opt to ask for a price reduction instead of repairs. This could be to your advantage because it puts finding a contractor and negotiating the price of the repairs in your hands. Plus, you'll be able to verify the quality of the work—sometimes, in the interest of getting things done quickly, a seller may not hire the most qualified or professional contractor.

There is no perfect house—licensed inspectors will go through the property and report any faults or deficiencies that exist. Once you're aware of the problem areas, sit down with your Texas REALTOR® and discuss your options.