Dallas Real Estate and Short Sale Blog

Acreage Homes For Sale in Lovejoy ISD

Sat, 04 Feb 2012 16:16:37 -0500

Lovejoy ISD in Collin County has become a very desirable school district. There are homes in Allen, Lucas, Fairview and McKinney zoned to Lovejoy ISD. According to the school district website, "Lovejoy ISD is an exemplary district serving students in Fairview, Lucas, and Allen, Texas. The Lovejoy Independent School District includes Lovejoy High School, Sloan Creek Middle School, and Hart, Lovejoy, and Puster elementary schools."

While the exemplary school district is a major draw, this is one of the best areas for homes on acreage located with easy access to the DFW Metroplex.

Click here to see Acreage Homes For Sale Zoned to Lovejoy ISD.

Orignally posted at http://www.thebranchteam.com/wordpress/2012/02/04/acreage-homes-for-sale-in-lovejoy-isd/

Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton. While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure. Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.

Copyright 2009-2012 - The Branch Team
The Branch Team - Texas Real Estate Broker 547597 | Team Members are Texas Licensed Real Estate Professionals
Tom Branch - National Mortgage Licensing System 341963

Important Notice: The Branch Team with RE/MAX Dallas Suburbs is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Gina Branch Selected as a 2012 Five Star Real Estate Agent

Sat, 04 Feb 2012 16:11:14 -0500

We are pleased to announce that Gina Branch was selected as a 2012 Five Star Real Estate Agent.

Texas Monthly partnered with Five Star Professional to identify the real estate agents in the Dallas Fort Worth area who provide exceptional service and overall satisfaction as indicated by clients, peers and industry experts. The 2012 Five Star Real Estate Agents are a select group of fewer than 7 percent of all real estate agents in the Dallas Fort Worth area.

Originally posted at http://www.thebranchteam.com/wordpress/2012/02/03/gina-branch-selected-as-a-2012-five-star-real-estate-agent/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Crime Watch Bulletin for Ridgeview Ranch

Wed, 01 Feb 2012 06:13:24 -0500

OFFENSE NUMBER: 2012-12685

OFFENSE TYPE: Suspicious Person

LOCATION/STREET: Daly Drive (Independence Pkwy/Ridgeview Dr, Mapsco 557D)

BLOCK NUMBER: 9400

DATE: 1/14/12 (Saturday) TIME: Between 12:00pm-2:00pm

DESCRIPTION: The victim was a 10 year old juvenile riding her bicycle with another juvenile female. The two were approached by the suspect who was in his car in the 9400 block of Daly Drive. The suspect asked the girls to come on over to his car. The girls refused and the vehicle drove away only to return two other times. The suspect never got out of his car. The victim’s parents reported the event only after they heard of a similar incident that had happened a few weeks ago.

SUSPECT INFORMATION: White male in his 30’s with dark brown hair and a brown goatee.

VEHICLE INFORMATION: Newer silver colored four door vehicle

Source: Plano Police Department via the Ridgeview Ranch HOA

Originally posted at http://www.thebranchteam.com/wordpress/2012/02/01/crime-watch-bulletin-for-ridgeview-ranch/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Jimmy's On The Pier in Galveston Texas

Wed, 01 Feb 2012 05:38:21 -0500

Gina and I recently attended the RE/MAX of Texas Convention in Galveston. While we spent 3 busy conference days, we were able to relax a little on day 4 before driving back to Dallas.

We met up with Mark Stroeh and his wife on Sunday to enjoy a nice meal in the area and catch up. Mark and I go back to the 1980's when we were both in the United States Air Force and stationed at Carswell AFB in Fort Worth. Mark suggested we try Jimmy's On The Pier for lunch.

Jimmy's is a cool little place located above the gift shop on one of the fishing piers on the Galveston seawall. The morning air was cool so we elected not to sit on the balcony. Had the weather been a bit warmer, I could see sitting outside enjoying the feel of the sun on my face and the breeze in my hair.

The food was tasty and the company was great! You really want to stop by and check out Jimmy's the next time you're in Galveston. For more information visit http://galvestonfishingpier.com/.

Photos Copyright 2012 Tom Branch

Originally posted at http://www.thebranchteam.com/wordpress/2012/02/01/jimmys-on-the-pier-in-galveston-texas/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

J.D. Power and Associates Awards

Mon, 30 Jan 2012 17:06:27 -0500

We had the opportunity to have our picture taken holding RE/MAX's 2011 J.D. Power & Associates awards at the RE/MAX of Texas Convention held in Galveston, Texas.

For more information on these awards visit the J.D. Power and Associate Awards page at remax.com.

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/30/j-d-power-and-associates-awards/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Real Estate is Not eBay!

Wed, 25 Jan 2012 21:38:24 -0500

There is an alarming trend among many buyers of real estate these days. We're seeing more and more people who want to "place bids" rather than to "make offers" on a home.

Real estate is not eBay. While some real estate is sold in an auction format, the vast majority of sales are not. I realize that in some markets buyers are in full control given the volume of short sales and foreclosures, but in many places the markets are balanced and in some places there are seller's markets.

In the north Dallas suburbs, there is a severe shortage of good properties under $150k. Last weekend I was out with some first time homebuyers who had been looking for weeks. We found a home the first day it was on the market. By day 3 there were multiple offers and my clients actually had to offer more than list price in order to secure the contract. It's a seller's market for good homes under $150k.

I've seen buyers totally upset when their low "bid" was not countered while a more reasonable offer was negotiated and accepted. That's not to say that a lower offer is not appropriate at times such as with an overpriced property. However, throwing in a bid at 70 percent of market value on a hot property is usually a waste time.

Many investors use this approach but don't really care if hundreds are rejected while they look for the one seller who will sell at that price. The average home buyer will quickly become frustrated using this method.

Many of our younger buyers have grown up bidding online and to some extent bidding has become part of America's landscape. While I suspect this trend will continue in consumer goods, I don't think it will last in the housing market and certainly does not apply to seller's markets.

My advice is to know what kind of market you're looking in and use an appropriate strategy rather than always going in with a "bidding" strategy.

Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/25/real-estate-is-not-ebay/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Investors – IRS Issues New Rules on Deducting Repair Costs

Sat, 21 Jan 2012 08:39:29 -0500

The Internal Revenue Service has issued a 255-page guide in the Federal Register. The new rules, which went into effect on January 1, change the way investors can deduct repair and improvement expenses.

In the past, most investors took the one-time deduction of the repair or improvement expense during the tax year in which it was done. The new rules clarify what is a repair and what is an improvement.

An ordinary business repair of an asset is generally tax-deductible in the current tax year. An improvement is usually classified as a capital expenditure and gets depreciated over time.

Eric Lucas, a principal at KPMG LLP and a former Treasury Department tax counsel, said in an interview that this one of the more significant changes" from current accounting policy and could be troublesome for businesses that took "an aggressive view" in deducting repairs.

Investors should discuss these changes with their CPAs or Tax preparers now in order to make preparing their 2012 tax returns easier next year.

Photo Licensed from iStock Photo | Blog based upon a story published in Inman News

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/21/investors-irs-issues-new-rules-on-deducting-repair-costs/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Rain in North Texas

Wed, 25 Jan 2012 10:35:20 -0500

Wow! It's hard to believe but it's raining in North Texas. With Stage Four Water Restrictions looming, this is a welcome sight.

Last year's drought left our lakes and reservoirs dangerously low. People living on Cedar Creek Lake and many of the local lakes could not get their boats in the water. A positive side was that it was a good time to do any repairs or maintenance on their retaining walls.

While low lakes may seem like an inconvenience, there's a much larger implication for those of us living here. Those lakes and reservoirs are also the source of our drinking water. When the levels are low, cities begin the various stages of water restrictions in an effort to insure we have water to drink.

The droughts also have an impact on our homes. The vast majority of our foundations are slab foundations. These foundations are sensitive to changes in the water content in our expansive soils. Last year we saw a dramatic rise in homes with foundation issues due to the drought. This cost north Texas homeowners millions of dollars.

Let it rain!

Photo Copyright 2012 Imaged2Sell

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/25/rain-in-north-texas/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Groundbreaking at The Preserve in Allen

Tue, 24 Jan 2012 02:20:43 -0500

Finally! Ashton Woods has broken ground in The Preserve in Allen. I was out visiting the site over the weekend and found the two model homes are well on their way to being completed. I also noted the lake is filled and the fountain is operating.

There are two model homes under construction near the west side enterance. While I did not speak to the sales staff, I suspect they will be open in late March 2012.

I understand that presales have been going well with about 12 homes already under contract.

Photos Copyright 2012 Imaged2Sell

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/24/groundbreaking-at-the-preserve-in-allen/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Investors, Do You Really Want The Highest Possible Rent? - Part 2

Mon, 23 Jan 2012 10:13:20 -0500

In Part 1 we discussed how rental price impacts occupancy rate and the impact that can have on annual cash flow. In Part 2, we’re going to explore how rental price impacts the quality of applicants.

Let’s say you have a rental property where the fair market rent is $1500 a month. If you list the property at $1600 a month, not only will you receive fewer applications, we’ll argue that those applications will be of lower quality.

Applicants with good credit and clean backgrounds do not have to overpay for a rental home. Since they can easily qualify, they will spend the time to not only find a well-maintained rental home, they will not pay more “just to get in.”

At $1600 a month, you’ll likely find that your applicants have credit or background issues. They want a decent place to live, understand they have issues, and are willing to pay more. It’s no different than a mortgage applicant who is willing to accept a higher interest rate because they have credit issues.

In some cases the extra cash flow may be worth the risk. That’s a call you have to make based on the total application.

Our recommendation is to price the home at market value to attract the largest number of quality applicants. One bad tenant can eat up lots of time and destroy a property. That little bit of extra cash flow just isn’t worth it in the long run.

Have questions or want to work with an experienced real estate team on purchasing or managing investment properties? Contact us at 214-227-6626.

Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/23/investors-do-you-really-want-the-highest-possible-rent-part-2/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

First Time Homebuyers Are Finding Few Homes

Sat, 21 Jan 2012 20:36:12 -0500

Over the past couple of months we've seen lots of first-time homebuyers entering the market. They are enthusiastic, pre-approved, and ready to buy a home. The problem is a general lack of good homes under $150k.

Gina and I are currently working with four first-time home buyers looking in the Allen Texas area and we have only been able to find one of them a home. Don't get us wrong, there are homes on the market in this price range, but the vast majority of them are foreclosures, short sales, or are in poor condition.

If you are a home buyer, you need to move quickly when you find a home to view. You simply cannot wait because the good homes are moving quickly. Homebuyers can click here to sign up for home alerts on The Branch Team website. This free service sends you an alert as new homes come on the market that meet your needs.

If you are considering selling your home this may be a great time to list it as homes that show well and are priced right are going quickly. Further, plenty of qualified buyers and low inventories present an opportunity to sell quickly. While prices are down in some areas, Collin County and DFW in general have weathered the storm well. Click here to read "Internet Marketing - The New Curb Appeal" and click here to read "Are You Show Ready?"

Please feel free to contact us at 214-705-2470 if you have questions or need help buying or selling a home.

Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/21/first-time-homebuyers-are-finding-few-homes/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Thinking About Selling Your House After 2012?

Fri, 20 Jan 2012 19:00:59 -0500

I received an email from a past client today. He had received an email on the subject.

The email read, "Did you know that if you sell your house after 2012, you will pay a 3.8% sales tax on it?" The email goes on to blame the new Healthcare Law and all the damage it will do to the housing market.

Like many email hoaxes, it's based on a partial truth. Within the new Healthcare Law there is a provision for a 3.8 percent capital gains tax on real estate sales. The reality is that this will not apply to many sellers. Currently the law allows an exception of up to $250k for single filers and $500k for a married couple filing jointly.

So while this will not apply to most sellers, I don't think it's a great idea. The main issue is that once they start the taxing it may be easier to move the bar down and tax more and more sales in order to generate revenue for the Federal government.

For the time being most sellers do not to be concerned about paying the 3.8 percent "Healthcare Tax" when they sell their homes. Sellers should always contact their CPA, tax preparer, or attorney if they have concerns or questions.

Base Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/20/thinking-about-selling-your-house-after-2012/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Guaranty Fee Increase

Fri, 20 Jan 2012 01:22:42 -0500

The U.S. Congress recently passed a two-month payroll tax cut extension. The $33 billion package is funded by a 10-year increase in the Guaranty Fees that Fannie Mae (Fannie) and Freddie Mac (Freddie) charge lenders to guarantee home loans.

This change is effective for all loans delivered to Fannie and Freddie at the beginning of the second quarter of 2012. For example, the cost of a $200,000 mortgage will go up about $11 per month. Over the life of the loan, these costs are anticipated to be about $4,000.

These changes will also increase the cost of FHA and VA loans. However, the government has not released information as to the timing of these changes.

All lenders — by law — will be adding this increase to their pricing.

Source: Prospect Mortgage

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/20/guaranty-fee-increase/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Can a REALTOR License be in Referral Only Status?

Thu, 19 Jan 2012 21:34:19 -0500

I found this question in my site logs. Let's clear up some terms.

Each state is responsible for licensing agents and brokers. Each has its own set of requirements and rules. For example, the Texas Real Estate Commission licenses and regulates salespersons (agents) and brokers within the State of Texas.

REALTORs® are members of the National Association of REALTORs® (NAR). NAR is a membership trade organization rather than a licensing agency.

A number of years ago NAR allowed Designated REALTORs® to establish Limited Function Referral Only (LFRO) Brokerages. LFROs have to be a separate business entity. NAR did not want brokers to commingle their "regular" agents with their LFRO agents. LFROs, like Referral Agents of Texas LLC, are established under NAR rules. Since it is also a licensed broker within the State of Texas, it can sponsor agents. Why is this important? Agents can only receive compensation through their sponsoring broker.

As far as the state is concerned LFRO agents are active agents sponsored by a Texas broker. What limits the agent's activities is the Independent Contractor Agreement between the agent and the broker. This agreement specifically limits the agent's actions to generating referrals.

A few states may have different "classes" of licenses with include referral-only agents. When in doubt check with your state regulatory agency for details.

Originally posted at http://www.referralagentsoftexas.com/2012/01/19/can-a-realtor-license-be-in-referral-only-status/

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Yes, Virginia, You Can Insult The Seller!

Thu, 19 Jan 2012 18:30:18 -0500

This blog by Dawn Maloney is not only cute and well-written but it speaks to the fact that not all sellers are "Desperately Seeking Buyers." Homes that show well and are correctly priced are selling.

Tom

Via Dawn Maloney 330-990-4236 Hudson Stow Cuyahoga Falls Silver Lake (RE/MAX Haven - Northeast Ohio Real Estate Specialist):

Yes Virginia, you can insult the seller.

Tonight we shall hear the tale of Ms. Virginia Buyer, a lassie who found a wonderful home that had been for sale for a long time. Virginia ASSUMED that the home's owner, Mr. D. Seller, only used his initial D because his first name was DESPERATE.

Although Virginia liked the house and knew it was a great value, she decided to see if she could get the house for a steal since she was positive she knew Mr. Seller's real first name. What else could his name be after all this time? He would be grateful for her offer and accept it immediately, with humility.

After all, she reasoned, this is just business. It isn't personal, she told herself...I know the offer is 20% under asking price, but great buyers like me are hard to come by.

All the while, she really was falling in love with the house, but refused to accept that her low offer (that asked for the potted plants and all the antique furniture that had taken years to collect) might be completely rejected...

She wrapped her offer in a shiny gold box with a silver bow and boldly presented it to Mr. D Seller.

When Mr. D Seller opened the box, he was shocked but, since he thought Virginia might be a little naive, he suggested something a little more doable. It was a generous gesture.

However, Virginia mistook Mr. D Seller's generosity for a last desperate act...and didn't even come close with her counter. It is a buyers' market, she told herself.

Imagine her surprise when she learned that Mr. D Seller's first name was by no means Desperate. Actually, she will never know his first name because the negotiations ended, and Mr. D Seller asked her to leave and never come back. Mr. D Seller knows what his house is worth, and in fact got another offer the next week for a fair price, and Virginia didn't get the house she loved - at any price.

Now it belongs to someone else.

Yes Virginia, you can insult the seller!

Dawn Maloney,

REALTOR®, CDPE, CDRS Elite
RE/MAX Haven Realty

Best Listings from Dawn Maloney, REMAX Haven Realty

Direct: (330) 990-4236

Email: dawn@dawnsold.com

"Distinguished by Service" Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, and Cuyahoga Counties since 2003. Dawn Maloney, REALTOR® | RE/MAX HAVEN| (330) 990-4236 |

All content ©2006-2011 by Dawn Maloney, REALTOR® unless otherwise noted.

Disclaimer: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.

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All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.