August 2009

Pest Hints - Rats & Mice

With the onset of cooler weather rats and mice start looking for a warmer place to spend the winter months. The migration to the inside will start in late September and continue through the winter months. Entry points for rodents can be as small as a dime for a mouse and a quarter for a rat. Rodents are opportunistic and often enter through an open door.

The most common areas of entry are:

? The line leading into the home from the air conditioner.

? Under the garage door.

? Dryer vents with faulty flapper valves.

? Vines growing on the side of homes.

The best way to prevent rodent entry into your home is to walk around your home checking the areas listed above. If you can insert an object the size of a dime, seal it up.

Source: Nations Home-Warranty, Sharon Harrison

2009 School Ratings

The 2009 School Ratings have been released by the Texas Education Agency. Republic Title has compiled a list of school ratings by district for the 14 counties surrounding the DFW Metroplex. Click here to view the report.

Source: Republic Title - Stephanie Wilkicki

Conserve Water and Reduce Pocketbook Pressure!

You may love the forceful flow of water at your faucets, showerheads and toilets, but did you know that installing low-flow aerators could cut your annual water consumption by more than half? You can also conserve water and save money on your water bill just by adopting a few new habits:

? While waiting for water to warm up, catch excess water in a bowl or bucket and use for houseplants or pets

? Only run the dishwasher when it is fully loaded

? Instead of using the in-sink garbage disposal, compost your food scraps

? Simply cutting your shower by 2 minutes will save 1,000 gallons a year!

? Turn off the water while you brush your teeth, shave, and while you lather up when washing your hands.

Source: Susan Hold, Old Republic Home Protection

Bill Seeks to Suspend Appraisal Code

U.S. Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.) have teamed up to champion a bill that would put a moratorium on the new Home Mortgage Valuation Code of Conduct.

HVCC is an agreement between Fannie Mae, Freddie Mac, and the New York State Attorney General that went into effect earlier this year with the aim of improving the accuracy of appraisals, although it's come under criticism in the real estate industry for causing its own problems.

Although the agreement involves the New York AG, it's being applied nationwide to all the mortgages handled by Fannie Mae and Freddie Mac.

The bipartisan legislation directs the Federal Housing Finance Agency, which is the conservator of the two secondary mortgage market companies, to suspend the code for 18 months.

Among other things, the code has been criticized by the National Association of Mortgage Brokers for delaying residential property closings and costing its members business at a critical time. Group members also are up in arms about having to pay high fees to appraisal management firms.

Source: American Banker (06/30/09) via The National Association of REALTORs®

NAR Applauds FHA Home Modification Program

Author: The Washington Report

Recently the Federal Housing Administration (FHA) announced in Mortgagee Letter 2009-23, FHA's Home Affordable Modification Loss Mitigation Option, to assist FHA borrowers under the Making Home Affordable Program. The new FHA-Home Affordable Mortgage Program (FHA-HAMP) allows borrowers with a FHA loan currently in default to use a partial claim of up to 30 percent of the unpaid principal combined with a loan modification. The objective is to help borrowers who are in default to modify their mortgage and create an affordable payment. The program becomes effective on August 15, 2009.

Click here to read the entire story.

Source: Metrotex Association of REALTORs®

Tax Free Texas

How to Get the First-Time Home Buyer Tax Credit

You've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:

1. Close on your home purchase by November 30, 2009,

2. Ensure that you are a qualified first-time buyer under IRS guidelines,

3. Decide which year to file under, 2008 or 2009,

4. File an amended 2008 return or choose to apply the credit to your 2009 tax return.

Breaking News: Tax Credit Can Be Used on Closing Costs...

Click here to read the entire story.

Source: National Association of REALTORs®

Ask George and Chuck - The Reasons for Selling

Dear George: Can I find out why the previous owner left the home I have under contract? What information are sellers required to disclose to buyers?

Answer: The only real requirement is a seller's disclosure notice. Section 5.008 of the Texas Property Code requires a seller of single-family residential property to deliver either the Texas Association of REALTORS® Seller's Disclosure Notice or the Texas Real Estate Commission Seller's Disclosure of Property Condition. The form's questions, which the seller must answer truthfully, show the seller's knowledge of the condition of the property as of the date the seller signed the form. Your Texas REALTOR® can provide you with a copy of the form.

Source: Texas Association of REALTORs®

Finding the Right Neighborhood

Picking a neighborhood that fits your lifestyle and desires is an important part of the homebuying process. It can be challenging, though ? there are so many things to consider.

For a lot of people, quality schools top the list of desirable neighborhood amenities. It may surprise you that being in an area with good schools is important even for people without children because good schools mean a higher resale value.

Click here to read the entire story.

Source: Texas Association of REALTORs®