November 2009

Together We Served - SMSgt Tom Branch

Launched on December 19th, 2007, AirForce.TogetherWeServed.com (AFTWS) is the third of five TWS military heritage community websites presented in a unique directory format with advanced features. Marines.TogetherWeServed.com was launched in November 2003; Navy.Togetherweserved.com was launched in October 2006; Army.Togetherweserved.com was launched in August 2008 and CoastGuard.Togetherweserved.com was launched in April 2009.

Tom Branch retired from the United States Air Force in 2000. His shadow box is now online.

Click here to view Tom's Shadow Box.

Source: Gina Branch, RE/MAX Dallas Suburbs

Tax Credits for Replacing Your Roof

The roof of your house protects against more than rain. The sun?s rays beat down relentlessly, especially during summer. The intense heat can raise the temperature inside your home. Proper venting and insulation help keep the cool air in and the warm air out. So, too, do energy-efficient roofing materials, which take the brunt of the solar onslaught. Uncle Sam is encouraging homeowners to improve the roofs of their primary residences with a tax credit worth up to $1,500.

During 2009 and 2010, you can claim a credit for 30% of the cost of qualifying asphalt or metal roofing materials. The credit, which should be taken on IRS Form 5695 for the tax year in which the work is completed, can be split between 2009 and 2010 but can?t exceed $1,500 total for both years. You can?t claim more in credits than you owe in taxes.

Click here to read the entire article.

Source: National Association of REALTORs® - Gil Rudawsky | Image: Metal Roofing Alliance

Essential Heating System Maintenance

Getting your home?s heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control.

?If it ain?t broke, don?t fix it? is usually a good rule?except when it comes to your heating system. Even if it?s humming along just fine, having a technician take it apart once a year to clean the lines and filters and give it a thorough inspection is absolutely essential. Regular servicing reduces the risk of breakdowns and prolongs the unit?s life. Plus, it saves you money: For every year of maintenance you skip, energy bills jump 5% to 10% because of reduced efficiency.

Click here to read the entire article

Source: National Association of REALTORs® - Oliver Marks | Image: Trane

Satisfaction with Lenders Declines

Customer satisfaction with their mortgage lender has declined as the time between between application and closing has increased, according to the J.D. Power and Associates 2009 study of mortgage lender satisfaction.

Overall satisfaction among mortgage customers fell to 739 on a 1,000-point scale, down 18 points from 757 in 2008. The decline appeared to be a response to tighter underwriting standards and extended turnaround times.

The study found that the average time required to approve and close a loan has increased to nearly 47 days in 2009, compared with 30 days in 2008. The increased time is a reflection of tighter scrutiny and the rising volume of applications to refinance, lenders say. Borrowers also report that requests for increased documentation have increased from 33 percent of applicants to 45 percent.

Source: J.D. Power (11/12/2009)

Obama Signs Extended Tax Credit into Law

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

Click here to read the NAR Home Buyer Tax Credit Brief.

Source: National Association of REALTORs®

Congress Passes Homebuyer Tax Credit

The Senate and House voted in favor of extending the first-time homebuyer tax credit. As you know, the legislation extends, through April 30, an $8,000 first-time homebuyer tax credit and creates a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more.

The Senate unanimously voted Wednesday night (98-0). The House just passed the bill this afternoon (403-12).

President Obama is expected to sign the legislation tomorrow, Friday, November 6.

Source: National Association of REALTORs®

Delays at Closing

Answers to Real Estate Questions as Appearing in the Houston Chronicle

Dear George: We're closing on a new home and have all the paperwork ready. Because we're not using the homebuilder's lender, he's saying that we may not get the keys to the house for 24-48 hours after closing. The builder claims that it may take that long for him to get funded. We're giving him a cashier's check for our downpayment and have paid for all the upgrades to the house. Is this normal? If so, whose insurance company is responsible during this period?

Answer: It's not unusual for lenders to delay funding for a variety of reasons. The seller knows this and is taking advantage of it because you didn't use his lender. Get the lender you're using to "table-fund" at your closing. Pressure them nicely to get this deal done. You might also want to verify that the builder will have presigned the required documents for your closing, if the builder isn't going to show up. In most cases your insurance doesn't come into play until the transaction funds, which is when the title company certifies that it's funded and you get the keys.

Source: Texas Association of REALTORs®

Senate Clears the Way for Tax Credit Extension, Expansion

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

Source: RE/MAX of Texas

Mandatory Sprinkler Proposal Still Alive

A proposed requirement that all newly constructed homes have sprinkler systems in order to meet most building codes survived a challenge by the National Association of Home Builders.

Members of the International Code Council, which writes the code that is recognized and adopted by almost every state, county, and city nationwide, soundly defeated the amendment supported by the home builders to delay the sprinkler implementation requirement from 2011 to 2012 and then make it an option rather than a mandate. The home builders say requiring sprinklers would add several thousand dollars to the cost of a new home.

Supporters of the sprinkler requirement considered the vote last week at the code council?s annual meeting in Baltimore to be a strong bellwether because it means that removing the sprinkler proposal from the code that is up for final approval in May would require a two-thirds majority.

Source: The Baltimore Sun, Jamie Smith Hopkins (10/31/2009)

Ask George and Chuck - Inherited Properties

Dear George: My wife and I purchased a residence in 2002 in both our names. She passed away in 2003 without a will, leaving two adult children. I still live in the house, and now her children each have a one-quarter interest in the house. Does this mean they're responsible for half of the bills for the property, since they'll inherit half of the house's equity when I sell or die? Is there a legal document that I could obtain for clarification?

Answer: Section 45 of the Texas Probate Code outlines what happened to your property when your wife died. However, to answer your question regarding your wife's children's responsibilities regarding your property, you need to consult a probate attorney.

Source: Texas Association of REALTORs®