The Branch Team Blog

Homes For Sale - Colleyville, TX - 7305 Majestic Manor

4 Bedrooms | 4.1 Baths | 3-Car Garage | 5329 SF | Pool & Spa | Lake Views

Exquisite home for the most discerning buyer. Half acre corner lot provides incredible views of large pond, greenbelt and fountain. Chef's kitchen has granite, hand finished cabinetry and glass block accents. Secluded master retreat has fireplace, double shower, and staircase to library. Private guest suite down - game, media, and 2 bedrooms up. Large balcony overlooks sparkling pool, spa and outdoor kitchen - perfect for entertaining. Must see!

Click here for more details and photos.

Source: NTREIS | Photo Credit - Tom Branch

Ask Chuck and George - Sheriffs' Sales

Answers to real estate questions as appearing in the Houston Chronicle

By George Stephens, CRB, AND Charles J. "Chuck" Jacobus, JD

Dear George: I acquired title to a property via a sheriff's sale. The property has a mortgage lien on it, and the bank won't talk to me about it because I'm not the previous owner. I want to pay off the lien. Don't I have a legal right to obtain information and pay off any liens on property to which I hold title?

Answer: No. The bank has no contract with you. Your situation illustrates a risk of buying at a sheriff's sale. Do you know what lien priority you purchased? Was the sale properly held? Does the existing lender have a superior lien that can foreclose you? Get the answers to these questions as soon as possible.

Source: www.texasrealestate.com

Texans Pay Less of Our Income on Shelter

A new study from the Real Estate Center at Texas A&M University explains why Texas’ housing market fared far better than other states during the current downturn. It also suggests why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.

Click here to read the entire story.

Source: TexasRealEstate.com

Bon Jovi in Dallas Again

Bon Jovi was back in Dallas again last night. We rode the DART train down from Parker Station and spent the early evening in the West End having dinner.

Jon and the band continue to put on entertaining shows and his voice still sounds great. Last night's show was sold out but we understand there are still tickets available for the encore performance tonight. The show starts at 7:30 at the American Airlines Center.

Source: Tom & Gina Branch

Is Your Credit In Order?

If you’re getting ready to buy a home, it’s a good idea to know your credit standing. Here are a few tips for evaluating, maintaining and restoring good credit:

• Don’t assume you have a great credit history just because of the continuous offers for revolving credit you receive in the mail.

• Don’t apply for more credit that you can manage.

• Make regular payments. Every time you make a payment as agreed to a creditor, you are building a favorable credit history.

• Late payments affect your credit rating. .

• Minimum payments are another trouble spot. While making the minimum payment is acceptable, it does very little to reduce your outstanding debt.

• Find out what your credit report says about you. To obtain a copy, contact credit-reporting agencies Experian, TransUnion or Equifax.

• To correct errors on your credit report, write to the credit card company and explain the error. If the creditor concurs that an error has occurred, the credit card company must report and correct the error to the credit-reporting agency.

• Fix bad credit. A professional financial counselor or a credit- and budget-counseling & restoration agency can really help.

Source: Michael Bradley, VA Military Mortgage

White House Looking To Cut Foreclosures

Tom Branch was interviewed as part of this story.

DALLAS (CBS 11 / TXA 21) ― Under pressure to head off the home foreclosure crisis, the White House launched a plan aimed at keeping residents in their homes. This would help cut into the nearly 223,000 Texans who lost their homes due to foreclosure last month, according to statistics on www.foreclosure.com.

Click here for the complete story and video.

Source: Bud Gillett - KTVT

The First Day of Spring 2010

Leave it to Texas weather! The first day of Spring rolled in today and it arrived with freezing temperatures and four inches of snow. The last day of winter was 77 degrees and we were able to take the motorcycle out for the first ride of the season. It just goes to prove the old saying, "If you don't like Texas weather, give it a couple of hours and it will change."

The photo shows the snowfall being cradled by the white blossoms of the Bradford Pear trees in our backyard in Plano.

Source: Tom & Gina Branch

New Federal Program to Rescue Homeowners from Underwater Mortgages

Gina and Tom Branch were interviewed as part of this story

DALLAS, TX - New mother, Rosy Noorani, toured a McKinney home today that is up for sale. She says her growing family needs a larger house.

Noorani says because the homeowners recently reduced the home by about $125,000 and are willing to take less than they owe, that just might close the deal. "It was out of our price range, but not so much now".

That home is now selling under an old practice called, "short sale", but it is one the Obama Administration hopes to revive through a new program.

Home Affordable Foreclosure Alternatives or HAFA, is designed to help keep homeowners out of foreclosure by paying them to walk away. "These are not distressed properties, these are distressed homeowners and they are looking for help", says Dallas Realtor, Gina Branch.

Click here to read the entire story.

Source: Dawn Tongish - The 33 News

Be Prepared for Inspection Day

A Quick Guide for Sellers:

• Make sure all utilities are ON inside the home.

• Clear the areas around the electric panel, water heater, furnace and air conditioner to give Inspector full access.

• Unlock gates.

• Clear attic access and landing areas.

• Clear out closets to access crawlspace (under floor area).

• Leave the fireplace gas key on the mantle.

• Empty the dishwasher and oven.

• Make arrangements to secure or remove pets.

• Remove pet waste from the yard.

• Clean the swimming pool.

• Be prepared to leave the house for about 3–4 hours (varies).

Reducing Items on an Inspection Report – 12 Easy Fixes for Homeowners:

• Replace batteries in smoke detectors and/or install smoke detectors in each bedroom, hall and on each floor level.

• Replace missing or broken switch and outlet cover plates.

• Repair leaky faucets.

• Tighten loose doorknobs.

• Repair or replace exterior door weather stripping.

• Caulk doors and windows at the exterior brick/siding.

• Replace damaged or missing screens.

• Replace broken panes of glass in doors and windows.

• Replace burned-out light bulbs.

• Secure loose hand and stair railings.

• Patch holes and cracks in walls and ceilings, then repaint.

• Replace heating and air conditioning filters.

Source: Collin County Association of REALTORs® Affiliate Committee

Ask Chuck and George - Divorces and Deeds

Divorces and Deeds
Answers to real estate questions as appearing in the Houston Chronicle

Dear George: I'm divorced and, according to the divorce decree, entitled to the house. I've been paying the property taxes, but the deed to the house is in my name and my ex-husband's name. Do I need to change the deed? If so, how do I go about it? My ex-husband will likely not sign any papers to assist me.

Answer: If the divorce decree has conveyance language in it, you don't need another deed. Each title company has its own underwriting standards, so you may want to check with your title company before you contemplate selling the house. At worst, you'll have to go back to the court and modify the order or get an order requiring that your ex-husband sign the deed. Don't hesitate to shop title companies if you need to. Conveyance language in a divorce decree can take different forms, but it usually states something similar to the following:

It is decreed that the estate of the parties be divided as follows: Petitioner is awarded the following as petitioner's sole and separate property, and respondent is hereby divested of all right, title, and interest in and to such property: All property listed in Schedule A attached hereto and made a part hereof by reference.

In this case, you are the petitioner and your ex-husband is the respondent. Before you take any action, consult with your own attorney.

Source: Texas Association of REALTORs® (texasrealestate.com)

Is Your Water Heater Out To Get You?

I found this post on another website. I recently had the hot water heater in my attic (I wonder why they put them there?) spring a leak and had some water damage to a ceiling and wall. I liked the idea so much, I contacted the author for permission to reblog it.

Is Your Water Heater Out To Get You?

Peace of mind is an important part of home ownership. And if you could buy a piece of this peace of mind for between $10 and $15, would you?

If I asked you right now if you knew if your water heater was leaking, would you? Without going to the basement and looking? Most of us don't know if water is intruding into our home until it is too late. Water damage from a burst water heater, overflowing sink or washing machine, or failed sump pump can cost thousands.

But there's a good solution -- an inexpensive, battery operated leak detector. Put one of these (some are self contained, some have a remote water sensor) near your potential water intrusion area -- a hot water heater, a washing machine, a sump pump, etc. It unobtrusively sits there until it senses water (most are usually activated with as little as 1/32 inch of water). Then it sounds a loud alarm to let you know when the problem starts.

Most water issues do not start as a deluge. They start as a trickle. A hot water heater won't usually explode it's contents with no warning. But if you ignore the trickle going across your basement floor for hours, it just may let loose.

Even if you have an unfinished basement, you need to be concerned about water intrusion. And the mold growth that it could promote. How about homes with the laundry on the first or second floor? Or an overflowing bathtub? Think of your drywall, your carpeting, your furnishings. An overflowing 2nd floor washer could cost you thousands of dollars!

One of my favorite leak detectors is the whimsically named Leak Frog. It does the same job as the others, and is kind of cute, to boot!

Just like the smoke detectors in your home, these leak detectors are only as good as the batteries in them. Remember to change them twice a year with quality replacements!

Stay dry. Sand if you can't, find out before a little water turns into a lot of water. Get a leak detector!

Source: Richard Strahm, RE/MAX Realty Group, Harleysville, PA - Used With Permission

Facing Foreclosure? Do Not Wait To Ask For Help!

We received a number of phone calls last week from homeowners looking for help in short selling their homes. One of our first steps is to check the upcoming foreclosure lists only to find that they were scheduled for foreclosure on March 2nd. While we advised them to contact the lender to see if they would hold-off on the foreclosure while we processed a short sale, the majority of them will be foreclosed upon.

The sad part is we likely could have helped them if they had not waited until the last minute to reach out for help. If you are a homeowner facing foreclosure do not wait! Contact us or your lender to see if there are options available to either help you stay in your home or to sell it and avoid foreclosure.

Source: Tom and Gina Branch, www.ntxshortsales.com

4 Reasons to Sell Now

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

1. Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape...

Click here to read the entire story

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

CB Jeni Homes - Luxury Townhomes on Sale

8611 Naomi, Plano, TX 75024 | 3 Bedrooms | 2.1 Baths | 1905 SF

Master bedroom downstairs with 2 bedrooms up. Upgraded cabinets, granite countertops, stainless steel appliances, and much more!

Was $213,075 - Now $195,990

8613 Naomi, Plano, TX 75024 | 3 Bedrooms | 2.1 Baths | 2319 SF

Master bedroom downstairs with 2 bedrooms up. Island kitchen with upgraded cabinets, granite countertops, and much more!

Was $244,445 - Now $225,990

Source: CB Jeni Homes

6 Surprising Facts About the Buyer Tax Credit

The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

- To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.

- Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.

- Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.

- The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.

- The home can't be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.

- A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

Source: Bankrate.com, Marcie Geffner (01/21/2010)

Ask Chuck and George - Federal First-Time Homebuyer Tax Credit

Federal First-Time Homebuyer Tax Credit
Answers to real estate questions as appearing in the Houston Chronicle

Dear George: A friend of mine is an Australian citizen who has legally worked in the United States for the past 3 years and files a U.S. tax return. He's never owned a home. Is he eligible for the first-time homebuyer tax credit?

Answer: Maybe. The IRS states: "Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase." Your friend should determine if he meets the IRS definition of nonresident alien, which he can read on page 4 of IRS Publication 519, U.S. Tax Guide for Aliens.

Source: Texas Association of REALTORs® (texasrealestate.com)

Tom Branch Joins NexBank

Tom Branch recently joined NexBank as a Senior Loan Specialist. NexBank, headquartered in Dallas, Texas, aims to serve professionals, entrepreneurs, business leaders or any individual craving a personalized banking relationship.

Whether your needs are for a purchase or refinance, NexBank's expert Loan Specialists know how to craft the right solution every time. You will also be glad to hear we fund loans from our own balance sheet and can accommodate personal mortgages of nearly any amount. We do not rely on other financial institutions in order to fund your loan.

Purchasing or owning a home is the ultimate American Dream. At NexBank we help make those dreams come true with a wide array of mortgage products to fit almost any home ? from a starter home in the burbs, to an uptown loft, to the vacation home in the hills to just about anything You can dream.

Call Tom at 972-419-0524 for all your residential mortgage needs.

Tax Information For New Homeowners

As a new property owner, you are required to pay property taxes on this real estate. It is taxed each year by a variety of jurisdictions including the county, city and school district. As a 2009 purchaser, you need to notify the taxing authorities of your ownership so that the tax rolls will reflect the change.

Click here for the entire letter in PDF format.

Source: Gayle Essary, Republic Title

Are Short Sales Good for the Housing Market?

I?m often asked if short sales are good for the housing market. Of course ?good? is a relative term. The best market environment would include no distressed sales of any kind?no foreclosures, no short sales, and no deeds in lieu?just regular sales with mortgages paid in full. Conversely, a housing market riddled with distressed sales is a nightmare on Main Street.

While distressed sales were not a large part of the landscape in previous years, we?re seeing more and more of them these days. Some blame this on sub-prime or other risky mortgages. While each geographic region is different, most of my distressed sale listings are a result of the downturn in the economy, not from risky loans. I?ve talked to many homeowners who have exhausted their savings trying to keep their homes after job loss. Others are not so ?fortunate? to have large cash reserves. They list their homes in hopes of selling, but find that decreasing values make it impossible to sell and have the funds needed to close. They eventually wind up in default and lose their home to foreclosure. It?s a vicious cycle.

Click here to read the entire story.

Source: Tom and Gina Branch

Don't Mess With Texas: More Americans Moving In

NEW YORK (CNNMoney.com) -- Americans, it seems, still have a love affair with the West. Texas and Wyoming were the big winners in the Census Bureau's annual population estimates, which were released on Wednesday.

In the year ended July 1, Texas added more people than any other state, and Wyoming had the highest growth rate in the nation.

The population of the United States has grown more than 9% to 307,006,550 since the 2000 census. The population grew 0.86% since last year's estimates.

Just three states shrank during the year. Michigan's population fell by 0.33%, Maine dropped 0.11%, and Rhode Island lost 0.03%.

Click here to read the entire article

Source: Les Christie, Staff Writer - December 23, 2009