By Tom Branch, on December 31st, 2010 I don’t often write blogs about software but every now and then a company stands out and deserves to be recognized. This time I came across two great companies and products in a single project.
Over the past couple of weeks we began to transition from an online fax service to a fax machine and a fax server in our office. We had had problems getting our faxes from time-to-time so we either had to find a new online service or bring it back in-house. The goals were to remain paperless, retain functionality, and have no increase in cost.
The Brother 7820N can be used as a traditional paper fax machine or a paperless fax using Brother’s PC-FAX software. We had an old laptop so we loaded it with a fresh copy of Windows XP Pro, PC-FAX, and we had a nice little paperless fax server up and running. Remain Paperless, Check!
With an online fax service you typically get your emails via email in PDF format. We were able purchase Follow Me Fax which can convert the TIF format from the Brother into a PDF and send it out via email. We soon discovered that the TIFs produced by the Brother fax machine have a flaw that prevents the PDF engine in Follow Me Fax from producing a PDF file.
EDocFile, the software developer, was responsive and we were able to troubleshoot the issue. While they could not solve the ability to make PDF issues (it’s a Brother issue), they did update Follow Me Fax to deal with the odd files names produced by the Brother fax machine. The good news is we are able to forward the emails as multi-page TIF files.
The only downside to TIF files was that we would not be able to view faxes on our iPhones. We’re mobile quite a bit and the ability to view faxes on the road was a capability we wanted to retain.
In my quest for a solution, I came across Fax Reader by SmallTalk Consulting. Fax Reader is an application for the iPhone, iPad, and iPod that was designed to read multi-page TIF files. I quickly purchased a copy on iTunes and installed it on my iPhone.
I had problems getting it to work and dropped the developer an email at 2 in the morning. I was really surprised to get a response within a few minutes. We exchanged emails and determined that I had failed to allow Location Services to be active in the software. I made one quick change to the Location Services settings and we were up and running. Retain Functionality, Check!
We will be terminating the online fax service saving about $15 a month. We’re porting the number to our fax machine in the office at a cost of $2 per month. Follow Me Fax was $99 and Fax Reader was $3.99. We were able to reduce our costs by $13 a month with an upfront investment of $103. The project pays for itself in 8 months. No Increase in Cost, Check.
The developer of Fax Reader has given me five Promo Codes for a free thirty-day trial. Email me if you would like one of them.
By Leslie Ebersole, on December 29th, 2010 If you are thinking of selling your home then one of your questions will certainly be: “how long will it take to sell my house?” In today’s market, it’s worth calling a few real estate agents just for the entertainment value of the possible answers:
- How long would you like it to take?
- Let’s list it and see what happens.
- Anyone who claims to be able to answer that is lying.
- When the Moon is in the 2nd house and Jupiter aligns with Mars.
If you would like to plan your life around more than astrological projections or wishful thinking, you and your Realtor have some work to do.
If you want to sell in your time frame and not endure months of inconvenience and anxiety, you must be the best value on the market. Value is made up of price, condition, location and emotional intangibles like attractiveness. So how do you set and manage the value?
Evaluate Comparables: I don’t think there is an alternative to previewing the Active comparables with a knowledgeable local Realtor. You must visit the houses in person and realistically “think like a buyer”. You should also drive by the houses that have recently Closed or are Under Contract. Carefully study the online interior photos and make lists of the pros and cons compared to your house.
Ask yourself: would my house been chosen over the ones that just sold?
Market Analysis: Your Realtor should show you a detailed market report of the inventory of comparable houses, the absorption rate (how many will sell each month), and the average market time of the Closed sales. The report should be based on data from MRED (the MLS of northern Illinois) and independent research from a company like Altos Research. You should be able to develop a very clear picture how many houses like yours will sell each month.
Ask yourself: do I want to be the next house to sell in my area?
Be Realistic: Will your house will compete against distress sales in your area? Foreclosures or short sales sell for as low as 40% below market value so you must make your home worth the difference in price.To sell in this market, your home must be compellingly priced, professionally staged and be aggressively marketed by a full-time Realtor with a successful brokerage.
Ask yourself: do I really want to sell?
“How long will it take to sell my house?” won’t be a quick or simple answer but it doesn’t require a crystal ball. A real answer will require that you are realistic, willing to work hard and that you hire the right Realtor.
Source: http://foxvalleyrealestate.net/2010/12/how-long-will-it-take-to-sell/
By Tom Branch, on December 29th, 2010 As a property owner, you are required to pay property taxes. It is taxed each year by a variety of jurisdictions including the county, city and school district.
 Licensed from iStockPhoto If you purchased in 2010, you may need to notify the taxing authorities of your ownership so that the tax rolls will reflect the change. You may do this by contacting the appropriate tax appraisal district in your county from the following list:
Collin County Appraisal District – 469-742-9200 – www.collincad.org
Dallas County Appraisal District – 214-631-0910 – www.dallascad.org
Denton County Appraisal District – 940-349-3800 – www.dentoncad.com
Ellis County Appraisal District – 972-937-3552 – www.elliscad.org
Rockwall County Appraisal District – 972-771-2034 – www.rockwallcad.com
Tarrant County Appraisal District – 817-284-0024 – www.tad.org
Your property is assigned a single appraised value, which is sent to all taxing jurisdictions. The jurisdiction then applies the tax rate, as set by its governing body, to the appraised value.
2011 TAX EXEMPTIONS
On January 1, 2011, value, ownership, legal description of the property and exemption status of the taxpayer is determined. Several forms of tax relief are available which may reduce the taxable value of your property. Applying for exemptions is the taxpayer’s responsibility. Some exemptions require a new application each year. Contact your appraisal district to learn more about the following exemptions and how to file for them:
General Homestead Exemption
Over 65 Exemption
Disabled Individual Exemption
Disabled Veteran Exemption
Agriculture Land Exemption
To receive your exemption(s), you must own the property and be living in the property as of January 1st. Your application must be applied for on or before April 30, 2011 to receive the tax benefits for this year. This is a FREE service.
Remember, tax statements are generally mailed in October of each year. The taxes are payable on or after October 31, however, you may elect to pay them as late as January 31 without penalty. Taxes become delinquent February 1 and on this date penalties and interest do accrue. If you receive a Tax Statement and your mortgage company is escrowing funds for taxes from your monthly payments, forward the statement to your mortgage company so they can pay the taxes.
Basic information provided by Republic Title
By Tom Branch, on December 29th, 2010 Dave Liniger, Chairman and Cofounder of RE/MAX International recently published an article titled, “Selling It Short” in DS Magazine. The article is a report card on Short Sales in general and where he thinks we’re headed in 2011.
 Licensed from iStockPhoto Dave focuses on three major areas; avoidable problems, untrained agents, and good ideas.
“…it’s time for avoidable problems such as lost files, conflicting responses, and inadequate communication to be minimized or eliminated altogether,” he wrote. While we don’t see much of this these days, the delays as the file gets bounced from negotiator to negotiator can be very frustrating for the agents, seller, and the buyer.
In our book titled, Avoiding Foreclosure – The Field Guide to Short Sales, we wrote, “If you are in the position to buy or sell a house through a Short Sale, ONLY work with a real estate agent who is well-versed in the Short Sale negotiation process.” Dave had the same thoughts when he wrote. “Unprepared agents who enter this arena – where even the simplest sale is still a complex, multilayered transaction – do a disservice to consumers and the industry as a whole.”
The real jewel in Dave’s article was his thoughts on “Good Ideas”. He wrote, “The best idea might be the frontloading of lender decisions regarding acceptable terms. A listing agent who knows that the required net proceeds have already been determined can take the leap and proceed with good faith and confidence that a reasonable offer will be considered seriously. Using this as a starting point, rather than the submission of an offer, gives the agent a valuable edge in marketing the property as well as managing the expectations of the servicer, the seller, and the potential buyers. It’s a better way to go.”
As a major Short Sale listing broker, I have to agree that this would be a great idea. We already do it with FHA Short Sales. The only issues we run into here are poorly completed BPOs or appraisals where the value is so out of line with what the market that it makes selling the property impossible. Lenders should have processes in-place that will allow us to challenge the values rather than leaving us stuck with that value for 120 days.
We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties. Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.
By Tom Branch, on December 26th, 2010 I recently took part in an NBC 5 News story by Grant Stinchfield. The story titled, “Super Bowl Rentals Could Become Brothels, Group Says” focuses on the possibility that leased homes could be used for illegal activity.
 Licensed from iStockPhoto With the Superbowl coming to town in 2011 and the hint of big money, some homeowners close to the stadium (and those not so close) are considering leasing their homes for the event. Grant raises a great point that anyone considering leasing their homes needs to exercise caution.
While this is true in any lease situation, these short-term leases represent a huge risk to the owner. If you are looking into a short-term lease consider the following:
Take a Lease Application. Most of us would never lease our home without one so why do it now?
Run a Background Check. Part of the lease application should be an authorization to do a background check including criminal and credit.
Put the Lease in Writing. While Texas Law recognizes a verbal lease for less than one year, it’s critical to get the details in writing. Contact a local real estate professional or an attorney to have the document drafted. You have to plan for holding-over or damage to the property. If you don’t, you may find yourself having to go through the eviction process and find damage that exceeds any profit made on the lease.
Remember the Golden Rule of Business. If it sounds to good to be true, it usually is.
The Superbowl will have a huge economic impact on the DFW Metroplex. If you decide to lease your home to cash-in on that impact, take steps to protect yourself and your property.
By Tom Branch, on December 25th, 2010 December 23rd was the frustrating end to a five-month attempt to complete a short sale. We listed the property in July and executed a contract in early August. While we worked the package with both lenders, our first buyer walked. We quickly found a new buyer who was more than willing to wait for us to get this done.
 Licensed from iStockPhoto There were two liens with two different banks. The second was fine with $3000. The first (who will remain nameless) was willing to work with us but bounced our file from negotiator to negotiator. Of course, we continued to provide updated documents and various affidavits. We also had to release the home form the bankruptcy so we could move forward. While slow, we were making progress.
In the final week, things took a turn for the worse. The negotiator took the last two pay statements we provided and came up with a monthly income that was $1000 over what we had submitted. One of those two pay statements showed $800 in overtime pay. The seller is a police officer and had moonlighted at some local football games to make a few extra dollars.
The bank averaged the two pay statements and added the extra income from the football games to arrive at a net monthly pay. I discussed the issue with the negotiator and her supervisor. They declined to reopen the file and it will be sold at a Trustee Sale on January 4th.
Let’s look at their logic.
The December pay statement with the overtime pay showed YTD gross overtime of $2200. Clearly overtime was very rare. An originating lender would have not allowed it to qualify for a mortgage so why should we use it to undo a mortgage? I argued that $2200 gross was about $1750 take home and if they felt the need to include it, they should divide it by 12 and add the result to the monthly figure. This would have added $145 to his monthly take home.
The football pay is $195 gross for 10 games or $1950. After taxes, the take-home is about $1500 or $125 a month.
Neither overtime nor the football pay may exist in the future and we would have ignored it on the origination side unless we had a letter from the employer stating that the pay would continue.
I’m normally very supportive of the banks, but in this case they have applied a dual standard to accounting for income. If they had followed the origination standard they would not have allowed any of the income. Even if they used the annual figures (converted to monthly), the seller would have been negative cash flowing and they would have approved the Short Sale.
Lose, lose, lose, lose. The seller has a foreclosure on his credit report, the bank has to foreclose and incur the costs to sell the property (likely for less than the Short Sale offer), the investor takes a greater loss, and the current buyer has wasted 3 months waiting on this to be approved.
This is the kind of thing that winds up in a lawsuit…
By Tom Branch, on December 22nd, 2010 The Branch Team has selected IDX-Broker to provide IDX search capabilities for our blog and websites.
IDX is an acronym for Internet Data Exchange. IDX is the policy instituted by the National Association of REALTORS® (NAR) to govern how MLS member participants can display active MLS listing information on their websites.
In simple terms, IDX is the means of extracting the data from a Multiple Listing Service and delivering it to a website for public consumption.
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