By Tom Branch, on October 31st, 2011 
I answered an online question today. The writer was preparing to give a Texas property to his child and wanted to know if he should use a Quit Claim or Gift Deed.
While a Quit Claim Deed might get the property transferred, it will likely become problematic somewhere down the line when the child goes to sell the property. Texas title insurers usually will not accept a Quit Claim Deed. If the original owner cannot be found or has passed away, it can create title issues.
While I would suggest a Special Warranty Deed, it would be best to speak with a title company or attorney about this situation.
See our list of Dallas Fort Worth Title Companies.
Photo: Licensed from iStockPhoto
By Tom Branch, on October 30th, 2011 
Click Image for PDF Version
We met with Steve Vieregge, Community Sales Manager for The Preserve, on Friday to follow-up on the development.The Preserve is on-schedule and the builder should break ground on the model homes on lots 31 and 32 (block C) in November. If the winter weather cooperates, the models should be ready by April 2012.
They have already pre-sold a number of new homes and the first new residents should move into their homes in April as well.
We were also able to get better copies of the seven models being offered. The single-level models are Waterville, Merion, and the Sawgrass. While the basic plans are single-level, there is an option to add space on a second level. The two-level models are Muirfield, Turnberry, Pinehurst, and the Augusta.
Read more about The Preserve in Allen.
Image and floor plans used with permission.
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By Tom Branch, on October 30th, 2011 75025 in Plano Texas continues to see a steady rise in days on market and the months supply of available homes.
Days on Market:
Months Supply of Housing:
The National Association of REALTORS® considers a 6 month supply of housing to be a balanced market. Areas with supplies under 6 months are a seller’s market, and supplies over 6 months are a buyer’s market. So while both have continued to rise, the market remains relatively balanced.
The good news is that the sales price per square foot has risen considerably since January 2010 and is only slightly below January 2007.
Sales Price per Square Foot:
As we enter into the winter months (typically a slower sales period), I expect we will see these trends continue until early 2012. While mortgage interest rates remain at all-time lows and Plano has a stable economy, it appears that both conventional and investor buyers are taking a “wait and see” approach to home buying.
Data Source: NTREIS on October 30, 2011
By Tom Branch, on October 29th, 2011 
It’s that time of the year again! The record-breaking heat of the North Texas summer has given way to cooler fall temperatures. We’re all breathing a sigh of relief and enjoying the change of seasons.
The cooler fall temperatures will fade into winter. It’s not unusual for North Texas to experience freezing temperatures. While this might simply be an inconvenience to many of us, it can be a disaster if you have a vacant home.
If your vacant home is not heated, you really need to consider having the property winterized. The winterization process is relativity inexpensive (a couple of hundred dollars) and can save you thousands in damage and repairs that result from freezing pipes.
One local resource in the greater Dallas area is Kissee Inspections. Mark has winterized a number of vacant homes for us over the years and does quality work at reasonable prices. Mark is offering a Winterization Special. Click on the ad below for larger version.
Don’t wait until we have that inevitable cold snap as the few contractors who do this kind of work will be swamped.
Photo – Copyright 2011 Tom Branch
By Tom Branch, on October 27th, 2011 
Ashton Woods has begun pre-selling new construction homes in The Preserve in Allen. Base pricing starts at $292k for the Waterville (single-level 2020SF) to $395k for an Augusta (2-story 3606SF). Premium lots range from $5k to $40k.
The six models (both single-level and 2-level floorplans) being offered are Waterville, Merion, Sawgrass, Muirfield, Turnberry, Pinehurst and the Augusta. These homes have an extensive list of standard features. Energy efficient building includes 15 SEER HVAC, radiant barrier, and much more.
The builder expects the model and sales office to begin construction in November and to be open in the early part of 2012.
The Branch Team is offering $1000 towards buyer’s closing costs as a pre-sales incentive. Contact us for details.
Read more about The Preserve in Allen.
Photo: Copyright 2011 – Tom Branch
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By Tom Branch, on October 23rd, 2011 
Looking for a townhome in the heart of North Plano? Take a look at The Enclaves at Willow Crest. Located just east of 121 and the Tollway, this community of upscale townhomes has easy access to major roads, shopping, restaurants, entertainment, and sporting events.
CB JENI Homes, the exclusive builder, has several buildings under construction. Floor plans range from 1,633 to 2,300-plus square feet of living space. Build pricing ranges from the $180s to the $230s and completed homes with extensive upgrades range from the low to mid-$200s.
Wendi Leigh with CB JENI Homes is a pleasure to work with and really goes that extra mile to satisfy her clients.
Read more about The Enclaves at Willow Crest.
View Townhomes For Sale in The Enclaves at Willow Crest.
New Home Rebate
Purchase a new home through us and we'll help you with your closing costs! We'll give you a credit of 1.5% of the price of the home at closing to use towards your closing costs.
Click here for our New Home Rebates page.
By Tom Branch, on October 23rd, 2011 
This is a common question among distressed homeowners we work with. It’s an easy question to ask, but the answer is complicated and constantly changing.
There are many variables involved when trying to figure out when someone will be able to purchase a home after a foreclosure or a short sale; however, the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure are:
Short Sale with FHA loan
• Can purchase right away with no mortgage default/late payments
• 3 year wait if in default or late payments at the closing
• Reduced wait if the borrower has re-established good credit and can show more qualifying circumstances *
Short Sale with Fannie Mae Loan
• 2 year wait if the borrower puts 20 % down
• 4 year wait if the borrower puts between 10% to 20% down
• 7 year wait if the borrower puts less than 10% down
• 2 year wait if the borrower can show extenuating circumstances and puts more than 10% down *
Short Sale with Freddie Mac Loan
• 4 year wait before being able to get a loan
• 2 year wait if the borrower can show extenuating circumstances *
Foreclosure with an FHA Loan
• 3 year wait before being able to get a loan
• Reduced wait if the borrower can show extenuating circumstances and re-establishes good credit *
Foreclosure with a Fannie Mae Loan
• 7 year wait from the completed foreclosure sale date
• 3 year wait if the borrower can show extenuating circumstances. Additional underwriting requirements apply for 4 years after a 3 year waiting period.
• 7 year wait for a 2nd home, cash out re-financing, or an investment property
Foreclosure with a Freddie Mac Loan
• 5 year wait from the completed foreclosure sale date
• 3 year wait if the borrower can show extenuating circumstances *
*Qualifying/Extenuating circumstances are not applicable in most situations
This list does not cover all circumstances so always talk with an experienced mortgage professional about your specific situation.
Source: Townsquare Financial
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