Fannie Mae Halts Foreclosures for the Holidays

Foreclosure Notice

Licensed from iStockPhoto

With Texas foreclosure sales set for next Tuesday, this is good news for many families:

Fannie Mae says it will suspend evictions for single-family foreclosures and two- to four-unit properties during the holiday season, from Dec. 19 through Jan. 2, 2012. 

“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” Terry Edwards, executive vice president of Credit Portfolio Management for Fannie Mae, said in a statement. “No family should have to give up their home during this holiday season.”  

While the holiday moratorium is in place, legal and administrative proceedings for evictions may continue, but “families living in foreclosed properties will be permitted to remain in the home,” Fannie Mae announced in a statement.

Source: Fannie Mae

Allen TX Home For Sale 1631 Wood Creek

1631 Wood Creek Allen TX

This 4 bedroom, 3 and 1 half bath, 3186 square foot, Highland home is ready for new owners. Lots of space including a study, formal dining and game room. Located in Reid Farm, this home offers easy access to shopping, restaurants, and entertainment. Click on any of the photos for a larger view.

Gourmet Kitchen

Imagine yourself cooking or entertaining in the gourmet island kitchen. All of the upper cabinets has glass doors for an elegant look. The island also hosts a breakfast bar. Lots of storage space!

Family Room

The large family room has built-ins and a wood burning fireplace. The wall of windows overlooks lush backyard.

Master Bedroom

The oversized master suite has plenty of room for a king-size bed with room to spare. The bow-window overlooks the backyard while the French Doors lead to the master bath.

 Master Bath

The master bath has dual vanities, a garden tub perfect for soaking. and a separate shower. There is a large walk-in closet and a linen closet.

Game Room

The upstairs game room has hardwood floors and easily accommodates a standard-size pool table. Notice the overhead shelving that encompasses the room, and the windows that overlook the back yard.

Back Yard

The fenced back yard offers plenty of privacy and the patio is perfect for enjoying your morning coffee or entertaining guests.

Video Tour

View the Virtual Tour of 1631 Wood Creek in Allen TX.

Feel free to contact us at 214-227-6626 for more information or to schedule a private showing of this home.

Source: NTREIS | Photos and Video: Copyright 2011 Imaged2Sell


Who Pays for Repairs to Texas Rental Homes?

Air Conditioning Repair

As property managers for about a dozen homes in the North Dallas area, we are often asked what has to be repaired and who pays for the repair. It’s not just our tenants who ask, but our homeowners as well. The answer to the question is found in the Texas Property Code and the lease between the parties.

The Texas Property Code, paragraph 92.052 outlines the owner’s requirement to make repairs. Basically, the tenant notifies the owner of the need for a repair, the tenant must be current on all rental payments, and the condition materially affects the physical health or safety of an ordinary tenant. Further, unless the condition was caused by normal wear and tear, the landlord does not have to repair damage caused by the tenant, their family or guests.

The Texas Association of REALTORS® Residential Lease goes into greater detail in paragraph 18. The owner will pay the entire cost of repairing the heat, air conditioning, hot water heater, or water penetration into the home from structural defects unless the damage was caused by the tenant.

It also states that the owner will not pay to repair any items damaged by the tenant, water stoppages caused by foreign objects, or items that are cosmetic in nature.

In some of the older versions of the lease, there was a requirement for the tenant to pay a deductible for repairs to the property. The Texas Association of REALTORS® deleted that paragraph as it was inappropriately applied to all requested repairs. Some property managers are putting that verbiage into the Special Provisions of the lease but it should not be applied to all repairs.

It’s also important to note that not all owners use the Texas Association of REALTORS® Residential Lease but the repair process, what will/will not be repaired, and who pays should be in the lease. When in doubt you should seek proper legal advice.

Have a question or need more information? Contact us at 214-705-2470.

The Enclaves at Willow Crest Selling Fast

CB JENI Homes The Enclaves at Willow Crest Townhomes

I was out staffing the on-site sales office at The Enclaves at Willow Crest this weekend. Wendy Leigh, the super on-site sales consultant, was enjoying a few well-deserved days off.

These new-construction townhomes are selling quickly. As I looked at the board, I saw that there is only one completed townhome available and half of the units in the next building are already sold.

The good news is the builder is pouring the foundation for the latest building this month.

If location is your main concern, look no further than The Enclaves at Willow Crest, conveniently located just east of the Dallas North Tollway and south of 121. The world is at your fingertips. Endless shopping opportunities, professional sports venues, fine dining, nearby golf courses and more!

With the end of year approaching this is a good time to shop for new construction homes. Builders are trying to wrap up their year and get the remaining inventory under contract.

Have questions or need more information? Contact us at 214-705-2470.

 Tom Branch, Broker, CDPE, SFR

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.

Isn’t This a Bad Time to List?

 Home For Sale with RE/MAX

I bumped into a couple I know today. They know we’re Plano real estate agents and asked about listing their home. They were struggling with the timing. Do they list now or wait until the spring?

Traditional thinking is that the March-April timeframe is the best time to list a home. Since there are lots of buyers out looking, it’s a good time to be listed. While I agree with the basic thought, off-season listing can be more effective.

While there are not as many buyers out looking this time of year, the inventory of homes also drops dramatically. Sellers are pulling their homes from the market for the holidays with the intention of putting them back on in the spring.

New listings in the off-season have less competition and while there are fewer buyers, those who are out looking are usually serious about buying a home.

Think of it as Economics 101. While demand is lower, the supply of available homes is also down. Many of the listings that are on the market are vacant or distressed. You can take advantage of this by making sure your home is properly staged and show-ready. You only get one chance to make that first impression.

Selling Tips  |  Photography Tips

Please contact us at 214-705-2470 if you have any questions or want to know the value of your home.

Tom Branch, Broker, CDPE, SFR

Base Photo: Licensed from ShutterStock

Dallas TX Lot For Sale 4104 Stonebridge

Opportunity knocks! One of a kind residential lot located in the heart of Turtle Creek Park. This lot offers the rare chance to build your dream home among the majestic trees on this heavily-wooded creek lot in the shadow of downtown Dallas. Located less than 3 miles to UTSW and Parkland Hospital. This lot is being subdivided from a larger estate and is subject to final city approval. Click on any image for a larger view.

This heavily wooded lot has majestic trees dating back over 50 years. The lot is located on an interior lot and backs to the Katy Trail.

The lot has had a drainage study completed and the preliminary plat has been approved by the City of Dallas.

The higher portion of the lot has a lush Saint Augustine lawn and is terraced down to the creek.

There are two preliminary plat maps. Final plat will depend on the buyers needs and desires.

See more details about this Turtle Creek Park Lot for Sale at 4104 Stonebridge.

Source:  NTREIS | Photos and Video: Copyright 2011 Imaged2Sell

2011 VIP Party Video