By Tom Branch, on October 23rd, 2010 There’s some good economic news for Plano and Collin County, Texas.
 Licensed from iStockPhoto Phil Dyer, Plano City Mayor, recently told a group of real estate professionals that the city cut $14m from the 2011 city budget for fiscal year 2011 beginning October 1, 2010. Even better was that this was done without raising local taxes.
In other good news, economic development is alive and well in Plano and Collin County. Collin County is on the short list for a number of corporate moves:
- Cigna facility opening bringing in 1000 new jobs
- Tech Tronics – 450 new jobs
- Wallway Tech – leasing 1.3m square foot facility in plano
- Pizza Hut World Headquarters – 600 new employees
- Danbury Resources – 300 new jobs moving here from Ft. Worth
By Tom Branch, on October 21st, 2010 The biggest bubble of adjustable rate mortgages comes due for adjustment in 2011. As I talk to people they often breathe a sigh of relief knowing that the end is near.
 Licensed from iStockPhoto I wish I could share their relief but I don’t believe that 2011 will be the end of it.
In order for the bubble to dissipate all the adjustable rate mortgages need to be paid-in-full, modified, refinanced, short sold, or foreclosed. While we will see a number of foreclosures and short sales, the vast majority of these borrowers cannot sell or refinance their adjustable rate mortgages.
Why? There are two major reasons.
First, their property values have declined to the point where they cannot refinance. Even if they can qualify for a new mortgage, the lack of equity and lower appraised values will prevent them from being able to refinance.
Second, because of the tightened lending standards many borrowers who are making their mortgage payment on-time cannot refinance. Many of these current mortgages were given to self-employed individuals and were done as stated-income loans. So while, they’re paying on-time, they cannot refinance.
This will cause the bubble to go into 2012 and later years. Granted, it will get smaller with each passing year, but the bubble will take years to dissipate completely.
If lenders want to work on reducing the size of the bubble quickly, they need to consider allowing borrowers with stated income loans and who are paying on-time to refinance into fixed rate loans. It could easily be set up like a VA interest Rate Reduction Loan (IRRL). People with multiple mortgages could combine them into one new loan and opt to pay private mortgage insurance given the higher Loan to Value (LTV). LTVs over 80 percent would be required to set up an escrow account for their taxes and insurance as well.
Where we go from here is in the hands of the lenders.
By Tom Branch, on October 20th, 2010 It doesn’t happen every day but every now and then someone will do, say, or write something that makes working Short Sales worth all the headache and extra work.
This morning a little package and note card were delivered to my office. When I picked it up I had no idea what it was, who delivered it, or the impact it would have on my day.
I opened the card and read the kind words. The card was attached to a small box with a necktie in it.
While I’ve saved 20 or more families from foreclosure this year alone, I’ve only received a thank-you card twice.
It’s the simple handwritten acknowledgement that the work I do is appreciated that renews my faith in working Short Sales. I saved another family from foreclosure and they realized the extra work that goes into it without any additional compensation.
Tomorrow is a fresh day and I have more families to help!
By Tom Branch, on October 20th, 2010 The Branch Team | Real Estate Broker 0547597 | RE/MAX Dallas Suburbs
4 Bedrooms | 2.1 Baths | 2-Car Garage | 2354 SF/Tax
Anna TX Homes For Sale – Clean and well-maintained Ryland home is ready for move-in. Large kitchen with breakfast bar overlooks the living room. Master retreat down has garden tub, separate shower, and walk-in closet. Second living area up can be game room. Grassy back yard with open patio backs to greenbelt. Updates include fixtures, laminate flooring, Frieze carpet, and wood blinds. Enjoy the numerous community amenities – pool, playground, and jogging path.
Click here for current status, pricing, photos, and a virtual tour.
Source: NTREIS | Photo Credit -Tom Branch
By Tom Branch, on October 20th, 2010 The Branch Team | Real Estate Broker 0547597 | RE/MAX Dallas Suburbs
4 Bedrooms | 2.1 Baths | 2-Car Garage | 2259 SF/Tax
McKinney Texas Homes For Sale – Enjoy Craig Ranch living in Frisco ISD. Well-maintained home is ready for move-in. The island kitchen with ceramic tile back splash, breakfast bar, and stainless appliances overlooks the spacious living area. Large master retreat has bay windows, garden tub with separate shower, dual vanities and walk-in closet. Fourth bedroom could be office. Designer touches include picture frame molding, archways, and French doors. Easy access to SH 121.
Click here for current status, pricing, photos, and a virtual tour.
Source: NTREIS | Photo Credit -Tom Branch
By Tom Branch, on October 19th, 2010  ©2010 - Tom Branch You really have to love Texas. Stockton and Denise Helbing introduced us to Fuzzy’s Taco at his “surprise” birthday party this year. The only local location was on the far west side of Dallas and a bit too far to drive.
Somebody must have heard us complaining because Fuzzy’s has opened a location in Plano near US75 and Park. We dropped in the other day for lunch and I chuckled when I saw the bottle of Butt Burnin’ Hot Sauce. I tried some and they’re not kidding!
The food is great and far different from other Mexican fast food places. Fuzzy’s has more than a dozen locations in Texas and one in Madison, Wisconsin. Madison? Who knows.
You can visit Fuzzy’s online at http://www.fuzzystacoshop.com/.
By Tom Branch, on October 19th, 2010  ©2010 - Tom Branch Tired of eating at national franchises where the menus are all the same? Want to experience something out of the ordinary?
Try Hank’s Texas Grill located on the corner of US75 and White Avenue in McKinney, Texas. Hank’s Texas Grill is a one of a kind restaurant and offers live music as well.
According to Hank’s website:
Real music by real people! That is what Hank’s Texas Grill provides. With a fully equipped sound stage, and the state’s top singer/songwriters, you simply will not find a better venue to enjoy a true Texas experience.
Hank’s is very proud to serve only fresh made from scratch platters. Also, we offer a variety of steaks, and specialize in our smokehouse bbq, which is smoked daily in house!
Hank’s also provides full service catering. We can provide you with all you need to have a successful lunch or dinner party. Click on our catering link to learn more about our catering services.
We enjoyed a great meal with some friends and were able to listen to the band do their pre-show warm-up. I only wish we had had tickets to the show!
Visit them online at http://www.hankstexasgrill.com/.
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