August 5, 2008
WoW! Much has happened this summer within the real estate industry. Now that the temperatures are as hot as ever and the kids are getting ready to go back to school, it is time to re focus our attentions to the market.
With that being said, I would also like to mention my positive move to Coldwell Banker Residential Brokerage. My office is now located on Preston and Campbell. I am centrally located for the Dallas metroplex area. This is a great move for my family and clients!
I am looking forward to my new commitments and am excited to get back into the swing of things!
June 7, 2008
May 27, 2008
Debt consolidation, Is it worth it?
I was doing some research on a flier that I received in my mailbox. I have been receiving several of them lately and I wanted to find out if these debt consolidation companies are the real thing. Many people these days, with the loss of real estate equity, high gas prices, economy woes, it is easy to get ourselves into debt. These ideas of paying someone a percentage to take care of debt doesn’t sound like a bad idea, after all, I don’t know how to negotiate terms of a debt…..these are professionals right? Well, sort of….
I called BEACON Debt Solutions and spoke to a rep at an office in California. They emailed me a packet to complete which had an agreement to sign. They negotiate rate and balance decreases with credit companies, closing accounts, reducing the monthly outcome, and reducing debt payoff time. What I found out is that they are more of a “middle man,” a communication line between a CA attorney and clients that call off the fliers.
They guaranteed me at least a 35% in balance reduction. By not paying my creditors for 2-3 months, I was to transfer my bills to them, provide personal information, sign an attorney agreement, and they would get paid 10% of my total debt, 8% of the amount of each creditor reduction, and a $15 monthly service fee. For example if I had $35K in debt, after the reduction and percentage payment to the attorney, I would still come out with over 7K more in my pocket, plus being debt free in 36 months. I would not have to file bankruptcy, and could get my credit back on track in 4 years or less. Sounds great! Where do I sign up...wait, who is the attorney that is representing me?
Come to find out, after reviewing the CA state bar website, the attorney that I am to sign an agreement with and give all my personal info to has been suspended and on probation several times in the past for client embezzlement of funds, and not providing attorney services after payment, just to name a few.
So, you never really know who you are doing business with when you can’t meet them. Thank goodness for the internet! Now, to be fair, I have no idea what kind of company BEACON is, or if they even know, they have a relationship with a not so great attorney, but if I was doing business with someone, I might take a moment to do a bit of research. I do not know if any other debt solution companies practice in similar ways, as this was the only company I looked into.
I just wanted to pass the information along.
May 14, 2008
Do the foreclosure issues affect you? This is a great article that I came across:
http://q13.trb.com/news/la-fi-walkaway11-2008may11,0,5627864.story
May 13, 2008
To permit or not to permit, that is the question
We all tend to do this in one form or another. Make alterations to our home to suit our needs at any given time. The question that arises is; Do I need a permit for this? The best answer to give is, well, maybe. Usually the rule of thumb is if it is cosmetic, does not change the structures of the home, there is no significant earth work, and it does not add or reduce square footage you are probably okay, however you should always contact the city building department to be sure.
If you decide to move forward with the alterations, and try to sell your home down the line, there could be some potential issues. As a seller, you are required to disclose and changes made to the property during your possession. If it is found during inspection that those changes needed to be permitted, it can result in a canceled deal and now you have to disclose that you have unpermitted changes because you are now aware of that fact.
If you find yourself in this situation, here are some options. Building departments offer as built permits for issues such as these. This allows you to submit plans of your alterations to the property for approval. Once approved, and inspector will come out and make sure that everything was completed up to code and in compliance with city, county, and state standards (so make sure you use a good contractor). In most cases, there are usually a few things that come up that must be changed in order to get the final approval. So you spend a few bucks, call your contractor back to make the changes, and you close on time and with peace of mind. Worst case scenario, the contractor you thought was good, turned out to be really bad and you must un-alter what you altered or spend significant amounts of money to correct and sometimes even rebuild what you thought was completed. This can cost you as much and even more then what you originally paid for your changes!
Some examples of major problems that you may not even be aware about are additions too close to property lines, garage conversions where covered parking is required or there are limitations to square foot living space. Your best bet would be to call the building department before you begin construction on your alterations. Even if you decide not to get the permit right away, at least make sure that you have plans that are drawn up correctly and engineered, and find a contractor that is familiar with city codes.
The last thing you want is to find is that the permit you needed will not be approved or that a lender due to changes not permitted or added correctly to documents cannot accept your survey.
May 8, 2008
I am going to take part in the Komen North Texas Race for the Cure on June 7th, 2008!
Although I have not been directly affected by breast cancer, I strongly feel that it is important to take part in issues that affect all of us one way or another.
I have been given the opportunity to run with the RE/MAX Racers For life, individuals from my office that have been directly affected and I am looking forward to the challenge.
For further information, visit the website at www.komennorthtexas.org
I am looking for a sponsor for the $25.00 registration fee as well as donations to support this cause.
All donations need to be collected no later then June 23rd so I can submit on time. If you have any questions, please contact me.
Once you have made the decision to donate, email me with your pledged amount and I will provide you with my mailing address.
Please make all checks out to KOMEN NTX RFTC with my name on the memo line of the check. If you would like to be my sponsor, please contact me directly!
Thank you in advance for your consideration and participation in this great effort to save lives!
May 5, 2008
According to Forbes.com in depth view of America's top 10 recession proof cities, Dallas TX ranked 10th. Forbes based their decisions on several factors including, median home prices, unemployment, education, and healthcare to name some. Thanks to the stable housing market prices over the years, increase in jobs, and the value that Texas holds in their school systems makes this area a prime location for families.
Dallas and the surrounding suburbs have a lot to offer. New pro stadiums such as the Cowboys, FC Dallas, Stars, and Roughriders; corporate headquarters are based in our area such as Exxon Mobile, American Airlines, Centex, and Texas Instruments; and the award winning school districts that surround the city of Dallas.
How did Texas fair as a whole you ask? The top 9 in order:
Oklahoma City, San Antonio, Austin, San Jose, Raleigh, Salt Lake City, Houston, Seattle, and Charlotte.
For the full Forbes.com story go to: http://www.forbes.com/2008/04/29/cities-recession-places-forbeslife-cx_jz_0429realestate.html
May 1, 2008
If you have been watching the national news, you probably noticed that home sales are down by 2% nation wide. The overall outlook is always good to know, however it typically does not affect you. Real estate markets are very localized and can change drastically even by subdivisions. If it is raining in California, does it mean that it is raining in New York? Of course not, and the the real estate market is just like the weather. Ever been driving and its dry, sunny, only to go thru an isolated rainstorm for about 1 minute? That's the housing market!
If you take a more local look at the markets across the country, you will notice that several markets are showing improved numbers from a month ago. The Midwestern states tend to drag the national numbers down due to economic and employment issues that plague this area more then others. Even with the overall 2% decline in home sales, the National Association of Realtors reported the median price of home sales in March rose to $200,700 That was up from a revised $195,600 in February.
Out of 29 Cities in the North Dallas area, 15 are showing an increase in the average sales price from one year ago and 5 of those are showing double digit increases. 2 out of the 29 cities are recording no change. This is a great improvement, even if it is small, it takes baby steps to get back into a good market. Imagine what these numbers would be if there were a "normal" amount of foreclosures in our area!
There is plenty of homes for sale on the market, interest rates continue to stay at a great level, and prices are in check. All this makes for a great time to buy, especially investment properties! So if you have been thinking about jumping into the rental market and increasing your long term financial wealth, you may want to consider building your portfolio now.