Archive for Real Estate General
July 12, 2010 at 3:03 pm · Filed under Austin Information, Real Estate General and tagged: austin, economy, forecast, land, shortage, lot, scarcity, up-turn, prediction, homebuilders
From Statesman.com
With predictions that the Central Texas region could experience shortages of lots, many homebuilders buying up what they can. Standard Pacific is no exception. They are scheduled later this month to close 163 lots of the 111 acre Avana developement. “We’re looking to grow and gain market share within Austin, and we’re positioning ourselves for an upturn in the future,” SP’s vice president of land, John Bohnen said, commenting that SW Austin is “a great submarket” due to lot scarcity.
For more information, read the whole article.
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January 21, 2010 at 5:20 pm · Filed under Agents Resources, Financing Related, Real Estate General and tagged: end of owner financing, end of seller financing, HB 10, licensing, originator, prohibit, regulation, SAFE, seller financing
TREC Legal Update Course & Text
On January 19th, 2010, we attended a TREC legal update course which informed us HB 10 – New Registration for Mortgage Originators – Texas Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) has effectively ended seller financing. The room of agents and brokers was in uproar. When the clamor subsided, the TREC licensed instructor explained that House Bill 10 was passed to comply with SAFE under which all residential mortgage loan orginators who are not employees or subsidiaries of a depository institution who are “registered with the federal banking agency having jurisdiction over that institution” are subject to state licensing and regulation. The definition of residential loan originator does not include:
*a person who performs solely administrative or clerical tasks on behalf of the residential loan originator,
*a person who performs only real estate brokerage activities unless that person is compensated by a lender or agent of the lender
*a person who is involved solely in providing extensions of credit related timeshare plans
The definition DOES include private investors who provide their own financing. The only exception to seller financing, the instructor explained, was loans between family members. If this is the case, many of us asked, why do we still see owner financing advertised all over town? To which there was no good answer. It’s possible that this information is too new and not yet widely enforced.
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January 21, 2010 at 4:33 pm · Filed under Agents Resources, Financing Related, Foreclosures & Short Sales, Real Estate General and tagged: affordable, austin, fast, FHA, foreclosure, HUD, loan, policy, quicker, real estate, restrictions, Texas, waiver
Ann McKinley NMLS#200305, Network Funding
HUD has temporarily waived the rule on FHA loans that prohibits insuring mortgages on homes which the seller has owned less than 90 days. Previously this requirement has both prevented the quick turn around of foreclosed property and limited buyer’s loan options when seeking affordable homes. The current plan is for the waiver to be in effect for one year, however FHA may withdraw or extend at any time. It does come with the following restrictions:
*Transactions must be arms-length. No identity of interest between the buyer and seller.
*If the sales price is 20% or more above the seller’s acquistion cost, the lender must meet specific conditions for the waiver to apply.
*Waiver is limited to forward mortgages and cannot be used under the Home Equity Conversion Mortgage purchase program.
Read More: full text of waiver on HUD.gov
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April 28, 2009 at 9:56 pm · Filed under Real Estate General and tagged: Appraisal, appraised value, austin, documentation, forms, protest, protesting property taxes, real estate, solis, taxes, Travis county, Williamson County
Confused about protesting your Texas property taxes? Here’s the basics of the process:
All property must be valued and taxed fairly and uniformly. If you are over-appraised, or the assessed value on your homestead has increased more than 10% from last year, you have grounds for protesting your taxes.
FORMS . Fill-out the appropriate form from your appraisal district. Travis County’s form can be found at www.traviscad.org, Williamson County’s at www.wcad.org. Your protest must also be supported by documentation.
DOCUMENTATION . You need as much documentation as possible showing your home is worth less than the appraised value. If you recently bought your home, your closing statement can be used. Your Solis Real Estate Group agent can also provide you with data on comparable homes that have sold in your neighborhood. Other sources include appraisals, photos of defects on the property, engineer’s reports, etc.
DEADLINE . Protests must be filed before May 31st for Travis County and before June 2nd for Williamson County or no later than 30 days after you receive the notice of appraised value, whichever is later. After receiving your written protest, the Appraisal District will schedule a hearing where you can present your case.
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March 28, 2009 at 8:50 am · Filed under Agents Resources, Financing Related, Real Estate General and tagged: Appraisal, appraiser, austin, comparables, FHA, guidelines, price, real estate, rules, size, solis
Revised federal guidelines require that all FHA appraisals done after April 1, 2009 provide:
1. The Market Conditions Addendum (Fannie Form 1004MC/Freddie Form 71).
2. At least 2 comparable sales within 90 days of appraisal date.
3. A minimum of 2 active listings or pending sales in addition to the 3 closed comparables.
4. Bracketed listings using both dwelling size and sales price when possible.
5. Adjust active listings to reflect the List To Sales Price Ratio.
6. Adjust pending sales to reflect contract sales price when possible.
7. Include original list price and any revised list prices.
8. Reconciliation of adjusted values of active or pending sales with adjusted values of closed comparable sales.
9. Absorption Rate Analysis.
10. Known or reported sales concessions on active and pending sales
FHA also is restating its warning that “Direct Endorsement Lenders are reminded that if the appraiser they selected provides a poor or fraudulent appraisal that leads FHA to insure a mortgage at an inflated amount, the lender is held responsible equally with the appraiser for the integrity, accuracy and thoroughness of an appraisal submitted to FHA.”
Since this will require additional work by appraisers, it is likely to lead to higher fees.
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February 14, 2009 at 7:53 am · Filed under Real Estate General and tagged: Brazil, Canada, China, exportation, exporting, Mexico, Netherlands, rank, real estate news, Texas
For the seventh consecutive year, Texas is America’s top exporter, exporting a total of $192.14 billion in 2008. That is $23.92 or 14% more than in 2007. Recipient countries include Mexico, Canada, China, the Netherlands, and Brazil. Read More
(Austin Business Journal)
February 10, 2009 at 1:59 am · Filed under Financing Related, Real Estate General and tagged: $15000, amendment, austin, credit, real estate, senate, solis, stimulus, tax
The Senate passed an amendment to the stimulus bill that would provide a $15,000 tax credit (or 10% of the purchase price, whichever is less) to those purchasing a home within the next year. We’ll have to wait for final approval of the stimulus package to see if this will go into effect. The tax credit may only be used to buy a principal residence (as opposed to investment property) and will not have to be paid back unless the home is sold within 2 years.It is important to note these are tax credits which are more substantial than tax deductions. Read More
(Johnny Isakson, United States Senate, Georgia)
January 10, 2009 at 1:09 am · Filed under Real Estate General and tagged: Austin Energy, costs, energy audit, energy efficiency ordinance, exemptions, rules
Beginning June 1, 2009, most Austin homeowners will be required to have an energy audit when selling their home. This affects all homeowners within the city limits serviced by Austin Energy, though there are several exemptions including foreclosure and pre-foreclosure homes, transactions between family members, in probate proceedings, and homes that are less than 10 years old, to name a few. Energy audits costs are capped at a maximum of $300.
Read the Ordinance
(Texas Association of Realtors, Elizabeth James, 1-13-09)
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January 10, 2009 at 1:06 am · Filed under Financing Related, Foreclosures & Short Sales, Real Estate General and tagged: changes, FHA, FHA Pre-Foreclosure, HUD, Mortgagee Letter 2008-43, net proceeds, non-owner occupant, repair limitation, short sales
On December 24th, 2008 HUD released the Mortgagee Letter 2008-43 detailing changes to come for FHA pre-foreclosures. Some of the significant changes include:
*Elimination of the eligibility requirement that the property appraise for at least 63% of what is owed.
*Increase in the required net proceeds. If the property is sold within 30 days, the net proceeds must be at least 88% of the appraised value, within 60 days the requirement drops to 86%, and thereafter the requirement is set at 84%. Prior to this mortgagee letter, the net proceeds had to be at least 82% of the property’s appraised value.
*FHA will now allow up to 1% in buyer’s closing costs.
*Up to $2,500 in Funds Available for Discharge of Subordinate Liens.
*Removal of repair limitation.
*Some exceptions to the non-owner occupant requirements.
For details, visit Mortgagee Letter 2008-43
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