Tech Corner – Electrical Outlets with Built-In USB

By Tom Branch, on August 28th, 2012

Electrical Outlet with Built In USB PortsI was out staffing a model home yesterday. As I sat in the kitchen eating lunch, I noticed the builder had installed a special outlet that contained a pair of USB charging ports. I thought this was a nice way to avoid the little “wall wart” transformers that come with many of the newer devices.

Being a “techie” of sorts I wanted them for my own kitchen so I was off on the hunt. I stopped into the local Lowe’s store and scored three of them for about $23 each.

It took me about 30 minutes to install them in my kitchen and I was ready to go. While this is a simple task, you may want to consider hiring a handyman to install them properly and safely.

Click here for a list of local Handyman service providers.

 

Photo Copyright 2012 Imaged2Sell

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Trim Those Trees Off The Roof!

By Tom Branch, on August 9th, 2012

Trre Limbs Touching RoofI was out showing homes in one of the older neighborhoods in Plano yesterday. What makes these areas nice are the mature trees that provide shade and character to the homes.

What caught my eye was that many homeowners had not taken care of their trees and many of them had were in direct contact with the composite shingles on the roofs. While shade can help keep the attics cooler and reduce cooling costs in the hot Texas heat, it’s a bad idea to allow the trees to come in contact with the roof.

When the tree limbs are allowed to touch the roof, the tend to move in the wind and can damage the composite shingles. This damage can allow water to penetrate the structure and cause damage to the insulation and ceilings below. It can even lead to mold if it is not detected and repaired quickly.

Climbing on roofs or placing ladders in trees is dangerous and we encourage homeowners to seek professional assistance in trimming trees.

Photo Copyright 2012 – Imaged2Sell

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Is There Really a 3.8 Percent Home Sales Tax in 2013?

By Tom Branch, on August 2nd, 2012

US Federal Tax FormsThis question continues to arrive in my email box with a number of clients concerned that the new healthcare legislation imposes a 3.8 percent transfer tax on all homes sold after 2013.

According to the National Association of REALTORS® (NAR),

The 3.8% tax is imposed ONLY on  those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return).  The tax applies to investment income, defined as interest, dividends, capital gains and net rents.  These items are all included in an individual’s AGI.  A formula will determine what portion, if any, of these types of investment income would be subject to the tax.

NAR also states that this is not a transfer tax on real estate sales and that the new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence.  Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.

So while there is a new tax in the healthcare law, it is not a transfer tax and will not apply to all sellers of real estate. Sellers are encouraged to discuss their particular circumstances with a CPA or their tax preparer prior to listing their homes for sale.  


Photo Licensed from iStockPhoto

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Appraisers Gone Wild?

By Tom Branch, on August 1st, 2012

appraiserToday I received notice from the buyer’s agent on one of my listings that the lender was requiring repairs in order to approve the buyer’s mortgage.

While lender required repairs are not common, we do see them from time-to-time if the appraiser feels there may be a foundation problem, the roof needs repair, the HVAC is not working, and a host of other things that they look at while they are appraising a property.

This time the appraiser wanted a drippy faucet repaired! The good news is that this is an easy item to take care of and we will close on-time.

That said, I can only imagine how bad this could get with appraisers acting like inspectors and the lenders happily asking for everything to be repaired or they will refuse to approve the mortgage essentially holding sellers hostage.

I’m hoping this was a case of a single “appraiser gone wild” rather than a sign of things to come.

Photo Licensed from iStockPhoto

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3 Top Home Buyer Deal Killers

By Tom Branch, on July 16th, 2012

Detour SignRecent surveys have shown that more Americans have a thirst for buying real estate, with home affordability at record highs and mortgage rates at record lows. In fact, real estate buyer agents report a 59 percent increase in buyer inquiries this year compared to last year, according to a recent survey conducted by the Real Estate Buyer’s Agent Council.

3 Top Home Buyer Deal Killers.

Source: NAR

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Over Promise, Under Deliver, and Ask For More Business?

By Tom Branch, on June 20th, 2012

There are days I wonder how some people stay in business. It seems the new way to do business is to “over promise, under deliver and then ask for more business.” I don’t know about you, but this tactic seems all wrong. Do people really fall for this?

Lenders seem to be the worst lately. I understand that underwriting guidelines change daily and that lenders are at the mercy of many other providers. However, a smart lender would factor that into any estimated closing date they set.

These are not just mortgages, these are people lives. Sellers and buyers are trying to plan moves,  schedule time off, change over utilities, and the myriad of other tasks that come with a move. As a major listing broker, I prepare every seller for what seems to be the inevitable lender delay. We’re to the point where we have to do seller temporary lease-backs just to insure the buyer can close before the seller moves out of the home. It’s insane.

There are good lenders left out there that can deliver what they promise. Good agents surround themselves with great service providers who can deliver results.

Need a proven provider? Click here for our Business Directory.

Photo licensed from iStockPhoto

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Sellers Disclosure In Texas

By Tom Branch, on May 28th, 2012

Texas Sellers Disclosure NoticeWe seem to receive questions about disclosure requirements in Texas on a weekly basis. Section 5.008 of the Texas Property Code spells out the requirements:

“A seller of residential real property comprising not more than one dwelling unit located in this state shall give to the purchaser of the property a written notice as prescribed by this section or a written notice substantially similar to the notice prescribed by this section which contains, at a minimum, all of the items in the notice prescribed by this section.”

Basically if you’re selling a single family home you are required to complete a Sellers Disclosure Notice. Note that, “a seller or seller’s agent shall have no duty to make a disclosure or release information related to whether a death by natural causes, suicide, or accident unrelated to the condition of the property occurred on the property or whether a previous occupant had, may have had, has, or may have AIDS, HIV related illnesses, or HIV infection.”

There are 11 exemptions from disclosure:

(1) pursuant to a court order or foreclosure sale;

(2) by a trustee in bankruptcy;

(3) to a mortgagee by a mortgagor or successor in interest, or to a beneficiary of a deed of trust by a trustor or successor in interest;

(4) by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a deed of trust or a sale pursuant to a court ordered foreclosure or has acquired the real property by a deed in lieu of foreclosure;

(5) by a fiduciary in the course of the administration of a decedent’s estate, guardianship, conservatorship, or trust;

(6) from one co-owner to one or more other co-owners;

(7) made to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the transferors;

(8) between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree;

(9) to or from any governmental entity;

(10) of a new residence of not more than one dwelling unit which has not previously been occupied for residential purposes; or

(11) of real property where the value of any dwelling does not exceed five percent of the value of the property.

When in doubt you should discuss the issue with your agent or an attorney.

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