By Tom Branch, on May 5th, 2012 I received an email from a client this evening. It read, “My AC is leaking!”
It’s that time of year in Texas. We’ve had temperatures into the low 90’s and people are firing up their air conditioning systems for the first time. Some people never notice the water dripping from a pipe that exits over a window while other people think it is normal. I’ve ever seen one where the owner placed a large potted plant under the drip! Why waste water?
It’s not normal! If you see water dripping, most likely your primary AC drain is plugged.
The water produced by the AC normally drains into the primary drain that is attached to the home’s plumbing. At the end of last season there was water in the trap that dried out leaving mold, lint, and other residue that clogs the trap. When that happens, the water overflows into the Overflow Pan and runs out through the overflow drain which usually exits the home over a window.
Don’t panic! It’s easy to fix.
Pour a little chlorine beach into the primary drain (the cap on the top of the drain comes off), let it sit for a few minutes, and then wash it down with plenty of clean water. This usually clears out the trap and everything is fine again.
If this does not clear the clog or you’re not comfortable with this process, you should call an HVAC technician who can repair it for you.
Photo Copyright 2012 Imaged2Sell
By Tom Branch, on April 30th, 2012 
I received a call this evening from one of my sellers. A potential buyer had showed up at her home, rang the doorbell, and asked to see the home. While this raised red flags for her, she let him into her home and showed him around.
The good news is that nothing happened.
It’s one thing to allow an agent with a keycard and who has scheduled an appointment into your home, but allowing a stranger off the street to do so could be a recipe for disaster.
Buyers off the street should always be referred to your agent. Agents generally qualify potential buyers before showing homes to them. This process tends to weed out unqualified or “buyers” with other motives.
Sellers, I know you want to sell your home, but please do not forfeit your safety in the process.
Photo licensed from iStockPhoto
By Tom Branch, on April 30th, 2012  You may think Short Sales were created in response to the housing market meltdown in 2007, but they have been around for years.
As Gina and I wrote in our book, The Field Guide to Short Sales, “They have not been widely used in the past for two reasons:
1. The lender could seek a deficiency judgment against the borrower for the amount of the loss. Laws vary from State to State, but the lender was able to garnish wages, engage a collection agency to collect the debt, or seek other legal relief.
2. The lender can elect to forgive all or a portion of the mortgage balance. However, until 2007, the amount forgiven became taxable income. The lender simply issued an IRS Form 1099 to the borrower. The tax implications were dramatic. If the lender forgave $100,000 and issued an IRS Form 1099 to the borrower for the same amount, the borrower potentially wound up owing the IRS tens of thousands of dollars depending on their tax rate.
The Mortgage Forgiveness Debt Relief Act was a major piece of legislation passed by Congress and signed into law by President George W. Bush. The Act offered relief to homeowners, who, after a Short Sale, owed taxes on the forgiven mortgage debt. This relief is great news! Most homeowners no longer have to pay taxes on that forgiven debt. The Act applied to debts forgiven between 2007 and 2009, but was extended through 2012 by the Economic Stabilization Act of 2008.”
Unless Congress takes action to extend the Act, the relief from paying Federal taxes on forgiven debt will expire on December 31, 2012. This could end up costing a distressed homeowner tens of thousands of dollars in Federal taxes.
If you are considering a Short Sale, you may want to get started quickly. Given the time it takes to get the sale approved and the buyer to close, time is quickly running out.
Want to talk to a real estate team with a proved track-record and knows how to get them done? Contact us at 214-227-6626 or visit our website at www.ntxshortsales.com.
Photo licensed from iStockPhoto
By Tom Branch, on April 27th, 2012 
The Federal Government and five large loan servicers (Bank of America, Chase, Citi, Ally, and Wells Fargo) have reached a settlement over the “robo-signing” of foreclosure documents. The 25 billion dollar settlement provides relief to distressed homeowners and direct payments to states and the federal government.
The Attorneys General on the Executive Committee that negotiated the settlement have created a website at www.nationalmortgagesettlement.com that provides information on the settlement.
Don’t be scammed by people offering to assist you with filing a claim for a fee. Filing is easy and free to borrowers.
Below is a link to a video produced by TBWS Daily that covers this in detail.
Your Portion of the $25 Billion Settlement
We will post updates as more information becomes available.
Photo Licensed from iStockPhoto
By Tom Branch, on April 23rd, 2012  Like many real estate professionals, I typically wear my name tag or some other logo apparel when I’m out and about. When people notice it, the opening question is usually, “How’s the market?” My answer these days is, “Hot!” Homes under $200k are flying off the market almost as fast as we can get them listed.
We listed seven properties in April–four of them are already under contract. As soon as a properly prepared, priced, and marketed property hits the market, the showings start and we have multiple offers in days.
Preparation, pricing, and marketing are the keys to generating traffic and emotional appeal.
As part of our pre-listing work we often recommend punch-out items and staging of the home. While punch-out costs vary with the amount of work to be done, it averages about $500. A couple of hours with a professional stager costs about $200. This is money well-spent and will be far less than your first price reduction.
Pricing is also important. Homes that are properly prepared will bring a higher sales price but homes that are more than 5 percent over market value tend to languish on the market. Price it right up-front.
Marketing is the final ingredient. Now that the house is prepared and priced right, it has to be well marketed. We use professional photography in all our listings. With over 90 percent of local buyers starting on the Internet, quality photography and well-written marketing text is critical to driving buyers into the home.
There has not been a better time to sell a home in the past 3-plus years!
If you’re looking for a professional team to sell your home in the North Dallas Suburbs, contact us at 214-227-6626.
Base Photo Used With Permission
By Tom Branch, on April 22nd, 2012 
I received a call from one of my clients today. They recently moved into a home and after unpacking they decided to take a nice soak in the jetted tub. They filled the tub, grabbed a bottle of Champagne, and got ready to get into the tub. When they tuned on the jets, a bunch of “black stuff” came out of the jets. They were upset and were going to call out a plumber to look at it.
First, don’t panic! The “black stuff” occurs when the tub is not used for extended periods of time. The water left over in the plumbing for the jets dries out leaving behind the residue my clients noted in the tub.
While it looks bad, it is easy to fix. I had them add a little chlorine bleach (note you should not get into the water with the bleach in it!) to the bath water, run it for a while, and then drain all the water. Once the tub is refilled and the jets turned on, it was normal again.
If you’re having this kind of problem, try the chlorine bleach cleaning before you call the plumber.
Photo – Copyright 2011 Imaged2Sell
By Tom Branch, on April 15th, 2012  “It’s a buyer’s market”, I hear those words at least once a week. They are usually accompanied by some low offer on one of our listings.
Newsflash! With the exception of homes over $500k, the buyer’s market in the North Dallas area is over. Properties that show well and are correctly priced are flying off the market. Many of our recent listings have fully executed contracts in less that 5 days. As a listing broker, it’s been nice to see the market shift back.
Recent numbers from the North Texas Real Estate Information System (NTREIS), the MLS in North Texas, show that we have about 4.1 months of inventory. For reference, the National Association of REALTORS® states that a 6 month inventory of homes is a balanced market. Levels above 6 months are a buyer’s market while levels below 6 months are a seller’s market.
If you’re a seller wanting to move this may be the best time in years to sell and be able to purchase a new home. Home prices are stable and interest rates are still at record lows.
If you’re a buyer, you simply cannot drag your feet or lob in low offers. If you do so, you may find the property is under contract or sold to a more reasonable offer.
Want more information on the housing market in Dallas? Contact us at 214-705-2470.
Photo licensed from iStockPhoto
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