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Gina Branch | DFW Realtor® | Dallas Homes | RE/MAX Dallas Suburbs
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Yesterday, the House passed HR 5623 by an overwhelming margin of 409 to 5. This bill would extend the “close-by” deadline for the home buyer tax credit to September 30. The Senate still must approve the measure before President Obama can sign it into law. Senate leaders announced that they are working on a similar bill on which to vote. As a stand-alone bill, the extension appears to have the broad support needed to pass. Source: NexBank Mortgage
3 Bedrooms | 2 Baths | 1-Car Garage | .83 Acre Lot | 2198 SF Homes For Sale – Palmer, TX – Texas Historical Home on .83 acres. The Harkey-Payne Home was originally a four-room house with south and east porches, this home was built about 1870 by carpenter and blacksmith D. H. Harkey. Original hardwoods and exposed bead boards. Lots of updating completed including windows, water heater, recent plumbing, sewer lines, gas lines, completely rewired, HVAC units, fresh paint, etc. Updated island kitchen with recent stainless appliances. Click here for current status, pricing, and photos. Source: NTREIS | Photo Credit – Tom Branch Gina NeighborsGo, a local publication of the Dallas Morning News, named Gina Branch as the Neighbors Choice Award winner for West Plano. Gina was selected as the real estate agent by readers of the publication. The NeighborsGo print edition is published by The Dallas Morning News every Friday in 17 editions that cover 39 communities. Neighborsgo.com covers more than 70 communities in the Dallas-Fort Worth area, plus three entities: DART, Jason Castro and State Fair. In addition to the Gina’s individual award, RE/MAX Dallas Suburbs was named the office award winner for Plano and Murphy. Source: NeighborsGo
I’ve been trying to finish up two short sales with a conventional lender. I listed them in late October and executed contracts the first week of December. Each property had about $85k remaining on the mortgage. Property values have plummeted in this particular part of town and the vacant homes in the area are vandalized, further driving down values. The BPOs came in at $29k on each of them and we had cash contracts at $28,800. With the holidays, we got the files into the lender in January. By the middle of February, we find out that both files were declined when the lender could not contact the seller. I checked and both the email address and phone number were correct. The second pass through was somewhat better and at least we got the files processed. The bank does their BPOs and all looks well. Last week we finally get a response on the first file. While the lender is good to go, the PMI company wants the seller to hold a $20,000 note for 6 years. In 75-plus short sales I’ve never seen anyone ask for more than $5,000 from a seller and only had to get a seller to carry a note once. The seller really did not want a foreclosure and offered them $5,000. It took less than four hours for it to be declined. By allowing the property to go into foreclosure they cost themselves about $20k which is not recoverable. The lender will take back the property and evict the tenants. Once vacant, the properties will be vandalized within days. What’s worth $29k today will be worth $19k so the lender will lose another $10k. If they had moved forward with the short sale, the PMI company would have recovered $5k from the seller, the lender would have come out $10k better, and the neighborhood would be that much closer to stabilizing. The original note was $87,500 and the PMI was likely 25% or $21,875. The seller has been paying the premium for 5 years. It appears the PMI company wants come out even or ahead on this sale. Are PMI companies the new short sale train wreck?
Here is a list of July 4th events planned in the local area. Many thanks to my friends at Republic Title for putting this together.
Source: Republic Title, Preston & Frankford, 17950 Preston Road, Ste. 70 Dallas, TX 75252 | 972-248-0971
4 Bedrooms | 3 Baths | 3-Car Garage | .61 Acre Creek Lot | 2942 SF Homes For Sale – Wylie, TX – Beautiful home on creek lot with over half an acre. Extensive landscaping in front and mature trees lining the back. Gorgeous views from master retreat. Master bath has garden tub, separate shower, dual vanities, and his and hers closets. Island kitchen with skylight has breakfast bar, tile backsplash, and lots of counter space. Designer touches include crown molding, rounded corners, and upgraded brushed nickel fixtures. Move in ready. Must see! Click here for current status, pricing, and photos. Source: NTREIS | Photo Credit – Tom Branch
NAR has expressed thanks on behalf of America’s homebuyers to three Senators for introducing a measure to extend the present home buyer tax credit closing deadline to September 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn. The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate. NAR estimates the number of home buyers who have qualified for the tax credit and met the contract deadline of April 30, but who would not be able to close their transaction by the June 30 deadline, could go as high as 180,000. REALTORS have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline. NAR President, Vicki Cox Golder, said she wants to make this clear: “This amendment does not extend the deadline for home buyers to qualify for the tax credit; it extends the deadline for closing the transaction, from June 30 to September 30. Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs.” Source: Collin County Association of REALTOR®s
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Branch Wins Neighbors Choice Award
