If you are wanting to get the $8000 tax credit don't write a contract with a closing date past November 20, 2009 or you may not be able to complete the funding part of the process completed on time. Do you thinks that a lot of first time home buyers think that they can close on November 30, 2009 and still get there new home funding before the end of that day? Maybe it will happen, but do not take the chance. Title company employees are just like everyone else; they want to be somewhere else during the Holidays and I would say many will be.
If a flood of contracts go into Escrow at the same time will your be the one that gets closed and funded before the November 30, 2009 dead line? Do not wait, get out there and make you client understand time is not on there side
Call Your Sphere of Influence. It's easy to stay connected during a transaction, but connections can fade easily when you get busy. Call to stay in touch, see how things are going and ask if they need anything. Add names as you go.
Visit Your Sphere. This is effective if your sphere member owns a business you can call on, but also fills time voids on evenings and weekends. Face time is valuable, if only for a minute, just to drop off an item of interest or a small gift.
Visit For Sale by Owners. Get to know these sellers and their inventory. Offer assistance in a no-pressure atmosphere as a way of learning the inventory and helping them with their purchase when they sell.
Visit Newly Expired Listings. If you are an expert in a given area, you can let potential sellers know this. If you happen to be in the neighborhood, you can introduce yourself.
Visit Local Builders. Getting to know your builders is a good way to meet people, learn the market, and obtain listings.
Visit Your Geographic Farm Area. Introduce yourself properly to your selected farm and make regular, repeat visits with a purpose. As you go, you can visit the For Sale By Owner's and Expired Listings also.
"5x5" Your New Listings and Just Sold Properties, in Person. Meet the neighbors. Find out who's thinking of moving. Visit a minimum of 5 doors to the left, 5 to the right and 5 across. You don't have to settle on 5...the more the better.
Visit Local Small Businesses. Become a "regular" and well known to the people there - in a positive light. Become a source of information for them and their clientele.
Visit Landlords. If you see someone working on a rental property, stop by and introduce yourself, especially if it's in your geographic farm. They may be your next listing.
Mail Absentee Owners. This can be one of the most productive uses of a regular mail campaign in non-peak meeting times.
Get out there and get those buyers and seller today!
•· The risk of lasting home price declines has increased in Dallas-Fort Worth as foreclosures and job losses mount in North Texas, a new report says.
But there's a "minimal" chance that D-FW home prices will be lower in two years than they are today, according to the latest study by mortgage insurance firm PMI Group.
Dallas and Fort Worth rank among the U.S. cities that are the least likely to see a drop in home prices in PMI Group's first-quarter risk report released Tuesday.
Dallas' housing market has only a 3.8 percent risk of lower home prices two years from now, the analysts said. In Fort Worth, the likelihood is 5.8 percent.
That compares with a 65.5 percent risk of overall lower home prices in the 50 largest U.S. cities, researchers said.
"Increasing unemployment and foreclosure rates - coupled with continued high excess housing supply and pressure from the severe recession - continue to place downward pressure on house price appreciation," PMI researchers said.
The risk of falling home prices rose in the first quarter in 45 of the country's 50 largest metropolitan areas, including Dallas and Fort Worth.
Dallas' home price risk is up from 2.5 percent a year earlier. The Fort Worth risk index moved up from 2.5 percent a year earlier.
"The recession is hitting everywhere, so risk is rising in most places," said PMI chief economist David Berson. "However, it is still relatively low in the metroplex."
The highest home price decline risks are in California and Florida cities, including Riverside, Calif., Miami, and Los Angeles, which all have a 99.9 percent likelihood of seeing lower home prices in two years.
The Economics Recovery and Reinvestment Act has released Billions of Dollars to stimulate the housing market in Texas. Buyers can have a family income of up to $150,000. Purchase price is limited to $417,000. Must be a first time homebuyer who has not owned a home in 3 years. The Down Payment Assistance Program pays for all of The FHA or Fannie Mae required down payment conditions and allows for up to 6% closing cost to be paid by the seller.
Free Homebuyers Workshop Tomorrow Real estate professionals and their clients are invited to attend a free homebuyers workshop sponsored by the Home Builders Association of Greater Dallas. The workshop will help REALTORS® learn how to work with builders and what to expect in the home building process. In addition, the workshop will also inform consumers of the basics of buying a new home and will provide information on the first-time home buyer tax credit and green building. Here are the details of the event:
September 23 Home Builders Association Offices - 5816 W. Plano Pkwy., Plano 6:30 p.m.
Food and beverages will be served during the workshop. Res ervations are required, and can be made by contacting Becky Warner at 214-615-5015 for details.
If you cannot attend and would like more informaton about buying Real Estate in Texas, please contact me and or go to my web site http://www.RonPritchett.com for more information.
In our quest to continue to provide excellence to you, please find below the key points of the First Time Homebuyer Tax Credit that became law through the H.R. 3221 Housing and Economic Recovery Act of 2008.Please feel free to contact me should you have further questions.If this information is not applicable to you, feel free to pass it on to your friends and family.We appreciate your trust.
Feature
H.R. 3221
Housing and Economic Recovery Act of 2008
Amount of Credit
Ten Percent of the cost of home, not to exceed $7500.
Examples:
ØIf a home costs $65,000, the allowable credit would be $6,500.
Ø If a home costs $120,000, then the allowable credit would be $7,500.
Eligible Property
Any single-family residence (including condos) that will be used as a primary residence.
Refundable
Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.
Individuals should consult a professional tax advisor for exact tax calculations.
Examples:
Ø If an individual's actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one's tax liability.
Ø If an individual's actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500.
Income Limit
Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income. Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit. Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
First-time Homebuyer Only
Purchaser (and purchaser's spouse) may not have owned a principal residence in three years previous to purchase.
Recapture
A portion (6.67% of credit) is to be repaid each year for 15 years. If home is sold before 15 years, then remainder of credit is due in the year of the sale.
ØIf a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year.
Ø If the homeowner dies, their heirs do not have to pay back the remaining balance.
Ø If the house is sold before fifteen years have passed and the home's appreciation is less than the amount needed to be to paid back, the loan is forgiven.
Ø If the home is turned into a rental or investment property, the pay back balance is due in that year.
Effective Date
Purchases on or after April 9, 2008 until July 1, 2009
Plano, Texas, more than ranches and wide open spaces
It's true that Plano, Texas, is home to acres and acres of ranches and wide open spaces but this diverse city has much to offer culturally, economically and intellectually too. In fact, Money magazine has voted Plano "The Best Place to live in the Western United States." Anyone interested in buying a home in Plano will be glad to know that the city is rich in the arts, has a strong economy and has schools which rank as some of the top in the country. So, if you're interested in wide open opportunities, be sure to check out Plano, Texas.
Plano Fast Facts
Population: 247,198
Median Household Income: $85,881
Median Home Value: $218,800
Data provided by Yahoo! Real Estate, Neighborhood Profiles, November 2007
Plano is in the Central Standard Time Zone and observes Daylight Saving Time.
Travel and Transportation
The average commute time for Plano workers is 20 minutes. Plano has access to many transportation options including local bus travel, Greyhound Bus Lines and Amtrak. Air travel is accessible via Dallas Love Field and the Dallas/Ft. Worth International Airport.
Plano Employment
Major employers in the Plano area include Adams Golf, Cadbury Schweppes Americas Beverages, Cinemark Theatres, Countrywide, Frito Lay, Metromedia Restaurant Group, JC Penney, Perot Systems, Triad Hospitals, Texas Instruments, Infosys Technologies, Flextronics, Ericsson, Oracle Corporation, Raytheon and UGS.
Plano School Districts
The students of Plano are served by 70 public schools and 43 private schools. There are also 25 colleges and universities in the Plano area.
Plano Attractions
Heard Natural Science Museum and Wildattractionfe Sanctuary
Interurban Railway Museum
Southfork Ranch
Cavanaugh Fattractionght Museum
Dallas Arboretum and Botanical Gardens
Dallas Museum of Art
Dallas World Aquarium and Rainforest
Dallas Zoo
Ft. Worth Stockyards National Historic District
Six Flags Hurricane Harbor
Six Flags Over Texas
Plano Parks and Recreation
Heard Natural Science Museum and Wildattractionfe Sanctuary
United Title of Texas (United Title) ceased all operations in the business of title insurance in Texas late Tuesday, July 29, 2008, without notice to consumers or regulators. The Texas Department of Insurance (TDI) has placed United Title of Texas under an Administrative Order by Consent. TDI is providing consumers with answers to Frequently Asked Questions and other information about the actions taken in Texas.
This web page will be updated as new information becomes available.
Frequently Asked Questions
Q: Why did United Title suddenly shut down operations in Texas? A: At the direction of its Colorado-based parent company, the Mercury Companies, United Title ceased all operations late Tuesday, July 29, 2008, and laid off all employees. The exact reason(s) for the Mercury Companies' decision to shut down United Title are not known by TDI at this time.
Q: What is TDI doing about the situation? A: On July 30, 2008, under the Texas Insurance Code, United Title was placed under an Administrative Order pursuant to Chapter 404 of the Texas Insurance Code. Under this Order, the Commissioner's representatives are working closely with United Title's underwriters to secure the United Title files and offices. TDI has staff coordinating with underwriters throughout the state and is making significant progress in securing the transfer of files to the appropriate underwriter.
Q: I have earnest money or other funds held in escrow at United Title. Can I get those funds released? A: TDI realizes many Texas consumers have funds held in escrow that they want released and is working with the United Title underwriters to begin this process as quickly as feasible.
Q: Are there shortages in the escrow accounts? A. TDI has no evidence at this time that United Title has any escrow shortages.
Q: What should I do if I have a closing scheduled in the next few days or weeks at United Title? A: Consumers should work with their real estate agents and escrow officers in order to best address their needs, especially if there is a closing scheduled in the next few days. If you know who the underwriter is, please contact that underwriter directly.
The following are the underwriter contacts for consumer-related inquires:
First American Title Insurance Company Austin (512) 328-3794, ext. 13 San Antonio (210) 321-0716 Houston (281) 504-1926 DFW/Tyler (817) 488-0964
Old Republic Title Kindra Wessel (888) 678-1700
Stewart Title John Rothermel (800) 292-5712
Pacific Northwest Title Don Kirkland (800) 634-5544
Title Resources Guaranty Company J. Christopher Phillips (800) 526-8018
Fidelity Title Insurance Company Jody Thomas (800) 292-5320
Q: I was an employee of United Title. Can I get COBRA coverage? A: Based on current information that TDI has gathered, it appears that health care coverage has been terminated effective July 31, 2008. Because the Mercury Companies shut down United Title, and United Title is no longer actively conducting business, it is likely that COBRA coverage will not be available. Please contact Great-West Healthcare directly to obtain a certificate of coverage:
Great-West Healthcare 1000 Great West Dr Kennett, MO 63857-3749 1-800-663-8081
For health insurance options in Texas, you may find the following link helpful:
Q: I was an employee of United Title and didn't receive my final paycheck. What can I do about unpaid wages? A: TDI understands that many former United Title employees may be owed unpaid wages. You are encouraged to keep an accurate record of your last day worked and last day through which you were paid in the event a formal process becomes available by which you can claim unpaid wages.
Read about TDI's consumer complaints process in the Helping You With Your Insurance Complaint publication. You may also e-mail, mail, or fax your complaint along with copies of your supporting documents to
Texas Department of Insurance Consumer Protection Program (MC 111-1A) P.O. Box 149091 Austin, TX 78714-9091 Fax: 512-475-1771 E-mail:ConsumerProtection@tdi.state.tx.us
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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