Don’t Forget Your Gutters!

The leaves are falling! Now is a great time to make sure your rain gutters are clear of debris. Doing the job yourself is easy and affordable with these tips:

1. Wear heavy work gloves to protect your hands from sharp metal that may be on the gutters.

2. Remove loose debris from the gutter using a small tool, such as a garden trowel, and scrub encrusted dirt with a stiff brush.

3. Power wash gutters with a hose to clear debris – just make sure you send it toward the drain outlet.

4. Make sure drainpipes are clear, if necessary use a plumber's auger to pull debris from the bottom of the drain.

Information source: AHS Newsletter

Current Trends in Dining Rooms

1. Take down a wall between the dining room and kitchen to make one large casual cooking, eating, and multi-purpose space.

2. Those who build today often go for a simpler floorplan opting for more casual eating and living areas, an open “greatroom” with a dining corner, or a smaller dining room with a lower ceiling for warmth and intimacy.

3. More and more we are seeing dining rooms that have become multipurpose spaces with bookshelves, wet bars, or built-in deska for a planning center.

4. Colors in the dining room can be bolder than other rooms, because of the infrequency of use, but just showcase one element with bold color like walls, furniture, the ceiling, or a ceiling fixture.

5. Hang a chandelier lower than usual to create intimacy. Use a round table which is more conducive to conversations.

U.S. urges lenders to vet foreclosures but keep process moving

Breaking News Alert: October 13, 2010 3:57:10 PM
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Federal regulators on Wednesday urged the nation’s lenders to verify that all paperwork filed as part of the foreclosure process is properly reviewed and to file new documents if problems are found. Regulators said that lenders should continue with foreclosures as quickly as possible if no problems are found.

Foreclosure Probes Launched

In an AP article by Alan Zibel posted on Yahoo.com just moments ago, it was announced that “officials in 50 states and the District of Columbia have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.”

States' attorney generals and bank regulators will begin to examine whether mortgage company employees made false statements or prepared documents improperly.

This could mean that foreclosure proceedings across the nation could be subject to legal challenge, with the possibility that some foreclosures could be overturned. More than 2.5 million homes have been foreclosed since December 2007, according to RealtyTrac Inc.

Some banks have already halted questionable foreclosures, but others, including Citigroup Inc. and Wells Fargo have not stopped processing foreclosures, and have denied that they have done anything wrong.

Evidence will be reviewed that may show that legal documents were signed by mortgage co. employees with no knowledge of the information found in the documents. There is a possibility that many of these documents were signed without witness from a notary public, which violates most state laws.

Don't Miss The State Fair of Texas - Final week!

You don't want to miss out on attending the BEST STATE FAIR ever! The last day is Sunday, 10/17.

What could be better than strolling the historic fair grounds, eating a corny dog and some friend chocolate, then attending the special Tom Landry exhibit? You can take a ride on the Texas Star, try your luck at the games, and watch a spectacular light show! You even get to hear great concerts, shop for your next car, and check out the livestock!

It's hard to find a better way to spend a day with your family, so don't miss the 2010 State Fair of Texas!

Check out www.bigtex.com for more information.

Government Moves Toward Foreclosure Moratorium

Despite concerns about its impact, some legislators are pushing for a nationwide moratorium on foreclosure sales.

U.S. Rep. Edolphus Towns, a New York Democrat, who is chairman of the House Committee on Oversight and Government Reform, said the top 10 mortgage lenders should immediately suspend foreclosure proceedings in all states.

"The implications of ignoring the foreclosure problems are far too great to be ignored," he said Friday.

Other legislators are moving to revive cramdown legislation, which would give judges the power to reduce mortgage principal to market value. The controversial bill had passed the House but was stuck in the Senate.

The Mortgage Bankers Association of America and the Financial Services Roundtable said Friday in a joint statement that after reviewing paperwork, banks are reassured that nearly all foreclosures are legitimate.

"Calls for a blanket national moratorium on all foreclosures are a bad idea and would cause significant harm to communities at risk, the unstable housing market and the fragile economy," the statement said.

Source: The Wall Street Journal, Ariana Eunjung Cha, Steven Mufson, and Jia Lynn Yang (10/09/2010)- AS POSTED ON REALTORMAG.COM

Costly Delays Caused By Foreclosure Reviews

House Speaker Nancy Pelosi has called for a federal investigation of foreclosure sales and evictions.

Observers say that if the government gets further involved and millions of foreclosures need to be re-processed, it is unclear how long the job will take and how costs will be allocated.

Lenders are rushing to review their own situations. At GMAC Mortgage, a unit of Ally Financial Inc., a spokeswoman said, “The vast majority of these affidavits will be resolved in the coming weeks and before the end of the year,” And a spokesman for J.P. Morgan Chase & Co. said the company's review process is expected to take "a few weeks."

But fixing the problems won’t be that simple if the reviews uncover missing documentation or other serious problems that are likely to trigger more legal challenges.

The bottom line is: "It's very hard to see how the servicers can avoid reimbursing the trusts for losses caused by taking short cuts," said David J. Grais, an attorney in New York who represents investors.

Source: The Wall Street Journal, Robbie Whelan and Ruth Simon - as posted on Realtormag.com

Texas Attorney General Halts Foreclosures And Sales Of Foreclosed Properties!

The Texas Attorney General's office has halted all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties, until mortgage companies have completed a review of their processes, including whether employees or agents "robosigned” affidavits and other documents recorded in Texas.

The AG suspension notices were sent to 30 mortgage-loan servicers doing business in Texas.

If you are currently involved in a short sale or have concerns related to this issue, you can call the Texas Association of REALTORS® Legal Hotline, 800-873-9155, 8:30 a.m.-5 p.m.

What is the Texas Attorney General doing regarding foreclosures?
Texas Attorney General Greg Abbott has sent a demand letter to 30 mortgage banking and servicing institutions asking that these institutions immediately “suspend all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties” until these institutions have taken eight specific steps to rectify possible past errors in mortgage documents.

How will the demand letter affect current transactions?
If an institution chooses not to respond to or honor the demand letter, then the transaction should proceed as if no demand letter had been sent. If an institution chooses to respond to the demand letter, then the transaction could be affected in various ways:

Foreclosures: Institutions that honor the AG’s request will likely postpone foreclosures that have already been posted and will likely not post additional foreclosures until the dispute has been resolved.

Foreclosed properties that are listed for sale: Institutions that honor the AG’s request will likely not enter into a sales contract for a listed foreclosure until the dispute has been resolved.

Foreclosed properties that are under contract for sale: Institutions that honor the AG’s request may delay closing a sales contract for a listed foreclosure under contract until the dispute has been resolved.

Short sales: Institutions that honor the AG’s request may choose to delay closing on a pending short-sale transaction until the dispute has been resolved.

Evictions of persons residing in previously foreclosed upon properties: Institutions that honor the AG’s request will likely not evict previous homeowners who continue to live in the foreclosed house until the dispute has been resolved. The institutions could, however, attempt to convince the occupant to leave the property by offering cash for keys.

Source: Texas Association of REALTORS® Legal Department

Home Improvements that DON’T Necessarily Add Value to Your Home

1. Swimming Pools

Swimming pools are one of those things that may be nice to enjoy at your friend's or neighbor's house, but that can be a hassle to have at your own home. Many potential homebuyers view swimming pools as dangerous, expensive to maintain and a lawsuit waiting to happen. Families with young children in particular may turn down an otherwise perfect house because of the pool (and the fear of a child going in the pool unsupervised). In fact, a would-be buyer's offer may be contingent on the home seller dismantling an above-ground pool or filling in an in-ground pool.

An in-ground pool costs anywhere from $10,000 to more than $100,000, and additional yearly maintenance expenses need to be considered. That's a significant amount of money that might never be recouped if and when the house is sold.

2. Overbuilding for the Neighborhood

Homeowners may, in an attempt to increase the value of a home, make improvements to the property that unintentionally make the home fall outside of the norm for the neighborhood. While a large, expensive remodel, such as adding a second story with two bedrooms and a full bath, might make the home more appealing, it will not add significantly to the resale value if the house is in the midst of a neighborhood of small, one-story homes. (Overbuilding might be anticipating your neighborhood's next move.)

In general, homebuyers do not want to pay $250,000 for a house that sits in a neighborhood with an average sales price of $150,000; the house will seem overpriced even if it is more desirable than the surrounding properties. The buyer will instead look to spend the $250,000 in a $250,000 neighborhood. The house might be beautiful, but any money spent on overbuilding might be difficult to recover unless the other homes in the neighborhood follow suit.

3. Extensive Landscaping

Homebuyers may appreciate well-maintained or mature landscaping, but don't expect the home's value to increase because of it. A beautiful yard may encourage potential buyers to take a closer look at the property, but will probably not add to the selling price. If a buyer is unable or unwilling to put in the effort to maintain a garden, it will quickly become an eyesore, or the new homeowner might need to pay a qualified gardener to take charge. Either way, many buyers view elaborate landscaping as a burden (even though it might be attractive) and, as a result, are not likely to consider it when placing value on the home.

4. High-End Upgrades

Putting stainless steel appliances in your kitchen or imported tiles in your entryway may do little to increase the value of your home if the bathrooms are still vinyl-floored and the shag carpeting in the bedrooms is leftover from the '60s. Upgrades should be consistent to maintain a similar style and quality throughout the home. A home that has a beautifully remodeled and modern kitchen can be viewed as a work in project if the bathrooms remain functionally obsolete.

The remodel, therefore, might not fetch as high a return as if the rest of the home were brought up to the same level. High-quality upgrades generally increase the value of high-end homes, but not necessarily mid-range houses where the upgrade may be inconsistent with the rest of the home.

In addition, specific high-end features such as media rooms with specialized audio, visual or gaming equipment may be appealing to a few prospective buyers, but many potential homebuyers would not consider paying more for the home simply because of this additional feature. Chances are that the room would be re-tasked to a more generic living space.

5. Wall-to-Wall Carpeting

While real estate listings may still boast "new carpeting throughout" as a selling point, potential homebuyers today may cringe at the idea of having wall-to-wall carpeting. Carpeting is expensive to purchase and install. In addition, there is growing concern over the healthfulness of carpeting due to the amount of chemicals used in its processing and the potential for allergens (a serious concern for families with children). Add to that the probability that the carpet style and color that you thought was absolutely perfect might not be what someone else had in mind.
Because of these hurdles, wall-to-wall carpet is something on which it's difficult to recoup the costs. Removing carpeting and restoring wood floors is usually a more profitable investment.

COUNT ON A KELLER WILLIAMS REALTOR TO GIVE YOU THE FACTS ON THESE AND OTHER HOME IMPROVEMENTS! CALL US AT 972-562-8883 OR EMAIL MCKINNEY@KW.COM TO BE CONNECTED TO ONE OF OUR 134 AGENTS! WE ARE EXPERTS IN REAL ESTATE IN THE DALLAS METROPLEX!

Source: Jean Folger – as posted on Investopedia

Are you registered to vote?

October 4 is the deadline to register to vote in the Nov. 2 elections. If you're not registered—or you're not sure—visit the Texas Secretary of State's Web site to verify your registration or download the registration application.

Remember, to consult the Texas Association of REALTORS® Voting Guide to help elect public officials who support private-property rights and the real estate industry.

Source: Texas Association of Realtors