Remember: The addresses shown on each of the documents must be the same as the address for which the homestead exemption is sought, according to the Harris County Appraisal District. All three MUST have the same address.

Please note that in Step 6 of the Application Form it asks for the Authorized Signature(s) of qualified owner(s) so if there is a husband and wife purchasing a home it is a good idea that both the husband and the wife sign the application so in the event that there is a divorce or a death in the family that the remaining spouse still maintains his or her homestead exemption.

Also keep in mind, that right around this time of year, companies come out of the woodworks offering to file these forms for you for a fee.  Their solicitations are presented in a manner that makes it appear as though you MUST pay their fee.  Filing for your homestead exemption is free – do not be taken advantage of.

Homestead Exemption Forms:

Harris County Homestead Exemption

Fort Bend County Homestead Exemption

Waller County Homestead Exemption

Brazoria County Homestead Exemption

Montgomery County Homestead Exemption

Galveston County Homestead Exemption

Because we were unsure whether our new home would be ready by the time we had to be out of our old home, we decided that portable storage units would be the best option for our move. Now PODS (Portable On Demand Storage) is the most well known, but 1-800-Pack-Rat has been making strong inroads so I researched them both and because the actual container was better AND because their price was cheaper, we decided to order a 16′ Pack-Rat unit, good for 3-4 bedrooms according to their website.

Several days into loading the unit and only a couple of days until we had to be out of the current house, we realized that even their large unit wasn’t large enough for 3 bedrooms, not by a long shot. We called 1-800-Pack-Rat again to order another unit, and though they could deliver the unit the next day, they wouldn’t be able to pick it up until 2 days AFTER we had to be out of the house. Not an option.

So we bit the bullet and called PODS. Not only could they deliver their unit the next day, they could also pick it back up the following day (our moving day). Sold! Moving day then came and we had two units in our driveway, one from each company. Both companies called the morning of the move to tell us they would picking up the units, but only PODS could give us a 2 hour window when they would be there. Not a deal killer, but irritating none the less.

Fast forward a couple of weeks and it’s the Friday before we close (the following Monday) so we call to schedule delivery of our units so they’re in the driveway when we get back from closing. PODS had no problems scheduling for a Monday delivery, and even scheduled us for delivery prior to 11am. 1-800-Pack-Rat on the other hand was another story. First their phone system kept hanging up on me, and finally after going through a different menu option I got to a service representative would couldn’t find my account.

After finally finding my account, the representative tells me that the Houston warehouse is closed Saturday – Monday (but couldn’t tell me why), and the earliest they could deliver my container was Wednesday – a full two days after we moved in. After much protest, the representative told me he would have the warehouse manager call me – which never happened, even after two more subsequent calls. Wednesday arrived, as did the Pack-Rat container and we unloaded it into the garage. Finally, I called Pack-Rat back to schedule a final pickup – and although I shouldn’t have been surprised at this point – the earliest they could pick the unit up was the FOLLOWING WEDNESDAY! A full week later.

So what did I learn? I was reminded again that you simply Get What You Pay For. Check out our Chart A below for a general summary of MY experience with both companies. While 1-800-Pack-Rat’s container was superior, I would have been far better off spending the extra $40 for PODS. Lessons learned… and now… shared.

Developers who have existing transfer fees in place must file a notice of the obligation in the County property records by January 31, 2012 and continually update those filings every three years, or the transfer fee becomes void. This new legislation however, does not apply to community and homeowner assocations.

Most homeowners are completely unaware of the existence of private transfer fees until such time as they go to sell their home. These fees are usually discovered in title searches, but the vast majority of homebuyers and homeowners fail to read their neighborhood covenants, deed restrictions, or title committment before signing on the dotted line. Homebuyers nearly always must agree to community convenants and restrictions as part of a standard purchase contract in the State of Texas.

By enacting this legislation, Texas is soon to join 33 other states that have effectively banned or restricted such private transfer fees. While private transfer fees are not common in Texas, they have been marketed to developers as an alternative income stream to help offset down markets.

More often than not, unless a buyer is purchasing with cash, the monthly payment is a far more relevant number than the home’s actual purchase price. Buyers who are waiting for home prices to hit the floor prior to buying need to understand that the possibility of a slight price drop will have only a minimal effect on the monthly note, while even a miniscule rise in interest rates (a far more likely scenario) will have a significant impact. Timing the market is impossible and in the current market, staying on the sidelines is more likely to result in a missed opportunity than a small savings.

Even facing those facts though, reluctance in the current market can blind potential buyers to very compelling facts. Most buyers are nervous about the housing market and the simple fact is that market skittishness is actually a GOOD reason to buy now. Market uncertainty and the general reluctance to buy only increases the number of transactions and negotiating room that the savvy hombuyer can take advantage of. Homebuyers waiting for the “housing recovery” are in fact waiting for inventory reduction, both in fair market homes and bank foreclosures, rising home prices and unmotivated sellers. Sellers, banks and the economy as a whole would most certainly welcome that scenario!

What is a Short Sale and Can Anyone Do One?

A Short Sale is a contract between a buyer and seller in which the Seller’s lender is approving an agreement to settle the
homeowners note for less than the full amount owed. This is typically done in markets where the homeowner owes far
more on the loan than the property is worth on the open market.

In a word? No. You must be able to qualify for a short sale through documented financial hardship. Short sales are not
easy and should be handled only by MOTIVATED sellers and experienced Realtors. Short sales also have financial
and legal implications, so specialists in those fields should also be consulted.

Downloadable Version

Want a PDF of this that you can take with you? Grab it here:
Is a Short Sale Right For Me

Now, thanks to a tech savvy Home Inspector named Norman McDonald who is married to one of our agents, we have a solution for accessing Tempo on the ever popular iPad. Here are some quick instructions to get you going:

The previous six steps only have to be performed the first time you run Tempo.
The remaining steps are what you’ll use going forward.

These steps will also work on the iPhone, but I hate to imagine what it would be like to run a full scale Tempo on a screen that small. I do not take credit for finding this solution, but pass it along with the suggestion that you patronize our friend Norman if you need a home inspection in Houston area any time soon. His information follows:

Norman McDonald
Beyond the Norm Inspections
832.687.1487
btni@live.com

Case in point, the hospitality industry. I once spent several nights in a well known resort in The Woodlands but became extremely frustrated when I discovered that the bottled water I just took out of the fridge cost me $6, and connecting to the Hotel’s wi-fi cost me another $14.95 per day. And that’s on top of the hundreds of dollars per night just to stay there. That’s called adding insult to injury.

Or how about utility companies that charge you a convenience fee to pay them? I’m trying to give you money, something I’m under the impression that you want, but you want me to pay another $12.95 for the luxury of paying over the phone or by internet. I understand that you’re on the hook to pay for credit card processing – that’s not lost on me – but part of providing excellent customer service is providing the means for your clients to pay for your services.

NOW…. how does it make you feel when a company goes out of its way to DO something for you… even if it’s just a small something?

A large part of my REO business is dealing with contractors who repair my properties to get them ready to sell. One of these contractors won a bid for repair, but repainting was not part of the authorized repair. After the repairs were completed, the contractor took it upon himself to take after-repair photos of the house showing that while the house looked better, it just didn’t pop like it would with a fresh coat of paint. He also included a bid WITH an $800 credit for drywall repair and touchup work already performed. Wouldn’t you know it, the bank appreciated the extra mile and awarded him the extra work.

Put yourself in your clients shoes. Think about the service you provide and ask yourself if you would be frustrated with the service you received. Instead of building walls between you and your clients, even if metophorical, consider for a moment how you can adjust your processes, policies and actions to instead make their experiences better… even if it costs a little more.

Ultimately, all clients will talk about you. What they have to say depends on the level of service that you are delivering. Happy clients tell people about you, do business with you, and refer other clients to you. After all, if I weren’t spending $6 for a bottle of water, I might be inclined to dine in rather than finding a nearby local restaurant.

1. If your home has been on the market for at least a week and you’ve had no or very few showings, it’s an indicator that your home is overpriced. Recheck the comparables and adjust accordingly.

2. If your home has been on the market, you’ve had a ton of showings, but you’ve had no offers, it’s usually an indicator that either your home is in inferior condition compared to the comparables that are selling.

Two things sell real estate in this market, price and condition. If you’re priced at the top of your market, your home had better be in the best condition of any of them. And likewise, if your home is in poor condition – you had better be prepared to slash the price. It’s as simple as that.

Now that being said – check out our INFOGRAPHIC on Katy area zip codes, how long it usually takes to see the first price reduction and how much that reduction amounts to:

Infographic 1

The Katy and West Houston market is encompassed almost entirely in seven zip codes. The infographic below depicts the number of SOLD distressed asset sales for each zip per year. Facts and figures verified and compiled through the Houston Association of Realtors.

Infographic 2

The following infographic depicts the average sales price per square foot for distressed assets in the Katy / West Houston market as verified by the Houston Association of Realtors.

Infographic 3

The following infographic depicts the number of distressed assets sales in the Katy / West Houston market as a percentage of the total resale market as verified by the Houston Association of Realtors.

For those that couldn’t make it, I present the presentation:

Please leave your comments – would love to hear ways to add and/or improve the presentation.