Things You Will Need To Qualify For The New Homestead Law

North Dallas Real Estate Agent on the Things You Will Need To Qualify For The New Homestead Law

The new homestead law is now in effect.  Effective September 1, 2011, there is a change in state law concerning homestead exemption on property being purchased. The new law requires applicants to provide a copy of their Texas driver’s license or state ID card and vehicle registration receipt. The documents must show the same address as the property for which the exemption is requested.

Click Here To Download the Homestead Exemption Form

Applicants who do not own a vehicle must provide a copy of a utility bill with the correct address. They also must provide an affidavit stating he/she does not own a vehicle. The new requirements also apply to applications for the over-65, disability, disabled veterans, homeowner’s surviving spouse and manufactured (mobile) home exemptions. They do not apply to homeowners who already have homestead exemptions.

Will these changes affect your qualifications for receiving a homestead exemption?

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company
Serving the Dallas/Fort Worth Metroplex
www.50andholding.com

5 Ways To Protect Your Home Investment

North Dallas Real Estate Agent offers 5 Ways To Protect Your Home Investment

As HVAC units have increased in size, inside replacements are having to be installed in the attics.

It is very important to have a licensed HVAC tech do the work and I personally think it is important to check with your city about permits and this and other licensed work. It also is important to keep your invoices together in one place.

About permits: I understand that everyone does not agree about the importance of permits, but it places an extra measure of accountability on the installer and can be a good marketing tool when you later sell the property. Permitted work presents you as a responsible owner who makes sure work is done correctly and this can translate to a better sale price and/or fewer repair requests when you are selling your house.

Home inspection reports are showing enough bad, and even unsafe, installation work of HVAC units and hot water heaters to convince me of the value of having the work permitted. This means you may pay slightly more for the permitted work, but think of it as a type of insurance on quality of installation
work. Remember that this is not your weekly grocery list – it is one of your most valuable assets.

About keeping your paper work: Recently, some buyers purchased a house and the home inspector and their HVAC inspector found that when the unit had been replaced several years earlier, the installer used a 5-ton coil in a 4-ton unit.

The work had not been permitted; however, the owner kept his invoice. Without the invoice, it is doubtful the owner would have been successful with the HVAC company, or it would have taken much longer and possibly prevented the sale from closing by the contract date. However, the documentation in hand (showing the correct size written up but different/wrong size installed), probably saved the owner a lot more time and at least $2,000+ if he had paid for the correction work.

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company
Serving the Dallas/Fort Worth Metroplex
www.50andholding.com

Throwing Away That Repair Invoice Could Prevent You From Selling Your Home One Day

Throwing Away That Repair Invoice Could Prevent You From Selling Your Home One Day

When working with sellers, it has been interesting to learn how often homeowners have no idea where they have put paper work that may be needed in the sale of their property (e.g., significant repairs and replacements during their ownership). Sellers don’t seem to realize the value of this paper work when a buyer comes along.

Did you know that an incomplete Seller’s Disclosure Notice form equals no seller’s disclosure? Disclosure of a property’s condition is pretty important; in fact, it is the law under the Texas Seller’s Disclosure Act so it is especially important for everyone (sellers, buyers and their Realtors) to carefully read all of the Seller’s Disclosure Notice on a property of interest to make sure sellers
have completed, initialed and signed the form.

Sellers should be given direction by their listing agent about the importance of providing prior inspection reports from the time of their purchase, in addition to other inspections, repairs and replacements during their ownership. Failure to disclose places a seller at risk.

In addition, if homeowners obtained permits as required by their city when having certain types of maintenance, replacement and updating work done on their house, the permit can be a plus at resale time. If in doubt about the type of repairs requiring permits, most city websites will have that information; but if not, a call to the city offices should work.

Some situations exempt an owner from providing a Seller’s Disclosure Notice and, if in doubt, ask your Realtor. Some heirs of estate properties think that the exemption from disclosure for an estate also applies to information they have as a result of property maintenance or repairs made to the property.

They are mistaken.

With all of the issues that can happen when we do things “right”, why risk more issues by taking shortcuts on a property as expensive as your house?

Becky Hopkins, SRES, GRI
CENTURY 21 Judge Fite Company

Serving the Dallas/Fort Worth Metroplex

www.50andholding.com

5 Things You’ve Always Wanted To Know About Roofs – Home Ownership

5 Things You’ve Always Wanted To Know About Roofs – Home Ownership Tips in Dallas, Texas by Becky Hopkins

Whether you are a buyer or seller, the roof is a significant part of the transaction. An older roof or a poorly installed roof may give the buyer some leverage in negotiating a contract, whereas, a newer, well installed roof is a plus for the seller.

So what about the matter of overlays of which there are still more than a few?

Roof Replacement in Dallas, Texas

Wood shingles were a mid-century version of trendy. When they became dry and split, owners would often install a composition roof over the wood shingles because it was less expensive than first removing the wood shingles. However, about 10-12 years ago, changes in municipal codes required removal of the old decking.

More recently, insurance companies have stopped approving homeowner’s insurance for overlay roofs.

So – this is an important piece of information. If you are a buyer, you want to make sure a property’s roof isn’t an overlay or you can be prepared to replace the roof after you have closed, the title transfers to you, and it is policy renewal time.

Until the closing, the property will be covered by the seller’s insurance. However, even if you can get insurance and financing approval in order to close on your purchase, you still can be denied coverage for the older roof at renewal time.

If the Notice of Seller’s Disclosure says the roof is not an overlay – nevertheless, if the roof is older or looks questionable, it is a good idea to be proactive and have the roof inspected by a home inspector and/or reputable roofing contractor. Or occasionally a seller will agree to having his insurance company inspect the roof for replacement purposes.

If you are an owner planning to sell your house, one piece of information you should be prepared to disclose is whether the roof is an overlay; and if you have an older roof or a cheaper overlay job, you may need to budget for replacing that roof prior to
placing the property on the market. And, sellers, a new, well installed roof is a pretty big bargaining tool when you find your buyer.

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company

Direct: (469) 568-7654

www.50andholding.com

Serving the Dallas/Fort Worth Metroplex

Truth or Consequences Has Never Been More Relevant – Home Selling Tips

Truth or consequences has never been more relevant – Home Selling Tips in Dallas, Texas by Becky Hopkins

In another lifetime there was a popular TV show called “Truth or Consequences”. As a little girl, I just understood the basic rules of the game: players attempt to guess which is being told – a true statement or a false one. However, this theme has become more
sobering as it appears there is a growing number of people in one of two categories: (1) those who don’t understand the meaning of honesty, or (2) honesty is not taken seriously.

“Why?” you may ask would this be in a real estate blog? I would answer “why not”?

Either dementia is truly epidemic, or the epidemic lies within our core – with our loss of integrity, basic honesty, our personal ethics.

There is something called the Texas Seller’s Disclosure Act which requires most property owners to disclose everything they know about a property they are attempting to sell. When an owner wants to sell, generally the dominant thought in the owner’s head
is “how much can I get for this property?” That’s it. Of course, buyers have a different mindset, but this is about sellers.

Owners would be advised to understand that withholding known information about their property can create more grief than they can imagine. It also can make a serious dent in their bank account, depending upon the nature of undisclosed information, whether the buyer experiences damage to the property, and to what degree the damage occurs.

Becky Hopkins, REALTOR®, SRES, GRI
CENTURY 21 Judge Fite Company

Direct:

www.50andholding.com

Serving the Dallas/Fort Worth Metroplex

469-568-7654

HOA’s

There was an article in this past Sunday’s Dallas Morning News with information about homeowner’s associations.   For potential owners who aren’t familiar with HOA’s this gives an introduction to the reasoning for HOA’s.   HOA’s vary in their restrictions and costs, and some have better management than others.

http://tinyurl.com/yhpgecz