Proposition 1 does not hurt school funding

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09/29/2015 | Author: Mark Lehman

In Lehman's Terms

The purpose behind this column is to simplify legislative jargon and offer a clear understanding of public policy. Explaining the complicated wording of Proposition 1 on the statewide November 3 ballot is a perfect topic.
The simple effort to lower property taxes and ban a tax on real estate sales has resulted in a 112-word proposition on the ballot. That complex language distracts from the legislative intent of the measure and opens the door for misinformation. The latest misinformation about Prop 1 involves school funding.

Voters are being told that Proposition 1 will hurt school funding. This is absolutely not true.

It’s understandable to question how this measure affects school funding. After all, Proposition 1 lowers property taxes, and schools get all of their funding from property taxes.
However, in the legislation that resulted in Proposition 1, the Texas Legislature made it absolutely clear that school districts will not lose any funding as a result of the property-tax reduction.
Proposition 1 lowers property taxes, bans a sales tax on real estate, saves money for seniors and disabled Texans, and mandates that Texas reimburse local school districts for any loss in revenue.
That’s the 112-word ballot language in Lehman’s terms.
Mark Lehman is vice president of governmental affairs at the Texas Association of REALTORS®. Political ad by the Texas Association of REALTORS®.

Categories: In Lehman's Terms
Tags: proposition 1, elections, legislative issues

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How to get answers to your real estate questions

Have you ever gone to one of those online property-listing sites and visited the message boards? People ask all sorts of questions, like

• How much is my home is worth?
• Should I add a deck before selling my house?
• Can I qualify for a loan?
• How much should my downpayment be?

It's tough to get straight answers to these questions from a stranger on the Internet. Why? They probably don't know the market for your neighborhood to determine your home's worth. They also may not know if buyers where you're located are looking for a deck. And it's unlikely you'd want share your personal financial details on a message board to get an accurate opinion on your creditworthiness or downpayment options.

There is one source you can ask these and many more questions, and it's a Texas REALTOR®. Texas REALTORS® in your market can access accurate data about recent home listings and sales, as well as actually visit your house to give you the right listing price. They also deal with buyers in your market and know what features they are looking for in properties right now. And they have many resources to help you understand the financial aspects of homeownership.

Instead of going to an online message board, navigate to the Find a Texas REALTOR® tool to locate someone who can answer your questions about buying, selling, and leasing property in Texas.

reposted from Texas Association of REALTORS®

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Legal Disclaimer: The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on TexasRealEstate.com. Any legal or other information found here, on TexasRealEstate.com, or at other sites to which we link, should be verified before it is relied upon.

It's is a SELLER'S Market. Let's Talk!!

We're about to reach the halfway point of recovery, but what's next? The long-awaited housing price rebound is arriving. After eight years, more and more real estate markets are reaching or exceeding the prices they achieved at the peak of the housing boom in 2007. For homeowners who have been frozen in place due to upside-down mortgages or excessive mortgage payoffs, surging home prices are restoring the equity they need to sell. MetroTex Association of REALTORS

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Why It's a Smart Move to Use a Real Estate Agent

Why It's a Smart Move to Use a Real Estate Agent

Buying or selling a home seems to be a way of life for a lot of people in today's world. When you buy, you definitely want to get the most for your money. Many people think they can go it alone when it comes to buying or selling a house, and it's definitely true that some people are able to handle all the details of buying and selling a home or property, but in reality the real estate process is intricate and requires a lot of knowledge about the local real estate market, contracts, escrow, appraisals and referrals. While some home owners and buyers are in a position to go it alone, for those intimidated by the market or those who don't have the time or energy to sell or buy a home on their own, here are some reasons why it's a smart move to use a real estate agent during your next real estate transaction.

Local Expertise

You've lived in an area for some time – but while you may know about local amenities and activities, do you have a lot of knowledge on the local real estate market? Real estate agents know their markets: they know how much homes are selling for, they know what areas are highly desirable and they know which ones are up-and-coming. You can trust an agent to know the local inventory and know how to get the best price for a home or property.

Access

Real estate agents have a number of access points that a regular buyer or seller doesn't. They have access to listings before they are put in the MLS, and they have access to the homes! Many sellers are only willing to grant access to agents, which means that most buyers going it alone can only access homes during open houses. An agent working for the seller is only going to provide information with the seller's best interest at heart, so when you go it alone you might be only getting partial information from any questions you may have. Working with an agent will help provide private access to homes, and an agent will be able to get more information from the seller's agent.

Experience

Buying a home is an intimidating experience – you're making one of the biggest financial decisions of your life. As a buyer, you want to make sure stress and emotions don't get the better of you, especially when it comes to making important decisions. Real estate agents know what buyers and sellers go through – they've been there, as it's more than likely they too have made a real estate purchase of their own. While they have personal experience, they also have an experienced rational eye when it comes to the business portion of a real estate transaction. They possess clear judgement, and agents are a seller and buyer's biggest advocate for a successful negotiation. Real estate agents have the experience, knowledge and acumen to make the process as smooth and stress-free as possible.

Connections

The real estate transaction process requires a number of professionals and services. From a lender, home inspector, contractors and handymen for repairs, lawyers, and a number of other professionals and tradesmen, knowing the right people is beyond important when you want to have a smooth and successful transaction. Real estate agents are in the business, and their past experience has provided them with a number of respectable and dependable contacts and referrals than you'll find asking friends and family. A ready agent will come prepared with connections and people they are willing to refer because they've worked with them in the past and they know their track record. When you choose to work without an agent, you sacrifice the networking that naturally comes with being a real estate agent.

No Cost When Buying

If you're searching for a home or property to buy, having an agent is free. An agent's commission is paid by the seller, but most buyers don't realize this and entertain the idea of going without a Realtor during their home search. If a seller pays the commission, there is no loss to a buyer to take full advantage of all the services a real estate agent offers. It's also important to understand that even if you choose to go it alone when buying a home, you do not receive the commission a buyer's agent would. Commission rates are negotiated before the final sale and are included in the contract, meaning if you don't use a buyer's agent, the entire commission is paid to the listing agent.

Documents and Paperwork

Unless you're working with a brand new agent, most agents know the ins and outs of all the documents and paperwork required for a home sale or purchase because they've been through a number of transactions. From finding the comps of your market and drafting a purchase agreement, to contacting any other agents and the title company, a real estate agent will be able to provide help in the forms of knowledge, time and resources during the real estate transaction process. Agents also know the important parts of an offer or contract, especially when it comes to line items that could cost a lot in the end or things that are negotiable. Having an agent that knows the process, the paperwork and the documentation is a valuable asset when it comes to making one of the biggest decisions of your life.
repost from real estate advisor

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So you want a little BUNGALOW of your own. Here is some history. HOMES REAL ESTATE

Bungalow Styles

Bungalows are one of the most common houses found in older neighborhoods and are characterized by simplicity and emphasis on horizontal rather than vertical lines.

The economical bungalow started on the East Coast, became popular in California, and quickly spread across the nation. In fact, between 1890 and the mid-1900s, they became so popular that Montgomery Ward and Sears, Roebuck & Company offered mail-order pre-cut kit houses that were assembled at the building site. Before World War I, a small bungalow could be built for $900, while a much larger one cost about $3,500. Because they were so affordable, the bungalow symbolized homeownership to thousands of people.

These homes were ideal for the first-time homebuyer—small, inexpensive to build, and often included built-in furniture. The living room fireplace was usually large with a mantel and surrounds of brick, natural stone, or tiles. These features created a warm, homey atmosphere.

Different Styles of Bungalows

As the bungalow style spread across the United States, regional designers—Charles and Henry Greene in California and Gustav Stickley and Frank Lloyd Wright in Chicago—created variations to the style. Gustav Stickley is known for the Craftsman style and Frank Lloyd Wright is known for the Prairie style. In Texas, it is typical to see bungalows with Craftsman lines or with a Spanish Colonial motif. In Chicago, bungalows are mostly brick and boxy with Prairie influences.

The bungalow style remains one of the most popular styles even today and can be seen influencing new residential developments.

California Bungalow

The Greene brothers helped popularize the California Bungalow and inspired other architects and designers to build simple one-and-one-half story bungalows. The California Bungalow has a low profile, with one to one-and-one-half stories, a square shape, with a low-slung gable or hip roof, an offset entry with a wide front porch, and exterior walls finished with stucco and natural stone. These smaller, affordable bungalows were very popular between 1900 and the mid-1920s. Currently, this look is incorporated into modern houses.

Craftsman Bungalow

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The Craftsman Bungalow, promoted by Gustav Stickley in his magazine, The Craftsman, has a tendency to be larger than the traditional California Bungalow. Other differences include rows of high, small ribbon windows, full-width porches framed by tapered columns, and overhanging eaves with exposed rafters. Stickley was a furniture designer and most of his plans for Craftsman Bungalows included built-in furniture throughout the house, such as kitchen cabinets, window seats, and buffets in dining rooms. Partial walls with bookshelves are frequently used as room dividers, as are chest-high cabinets topped by square, tapered pillars that reach to the ceiling. Leaded glass and stained glass in doors, cabinets, and windows are typically seen. The overall feeling is one of casual comfort.

Follow these tips to spot potential red flags on a SELLER DISCLOSURE REPORT

Follow these tips to spot potential red flags on a

seller disclosure report.

The seller disclosure report is a great asset for buyers. Without it, you might not know about the rat infestation, the pesky problem of the foundation breaking apart, whether the place was once a meth lab, or that the last resident was murdered there.

Yikes.

But unless you’re in the real estate business, you probably don’t read disclosures regularly, which means you could miss something important.

Each state differs in what it requires sellers to disclose. In fact, there’s only one disclosure the federal government requires: whether there’s any lead-based paint on the property, and that applies only to structures built before 1978. Here’s how to read between the lines of a disclosure report to know what to look out for and why.

How old’s the roof?
You see on the disclosure statement that the roof’s 8 years old, but that doesn’t tell you much — unless you know the typical life span of a roof and whether life span depends on roofing material.

Roofs can last anywhere between 10 and 50 years. “The traditional tar-and-gravel roofs typically have a much shorter life span than almost any other roof material,” says Michael Thompson, an Oakland, CA, real estate agent.

Tar-and-gravel roofs usually last 10 to 20 years. The popular composition shingle roofs usually last about 20 years, and the clay roofs that you see on Spanish-Mediterranean homes can last for 50 years or more.

Crawl space vs. cement slab
“There are mixed opinions as to which is better and why,” says Carlyn Neuman, a Florida attorney and real estate broker.

A home inspector can easily identify any issues by going into a crawl space … after the spiders are out of the way, that is. “[A crawl space] also makes it easier to make repairs or upgrades by allowing access,” says Jonathan Macias, an El Segundo, CA, real estate agent.

But adequate ventilation is important. Otherwise? Mold is likely. And “all ventilation areas should be covered with screens to keep the critters out,” says Rachael Hand, a broker in Lafayette, CA. Cement slabs don’t have possible mold or critter problems — the drawback is that tree roots or shifting soil could damage them, which is costly to fix. Slabs also need to be removed to repair broken or leaking pipes.

Plumbing pipes
Replacing plumbing is a major expense. Note the age and type of your pipes. Brass, copper, and galvanized steel can last 80 to 100 years. But polybutylene or lead pipes? Translation: trouble. They need to be replaced.

The HVAC and water heater
The disclosure statement tells you how old the HVAC system and water heater are, but what’s the rule of thumb on when they’ll probably need replacing?

“Water heaters don’t really need to be replaced until they leak or fail,” says Hand. But when they do fail, Murphy’s law says it’ll happen in the middle of the night when you’re sound asleep or, even worse, out of town. Meanwhile, water’s flooding the area.

Gas water heaters usually last 10 years, and electric ones, 15. If the disclosure shows the water heater is that age or older, consider that it probably needs replacing.

“HVAC systems can last 15 to 20 years if properly cared for,” says Hand. This requires regular cleaning of filters, lines, and ducts. “Look for a service record on the unit, or ask for records from the homeowner,” she says.

But even if the HVAC is working, “a 15-year-old system is running 40% less efficient than a new system, costing you much more on your bill,” says Carlyn Neuman.

Cracks in the wall
If you see this on the disclosure report, hope for the best but prepare for the worst. “[The cracks] could be structural,” says Macias. Consider calling in a structural engineer to investigate.

Animal damage
If the report is marked “yes” for animal damage, let someone else examine the house if you don’t have a strong stomach. You might find a dead rat in a trap.

That could be, by the way, what the seller means by “controlling the rat problem.” You, however, probably interpret “controlling” to mean sealing the house properly to prevent the nasty critters from entering in the first place!

Also, if you don’t see a termite guarantee, ask the seller to include one.

Additional explanations or further disclosure
Whatever you do, don’t skip over the “additional comments” part. “If something is out of the ordinary, there will be further information to explain the situation,” says Hand. She explains that some items that could appear in this section are pending liens, restrictions, or easements.

Those could be deal breakers for you. Pending liens could tie up the property for some time, and restrictions or easements could limit what you can do with the home.

Disclosures don’t necessarily tell all
The seller disclosure statement represents the beginning of your research into a house. Your next step is to “keep your eyes open for things that just don’t seem right, like a wall out of place, stucco that has been disturbed, or strange additions,” says Macias.

Hand says to get a CLUE. And, no, she’s not being insulting. She means a comprehensive loss underwriting exchange, which tells you a home’s history, such as prior damage. Most home insurance companies put claims in the CLUE database.

Knowing how to read the seller disclosure is important, but it’s no substitute for having the property evaluated by a qualified home inspector.

Have you used info from a seller disclosure to uncover potential problems in a home? Share your experiences in the comments below!

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reposted from trulia

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