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Holiday decorated home at evening with Christmas lighting, fluffy snow.

How to Sell Your Home During the Holidays

by Real Estate ArticlesResources

Wondering how to sell your home during the holidays? While putting your home on the market between winter celebrations, school vacations, and looming family visits might seem like miserable timing, sellers could actually benefit by using this period strategically to show and possibly even sell their place.

Here’s why: Many home sellers take a holiday hiatus until the New Year—and that could mean that your house may suddenly become a hot commodity. Plus, if buyers are truly squeezing in home showings between shopping trips and holiday recitals, you know they must be serious.

So if you’re ready to put up a “For Sale” sign under the cheery glow of your holiday lights, go right ahead! Here’s some advice on how to sell your home during the holidays.

Deck your halls…

A little mistletoe will likely help rather than hurt.

“You should be festive and decorate,” suggests Jen Teague, a Realtor® with Keller Williams in Ellis County, TX. “It’s when your home looks the best and you take the most pride in it, so it will show better and most likely net more.”

… but don’t go overboard

“Go easy on decorations,” cautions Samuel Pawlitzki with Beach Cities Real Estate in Malibu, CA. Christmas lights and a tree in the living room are OK, he clarifies, “but I wouldn’t suggest staging a nativity scene in the front yard. Going berserk on decorations can scare off potential buyers.” And, well, everyone else.

Throw a party

Yes, you have a to-do list that stretches from here until Valentine’s Day. But consider squeezing in the time to host a holiday party anyway.

“This can be a great way to showcase your house to friends, family, and neighbors,” Pawlitzki notes. “Chances are that at least one person at the party is looking for a new home, or knows someone who is.”

Preheat your oven

“It’s wonderful for potential buyers to walk into a home that smells of fresh-baked cookies, sweets, and holiday cakes,” says Joan Suzio, an interior decorator in Libertyville, IL. Sweeten them up a tad more by leaving a plate of treats out for them to enjoy.

Don’t encourage thieves

Although most people are wishing peace on Earth and goodwill, not everybody will take that message to heart. So, play it safe and don’t leave gifts (particularly expensive ones) under a holiday tree during a showing. Consider leaving empty decorative boxes instead.

Let your house shine

The days have never been darker or shorter, so to ensure your house gives off a warm, comfy vibe, “replace some of your lights with brighter bulbs to add more light for evening showings,” suggests Nathan Garrett, owner of Garretts Realty in Louisville, KY.

Give a little

As in, give a little more time than you might if you were selling at a different, less frenetic time of year.

“Be prepared to let people into your home even when it’s not convenient for you,” advises Janine Acquafredda, associate broker at House n Key Realty in Brooklyn, NY. “Not everyone celebrates the same holidays, so you may be asked to show on days you normally wouldn’t want to.”

Use bad weather in your favor

Live in a part of the country that’s hit with snow and ice storms this time of year? Make sure your pathways and sidewalks are cleanly shoveled and your house temperature is comfortable, suggests Valerie Post, a real estate adviser at Engel & Völkers Boston.

If it’s raining, have umbrellas handy for people to look at outside areas. (Boot covers by the front door are a nice touch.) “This is the time to accentuate heated driveways, attached garages, updated heating systems, newer roofs, and fireplaces,” Post adds.

Pour yourself a glass of eggnog and relax

A few years ago, Andrew Sandholm, a licensed real estate salesperson with BOND New York Properties, was working with a client looking to buy in Manhattan around the holiday season. The perfect condo went on the market a few days before Christmas. Sandholm immediately notified his buyer, who made an all-cash offer at full asking price the next day. The offer was accepted and on Christmas Eve, when most people were hanging stockings by their mantels with care, the seller and his buyer began work on the contract. They closed a few weeks after the new year.

What’s the point of this holiday tale?

“There is no good or bad time to list your home,” Sandholm says. “Hire the right agent, and you will get offers, whether it’s the holidays or not.”

Source: https://www.realtor.com/advice/sell/10-reasons-you-can-sell-your-home-during-the-holidays-without-hassle/

Residential neighborhood, aerial view, Baden Wurttemberg, Germany.

HUD Looks to Eliminate Regulatory Barriers to Affordable Housing

by Real Estate ArticlesResources

The Department of Housing and Urban Development published a request for information to dig into how regulations could be creating barriers to affordable housing.

The RFI is seeking public comment on federal, state, local and tribal laws, regulations, land use requirements and administrative practices that raise the cost of affordable housing and contribute to housing shortages.

“Owning a home is an essential component of the American Dream,” HUD Secretary Ben Carson said. “It is imperative that we remove regulatory barriers that prevent that dream from becoming a reality.”

“Through this request, communities across the country will have the opportunity to identify roadblocks to affordable housing and work with state, federal, and local leaders to remove them,” Carson continued.

Earlier this year, President Donald Trump signed Executive Order 13878, “Establishing a White House Council on Eliminating Regulatory Barriers to Affordable Housing,” saying that, for many Americans, the supply of available housing has not kept pace with the demand for housing by prospective renters and homebuyers, driving up housing costs.

Now, HUD is looking for the following information points:

  • Specific HUD regulations, statutes, programs, and practices that directly or indirectly restrict the supply of housing or increase the cost of housing
  • Policy interventions, solutions, or strategies available to State, local, and Federal decision makers to incentivize State and local governments to review their regulatory environment or aid them in streamlining, reducing or eliminating the negative impact of State and local laws, regulations and administrative practices
  • Ways that State-level laws, practices, and programs contribute to delays in the construction industry and specific laws, practices, and programs that could be reviewed
  • Common motivations or factors that underlie local governments’ adoption of laws, regulations, and practices that demonstrably raise the cost of housing development, and whether such factors vary geographically
  • Peer-reviewed research and/or representative surveys that provide quantitative analyses on the impact of regulations on the cost of affordable housing development
  • Performance measures, quantitative and/or qualitative, the Council should consider in assessing the reduction of barriers nationally or regionally and advantages and disadvantages of each measure
  • Recommendations on how to best utilize HUD’s Regulatory Barriers Clearinghouse for States, local governments, researchers and policy analysts who are tracking reform activity across the country

This RFI is a part of the work Carson is undertaking as the chair of the White House Council on Eliminating Regulatory Barriers to Affordable Housing. The Council’s eight federal member agencies are engaging with governments at all levels—state, local and tribal—and other private-sector stakeholders on ways to increase the housing supply.

Source: https://www.housingwire.com/articles/hud-looks-to-eliminate-regulatory-barriers-to-affordable-housing/

Deep snow has been shoveled, cleared and piled along the sides of the front yard footpath of this colonial style home. Two small holiday Christmas trees at the end of the walkway are decorated with Christmas ornaments and wide, bright red ribbon Christmas bows. Heavy blizzard snow continues to come down hard and blow around in all directions - already starting to re-coat the slippery surface and cover the fresh footprints. Nothing surprising here - just another early January winter snow storm in a rural suburban residential district neighborhood near Rochester, New York.

Tips for Winterizing Your Home

by Real Estate Articles

Winter is coming! See below for a list of top tips for winterizing your home.

CHECK THE EXTERIOR, DOORS AND WINDOWS

  • Inspect exterior for crevice cracks and exposed entry points around pipes; seal them.
  • Use weather stripping around doors to prevent cold air from entering the home and caulk windows.
  • Replace cracked glass in windows and, if you end up replacing the entire window, prime and paint exposed wood.

HVAC SYSTEMS

  • Get your HVAC system serviced, and have your duct work checked to be sure the air flow is uninterrupted and free of holes from pests.
  • Reverse all ceiling fans in the house.  This will help push warm air downward and force it to recirculate.
  • Change the air filters in your home.
  • Check the cold air return vents and make sure they are not blocked by furniture.  Your furnace needs these to operate at high efficiency.

CHECK FOUNDATIONS

  • Rake away all debris and vegetation from the foundation.
  • Seal up entry points to keep small animals from crawling under the house.
  • Tuckpoint or seal foundation cracks. Mice can slip through space as thin as a dime.
  • Inspect sill plates for dry rot or pest infestation.
  • Secure crawlspace entrances.

SMOKE AND CARBON MONOXIDE DETECTORS

  • Install a carbon monoxide detector near your furnace and/or water heater.
  • Replace batteries in smoke and carbon monoxide detectors.
  • After replacing batteries, test all detectors to make sure they work.
  • Buy a fire extinguisher or replace your existing one if it is older than 10 years.

PREVENT PLUMBING FREEZES

  • Locate your water main in the event you need to shut it off in an emergency.
  • Shut off the water to your hose bibs inside your house (via turnoff valve), and drain the lines. Then  insulate the spigot itself.
  • Insulate exposed plumbing pipes that pass through unheated areas of your home, like the garage for instance.
  • Flush your water heater to remove built-up sediment.
  • If you do go on vacation, leave the heat on, set to at least 55 degrees.

GET THE FIREPLACE READY

  • Cap or screen the top of the chimney to keep out rodents and birds.
  • If the chimney hasn’t been cleaned for a while, call a chimney sweep to remove soot and creosote.
  • Buy firewood or chop wood. Store it in a dry place away from the exterior of your home.
  • Inspect the fireplace damper for proper opening and closing.
  • Check the mortar between bricks and tuckpoint, if necessary.

PREPARE LANDSCAPING & OUTDOOR SURFACES

  • Trim trees if branches hang too close to the house or electrical wires.
  • Turn off your sprinkler system.
  • Clear the gutters of fallen leaves and debris.
  • Ask a gardener when your trees should be pruned to prevent winter injury.
  • Plant spring flower bulbs and lift bulbs that cannot winter over such as dahlias in areas where the ground freezes.
  • Seal driveways, brick patios and wood decks.
  • Move sensitive potted plants indoors or to a sheltered area.

Click here for a printable version.

Important Compliance Update from TREC

by Real Estate ArticlesResourcesTitle Information

Realtors Subject to New TREC Rules Prohibiting Pay-to-Play Programs

Reminder: RESPA, P-53 and Anti-Rebating Statutes Remain in Effect for Title Agents and Are Enforced

The Texas Real Estate Commission (TREC) recently amended their rules related to rebates and specifically highlighted the prohibition of pay-to-play arrangements in the real estate marketplace. TREC said their amended rules are intended to strengthen settlement service provider independence and provide clarity for TREC license holders regarding consumer protections that also exist under state and federal rules and statutes.

To enhance your understanding of TREC’s expanded regulations, we recommend you read TREC’s explanation of their pay-to-play rule revisions. 

Here’s TREC’s expanded §535.148 related to receipt of undisclosed commissions or rebates:

(d) A license holder may not pay or receive a fee or other valuable consideration to or from any other settlement service provider for, but not limited to, the following:

  1. the referral of inspections, lenders, mortgage brokers, or title companies;
  2. inclusion on a list of inspectors, preferred settlement providers, or similar arrangements; or
  3. inclusion on lists of inspectors or other settlement providers contingent on other financial agreements.

(e) In this section, “settlement service” means a service provided in connection with a prospective or actual settlement, and “settlement service provider” includes, but is not limited to, any one or more of the following:

  1. a federally related mortgage loan originator;
  2. a mortgage broker;
  3. a lender or other person who provides any service related to the origination, processing or funding of a real estate loan;
  4. a title service provider;

Read TREC’s explanation of the changes »

Title Agents Are Subject to P-53, RESPA, and Anti-Rebating Statutes 

Title agents are subject to federal and state rules and statutes–including the Real Estate Settlement Procedures Act (RESPA) and TDI’s Rule P-53–prohibiting marketing-related rebating practices.

In response to questions from title industry professionals regarding the continued applicability of TDI’s P-53 rule, TLTA has compiled background information, FAQs, and other helpful resources related to the state and federal statutes that prohibit marketing-related rebating practices.

TLTA’s Anti-Rebating Resources for Title Professionals »

Background
In 2004, the Texas Department of Insurance (TDI) adopted Procedural Rule 53 (P-53), which prohibits rebates and discounts for the soliciting or referring of title insurance business. P-53 is an important market conduct rule that serves to protect consumers and maintain an ethical Texas title insurance industry.  

There are also federal and state statutes that prohibit marketing-related rebating practices, as follows:

Federal Law

Under the federal government’s Real Estate Settlement Procedures Act (RESPA), kickbacks and unearned fees are prohibited, and a person cannot give or accept anything of value for a referral incident relating to or part of a settlement service involving a federally related mortgage loan. Consumer Financial Protection Bureau (CFPB) is responsible for enforcing RESPA, as well as state attorneys general.

Review the federal statute: RESPA – Section 8
Review CFPB’s rule: 12 CFR § 1024.14 

State Law

The state statute goes a step further than federal law, specifically citing the title insurance industry. In addition to prohibiting rebates and discounts, the statute states that any “thing of value” may not be “directly or indirectly paid, allowed, or permitted by a person engaged in the business of title insurance or received or accepted by a person for engaging in the business of title insurance or for soliciting or referring title insurance business.”

Review the state statute: Texas Insurance Code  §2502.051

FAQs

Is P-53 enforced?
Yes, TDI’s disciplinary orders include P-53 violations. Disciplinary orders dated 2013 and older must be requested via open records request.

What is the difference between RESPA and P-53?
RESPA is the federal statute addressing the referral of settlement services and includes the typical activities of Texas title agents. RESPA is enforced by the CFPB. Procedural Rule 53 implements and clarifies the Texas statute as it relates to discounts and things of value used to solicit or refer title insurance business. TDI enforces P-53.

How do I determine if I’m in compliance?
In general, the TDI rule and other applicable statutes were not written with black-and-white examples to guide you. If you’re unsure about your actions and how P-53 might be applied to them, please consult your regulatory counsel.

The statute and rule do offer some clear guidance on how to comply, however. For instance, a title agent or company cannot give a thing of value conditioned on the referral of title insurance or provide a rebate to the consumer.

Past examples of violations include any activities that subsidize or pay for what would be business expenses for a Realtor or any other producer of title insurance business, such as printing sales materials or providing meeting or office space. Additional examples include reducing other fees in the transaction such as an escrow fee on an ad hoc or conditional basis. These are just some examples and there are many others – this is not intended to be an exhaustive list. Again, the best course of action if you are unsure is to consult legal counsel to ensure you are in compliance.


What should I do if I have information about a P-53 violation?
First, consider contacting the management at the companies involved, and alert them that they are engaged in activity that concerns you. If the suspected violation of P-53 does not stop, you can submit a formal complaint to the Texas Department of Insurance. Once you file a complaint, TDI will keep you informed of the progress and final resolution of the complaint.

The complaint you submit will be publicly available (i.e., this is not an anonymous process).

Source: TLTA

signing papers republic title

Does Extending the Closing Date Extend a Contingency Date?

by Real Estate ArticlesResources

Below, please find helpful information that was posted on TexasRealEstate.com.

October 30, 2019 | Texas REALTORS® Staff
 

Members have called regarding situations where a contract is signed with an attached Addendum for Sale of Other Property by Buyer (TXR 1908) and the buyer will not obtain proceeds from the sale of her other home by the contingency date stated in Paragraph A. Callers ask if extending the closing date on the sales contract will also extend the contingency date in Paragraph A, thereby giving the buyer the additional time she needs to obtain her proceeds. No. An amendment extending the closing date does not automatically extend the contingency date in Paragraph A. Paragraph A of the Addendum for Sale of Other Property by Buyer states that if the contingency is not satisfied or waived by the contingency date then the contract will terminate automatically. A buyer wishing to continue in a transaction past the contingency date without having obtained her proceeds would have to waive the contingency. Alternatively, if the parties want to change the contingency date in Paragraph A, then that change must be specifically addressed in an amendment.

 
 
Sold house sign in Midwest suburban setting. Focus on sign.

Texas Home Sales Continue To Increase In 3rd Quarter

by Real Estate ArticlesResources

Texas home sales increased 6.4%—to 100,733 sales in the third quarter of 2019—compared to the same period last year, according to the 2019 Q3 Texas Quarterly Housing Report released today by Texas REALTORS®.

The statewide median home price for the quarter also increased to $245,000, a 4.3% increase over the third quarter of 2018. Of all sales during the third quarter of 2019, 33.4% were priced from $200,000 to $299,999. Homes priced from $100,000 to $199,999 represented 26.9% of sales for the quarter.

“Texas ended the summer selling season with continued growth in home sales and median price in most of the major markets,” said Tray Bates, chairman of Texas REALTORS®. “Our housing market remains healthy due to strong demand and steady increases in housing inventory.”

There was an increase of active listings from the previous year of 3.5% for 111,013 listings in the third quarter of 2019. Texas homes spent an average of 54 days on the market, two days longer than the same quarter last year. 

“The Texas housing market continued to spur strong demand during the third quarter,” said Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University. “Based on sales activity, we saw prices, months of inventory, and active listings all experience significant growth in most of the markets across the state. During the remainder of the year, we expect attractive interest rates to incentivize homebuyers. In addition, new home construction will continue to pick up in markets such as Houston and Dallas, leading to an increase in housing inventory availability.”

Source: https://www.texasrealestate.com/members/posts/texas-home-sales-continue-to-increase-in-3rd-quarter/

Sold Home For Sale Real Estate Sign in Front of Beautiful New House.

After Closing Reminders For Sellers

by Real Estate ArticlesResourcesTitle Information

Your house has sold and the deal is closed.  Now what do you do?

Here are some reminders for you as the seller:

  • Cancel your homeowners insurance with your insurance agent once the transaction has closed, funded and your personal items have been removed from the home. There may be a prorated refund of your homeowner’s policy, based on the latest renewal date, owed to you. If you are remaining at the property after closing, you should notify your insurance agent of this change.
  • Cancel your auto deduction for your house payment with your current lender if applicable.
  • Your lender will refund all monies left in your escrow account approximately 15 to 30 business days after receipt of the payoff funds. The lender will mail a package containing your original Promissory Note marked “PAID” and the other loan file documents. Retain these for future reference. When you receive this confirmation, you may also receive a “Release of Lien” or “Reconveyance of Lien” from your lender. If the release does not appear to have been recorded with the County Clerk’s office, please forward it to your closer at the title company. We have collected for the recording of the document at closing and will send it to the County to be filed, thereby releasing the lien of record.
  • Depending on what time of the year you sold your property, the Taxing Appraisal District may not have updated the account to show a change in ownership. If you receive a Tax Bill for the property that you sold, refer to your closing statement and send the bill to the new owners.
  • You will receive a Substitute Form 1099-S from Republic Title within 30 days of closing. In addition, retain your closing statement, it serves as a Substitute Form 1099-S for tax purposes.

We hope these tips have been helpful to you in answering any post closing questions you may have had. As always, please do not hesitate to contact your closer should you have any questions. Thank you for allowing us to be a part of this transaction.

Click here for printable version.

Home For Sale Real Estate Sign in Front of Beautiful New House.

Updated Seller’s Disclosure Notice Effective September 1st

by Real Estate ArticlesResourcesTitle Information

The Texas Real Estate Commission has released an updated Seller’s Disclosure Notice for mandatory use Sept. 1.

It’s available for voluntary use immediately.

As of Sept. 1, 2019, the new Seller’s Disclosure Notice has questions in paragraphs 6, 7 and 8 relative to floodplains, and includes definitions of the various categories according to FEMA.  In addition, questions about previous claims for flood damage or assistance from FEMA or SBA are also included.

The notice must also disclose a seller’s knowledge of water damage not due to a flood event and requires a seller to disclose whether a prior flood-related insurance claim was filed with an insurance provider or the seller received aid from FEMA.

Click here for the red-lined seller’s disclosure notice and click here for the blank seller’s disclosure notice.

 

Businessman holding modern buildings hologram, and home icon. Real estate business, building technology and smart home concept

Effective September 1, 2019: Texas Title Rate and Rule Revisions

by Real Estate ArticlesResourcesTitle Information

Please note that beginning September 1, 2019, there will be a change to the basic premium rate for title insurance including an overall adjustment of -4.9 percent.  Changes made in 2019 affect 2020 Texas title rates.

The Texas Commissioner of Insurance has issued an order adjusting the basic premium rate for title insurance and amending R-5, R-8 and R-20.

Summary of Changes

Basic Premium Rate – Includes an overall rate adjustment of -4.9 percent, a starting base rate of $25,000 and three new rate tiers for policies with face values over $25, $50 and $100 million.

Refinance Rate Amendment – Amends Rate Rule R-8 to provide for a 50 percent credit within the first four years and a 25 percent credit between four and eight years.

Simultaneous Issue Discount Expansion in R-5 – Allows a simultaneous issue rate credit for 90 days on transactions $5 million and above. The premium is $100 for each loan policy under these circumstances.

Construction Credit Expansion in R-20 – An extension of the credit for developers of large construction projects from one year to two years with a simultaneous issue rate for the loan policy.

These new rates will go into effect on all transactions that close (the date the papers are signed) starting on September 1, 2019.

Read the Order and View the Amendments

These changes are outlined in TDI’s adoption order. The revised rate chart and amended rules can be found in the following exhibits:

  • Exhibit A – Basic Premium Rates; Calculation for Policies in Excess of $100,000 with Examples
  • Exhibit B – (R-5) Simultaneous Issuance of Owner’s and Loan Policies
  • Exhibit C – (R-8) Loan Policy on a Loan to Take Up, Renew, Extend, or Satisfy an Existing Lien(s)
  • Exhibit D – (R-20) Owner’s Policy After Construction Period

Republic Title Online Resources

Please visit our website for additional online resources including:

As always, please feel free to contact your escrow officer if you have any questions about the new rates.  If you would like printed rate cards or need help using our online calculator, please contact one of business development representatives.

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