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Frisco TX offers FREE Irrigation Audit to Homeowners

April 12, 2012 By Leave a Comment

Did You Know the City of Frisco offers a FREE Irrigation Audit to all homeowners in Frisco TX? If you have seen this truck driving around Frisco TX, you would know what Mike Barth is up to. There are some resemblance between the cartoon character on the Frisco Water Wise truck and Mike Barth.

When you call for an appointment, you will be directed to Mike Barth – the only City of Frisco employee responsible for meeting you at your Frisco TX home to evaluate your sprinkler system. As temperatures get hotter, so is Mike’s appointments. Be prepared to wait at least 2 weeks for an appointment.

During the 1-hour appointment, Mike:

  • Checks the sprinkler system, heads and parts to ensure your yard receives an adequate watering program
  • Evaluates if the flow is sufficient in your sprinkler system or if there is a leak in the system
  • Educates you in the optimum watering schedule for your yard
  • Talks about water conversation and how to do better
  • Recommends other important parts of a healthy lawn (such as vegetation and mulch at each zone)

If you are a new homeowner in Frisco TX and do not know how to water  your yard efficiently or you do not know how to manage your sprinkler system, Mike Barth – from the City of Frisco is the go-to person.

Call Frisco Water Wise to schedule an appointment
(972) 292-5800 Option 5

This is a committed effort on the City of Frisco’s part to keep Frisco TX green living initiatives on the forefront of Frisco TX homeowners.

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP

How To Protest Your Frisco TX Home Values

April 10, 2012 By Leave a Comment

Every January, the county tax appraiser begin assessing home property values for tax assessment purposes. By end of April, the County (depending on which county your home is located in) will mail tax assessment values to all homeowners.

If you feel your home value is fair, no action is necessary.

However, if you feel your property for tax assessment purposes is too high, you can protest your home value.

How to protest your Frisco TX home value

If you have received your estimated assessment this year and you do not believe it is an accurate assessment, you can file to protest the assessed value. You can go through an informal appraisal review process with a member of the District’s staff first. If the informal process is not successful, then you can request for a formal review process in front of a panel.

To request an Informal Review, you may:

  • Do it in person at 250 W. Eldorado Parkway, McKinney TX, Monday through Friday from 8 am to 5pm and on Thursday from 8 am to 7pm in May.
  • 3911 Morse Street Denton, TX 76208. Denton, TX 76209 for Denton County, Monday – Friday from 8 am to 4:30 pm and until 6:30 pm on Tuesdays.

    This is a first-come, first-serve basis so go just as soon as you are able.

It is always advisable to go there earlier in the process, rather than later (closer towards the dateline Thursday May 31st 2012, or 30 days after the notice is mailed to you – whichever is later).

The best way is to go in person and meet with a District Staff member. They will typically set up an informal review with you. During the meeting, unless more documentation is needed, you will usually be successful if you go geared with accurate information. What do you need for your Frisco TX home appraisal protest? You may provide the following relevant documents:

  • Contract (Signed and certified HUD-Settlement statement at the title company)
  • Comparable Sales Data (Your Realtor® in Frisco TX can assist you here)
  • Appraisals (If you have a recent appraisal, you may use this information also)
  • Repair estimates
  • Photographs (Nothing speaks louder than photographs)

The reviewer will evaluate your case and may change the appraised value based on the review or may not. If you are not satisfied if you were not successful, then you may file a written protest for a formal hearing with the Appraisal Review Board.

There is a deadline to protest. The dateline for both Collin and Denton counties are Tuesday May 31 2011, or 30 days after you receive the notice – whichever is later. If you decide to protest, make sure you start early. The longer you wait the long the process will be. So act NOW!

All 3:16 team REALTY clients will receive an annual property home evaluation during this time. All 3:16 team REALTY clients will and can expect top priority for getting this information to you – whether or not a protest of home assessment is necessary. It is just our way of saying Thank You for trusting us when you chose us to be your Real Estate company to take you through the home buying/ selling process.

All other home property assessments will be completed only after 3:16 clients are served. Non-3:16 team REALTY clients may be subjected to a fee for this home assessment property evaluation. Please call to discuss.

 

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP

Between Probate and Affidavit of Heirship

April 5, 2012 By 1 Comment

We had “School on the Square” this afternoon for our monthly continuing education offered by Hexter Fair Title Company here in Frisco TX as well as other committed sponsors. The topic today was “Affidavit of Heirship and Power of Attorneys”. It was presented by Richard Worsham of Title Resources Guaranty.

Here’s what I learned about Probates and Affidavit of Heirship in the 1-hour of MCE:

  1. Don’t die.
  2. Don’t get old.
  3. Don’t be disabled or incapacitated.
  4. Don’t have children outside marriage.
  5. September 1 1993 (before or after) and pie charts.

It’s certainly not an easy topic to understand in an hour. But as listing agents, it is important to understand the basic understanding and differences between Affidavit of Heirship and Probate to know where to point sellers to.

Here in Frisco TX, we are a bunch of lucky Realtors® who get great support and resource for education. I’m glad I attended this short 1-hour MCE. By no means am I claiming I’m an expert but I would certainly be more aware of the complexities of sellers when one passes on with real property in their ownership.


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP

Seller’s Allowance: Bridging the Buyer and Seller Gap in Frisco TX Home Selling

March 29, 2012 By Leave a Comment

Frisco TX is a highly desirable area to purchase real estate in today’s market. There are several factors that contribute to it.Frisco TX community pool

  1. Frisco TX is a very affordable area when compared to many cities closeby.
  2. The floorplans and age of Frisco TX homes are relative new. Many homes are built after Year 2000, which means the homes have many desirable updated features: open floorplan, nickel or oil-rubbed bronzes fixtures, granite countertops, stainless appliances. Many homes have hardwood floors, beautiful curb appeal accented with stone exterior fronts.
  3. Frisco TX has many master-planned communities with community living: community swimming pools, children’s playgrounds, greenbelt for hiking, active HOAs (with annual activities to bring the neighbors together). Many communities have elementary schools close or within the community, and middle and high schools near by.
  4. Frisco TX has an EXEMPLARY school district standing in comparison to Plano (Recognized), McKinney (Recognized), Allen (Exemplary). Frisco ISD has smaller student population and keep its student to teacher ratio small.
  5. Everything in Frisco looks new, orderly and family-friendly.
  6. Frisco TX is just a very well-built, well-planned city. Kudos to the Frisco TX city planners.
  7. Frisco TX is 30 minutes for 2 major airports: DFW and Love Field. DFW is an American Airline hub. There are many direct flights to all major cities in the US. DFW is centrally-located.

That being said, there are still some Frisco TX homes that lack some highly-sought after home features. Hence, in order to increase the chances of selling the Frisco TX home, many home sellers are open to the idea of needing to update their homes: Granite countertops, stainless appliances, replacing gold/ bronze fixtures.

Frisco TX home sellers typically ask,

Should we sell the house as-is and offer the buyer some allowance for upgrades at closing? That way, they can decide what they like and also have cash-at-hand to purchase.

Frisco TX New HomeNot a bad idea to begin with. However, here are some of the realities the buyers face:

  • Most mortgage companies do not like to hold back ESCROW, which means more often than not, the buyers receive a seller concession in the form of closing costs in lieu of appliance or upgrade holdbacks.
    Yes, instead of taking $5,000 into closing, the buyers are now using that cash that they otherwise have to buy appliances or hardwood floors.
  • But many Frisco TX home buyers may not have the surplus cash laying around for the purchase. They are already needing sellers’ assistance in closing costs (up to 3% on conventional loans and up to 6% on FHA loans).
  • Most Frisco TX buyers do not want the hassle of needing to spend additional time to work on the house. They want to buy it “already done”. They live a very busy lifestyle. They don’t want to spend weekend after weekend updating the house.

While Frisco TX home sellers do not want to deal with having to do minor home improvement projects, this may be the necessary evil to begin increasing the chances to successful home selling – far better than offering seller’s allowances. They dont go very far, at least here in Frisco TX.

If you think your home needs it, do it NOW rather than to offer it at closing 30 days later.

 

3:16 team REALTY has a very successful track record in home selling, especially in and around the Frisco TX market areas. Loreena Yeo is one of the best and top local Frisco TX Realtor that maintains an immaculate home selling track record. Call Loreena (214) 783-2210 for an appointment to evaluate your home selling plans.

 

Related Home Selling Topics:

 

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP, HOME MAINTAINENCE, HOME SELLERS ARTICLE

Pay back Frisco TX First Time Home Buyer Tax Credit Recapture

March 13, 2012 By Leave a Comment

Note: This post does not constitute tax advice. You must seek a professional tax advisor for your specific tax circumstances.

Frisco TX - Heritage GreenIf you bought a home in Frisco TX in 2009 or until June 2010, and you claimed the First Time Home Buyer Tax Credit of $8,000 and you are now ready to sell it, you must consider some tax implication (if it applies to you). Even if you continue to own the property and it is no longer your primary residence, there are some tax consequences.

If you owned your home for less than 3 years (from the date of settlement) and you claimed the $8,000 First Time Home Buyer Tax Credit, selling the home in less than 3 years will require for you to repay the $8,000 tax credit in FULL in the year when you sell.

There are some circumstances where you do not need to pay back (or recapture):

(1) Taxpayer dies in less than 3 years of ownership
However, if the property is owned by husband and wife on a joint return, the surviving spouse must still fulfill its 3-year personal residence requirement.

(2) Divorce
If husband and wife file a joint return, for the IRS tax purposes, it considers each person with half repayment obligation. If both decides to sell the property, each will take the $4,000 each repayment on its tax. Otherwise, if one of the party leaves the property and the other remains, the remaining spouse receives the full tax repayment obligation if s/he sells in less than 3 years.

(3) Involuntary conversion
If the property was destroyed in a natural disaster or the property subject to eminent domain (property sold to government, state, town for public use), you do not need to recapture (or pay back) the tax credit you received.

You must fill out IRS Form 5405 (Part 4) to correctly recognize your Tax Credit Recapture in the year you become disqualified.


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP, HOME SELLERS ARTICLE

Is Landlording An Alternative to Home Selling?

February 3, 2012 By 1 Comment

Considering selling your Frisco TX home? BUT you won’t get what you want out of the sale?

Frisco TX RentalNo doubt that the real estate market has recently suffered some downturns, Frisco TX real estate homes market included. Many Frisco TX home sellers who plan to sell but cannot wait for the market to turn around are looking at alternatives to home selling.

Landlording comes to mind.

Is Landlording A Better Alternative To Selling In This Market For You?

The best person to answer this question would be to answer the following questions to assess your personal situation.

(1) First of all, not everyone can qualify for having 2 mortgages in their name. Well, someone else has just made the decision for you. Check in with a lender to evaluate your financial ability to hold 2 mortgages.

(2) Even if you can qualify for it, should you?

(3) Are you ready to become a landlord, both financially and emotionally?

(4) If the market was not in this condition, would you get into the landlording business in the first place?

When Sellers make this consideration, they assume that:

(1) You will always have a renter in the house (no vacancy ie someone is always there to pay this part of your mortgage)
(2) There will be no turn-over.
(3) There is no repair.
(4) Rent will always be on time.
(5) It is just a simple clean and vacuum, then the For Rent sign goes up again in the yard.

The questions that I have raised are truly significant. They are real and they can make or break you. As much as I believe in real estate, landlording is not for everyone. Landlording is a business and should not be used as an alternative until something turns around. So, make your EMOTIONAL as well as FINANCIAL considerations diligently.

Find out what it takes to become a landlord.

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP, HOME SELLERS ARTICLE, REAL ESTATE INVESTMENTS

Kids and Real Estate

January 29, 2012 By Leave a Comment

As parents, we always do our best to provide everything to our children within our means (some even when it’s out of reach). Many times, parents make decision to buy or sell real estate because of the children. Some of my personal experiences with my clients have been:Frisco TX PreSchool

  • Moving to a better school district
  • Parents divorce, and need to sell their home. But each of them buy a home in the same designated school – to try cause minimal disruption to their already chaotic lives.
  • Parents move across country to come to Frisco and Plano school districts because we have very good Special Education programs in public schools, equivalent to private education where they are at. Private special education programs are very expensive.

Many families time their move, their buying and selling of real estate based on the school calendar. Hence in Frisco TX, just like most parts of the country, the majority of the home sales are conducted between end of May through August.

One of the big concerns when “moving” for parents is how well the child(ren) will do in school. Will they get used to the place? Will they find new friends easily?

I’m not a child psychologist so the observations I am about to make is solely just based on observing other children as well as having children of my own.

In general, I think children are very resilient. Far more resilient than what we give them credit for. Many times, I think parents over-think things, creating false fears in their minds. I think children make friends easier than adults because they do not carry all that baggage with them. They are pure. When they are happy, they show it. When they are sad, they show it too. It’s us adults over-thinking most of the time.

Most of the time, my child is just as happy where he is at, as long as he is with us. It didn’t matter to him if i was a 3-bedroom 1,500 sqft house where things and people crammed into spaces, or 3 people in a 4,000 sqft home with media and gamerooms and a few extra unused bedrooms. Sometimes, even in a hospital bedroom with 4 walls just suffice!!!

 

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP, HOME BUYING ARTICLES

Are You Landlord-material for Frisco TX?

January 29, 2012 By Leave a Comment

Your home in Frisco TX is not selling. Or you just bought your Frisco TX home and you know you don’t have enough equity to sell to break even. You are considering leasing your Frisco TX home instead of selling.

Are You Landlord Material in Frisco TX?

(1) How much money have you set aside for your rental property(ies)?

See, the question is if you have any money ready to be set aside for this business (after all, landlording is a business). I did not quite mean if you have any money set aside. Unfortunately, if you have to dip into credit cards to make the mortgage payment when your tenant cannot pay you, or if you have a plumbing issue, this is a good red flag to say that it may not work out for you. If you can put at least 3 months worth of payments aside (better at 6 months), you at least have a sound financial plan.

(2) Can you cashflow? Or are you going to feed some money into the property each month?

Work out the math. Factor in vacancy rates and estimate repair costs. Not just mortgage payments with property taxes and insurance. There is a real math behind this. What if the numbers do not work? Does it mean this land-lording business is out? Not necessarily. Again, it depends on your individual situation. If you need help in figuring this out, contact me. I’d be more than happy to share with you what I know. No pressure and obligation. I feel the more information you have in your hands, the better the decision you make for yourself.

(3) Oppps………. let me back up. Do you work off a monthly budget and abide by it?

How is your financial situation at home? Are you living from paycheck to paycheck? (Red flag alert)… The truth is that I have heard many people saying that “They are doing okay” or “I got that covered….”. What does that really mean? Please let me tell you what it should mean before you really think you have that covered.

It means you are on-time with all your personal bills. You are sitting on at least 3-months of cash savings (living expenses) and now that you are getting into the rental business, you should have at least 3-months of additional mortgage payments plus property taxes and insurance. This is the least you must have in order to sit on a strong foundation to begin considering land-lording.

Why so stringent you might ask? The more you have, the more you can pad away your problems. Then you won’t operate in a crisis mode. Having that $500 plumbing problem then because just a mere inconvenience for you.

Should you seek credit cards to fund your emergencies? Absolutely not. The rental business is purely a numbers game. If you have to seek a credit card for help at 18-20% interest rate, dont you think your entire ROI (return on investment) go out the window? Well, how about those 0% credit cards? Well, think again. It already says you are not financially ready for landlording, in my humble opinion.

(4) Do you plan to manage it yourself or hire a property manager?

Either way, property management can be successful if you have the right personality and tools to do it.

The benefits of handling your own rentals is that you save money. Typically, property management fees start around 10%. That means you will also need to factor this fee as part of your cashflow equation. The property manager takes the tenant calls for you, however, you still will need to play a somewhat active role in keeping on top of your property manager. So, instead of dealing with tenants, you deal with your property manager. Late fees are collected for you and typically split between the property manager and you. But we never wish that to happen.

You do not need to listen about Why Rent cannot be paid on time this month. Some real tenant answers are, “I need to buy new clothes for my kids or school items before the kids go back to school” or “It’s Christmas and I really dont want my kids to be without this season. After all, ’tis the season to love and give, right?”…….. Going back to school in August and Christmas occuring every December suddenly catch them by surprise. Be prepared that people make decisions with their money and it is beyond your control. I am not here to judge if it is right or wrong. It happens. (I do not say that ALL tenants are this way. But you need to assume the worst to make your most conservative decision).

The advice I provided may sound difficult or somewhat harsh, but as a realtor and a trusted advisor in your new endeavors, I’d rather be upfront with you than to get you scrambling when you are already in the situation. Call me if you have considerations in becoming a landlord – whether it is here in the area or anywhere else. I’d love to share with you.

PS: I am a landlord and I have some experience in this field. I am not here to say whether this is for you because ultimately you do what you think is best for you. But you should hear all the goods and bads before you get your feet wet. After that, you will still have your own lessons to learn.

 

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP, HOME SELLERS ARTICLE Tagged With:

Frisco TX’s Christmas Tree recycling program

December 28, 2011 By Leave a Comment

It’s time to take down the Christmas ornaments, lighting and trimming on the tree. This week, the week after Christmas is a great time to start putting the house back to “normal” again. Trash services will resume its normal schedule (no delays) this week (Monday December 26th through Friday December 30th) and next (Monday January 2nd – January 6th).

If you have a real tree, participate in Frisco TX’s tree recycling program. Cut your tree into smaller than 5-foot sections and leave it at least 3 feet away from trash and recycling bins on the curb during Trash Day. Flocked Christmas tree will not be picked up. Flocked trees may be picked up by CWD for a $10 fee if you call ahead (972) 392-9200.

The Christmas trees will be composted, not land-filled. Do-it-yourselfers can bring your trees to the Custer Transfer Station (off Custer and Ridgeview on 9901 Custer Road, Plano TX). For hours of operation, call Custer Transfer Station (972) 727-6341 directly.

 

 

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP Tagged With:

Pay 2011 Property Taxes by December 30

December 27, 2011 By Leave a Comment

If you pay for property taxes on your own (not through an escrow account with your mortgage), remember to make property tax payments (City/ County Taxes and School Taxes) before December 30.

When you do that, you can acknowledge the payment on the Itemized Schedule A section of your 2011 Income Taxes. It translates to more money in your pocket.

The property tax bills are not due until January 31 2012.

If you are over-65 or Disabled, you may call the Taxing Authority to discuss payment options. There are possibilities you may be able to make several smaller payments.

Note: Discuss this with your Tax Advisor. Some home owners’ tax situation may be different. See if this applies to you.

 

 


 

 


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Filed Under: FRISCO TX HOMEOWNERSHIP, FRISCO TX PROPERTY TAXES Tagged With: ,
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