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Bush Gate In Motion On Daria

I twittered the news this weekend when I saw the crews at work Saturday afternoon. DFW Around Town posted details six hours ago. (I am so competitive!) But what I am really wondering — what is that Tatum Brown homebuilders sign (tan colored) all about? My fingers are walking right over to my cell phone… could it be that construction will begin on a new Bush abode once the gate goes up? Or is this a spec home (Tatum Brown are master home builders; you will note most of their inventory is SOLD) sure to sell like hotcakes on the Darias…  dialing, ringing, hi, may I please speak with Mark Danuser?

New Way To Market Dallas Real Estate? Coupon Cutting For One Million Dollars Off

That’s what a Fort Myers, FLA agent is using to lure buyers into buying an almost $7 million dollar, 15,000 square foot Italian Villa home on the coastal canal just completed in 2009. Can you imagine a one million dollars off coupon? Wonder if there’s an expiration date? Wonder if transferable to other cities and properties? Wonder when we’re going to see these in Dallas?

Dallas Home Buyer Is Suffering From Fear Of Real Estate Commitment

Oh I can relate to this — in fact, I could have written this email:

“We have been looking for a house forever we have found a
great mid century modern in the $600s in a good neighborhood (but not good part of the street) with low ceilings but big lot and nicely done.
There is also a great house with small lot – too big for us but new built
modern for twice the price which we could swing but have less money
savings wise. Also great location. Third option is to
find a lot and build our dream home (ideally 3-4,000 sq ft). My husband
wants the small one and is mad at me for throwing these other ideas into
the mix. I know people move all the time for fun, but somehow I feel like
this is a big commitment and once I am moved in I can’t change my mind as
easily as I can now. I am suffering from fear of real estate commitment
and was hoping to get your opinion in general as well as do you have a
theory about which one of three ideas might increase more in value over
the next 5 yrs?”

Couple things: location location location. Land always appreciates more than improvements, so I would opt for the biggest piece of dirt I can own with a great location.  Like if I didn’t hate camping, I’d say pitch a tent. But for quality of living, I know that bigger new home is enticing. The smaller home trend is a rumor or for downsizing baby boomers, not really sure it’s gonna happen. Best bet: build a home that can easily, tastefully be expanded. Frequent moving  is hard on your furniture, pocketbook and psyche. The days of quick flips are over, unless you are buying in one of the high-foreclosure areas (Detroit, CA, Scottsdale, FLA). My advice: buy the most prime piece of property you can and stay put for five years. I would thinking building the new home is your ticket, but I hear that building costs have not really cratered despite the downturn, which baffles me. Can you still build a decent home for $200 a square foot excluding land? If you do decide to build, know that you will go over budget sure as the sun sets in the west. Hubby: earmuffs, blinders.

I’m sure our talented city of real estate experts can offer their best advice — the keyboard is waiting!

Do I Pay A Mortgage Holder Who Has Defaulted?

Yes, and I would keep copies of the payments in a file in case things get “sticky”.

Even if your mortgage has been sold, sold again and re-packaged as a mortgage-backed security, your name is on the note and you are responsible for the monthly payments no matter who it was assigned to. Know those stacks of papers you sign at closing? One of those docs gives your lender the right to assign the loan — or sell it — to whoever wants to pay the big bucks buy it. Miss one payment, you’ll find yourself embroiled in a lot of explanation and eterna-holds. (Wachovia calls me if one of our mortgage payments is two days late!) Miss several and your home could end up being sold on the court-house steps. Texas is a non-judicial foreclosure state, which means nothing has to be shown to a judge prior to launching the foreclosure process. This is one reason why Texas bankruptcy attorneys are busier than sin these days, working Saturdays and going to court to help homeowners save their homes.

But I need reader’s help with this one: is the mortgage holder, in this case none other than our esteemed Wick Allison, required to mail the payment (or send electronically) to the last known servicing address? Isn’t the bank required to notify all mortgage holders when a new loan assignment has taken place and specify where payments are to be mailed? What, if any, are the penalties against the mortgage holder for not doing so?

I recall an article in either the New York Times or Wall Street Journal a few months’ back describing the confusion all these loan re-assignments have caused in the foreclosure process. Folks were getting to court and no one could locate the actual mortgage documents. I’m trying to find the article.