Dear Candy:

We moved into a pier and beam house last year. At the time, we knew it had some small foundation issues thanks to the inspection — a couple rotted sill plates, and a broken beam. A year later, we’ve been reminded that it needs to be fixed, thanks to some new cracking in the bricks and drywall. We’ve gotten quotes from a company to fix it for around $2k.

What I’m wondering, though, is if it’d be worth it to bring in a structural engineer for an independent evaluation. Looks like they typically charge $350 to do a “level B” type inspection. I’ve seen examples of these types of reports, and from what I gather, I can take that report and get bids for the work.

Is this how it really works? Not being an expert, and being a new homeowner, I’m having trouble finding the correct way to proceed here. Help!

I asked if the couple watered the foundation this summer, and they said, um, nay. My first response is to hire the expert and get the bids, but if they are planning on moving in a few years, maybe just fix/replace the sill plates and the beam? While I root around for an expert, what would you say?

Also folks: hang on to those repair receipts so you can show them off when you list the house and the buyer brings in an inspector. Word is buyers are using inspectors to hasten their uber-pickiness these days.

“There are still plenty of U.S. cities where the living is easy. Take Plano, Texas–residents of this wealthy Dallas suburb enjoy the lowest violent crime rate of all big American cities, and have a much lower rate of fatal car crashes. In fact, this “All-American City” tops our list of America’s Safest Cities.”

Wonder if it has anything to do with the fact that Bob Guccione, the founder pf Penthouse Magazine, lived and died there yesterday, RIP.

The others are Omaha, Nebraska in Warren Buffet’s ‘hood; San Jose, CA which is beautiful but sure has some weird politics; Honolulu, Hawaii where I’d live in a New York second; Portland, Oregon, too rainy for me, and Plano, Texas.

I’m totally kidding about this title. Plano is not boring and in fact, produces some very bright offspring from one of the best school districts in the state. And I’m glad they aren’t killing themselves on the highways. This kind of stuff makes people want to buy homes there.

“But since it does not own the actual loan, doing that (recording mortgages in its own name) could be seen as violating a long line of precedents that bar separating a mortgage from the underlying note in which the borrower promises to pay. He quotes from an 1879 Supreme Court decision holding that “the assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity.”

It would be interesting to write our lenders and ask them to produce the notes they hold on our mortgages, and see what happens.

Then readers took task with his confidante, a guy named Mark Kreditor, who said Texas tenants are all a bunch of deadbeats. He leases really crummy homes, people said, so sure he attracts folks with bad credit.

But it looks as though Mr. Kreditor knows his credit scores. Texans are not much better than folks in Las Vegas when it comes to credit scores — and we do have the lowest in the nation. The average Texas credit score is 651 — Nevada is 655 — and they have slot machines at their fingertips.

Why can’t we be more like South Dakota at 710?

A reader says: “I bought 10 rental properties and the majority of my tenants did end the lease in default.  It’s not a credit issue, their credit is fine, it has more to do with their day to day life and obligations.  On every case I can remember, every situation that I identified with them, was an unexpected event that caused them (for some reason) to not pay their rent for the month and hold off.  They eventually paid the rent but the next 30 day window shrunk for them.   It all catches up and the “renter mentality” is that they can hold off on the rent because their relationship with either the property manager or owner at the time of the lease was so “peachy”  they try to hold them off and it starts getting later and later until they bail in the middle of the night.”

Dear Eager:

This is a great question currently on the minds of many homeowners across the nation.

The good news is the national foreclosure moratorium will have very little impact in Texas.  Texas is a non-judicial state and the foreclosures will most likely begin again here in the next few weeks as the lenders dot the i’s and cross the t’s on their paperwork.

The bigger issues impacting home sales in the Dallas area are three-fold.  First, the federal tax credit that expired earlier this year prompted many buyers to get off the fence and purchase before the deadline.  This frenzied buying has dissipated the current buyer pool.  Secondly, we’re still running across many buyers who can’t qualify for a mortgage due to low credit scores, high debt, or a combination of the two.  This is such a tragedy given the historically low interest rates and affordable housing prices in our area.  And third, unemployment is high, so many would-be buyers are unwilling to part with their money given the widespread job insecurity facing Texas and the nation.

While it’s a great time to purchase a home, it’s not the best time to sell.  What sellers need to keep in mind is that whatever loss they might take on the sale of their home, they will more than make up for on the purchase of a new one.  The savings in interest alone is substantial.  When you combine that with lots of inventory and stable prices, it’s a prime time to buy.  The Dallas Fort Worth metro area is having a fire sale!  If you’re planning to purchase another home after you sell, I would encourage you to take your minor bumps and bruises in sales price and then take full advantage of the current buyer’s market.

“This is a major, major crisis. The Lehman bankruptcy could be a spring rain compared to this hurricane. And if this isn’t handled right…and handled right quick, in the next couple of weeks at the outside…this crisis could also spell the end of the mortgage business altogether. Of banking altogether. Hell, of civil society. What do you think happens in a country when the citizens realize they don’t need to pay their debts?”

In a nutshell, this writer is saying that since mortgages were securitized and sold up into those bundles, the chain of ownership title is all mucked up. (I have to read repeatedly to let the process sink in, MBS’s and REMIC’s and tranches and MERS, it all gives me dyslexia.) Like, can bond holders even hold title to a mortgage? One of my mortgages was sold six times in two years. Citibank is now the last owner. I’m beginning to feel like I should get a fruitcake for Christmas because I pay my mortgage on time now on auto-draft.

So as I floated when this first happened: some people who are in foreclosure could well end up owning their home free and clear because of a technical glitch, kind of like when you are caught driving 85 in a 65 mph speed zone but the officer forgot to joy down your date of birth or whatever. You will be saved by a screw-up.

And if that happens to a whole bunch of people… judicial or non-judicial, this person is right on.

We all know it’s hard to get financing now. What if mortgage financing dries up completely and we return to the pre- 1920′s when you have to have cash to buy a home?

And the price was?

$4,9995,000

Now listed with Becky Frey at Briggs Freeman and under contract, last asking $3,850,000.

Architectural design by David Stocker of Stocker, Hoestercy, Montenegro Architects & built by Rusty Goff in 2006 on 1.3 acres.

And I’ll bet you $100 the sales price will be “Z” d out.

OK, let the guessing games begin. How much will this fabulous home sell for — truly one of the most beautiful new homes built in Dallas in the last ten years…

Update: Erin called to remind me she sold 6506 (not 09, my dyslexia cropping up today) 5/14/2009 for $3,500,000. Which made me dig deeper to see a few interesting facts. The home was originally listed at $5.6 in 2008. Property taxes then were $28,950. Property taxes at the current appraised value ($3,209,000) are — are you sitting down?

$72,031.66.

And you wonder why this area wants to de-annex!

Meet Beck, created by Beck Construction. I think Beck has many real-life bigger, older siblings in parts of Preston Hollow and Plano.

This Little Castle Pop Up Playhouse captures the imagination of youth and adventure by letting children climb inside a book. The outside features a storybook opening, and the book is shaped like a Gothic-style castle with wrought iron window framed windows, a bell, decorative light fixtures, a wooden deck and a ladder. The  playhouse interior also features writing/drawing surfaces.

Opening bid: $7,500. Oh and I think the blue Victorian in the background is Freese & Nichols/Pacheco Koch/Hill & Wilkinson’s fan structure playhouse. Features include ladder rungs that lead to a slide, an interior chalkboard wall, an exterior climbing wall, a tic-tac-toe game, sand box, garden and hummingbird feeder. There is also a garden planter alongside the structure. Home, sweet-pint-sized home and proof, perhaps, that our homes are getting smaller.

Meet Corgan.

Transformer was the concept behind this playhouse by Austin Commercial. A simple cube design is meant to expand and transform with a child’s imagination. The structure is comprised of stained wood framing articulated with lightly washed wood slats. The transformation begins with a pivot hinged door and provides numerous other evolutions including a sliding monkey bar and loft space.  List price: $7,500.

Corgan is one of  four darling playhouses to be auctioned off at tonight’s Texas Real Estate Council (TREC) Giving Gala over at the Hilton Anatole. Oh and don’t be surprised if you hear Robert  Earl Keen wafting over the highways from the Hilton Sculpture Park…

The Giving Gala will raise funds for TREC Foundation’s initiatives in four key grant areas—education, housing, jobs and the environment.

Founded in 1990, TREC is comprised of 1,300 commercial real estate professionals representing more than 500 companies in the Dallas area. TREC pursues industry advocacy and also ties to improve the quality of life in Dallas. Since 1990, TREC’s investments in the community have totaled $75 million in pro bono professional expertise and added asset value supported by $8 million in cash. Y’all can thank TREC  for the $1.5 million investment that spearheaded Woodall Rodgers Park, as well as $6.3 million in pro bono legal and title services and $250,000 in funding that helped create Dallas’ Urban Land Bank.

Then, there is the separate legal issue as to whether the owner of the building is operating it in a legal manner. The City has requested a new trial  at Judge Carl Ginsberg’s 193rd Court on October 20th.

The owner of the property is trying to say he can run the joint, zoned for a multi-family building that would, at full occupancy, jam in 64 residents like a sort of dormitory or residential hotel.

The neighbors say, no.

I have a question: why did Judge Ginsberg let this guy continue to operate? Would he like to live next door to this?

The first beams to cross the freeway and become the foundation for Woodall Rogers Park will arrive next week. Woodall Rogers Park will serve as a central gathering space for Dallas and its visitors to enjoy in the heart of the city. The 5.2-acre million deck park will create an urban green space over the existing Woodall Rodgers Freeway between Pearl and St. Paul Streets in downtown Dallas. Plans include a performance pavilion, restaurant, shaded walking paths, dog park, children’s garden and playground, great lawn, water features, an area for games and much more.

So do you think these homes are a good market indicator of Dallas tenants? I know exactly where 215 E. Woodfin is — pretty far west of Mr. Fountain’s home. Again, is Kreditor charging $829 a month for property taxes? That’s more than the rent!