Hillary's 'PLUM' Homes

Why is nothing Selling? The market is over saturated? Sellers are frustrated and wondering why their condos are not selling. A huge part of this reason is due to Buyer not being able to obtain FHA financing on Condos. The requirements to be able to qualify for this lower interest rate and less down option has restricted people to looking at homes that are still in their price range and can also obtain this more appealing financing. There are several requirements that have been put in place that make Lenders not the end all to approval for this financing but also HUD the word for the final approval. it has even lenders unsure if condo units are FHA approved.
A couple things to consider:
1. The units must have 50% occupancy (more like tipping the scales at 51%) (much of the reason why you see all the new builds reduced so much to get buyers in)
The issue with this is they do not count rentals or REOS (real estate owned, Bank owned in this)

2. The owners can not own more than 10% of the units

3. HOA has also been a factor in this and complicate things when they are delinquent. There have been so many new builds that have gone up and planned during the housing boom but no buyers so they become delinquent when they can’t sell

Below are some links so you can see the details of this according to HUD and compare your own situation:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46aml.pdf
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46bml.pdf

Tax Breaks for Military Families
Military service is a tough job, but it comes with privileges at tax time.
By Kimberly Lankford, Kiplinger.com
Service members get a tax-free housing allowance, can qualify for tax-free pay while serving in a combat zone and have an extended tax-filing deadline while deployed — giving them up to 180 days after returning from a combat zone to file their tax return.
They can also stockpile extra money for retirement in tax-deferred accounts. Not only can military personnel stash up to $16,500 in the federal Thrift Savings Plan in 2010, but they can also contribute all of their tax-exempt combat-zone pay (as long as total TSP contributions for the year don’t exceed $49,000). Tax-exempt pay that goes into the TSP comes out tax-free in retirement. At the same time, they can contribute up to $5,000 to an IRA ($6,000 if 50 or older), even if their entire yearly income is tax-exempt combat pay.
Homeowner breaks. And now service members serving outside the U.S. for at least 90 days between December 31, 2008, and May 1, 2010, have an extra year to qualify for the $8,000 first-time home-buyer credit or the $6,500 credit for current homeowners. They have until April 30, 2011, to sign a contract and until June 30, 2011, to close on the new house. Normally, if homeowners don’t live in the new house for at least three years, they have to repay the tax credit. But there’s an exception for members of the military who have to relocate because of government orders.
Military families also get a special break when they sell their homes. Most homeowners need to live in a house for at least two of the five years leading up to the sale in order to claim tax-free profits of up to $250,000 ($500,000 if married filing jointly). But because they move frequently, military families need to live in the house for only two of the preceding ten years in order to qualify if they are on qualified official extended duty, which means living at least 50 miles from home or in government quarters.
For more details, see Kiplinger’s Money Guide for Military Families at Military Families. Or see IRS Publication 3, Armed Forces Tax Guide.
Reprinted with permission. All Contents © 2010 The Kiplinger Washington Editors. www.kiplinger.com

What a great investment opportunity!!! This was the Model and priced 24k below tax! What a great time to capitalize on the Soft condo market and is walking distance to Galleria and new urban development of shopping, dining and retail.
Welcome to luxurious living! This Tuscan style townhome boast of stainless steel appliances, Granite counters in the kitchen, bathrooms and fireplace,and beautiful wood floors. The open floor plan from the kitchen to living room is perfect for entertaining,complete with a built in stainless steel wine cooler. This gated community offers resort style pool, tiled roof cabana, and outdoor grill. Just walk to the Galleria and new urban development!
Furniture can be purchased with property
Check out additional photos at: http://gallery.me.com/hillaryulrich#100057
Username: galleriaproperty
password: Galleria (capitalize G)

Part of taking the fear out of buying and selling is staying up-to-date on the rules and constant changes that are occurring and make buying and selling much different than it used to be

How does the S.A.F.E. Act impact Sellers?
The SAFE Act is designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage lenders

This will now be enforced at the end of May, Sellers who elect to do Seller financing have to be licensed in order to have this option. There are two exceptions:
1. Seller’s primary Homestead (no rental homes or secondary homes)
2. Loan by family member or Trust

If violated, you can be subject to a Misdemeanor and fined

Real Estate agents must beware because we are not authorized to give advice on any of the terms and must make clients aware. We are being advised to have the client speak with an attorney and get forms from them as well.

I am so excited to be sending you these pictures as it personally relates to me, and my family and is an event I have been passionately pursuing. My Father, John Paine, has ALS, a terminal illness that is under researched due to lack of awareness. I wanted to personally invite you to share in this annual inaugural ALS Charity event where you can learn more about ALS and the event.
Thank you to Margaret Wolf, an amazing photographer!

http://www.eventpix.com/
Event Name: ALSDallas
Password: ALSDallas

My Speech to introduce my Dad:
My Speech: ALS Evening of Hope Speech

I have the honor of introducing the most important man in my life, my Dad. While my Dad is a success in business as a Dallas-based private investor and President of Providence interactive Capital, he is so much more than his amazing accomplishments professionally. He has worked so hard and has taught me everything I know so I do not want to undermine the amazing businessman and business brilliance he possesses. However, there are many business professionals with brilliant minds, and my Dad is even further set apart.
What I want to tell you about is the respect I have for his character and authenticity.
He embodies inspiration and has touched not only our family but others in this room and outside this room as well. He has a soft spirit and an amazing drive. His integrity, faith and persistence are why I stand before you today. He was once a man completely focused on business success and perfection but has transformed before my very eyes into a man constantly seeking faith and a man focused on restoring relationships. Through his journey he taught me to look for the positive and search for a way to improve upon a situation that may seem hopeless at the time. He always seems to find the diamond in the rough..I know he did with me!
The reason I came in search of a solution for something good to come from this disease was not just because he was inflicted with it, but also because I saw him embrace the change in his body and seek the good that could come from something so horrific. Through this, I learned to that I too could trust that something amazing can come from pain. So I plan for this to be the first of many years to come of events designed to raise awareness and search for the cure for ALS.
This verse is dear to me and encompasses this event today:
“For I know the plans I have for you”, declares The Lord, “Plans to prosper you and not to harm you, plan to give you hope and a future.”
Jeremiah 29:11

Forecast for the Week

Two important reports bookend the week ahead, and hopefully both will show changes in a good economic direction.

Monday’s Personal Income and Personal Spending Reports will give us a look at the Core Personal Consumption Expenditure (PCE), which is the Fed’s favorite gauge of inflation. Rest assured the Fed will be watching this report very closely, as it could impact their decisions on rates and Policy Statement verbiage, as we discussed.

Thursday will bring another Initial Jobless Claims Report. At this stage in the economic recovery, the weekly Initial Jobless Claims readings we are seeing are still pretty high, which suggests that businesses are both reluctant to hire and are looking to trim overhead.

And the big enchilada of employment news wraps up the week, as April’s Jobs Report is due for delivery on Friday morning. Last month’s report showed that 162,000 jobs were created in March, making it the biggest one-month increase in three years. Additionally, there were upward revisions to January and February, which brought the last two months’ net job losses to near zero. But it’s not time to break out the party hats just yet…last month’s report also showed that the official Unemployment Rate remained steady at 9.7%, and when factoring in the “underemployed”, including people who accepted part-time work because full-time work is simply not available, the rate of unemployment overall rose from 16.8% to 16.9%. This report will be very important to watch, as the labor market is key to our economic recovery.

Remember this rule of thumb: Weak or negative economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong or positive economic news normally has the opposite result.

As you can see in the chart below, the instability in Greece and the Fed’s decision to keep rates low for an extended period of time gave Bonds a boost above a key technical level. But remember, volatility is the name of the game at the moment, and things can change quickly. I’ll be watching closely to see in which direction Bonds and home loan rates move this week
Your’e always welcome a call or email from you if I can help answer any questions!

Copyright 2010. PlatinumPro Marketing.

An AMAZING DEAL nestled right in the heart of MANSION PARK! Cute Two story condo with granite like tile, and great study or sunroom as an added bonus. Tree shaded patio adds charm and privacy. Plus HOA includes gated entrance, parking dues, and all utilities!
Only 139,800! Won’t last long

http://gallery.me.com/hillaryulrich#100065
Username: mansionpark
Password:Condo (capitalize C)

Effective Monday, March 22, 2010,
will only allow FHA loans where the resale price is 20% or less above the
seller’s acquisition cost. Loans where the resale price is greater than 20% are not
eligible. All other criteria detailed by FHA under this waiver also apply. See the below
criteria:

• Must be an arms length transaction with no identity of interest between buyer and
seller or other parties participating in the sales transaction. To make this
determination the following applicable steps should be performed:
o Verify that Seller is in title as indicated on the Appraisal and no apparent family
or business relationship exists between the parties to the loan or sales
agreement.
o LLCs, corporations or trusts as sellers must have been established and operated
in accordance with applicable State and Federal law. Lenders must document
the validity of the seller. Business licenses, State Department of Corporations
status, and Attorney Opinions are examples of acceptable documentation.
o No pattern of previous flipping exists such as multiple transfers of title within a
12 month timeframe as indicated on the chain of title on the Appraisal .The
appraisal is required to show a 3 year history of ownership.
o Document that property was marketed openly and fairly through an MLS, an
auction, For Sale by Owner or developer. Note: sales contracts which have been
assigned to the current buyer are not allowed.
• The increase in value must be supported by the Appraiser with supporting comments
and documentation included as follows:
o Appraiser must indicate the seller completed legitimate renovation, repair and
rehabilitation work on the subject property to substantiate the increase in value.
o If the work was not performed, appraiser must provide appropriate explanation
of the increase in value since prior title transfer. This should include an analysis
of the market difference occurring between distressed sales and typical armslength
market sales

What an incredible investment opportunity right in the heart of the Galleria area! Priced 13K below Tax rolls and owner paid almost 100K more for property. This was the model Town home in the community and has all the bells and whistles. You have the opportunity to capitalize on the soft condo/town home market!
Welcome to luxurious living! This Tuscan style townhome boast of stainless steel appliances, Granite counters in the kitchen, bathrooms and fireplace,and beautiful wood floors. The open floor plan from the kitchen to living room is perfect for entertaining,complete with a built in stainless steel wine cooler. This gated community offers resort style pool, tiled roof cabana, and outdoor grill. Just walk to the Galleria and new urban development full dining, retail and entertainment.
Furniture can be included in purchase.
Check out additional photos at: http://gallery.me.com/hillaryulrich#100057
Username: galleriaproperty
password: Galleria (capitalize G)

Being a Successful Landlord
These days, some homeowners are choosing to rent out all or part of their home to help pay for their mortgage costs. But being a successful landlord is more than just sitting back and collecting the rent. Here are some tips to help if you ever choose to become a landlord.
Charge a Fair Price: All real estate is local, and the best and quickest way to success is to know your marketplace and what you can expect to charge for a fair rent in your area. Some things you can do to determine a fair price include studying local classified ads, scouring the Internet, and finding out what neighbors are charging for rent.
Write the Right Ad: Getting the right tenant is even more important than picking the right price to charge. Attract the right tenants with ad phrases such as “good credit and references,” “no pets,” “no smokers,” etc.
Create a Thorough Application Process: Be sure to require proof of identity, past addresses and landlord contact information, employment information, and references. Also, ask questions like how many people will be living with the applicant and how long they plan to rent.
Check References EVERY Time: Call their previous landlords and ask if the rent was paid on time. Find out how the property was left when they vacated. Were the tenants loud and troublesome? Did they complain a lot? Did they report small repairs in a timely manner? It’s easier to avoid a bad tenant now than to try and evict one later.
A Final Creative Idea: Before signing the deal, make an unexpected visit to your prospective tenants’ current apartment or residence. You will get a good look at how they keep their home as it is likely to be the way they keep yours.
And Always Ask the Experts: Be sure to check with your tax professional to make sure you file your taxes correctly and to see if there are any rebates or other benefits you qualify for.
Some people choose to be landlords, while others have it thrust upon them due to market conditions. Either way, taking the steps mentioned here will help make the experience more successful for everyone involved.