Susan Hilton College Station Real Estate
Realtor & Vice President of Sales of Bryan College Station Real Estate
Read my blog below
Investment Real Estate Category
Utilizing Property Tax Exemptions under New Tax Laws in Texas
May 4th, 2012 Categories: Investment Real Estate
Tax laws in Texas haven’t always been the most exciting subject for reading or casual discourse. However, if you’re looking to buy property or claim ownership of a new home in the Brazos Valley, there are some new adjustments to Texas’ laws on property tax. Primarily, the branch concerning application for property tax exemptions. And for homeowners looking for an exemption on the always tolling property tax, these new laws might be considerably interesting.
One of these new laws directly concerns the general homestead exemption. This exemption pertains to most, if not all of individual homeowners in some way. But it would hardly be considered an exemption if every home received the break. So, in order for a home to qualify for the general homestead exemption, it must meet certain criteria. First, it must be the primary residence of the homeowner. Second, the property must be owned by an individual (so basically not owned by a business or corporation). Also, the property must be the principal residence of the individual as of January 1st of that tax year. A home must also qualify as a homestead: any kind of separate structure, condominium, or manufactured home located on privately owned land. It also can be on land of up to 20 acres given that the land is owned by the homeowner and used for residential purposes.
So what is this new change in laws regarding property tax exemptions in Texas? For the homestead exemption, the recently applied ‘House Bill 252’ requires all applicants of the homestead exemption to provide a copy of the homeowner’s state driver’s license or identification card. It also mandates the presentation of the homeowners vehicle registration receipt to be sent with the exemption application. And for homeowners without vehicle ownership, the new bill allows for a simple substitution. Applicants for the homestead exemption that don’t own any vehicles may send in their current utility bill that provides their name and address, along with an official declaration indicating the homeowner’s lack of vehicle ownership.
Though, it is important to note that these requirements are not necessary for homeowners who applied for the homestead exemption before the changes in legislation. Upon applying, it will not be necessary to re-apply unless your principal residence moves or you receive a new application to be processed from your regional tax office.
The reason for these new measures might seem unusual to those bothered by the extra required documentation for the application of a property tax exemption. Yet, according to Texas Comptroller Susan Combs, “The homestead exemption is intended to help relieve the tax burden of Texas full-time residents. This new legislation ensures that the system is working fairly and legally.” Regardless, a few extra papers and methods of identification are hardly anything new in government processes. And if they help provide for a relief on a homeowner’s property tax, the extra hassle is definitely worth the return.
Changes in the requirements for homestead exemptions are not all that have changed with the recent passing of property tax legislation. All homeowners seeking for the ‘Over 65 years of age’ exemption, as well as the disabled exemption, the disabled veteran’s exemption, the extended exemption for a homeowner’s surviving spouse, and the mobile Read the rest of this entry »
| Discussion: 1 Comment »
Using HomePath to Purchase Foreclosed Real Estate
May 3rd, 2012 Categories: Foreclosures, Investment Real Estate, Market Trends
There is no great wonder regarding the effects of the nation’s latest mortgage crisis both in Bryan College Station, Texas and the nation as a whole. Loans were left unpaid, and homes were abandoned as banks and the government foreclosed on them. The question is: what became of all those homes that various banks confiscated? With all the lost finances and the economic downturn, there has got to be a stockpile of these homes just waiting to enter the market at steal prices. Fortunately enough for Realtors and home-buyers, even those in the Brazos Valley, there is such a stockpile. And, through a new program instigated by the great mortgage giant Fannie Mae, these homes are now available for inspection and purchase online.
That’s right. As if the web wasn’t growing fast enough, now prospective home-buyers can evaluate and even place offers on homes via the world wide web (through a licensed Realtor, of course). But first, let’s consider Fannie Mae and how this program came to be.
Fannie Mae is in fact the largest lender throughout the United States. And the current exponential growth of their real estate ownership is primarily due to the incredible number of recent foreclosures. It is a reality of the market that when a bank forecloses on a house, businesses like Fannie Mae stoop in to relieve the Bank of their loss, while turning a small profit of their own in return. However, with the drastic quantity Read the rest of this entry »
| Discussion: No Comments »
Foreclosures Are Happening in Bryan and College Station, Texas Too!
November 1st, 2011 Categories: Foreclosures, Investment Real Estate
Foreclosure is NOT an example of a character flaw. Foreclosure is almost always an EMPLOYMENT issue or an ILLNESS issue or a true UNEXPECTED EXPENSE issue that you could not have planned for. Yes, Foreclosures, Short Sales and Distressed properties are happening in Bryan and College Station, Texas TOO! Remember we cannot control LIFE – we can only control what we DO after Life Happens.
Did you know…
- 2007 Foreclosures increased on a quarterly basis all four quarters of the year… up 75% from 2006
- 2008 Foreclosures increased 81% over 2007 with 3.1 million foreclosure filings. 80% of California & Florida homeowners who missed a payment ended up in foreclosure. By the end of 2008 approximately 2 in every 100 households were in foreclosure. In Florida 4.5 % of all households were in foreclosure.
- 2009 Delinquency ate broke the record again. More than 1 in 8 households were in foreclosure. 12 % of Florida mortgages were in foreclosure
- 2010 January 2010 was the 49th consecutive month wiht year over year increases in home mortgage delinquency rates
So, being behind on a mortgage is much more common than you would expect. If you know someone who is faced with being behind on their house payments or property eviction please let us help them through a short sale so they avoid a property eviction. We work with lenders throughout the country helping the lenders maintain and recover their asset (the home) while also having compassion and understanding with the homeowner. Please don’t let someone you know be like the person in the video below. Going through a lockout is so very traumatic!
http://www.youtube.com/watch?v=UXep2SsJlHw
Bryan & College Station, Texas are not immune to foreclosures. Remember most of the time getting behind is not because of a bad decision it is because of LIFE. It is because employment changed or illness or an unexpected expense. A short sale (where we help you sell before the bank takes the property back) lets YOU be in more control. Call anytime and to just talk about your options. YOU DO HAVE OPTIONS – Don’t let foreclosure be the one chosen for you.
Susan Hilton
979-219-3970
Statistics from RealtyTrac and Certified Distressed Property Experts
| Discussion: No Comments »
Chinese Drywall in YOUR HOME in Bryan College Station?
October 20th, 2011 Categories: Home Improvement & Design, Investment Real Estate, Neighborhoods
Carol Rakowitz arranged for Steve Jolly from Texas Professional Inspections to talk with the agents of Century 21 Beal about Chinese Drywall. Most people have no idea that his could be an issue in their homes nor do they know how much it could affect their home and health.
Chinese Drywall came into the country during around 2001 through 2007 due to the shortage of building materials after hurricanes. The drywall came from China. It has been outlawed BUT many experts believe it is still coming into the country through Mexico and is NOT labeled as Chinese drywall.
Chinese Drywall emits a sulfur gas. The gas CAN (but not always) emit a noxious odor. This fume/gas corrodes copper and other metals which will damage electrical wiring, plumbing, appliances, electronics in the home, air conditioning PLUS what it does to your body and the bodies of your pets.
So, what do you do if you think you might have Chinese Drywall or if you want to make sure you aren’t purchasing a home with Chinese Drywall? First – get an inspection from someone who has experience with Chinese drywall. Then ask LOTS of questions! Has the owner ever noticed a sulfur smell? Have the appliances been replaced? Have they had any corrosion issues with their electrical systems?
If you find YOUR home has Chinese drywall I suggest you contact Foreman and Associates to discuss possible abatement remedies and get an evaluation. I am not affiliated with Foreman and Associates and have not used them but they are one of the only sources I have found to be providing information and ideas at this time for our area.
Many homes with Chinese drywall must be stripped down to the slab, roof and studs to be remedied so this is an issue to take very seriously.
Susan Hilton
| Discussion: No Comments »
Bryan College Station Foreclosures Available!
October 14th, 2011 Categories: Foreclosures, Investment Real Estate
FORECLOSURES in Brazos County!!! Looking for a foreclosure home in the Bryan, College Station, Hearne, Marquez, Hearne or Navasota area? Click on this link which will take you to my REALTOR.com profile page. Click on LISTINGS and you will see the latest available information of properties that are currently available. If you want to be notified when we are GETTING a new foreclosure home send me a note! All foreclosure properties we put on the market are available to everyone but many sell right away!
Currently there are properties available in Bryan, College Station, Hearne and Marquez but MANY more are coming in othere areas such as Medias, Navasota, Caldwell and beyond.
Call me if you are looking for properties in
- South College Station
- Southwood Valley
- Rural areas with acreage
- Edelweiss Gartens
- Under $30,000
| Discussion: No Comments »
