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Kelly Peace

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The Short Sale explained - take II

08-27-09
Kelly Peace

The Short Sale - It's funny, this term and process of selling property has been around for years, but not until the last few has it really become "household" lingo. I'm asked almost daily about how to go about the process by folks that are facing foreclosure.

So, for those interested, the process of a "short sale" basically goes like this: You list your home for sale. You eventually get an offer which is presented to the bank(s) which holds the current mortgage(s). Id the bank is willing to accept a lower amount than what is owed, this is considered selling "short" of the payoff, hence a Short Sale. In other words, they are being paid "short" of what is owed by you in order to transfer ownership to the buyer before the foreclosure process begins. 2nd liens (mortgages) can be a bit more tricky, especially if have 2 different banks (mortgages) involved.

banks in this country have faced an extremely high rate of foreclosures the last 24 months. They are not necessarily in the business of keeping real estate inventory unless someone is paying the mortgage on the property. Depending on the situation, most would rather take a little less than you owe than increasing their via foreclosures.

Now every bank is different, so the process may vary slightly. Each has their own set of paperwork or Addendum's. From what I've experienced, banks can take from a few days up to 4-6 before they respond to an offer. Most want Earnest Money. Most will pay some type of closing costs. Most won't make ANY repairs. None of them have an emotional attachment to the property. Needless to say, buyers who are making an offer on property subject to "short sale" need to be patient. Furthermore, make sure your Realtor is familiar with the situation and process so there's no surprises later.

For those who want more information about the "short sale" process, I'm here to help. Thanks and good luck!

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Going GREEN - Rainwater Harvesting

06-29-09
Kelly Peace

Harvesting rainwater simply means finding a way to capture rainfall and runoff so that it can be recycled and used primarily for landscaping.

Rainwater catchment or rainwater harvesting (RWH) are catch-all terms for collecting, storing, and later using precipitation from roof run-off (or other sources, depending on your application). Across the globe, rainwater is used for many purposes, including drinking water, irrigation, aquaculture, air conditioning, groundwater recharge, and fire fighting. It has been utilized for many centuries.

Harvesting rainwater offers many advantages: it conserves municipal and well water; it is free; gravity fed systems conserve energy; it is low in salts and good for plants; and it can reduce flooding and erosion. Rainwater provides an excellent primary, supplementary, or alternative source of water. Rainwater can be used at multiple scales from residential to commercial and at the neighborhood or community level.

Rainwater tanks and barrels can be made or purchased and are relatively inexpensive. I personally have taken an interest in becoming more "green" and decided to contruct my own rain barrel. Now all-in-all, the materials cost about $100. Labor was of course, free! Below is a picture for reference. Now it may take some time to recoup my costs in water bill savings, but I have to believe the free, chemical-free water I'm using on my landscape has great benefit.

Let's all "Go Green"!

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Kinship Fair, Denton,TX / M.I.L.K. registration for children

10-22-08
Kelly Peace

The Third Annual Fall Kinship Fair will be held from 11 a.m.-2 p.m. Saturday, Oct. 25 on Pioneer Circle (the Pioneer Woman statue area) on TWU's Denton campus. The fair provides resources for Denton County Kinship families who have opened their homes to children who otherwise would be in the foster care system. The event includes food, games, a petting zoo, as well as resources for the families such as diapers, clothes, haircuts and information.

Kelly Peace w/REMAX DFW Associates will be providing parents with M.I.L.K. (Missing Information on Lost Kids) information necessary to register their children for the national Amber Alert and local authorities.

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