Susan Hilton Texas Aggie Real Estate College Station Bryan Texas Real Estate

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

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Thefts of aluminum, bronze and copper is a growing issue at places such as empty homes, abandoned commercial buildings and the most threatening/dangerous of all is power substations located near neighborhoods. It seems preposterous that the thieves are risking their lives for this. For example, last year metal thieves took close to $100 of wire from a substation at an electric co-op. The damages after a fire destroyed regulators, switches and a $600,000 transformer resulted in a $1 million repair bill. Although the issue was quickly fixed, there were over 3,500 consumers temporarily without electricity.

Damages done to this type of equipment has major effects on the systems. This is because if the protective copper wires are gone, the equipment can be ruined.

Although the cost of scrap copper fluctuates, right now the price is up which means so if the amount of metal thefts. In January, scrap copper was sold for 5 times the amount it was worth in 2001.

Copper is often used as a base/ground for equipment. Copper used in substations helps to step down high-voltage electricity arriving from different power plants. It may also be used on a utility pole or in a green box on the ground to lower the voltage so the power is not strong for your home.

Copper is extremely important for us and it is a part of our everyday life whether we are aware of it or not. Metal theft is a serious crime that can have an effect on everyone! So, if you see someone at a vacant house in Bryan College Station, that shouldn't be there, call the police!

Susan Hilton

Holmes vs Beatty - Lawsuit over inheritance issues - (summary below -remember I am not giving legal advice!)

Thomas and Kathryn Holmes married 1972. They amassed $10,000,000 in brokerage accounts and security certificates. Kathryn died and her will said her son from a previous marriage was the executor. Kathryn intended for her children to get her share of her estate. Thomas died 9 months later (of a broken heart?). His son, Harry, from a previous marriage was the executor of Thomas' estate.

Looks like the kids of Kathryn would get half and the kids of Thomas would get the other half. Not so!

Because the bank accounts were structured as JT TEN and JT WROS (joint tenancy) all the money went to the husband when Kathryn died. Then when Thomas died everything went to HIS kids.

Her will gave everything to her kids and his will gave everything to his kids but....

Do you think either Thomas or Kathryn understood that the money would go to only his kids? Probably not since each had a will leaving what they had to their kids BUT the Texas Supreme Court said too bad! They said the law is the law and ignorance of the law is no excuse.

Thomas' kids got everything!!!

Now, go check your bank accounts. Check the bank accounts of your parents and make sure you talk with your attorney about this! This is a new ruling and your attorney may not even know about it yet.

Susan Hilton

A "short sale" is something that has become well known over the last few years as home values decrease and many homeowners face financial difficulties. "The term 'short sale' means that during the sale there is more debt owed against the property than the property's value. In other words, the property is "underwater"

It has been reported that in Tuscon there is a rising number of foreclosure filings and this number is only expected to continue growing in the future. Almost all of the neighborhoods in Tuscon have seen a rise in foreclosures and properties being sold as short sales. In some areas of Tuscons 40% of the total housing inventory is compromised by short sales. This shows that all inventory may be impacted even the inventory that is not distressed.

In a short sale real estate transaction it is important to understand who is in charge of what:

• The primary people in a short sale real estate transaction is the homeowner and the mortgage company. The home owner must talk with the loan servicers about their situation where they will need to provide the necessary documentation of financial distress. Overall the goal of the mortgage company is to keep the homeowner in the home. A short sale is typically the last resort. If phone calls and emails are ignored from the lender this will leave little choice but to proceed to a foreclosure action.
• If a foreclosure process begins it will become more difficult to work out a possible solution with the lender. When there is a situation that the process advances to the "Notice of Trustee's Sale" stage, there is less time to market the property for sale which makes it a challenge to obtain as close to fair market value for the property as possible. This is particularly true in areas where properties are moving slower, such as areas like Tucson.
• The second key person in a short sale is the tax professional and/or financial advisor. It is important to have a disucssion concerning the potential tax consequences and you need to make sure the tax professional you are using is up to date on the current tax law.
• The homeowner also needs to work with an attorney to explain the laws related to the release of fliens or mortgage debts.

It is extremely important to work with a professional Realtor during these types of situations. Century 21 Beal, Inc. has many wonderful Realtors to work with who have a strong understanding of all this information.

Did you know there is a book on the history of College Station? What about the one on the history of Bryan? Email me and I will help you get books too!
Great presentation by the author today for Century 21 Beal!