Stephanie Zellous * (512) 971-4875

Numerous homeowners are opting to lease their home rather lower the price if it is for sale, or sell it at all. I often wonder if they know what they are getting into.

Here are a few things to consider when contemplating becoming a landlord.

1. The rent. What are home similar to your renting for lately? Is it enough to cover your mortgage payment? If not are you able to cover the difference every month?
2. If you are leaving the area, you will need to hire a property manager, this can cost 6-10% of the rent payment every month. Have you factored that in to your budget?
3. Speaking of Property managers, have you interviewed several companies in order to find the best fit? To compare rates?
4. Listing the property for lease. The property manager will charge a commision to list the property for lease which could be from 50-100% of a full month's rent. This means that you will have to cover most or all of the mortgage payment out of pocket for at least one month.

These are very important things to take into account when considering your options. In some cases leasing may be the best option, often times lowering the price a little to entice a buyer is appropriate as you can then move on and start the next chapter of your life.

Two beautiful homes in the beautiful Circle C Ranch. Amenities include tennis courts, golf course and olympic size heated swimming pool. Area amenities include, 5.6 miles of hike/bike trails, 2 mile cycling track, Ladybird Johnson Wildflower Center, higly rated schools. 15 minutes to downtown.

These open houses will occur simultaneously.

If you are unable to attend, please contact me for a private showing.

Stephanie Zellous

Keller Williams Realty

(512) 971-4875

I just got this email from Nehemiah:

Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement

Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.

The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.

According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground -- and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD."

Thanks to the advocates of downpayment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation.

Read the entire article:http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts

Is this good news or bad news for the market, current and future? My past clients who used these programs are doing fine; no foreclosures (knock on wood), so I didn't agree with the decision to ban seller funded DPA. I can't speak for agents in other areas though. What do you think?