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Home Tim Moncrief, Co-Owner-Bartlett RE Group

Tim Moncrief, Co-Owner-Bartlett RE Group

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Ever checked the tax records SKETCH to see your home is the home measured? Huh?

10-16-09
Tim Moncrief, Co-Owner-Bartlett RE Group
We all know that tax assessor's records are so reliable.....HA! I had a fairly unique situation pop up today that I wanted to share......as it is quite rare, but if it happens to you, it can be devastating.

SCENARIO: The house is 12 years old and currently shows a square footage on the tax records of 2815 square feet.  Buyer 1 bought it with the tax record showing 3112 square feet; buyers 2, 3 and 4 at 2815 square feet.  So the appraisal comes in yesterday at 2575 square feet, which, of course, causes the appraisal to come in low.  The measurement has to be wrong, eh?

I know buyers 2, 3 and 4.  I ask each if they have appraisals of the home.  None do.  Hmmmmm.  Buyer 4 asks the bank for the appraisal and they refuse.  Hmmmm.  

So I get on the tax assessor's website and pull up the home and pull up the sketch of the home the tax assessor used to measure.  The sketch is is NOT the home that is being sold.  Hmmmmm.

Then I remember buyer #1.   The builder was going to build a spec home and buyer #1 wanted to change the plan, and the builder agreed and the new home was built.  You can probably guess what drawing is still on the tax records 12 years later.  Yes, the plan that the builder had originally planned to build.

We all need to remember the spelling of assume.  Ass U me.   We all pull up tax records to verify information, but how many pull up the sketch that the assessor used in making the square footage calculations.   Most agents would say "Is there a sketch on the tax records?".  I don't mean to be harsh about saying that, but it is AssUme d  that the square footage over a 12 year span had to have been corrected at some point, right?  Surely one of the 4 appraisals measured the home, right?  Surely the sketch has to be correct, right?  That is what I Ass U Me d.

We all have had square footage problems with relatively new homes from a builder's measurement to an assessor's measurement; but what are the odds that such a scenario would pop up where the floor plan measured is not the floor plan of the home.  Honestly, not that often; but one time will wake you up.  How long does it take to check the drawing?  One click and about 3-4 seconds to say "yep, that's the same plan".

You might want to pull up your own tax records and not only see if they have the correct plan, but even check the calculations of the measurements.  Odds are pretty fair that there is an error in the calculations.  For my seller, I told them that there is a tiny bit of good news as you can go back and get rebated on your tax differential over the past two years.  I had one client with an 800 square foot area error.  At 4000sf, not 4800sf at $270/sf at a 2% tax rate, they got a pretty sizable refund.

God willing we will make this work by day's end and make it a win win for all; but I thought it would be a nice lesson to share to all........

Have a blessed day.....
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5 Day Closing: Who really gives a CRAP! (An H1N1 Story)

10-11-09
Tim Moncrief, Co-Owner-Bartlett RE Group
Perhaps a bit harsh title, but Friday I was going to write a blog that we could still sell and close a home within 5 days. But at the closing table I got some horrible news that made the 5 day closing meaningless.

My client did not show up on time for closing, so I called to find out what was the delay. My client said "Are we closing today?" A bit of an odd reply as we had talked earlier and my closing manager had set up the closing time, gave directions and gone over the HUD. Though puzzled, I did not bat an eye, and told her that I was at the closing office, but to come by at her earliest convenience. She said she would be there in about 15 minutes and greatly apologized.

She shows up and has this stunned look on her face. I asked her if she was OK, and she said "No". She said that her neighbors' 5 year old had just passed away from the H1N1 virus. She was the child's Godmother.

So now I was going to close on a deal? Perhaps the most awkward, heart wrenching closing I have ever been to in 28 years. Closing went fine and she flew out of the room and apologized for leaving so fast. What do you say? Congratulations? I am so sorry? I was so shocked as the title rep's children and husband also had the same virus this week, so I had to not say anything until after the closing.

I just sat there for about 5 minutes thinking this was going to be a cool moment that I was able to get a contract on Monday and close it on Friday. But instead, I could not give a crap. Moreover I won't even go into the details of how we were able to pull it off as it is totally meaningless to this post. Sometimes in life we get a moment where we get a big kick in the face as to what life is all about. It was a very long drive back home.....as I could not go back to the office.

I am writing a post about a closing and my and my client's neighbors are getting ready to bury their 5 year old child tomorrow. No jokes ever about this horrible flu as this may hit very close to you. This child was sick on Sunday, and the flu symptoms would not go away; so they took the child to the doctor. H1N1 confirmed and the child was to be taken to the hospital overnight. The child was suffering from nothing else. Just a flu....a very bad flu. A very sad and horrible ending. It's not fair.

Please make sure that everyone you know gets the H1N1 vaccine this coming month(s).
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Converting PDF to JPG for your blog is so easy even I can do it.....

10-08-09
Tim Moncrief, Co-Owner-Bartlett RE Group
This is so easy, well, I can do it.  And if I can do it, anyone can.

Go to Zamzar.com (It's free and there is no registration or signing up for stuff).  THIS IS A GREAT WAY TO SCAN PICS AND TURN THEM INTO PICTURE FORMAT!!!! I am sure that there will be some advertiser that will try to attach something on your computer, but your anti virus, malware virus should quarantine it so you won't be hassled i.e. don't worry, be happy!.

For those that are really computer savvy, here are other formats that you can convert to:
  • bmp
  • dwg
  • dxf
  • eps
  • gif
  • ico
  • jpg
  • pcx
  • png
  • tga
  • tiff
  • wbmp
  • wmf
  • ...and numerous doc files
ANYHOW,  there will be 4 easy steps to convert to a picture format from the Zamzar site:
  1. Upload your PDF file from wherever you are storing it on your computer.
  2. Select what format to convert it to
  3. Enter your email address
  4. Click on CONVERT
  5. Pull up your email and you will see and email from Zamzar.com
  6. Click on the link on the email that downloads the CONVERTED file.
  7. Save the converted file to whatever file you store your pics
Now upload these pics on your blog and off you go..........

Blog on!



9 Comments
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Ready for the DOUBLE DIP RECESSION???

10-05-09
Tim Moncrief, Co-Owner-Bartlett RE Group

Mixed reactions from the River North Area of Austin Texas.  The number of homes on the market continued its downward trend with a reduction of 7% from last year; though, closings were down 6% from last September.  It is pretty tough to make any assumptions based on one month, but the reduction in closings is a red flag that needs to be watched.  Last October we saw the implosion of the financial markets that took a major toll in the closings in November through this past May.  If the market is beginning a recovery we should see substantial closing increases during these same upcoming months.

The fear that still resides is the possibility of a double dip recession, whereby the market makes a modest stabilization, and then takes a second fall.  What I am watching closely is the lagging indicator of unemployment numbers.  Though it is a lagging indicator, it does help give one an idea of the direction in which the country or area HAS been going.  At this time we are not seeing any positive change in unemployment numbers and this will remain a concern.

I, nor any economist, can not accurately predict where an economy is going as it is virtually impossible to predict global human behavior from BILLIONS of people.  Bottom line is that we need to see job growth before we can see a serious recovery.  At this point the stock market and real estate market are improving and that is very good news.  The question arises as to whether this will continue, or will job creation start in the upcoming months and we will see stronger growth, or will we see a double dip recession and see a reversal of our improved economy.   So far, optimism remains good; and, optimism can create positive movement, as pessimism can create negative movement.

So the advice I can give is to pass on optimism.  It is contagious.

For a detailed report   C L I C K   H E R E ! ! !  

River North Area sales averages about $516,000 per home and includes, BUT is not limited to, the following communities:

  • River Place on Lake Austin
  • Steiner Ranch
  • Westminster Glen
  • Villa Montana
  • Grandview Hills/The Parke
  • Glenlake Estates/River Pointe
  • Long Canyon
  • Greenshores
  • Shepherd Mountain
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Spotlight Austin: A recap

09-14-09
Tim Moncrief, Co-Owner-Bartlett RE Group

Fantastic turn out at this month's SPOTLIGHT AUSTIN by Patten Law Firm of Austin. Thank you sooooo much Patten for allowing me to be a part of the panel to help point a few in the right direction.

A few pointers I passed on to others for a few questions presented:

  1. How are your adapting to the shifting market: I said that I actually love markets like this as it allows one to truly find out what is working for them in building their business and what is not. Sure we cut costs, but only on items that we were not positive were not working. We actually increased our budget on marketing items that were working. Sure it hurts, but we are learning from it. Having been through several down turns we actually planned on this downturn market 5 years ago in developing our business model. Thus we were able to adapt better than many.
  2. Where do you think this market is going in the next 6-18 months based on the number of projected foreclosures and increasing number of 3 year arms hitting our market in the next 2 years (Ouch, powerful questions): I said all depends on job creation. The more job creation that we see in the coming years, the better the market will be able to absorb any future foreclosures. I said I don't want to be negative, but without job creation, the market can not absorb the upcoming foreclosures and projected foreclosures. But, I am optimistic.
  3. Do you see a major impact of commercial buildings and retail centers failing having an impact on your market? No! I told the audience that in any down market commercial activity is going to be hit very hard. It is up to the agents to educate the public that location, location, location will, in time, bring the commercial back. Our group does an excellent job of educating the public and all realize that with the location that we farm, our area is safe. Another agent (Tosca) jumped in and added the impact of the premium schools will outweigh the failing of a new retail or office building.

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