Katy, TX

The Katy Independent School District will vote on a measure to rezone several neighborhoods from one high school area to another and the vote is expected on February 22, 2010. The bottom line is that Seven Lakes High School is predicted to have too many students and James Taylor is expected to not have enough. This was explained to a very small group of parents at a workshop held on Febraury 4, 2010. Elementary schools should have no effect as these schools are local to the various neighborhoods. Junior High Schools, however, will have to be affected as a Junior High School in KISD typically feeds one specific Katy High School and some neighborhoods will be changing which High School students will be attending.

People attending the workshop complained bitterly that there was a lack of information spread through the community. I hunt for local Katy news to write about and I just learned of this late last week and wanted to get more data before I wrote a blog and made people upset. Marcy Canady, assistant superintendent for school and community engagement stated that a response to everyone's voiced concerns would be posted on the dostricts web site as soon as possible.

Per the current recommendation all current students would be grandfathered to stay where they are through graduation. If this actually happens that is good news for the children and parents. Katy District enrollment is expected to exceed 60,000 students!!!

Here are the changes by what is termed "land use zones" with the corresponding neighborhhood's shown:

Moving from Cinco Ranch to Taylor are:

Luz 66 - Highland Trails, Kelliwood Enclave, Kelliwood Gardens, Kelliwood Lakes, Kelliwood Place, Kelliwood Trails, Lake Forest and Lakes of Buckingham.

Luz 71A - Alexan Downs Apart, Kelliwood Pointe, Kelliwood Terrace, Willow Park Greens

Luz 71B - Meadow Ridge

Luz 71C - Park Hollow, Park View

Moving from Seven Lakes to Cinco Ranch are:

Luz 76 C - Bayou Crossing

Luz 77A - Fairways at Kelliwood, Greens at Willowfork,, Kelliwood Greens

Luz 77B - Arbor at Willlow Fork

Luz 79B - Canterbury Village, Meadow Glen, Residences at Cinco Ranch,South Park,Summer Point

Luz 79 C - Canyon Gate

luz 79 D - Estates at Willowfork Greens, Kelliwood Greens, Kelliwood Park

Luz 79 F - Saddlebrook Crossing

Luz 79G - Park Trace

If any of you out there think politics will not be part of the final vote/decision you are probably INCORRECT!!!! Don't hold your breath regarding passing of the Grandfathering in of existing students proposal.

If you want to see in person one of the main reasons the rezoning is becoming necessary just drive out Fry Road to Spring Green and take a right and go past the model home park on the left for Cinco Ranch and you find new homes being built at a rapid rate in all directions and all of those homes are zoned for Seven Lakes... GOOD LUCK if this affects you and your student(s)...

SHORT SALE VS FORECLOSURE?

Should You Choose a Short Sale Over a Foreclosure? A reader asks: My husband and I have been making our mortgage payments every month even though our home is underwater. We owe a lot more than our home is worth. Now, my husband has lost his job. We're thinking about walking away from our home and letting it go to foreclosure, but my parents are telling us that we may qualify for a short sale. Which is better for us? A short sale or a foreclosure?" Answer: Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do.

Short Sale Benefits

Here are a few benefits for doing a short sale that may not have occurred to you:

• You are in control of the sale, not the bank.
• You may sleep better at night knowing who is buying your home.
• You will spare yourself the social stigma of the "F" word, foreclosure.
• Contrary to popular belief, you can be current on your payments and still effect a short sale.
• Your home sale will be handled like any other home sale.

Buying Again After a Short Sale

If your payments have never fallen behind 30 days late and the lender does not require that you pay back the loan, Fannie Mae guidelines may allow you to buy another home immediately. The wait for an FHA loan is 3 years.

If your payments are in arrears yet a short sale is granted by your lender, you may qualify to buy another home with a Fannie-Mae backed mortgage within two years, regardless of whether the home is your primary residence.

Buying Again After a Foreclosure

With certain restrictions, you may be eligible to buy another home in 5 years if the home was your primary residence. Without restrictions, the wait is 7 years.

If you are an investor and do not occupy the home, the wait to buy with a Fannie Mae insured loan is 7 years.

Affects on Credit After a Short Sale

A short sale is not a derogatory mark on your credit because credit bureaus do not show the word "short sale" on your credit report. It may say "pay as agreed" or "paid as less than agreed," among other categories. Some clients have reported negative FICO score drops from 50 points to 130 points.

The point drop is typically due to being in default, that is behind on your payments.

Affects on Credit After a Foreclosure

A number of sources have reported FICO score drops from 200 to 400 points after a foreclosure. Generally this credit score will remain on your credit report as a public record for 10 years.

Credit Reports After a Short Sale

All lenders report short sales differently and some do not report them to the credit bureaus at all.

Credit Reports After a Foreclosure

If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.

Deficiency Judgments After a Short Sale

Judgments are often negotiated between the seller and the short sale bank. In some cases, such as California, if the home is your personal residence and was financed through purchase money, there is no deficiency judgment.

Deficiency Judgments After a Foreclosure

Banks are unwilling to negotiate deficiency judgments with the homeowner after a foreclosure. In California, for example, according to the California Association of REALTORS, a deficiency judgment may be filed regarding a hard-money loan if the lender forecloses under a judicial foreclosure versus a trustee sale or if the second loan is a hard money loan and the sale takes place as a trustee's sale.

Loan Application Questions After a Short Sale

Loan applications do not ask questions about a short sale. You may report that you sold your home.

Loan Application Questions After a Foreclosure

You are required to answer the question: "Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years." If the bank sees you have had a foreclosure, your loan most likely will be denied. If you lie, you may be subject to investigation by the FBI for mortgage fraud.

Length of Time to Move After a Short Sale

If you've had a foreclosure notice filed, you may be able to postpone that action while the bank considers your short sale. The wait for short sale approval can be from 2 to 3 months, or longer.

Length of Time to Move After a Foreclosure

Unless prior arrangements have been made, the bank may want you to immediately vacate the property and can commence eviction proceedings.

Taxation After a Short Sale

A personal residence is exempt from mortgage debt relief until the end of 2012 on a federal level. Some states will still tax you unless you qualify for an exemption. An investor is not exempt from mortgage debt relief, subject to certain conditions.

Taxation After a Foreclosure

Same as with a short sale. Except some lenders immediately send out 1099s, even if the owner is exempt.

Short Sale Timeline

Perhaps the most important fact to understand is that in today's economy short sales are a must to sell properties. Since property values have declined nationwide at such a rapid pace, The National Association of Realtors predicted that in 2009 and 2010 over 50% of all properties sold will be short sales or REO properties. It is unavoidable. If a house is to be sold in today's market, then a short sale will be needed to make that happen. Short sales require hours upon hours of work, and organization is imperative in order to get them done. Also be aware that short sales will typically take approximately 3-4 months to complete depending on which state you are in (see below for typical lender timelines), and that is simply because the majority of lenders are overwhelmed at the moment, some receiving as many as 500 or more short sale packages a day! And in some cases 2 or 3 weeks may go by without any change in the status a file.

Typical Lender Timelines (for each step in the short sale process)
Get authorization on file with lender	2 days
Compile short sale documents	7-14 days
Get short sale package on file with lender	3-7 days
Short sale package assigned to negotiator	10-14 days
Get BPO/Appraisal ordered	14-21 days
Schedule BPO/Appraisal with agent	5-10 days
Time for BPO/Appraisal to get to negotiator	21-28 days
Negotiate/obtain approval from negotiator	15-20 days
Total:	77-104 days

Please note that these timelines can vary by lender and that the above timeframes are meant to provide a general timeline, again taking into account that nearly all lenders are overwhelmed with short sales.

Contact The Watson Group Realty today for all the answers to your Foreclosure Prevention and Short Sale questions. (281) 797-3841. or visit www.katywesthoustonshortsalespecialists.com for information about the short sale process.

Brought to you by!

Laura & Rod Watson

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com

Katy Real Estate News -Katy ISD Attendance Boundry Modification

Written By Timothy Sojka, Realtor ® / Broker

713-822-2152 - shop for a home on-line at www.search-katy-homes.com

(If you would like more information on Katy or to arrange a tour call Tim at 713-822-2152 or shop for a Katy or West Houston home online at www.Search-Katy-Homes.com)

Attendance Boundary Modification

It has come to our attention that there are several rumors running rampant through the community regarding the ABM. These rumors are inaccurate and we regret the unnecessary stress these rumors are causing some of our district families. Modifying attendance boundaries is a sensitive issue and accurate information is essential. We would like to take this time to address some of these rumors:

Rumor 1) An e-mail is currently circulating in the community stating that all of the neighborhoods under consideration for ABM will be attending Taylor High School next year.

FACT: The map below indicates in yellow which neighborhoods are under consideration for ABM at this time. While the ABM recommendation to be discussed has some neighborhoods currently attending Cinco Ranch High moving to Taylor High School next year, the district has not considered moving any neighborhoods from Seven Lakes to Taylor. The district is, however, considering moving some neighborhoods from Seven Lakes to Cinco Ranch.

Rumor 2) It has also been circulating in the community that high school students who may be moved from their current high school to another and participate in athletics may need to sit out one year for eligibility per UIL rules.Â

FACT: UIL eligibility will not be an issue. In fact, the district has been studying scenarios resulting in the least disruption to students. It is anticipated that current high school students will remain unaffected by the ABM. In other words, students currently in the 9^th - 11^th grades will stay at their current high school until graduation. In addition, families with younger siblings will have the opportunity to attend the same high school as the older sibling, as long as they both attend at the same time.

Living in a fast growth district comes with many opportunities, and some challenges as well. We understand that with an issue as emotionally charged as ABM, there are those who will take advantage of the situation and use it as an opportunity to spread misinformation. Unfortunately, this does nothing but cause anxiety in the community. Thank you for looking to us for accurate information and please continue to send e-mails to communications@katyisd.org so that we can have the opportunity to address these rumors and help separate fact from fiction.

If your neighborhood is NOT listed below, then you are NOT under consideration for Attendance Boundary Modification.

• LUZ 66 Highland Trails
• LUZ 66 Kelliwood Enclave
• LUZ 66 Kelliwood Gardens
• LUZ 66 Kelliwood Lakes
• LUZ 66 Kelliwood Place
• LUZ 66 Kelliwood Trails
• LUZ 66 Lake Forest
• LUZ 66 Lakes of Buckingham
• LUZ 71A Alexan Downs Apart.
• LUZ 71A Kelliwood Pointe
• LUZ 71A Kelliwood Terrace
• LUZ 71A Willow Park Greens
• LUZ 71B Meadow Ridge
• LUZ 71C Park Hollow
• LUZ 71C Park View
• LUZ 76C Bayou Crossing
• LUZ 77A Fairways at Kelliwood
• LUZ 77A Greens at Willowfork
• LUZ 77A Kelliwood Greens
• LUZ 77B Arbor at Willow Fork
• LUZ 79B Canterbury Village
• LUZ 79B Meadow Glen
• LUZ 79B Residences at Cinco Ranch
• LUZ 79B South Park
• LUZ 79B Summer Point
• LUZ 79C Canyon Gate
• LUZ 79D Estates at Willowfork Greens
• LUZ 79D Kelliwood Greens
• LUZ 79D Kelliwood Park
• LUZ 79F Saddlebrook Crossing
• LUZ 79G Park Trace

For more information about Katy Texas, West Houston or the beautiful homes within the confines contact Katy realtor Tim Sojka at 713-822-2152. To shop for a home online go to www.Search-Katy-Homes.com . To find out the value of your home go to www.seetimsell.com

In today's real estate market, certain homes in Katy, Texas are selling quite well and some are not. The homes that are selling are homes that are priced right for the condition. Not necessarily updated with all of the latest trends and fashions, but in good condition. Of course, homes that are not updated will always sell for less than updated homes, but certain buyers will sacrifice the latest trends to get more square footage or a better location.

There are some things you can do to improve your home without killing your budget. While these things are not always inexpensive, the return on them is better than 1 to 1. Three common things you can do to increase the salability and sales price of your home include, carpet, paint (do not paint it yourself unless you are an excellent painter) and landscaping. Providing an allowance for the buyer to do these things after closing may get the home sold, but not for as much as if the work was complete and the costs will still be about the same. Most of the time you can expect almost a 2 to 1 return on replacing your carpet, repainting and refreshing your landscaping. When it's time to sell, think about how a buyer would view your home...as a redo or as a liveable (now) home that they can afford now and upgrade later.

Fore more information about how to get the highst price for your home, click HERE.

Dale Ross, Katy Texas Real Estate.

In this economy, houses aren't selling like they used to. If you have a house on the market, or are considering selling yours, there are some ways to improve your chances. Here are seven tips that will make it easier to sell your house and make a smooth transition from one owner to the next.

1. Maintain neutrality
This policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers. If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.

2. Less is more
Even though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.

• Video: 5 tips to sell your home fast

3. That new house smell
Honestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It's also good to be mindful of what you cook in the days leading up to a showing; certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.

4. Pay attention to the details
It's not a good idea to make major renovations when you are ready to sell your home; you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can add a nice touch.

5. Maximize your "curb appeal"
The front of your home is the first thing prospective homebuyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and, if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course.

6. Don't get too personal
Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings, like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.

7. Take care of repairs
Waiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.

First impressions can make the difference between a sale or no sale. Keeping things simple can give you a leg up on similar houses on the market.

What's My Home Worth?

Brought to you by!

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com