The Property Source Real Estate Blog


Many people have heard the term, "Short Sale" but don't really know what it is or how it works.  A "Short Sale" is a term used to describe the agreement of the lender to accept less for the home than what is owed on it.  This may seem like a simple process but it's not.  In order for the lender to agree to accept less than what is owed, you must meet certain criteria.

HAFA Qualifications 

(Home Affordable Foreclosure Alternatives)

It's important to know the rules and guidelines for the HAFA short sale program if you're considering the short sale option.  Unfortunately, not everyone qualifies.

To qualify, you must:

  • Own a home that was purchased before the year 2009.
  • You must be living in the home as your primary residence, and must
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school_bus_with_kids_400Wow!  We're already into the second week of August and it's time to think about getting the kids ready for another school year.  Where did the summer go?  It seems like we should have at least 4 more weeks!

As our summer days are winding down and you're trying to plan your fall schedule, I've attached links for area schools to help you gather all the information you may need. 

Click on the links below to see the New School Year Calendar, School Supply Lists, and Bus Schedules and more.  

Here's to a great school year!






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Remember The Good?  If so, keep in mind that Texas looks pretty good and, when compared to the rest of the country, Texas looks pretty darn good!  If not, you'll need to read the previous blog regarding Texas' economic outlook and the greater Houston area housing statistics. 

According to Realty Trac, a foreclosure listing firm, banks took back 421,212 homes the first half of this year, down from 529,633 in the first six months of 2010.  That's a 30% decrease.  However, this decrease does not indicate a recovering housing market but merely a delay in filings. 

Lenders are taking longer to file against homeowners in order to work through the foreclosure documentation problems and allowing the delinquent homeowners additional time to catch up on

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map_of_texas_400The Good 

In July, according to the Texas Comptroller's Economic Outlook, it appears that the Texas economy has emerged from the recent recession.  Citing economic indicators such as job growth, consumer spending, sales tax collection, and automobile sales. 

According to the U.S. Census Bureau report, Texas saw an increase in population of 4.3 million people from 2000 to 2010.  That's more than any other state and a strong indicator of Texas' healthy economy.

82% of the jobs cut by employers during Texas' recession have been recovered by the summer of 2011, compared to 20% nationally ending in 2010.  Texas' unemployment rate remains stable at 8%.

The Greater Houston Area Housing Market

In June, the local Houston housing market saw single family

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brisketYum, yum.  There's just nothing better than barbecue brisket!

I know that I'm a little late sharing this secret to making a great barbecue brisket since we're well past July 4th but, we do have Labor Day fast approaching so here you go....

First of all, you must find a brisket that is tender.  You can tell if it's tender by picking it up on one end.  If it goes limp or flops downward, you have a winner.  If it sticks straight out, it's going to be tough.

You will want to season it with a dry rub.  I usually use Tony Chachere's Creole Seasoning.  Yes, that's a Louisiana/Cajun seasoning on Texas Brisket - go figure.  Trust me, it's good on it.  Besides, you're going to smoke it so you really won't have that much seasoning flavor.

Now, it's Burt's

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istock_000001178128medium_400Living on Lake Conroe is so much fun!  Watching the boats and jet skis fly by is so exciting!  Hearing the roar of the jet boats as they skim across the water is thrilling!  Oh the laughter, conversations, and activities we are able to hear and see living on the lake are simply wonderful.

But all has been relatively quiet this year.  We don't have as many people boating.  What little boat traffic we do have is confined to the deeper areas of the lake.

The lake level is down.  Full pool for Lake Conroe is 201.  July 3rd's level was 197.84. That may not sound like much off the full pool level but it is when you look out across the lake .  You can see lake bottom that probably hasn't seen the light of day since the lake was created in the 1970's. 

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4801845-green-rice-stalk-ready-to-harvest-in-next-month-121We're experiencing one of the hottest, driest summers in history.  We all know we need to water our plants and yards but even more importantly, we need to keep the foundation under our homes moist. 

Texas soils are expansive soils that act like a sponge, swelling as they absorb water and shrinking as they lose water.  Soils tend to dry out and shrink during the summer and absorb water during the winter and spring.

As the soil under a home shrinks and swells with the seasons, the foundation will shift or move.  As long as the foundation movement is not great enough to damage the house or foundation, you will not have a problem. However, if the movement is great enough to crack the slab, you have a huge problem.  It's expensive to repair and will

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I realize that some people may think an inspection done prior to putting a home on the market is just a crazy idea and a complete waste of money.  These very same people may think that the less they know about something, the better,  or have the,"I'll deal with it when we get there." attitude.  But wait a minute.  Let's look at this from another angle.

Selling a home in this economy is difficult.   We have many more homes for sale than we have buyers.   If you will be listing your home for sale in the next couple of months,  you may want to consider a home pre-inspection.  A home pre-inspection can identify potential deal killers, reduce repair costs with time for competitive bids, position the home to sell for maximum value, allows the listing agent to

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