Filing for Homestead exemption in El Paso, Horizon City, Canutillo, Texas

Read about new property tax law that took effect September 2, 2011.


What is a homestead?

A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.

What is the Homestead Exemption?

Homestead laws were developed to grant a surviving spouse, minor children, and/or unmarried children of a deceased homeowner the right of occupancy, to afford a reduction on property tax, and also to protect a home from creditors.

Homestead exemptions reduce taxable value by removing part of your home's value from taxation. If you want to receive a homestead exemption for the taxes on your home, the home must first qualify as a residence homestead on January 1 of the year in which you are applying. There are two requirements:

1.    You must own your home on January 1. (If you are over 65,and/or disabled the January 1 ownership and residency are not required.)

2.    You must use the home as your principal residence on January

Click here to see other exemptions you may qualify for.

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El Paso and Fort Bliss Texas One of the hottest real estate

Major Real Estate Markets in Texas

Texas real estate is a very hot Buyer’s Market. CNN Money predicts Texas to be the fastest-growing real estate market in the country. Four of the top five real estate markets in the country and seven of the top 10 are in Texas: McAllen-Mission, El Paso, San Antonio, Ft. Worth-Arlington, Houston, Austin, and Dallas-Irving. Horizon City, Texas is a suburb of El Paso County with a huge inventory of new homes for sale at ridiculously low prices. El Paso County has a number of home buyer programs available for first time buyers. Fort Bliss and Biggs are two military installations that make up a huge part of the El Paso real estate market. Therefore, builders are developing many communities within 10 minutes of these bases.

Article provided by Yvonne Russell, Remax Buyer’s Agent

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Should you rent or buy?

Because local lenders are offering such low interest rates, your monthly mortgage payment with a local El Paso Mortgage company could be lower than your rent. Here is a schedule of suggested mortgage amounts and estimated monthly payments:
                                                                               

Loan Amount	FHA	VA	USDA
$140,000	$1,150	$1,050	$1,090
$160,000	$1,300	$1,200	$1,245
$180,000	$1,480	$1,350	$1,400
$200,000	$1,650	$1,500	$1,550
$220,000	$1,800	$1,650	$1,710
$240,000	$1,975	$1,800	$1,868

4% Rate 4.339% APR.. Includes taxes and ins. o.a.c.

Yvonne A. Russell,  REALTOR® 
RE/MAX Buyer’s Agent
10940 Ben Crenshaw, Suite C
El Paso, Texas  79935
CELL (915) 873-8646 | (888) 845-2408 | FAX (915) 594-9253
Russell-Realtor
MLS Access
JD Power Survey-”Top Rate Real Estate Agent”

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Fort Bliss Relocation List

Millions of Americans move every year, yet even the most organized person will probably not be able to remember every detail of their move. According to top moving companies these 10 items are most important to your relocation preparation list:

Medical Records
Obtaining copies of your medical records including your dentist, veterinarian and vaccine/immunization information can often be overlooked. In some cases, a notarized letter is required to receive the official documentation; you may need to contact the American Medical Records Association to determine your new state's procedure.

School Records
Your child's permanent school record cannot follow him or her through life if it's left behind. In addition, school records are usually required when registering your child at a new school. Often, copies will not be sufficient, and records with a raised seal will be necessary.

Old Phone Numbers
Pack phone books from your old town. You may think you'll remember the numbers you frequently call now but, more likely, you'll spend a small fortune on directory assistance charges to contact old friends or tie up loose ends.

Local Business Errands
Remember to complete transactions with local businesses (for example, picking up your dry cleaning).

Your New Address
In the flurry of preparing for the move, you may often forget your forwarding address - important information when forwarding periodicals and credit card bills, as well as keeping in touch with old friends. Always keep your new address handy in your wallet or purse.

Garage Door Opener
Many people often forget to take
the electric garage door opener out of their car before leaving. Remember to leave the opener for the new tenants or owners.

Don't forget the pets!
In most cases, moving companies cannot transport animals or plants. Remember to make arrangements for their transfer.

Safe Deposit Box Items
Many people forget to retrieve important documents from their safe deposit box. It is also wise to establish a checking account in your new town about a month prior to your move so that you have immediate access to your account.

Spare House Keys
The collection of spare house keys
can often be forgotten. Whether it means getting them from neighbors
who kept them, or retrieving them from under the rock next to the front door, don't forget to gather all sets before you depart.

Cleaning
Although your focus will be on your new home or apartment, you can't forget about preparing the old residence for your exit. Remember to leave out cleaning supplies for the final "once-over" before closing the door for good, or make arrangements in advance for a service to clean it for you.



If you are relocating to the El Paso or Fort Bliss, Texas area call today and let my experience find you some of the best areas to buy a home in.

Yvonne A. Russell,  REALTOR® 
RE/MAX Buyer’s Agent
10940 Ben Crenshaw, Suite C
El Paso, Texas  79935
CELL (915) 873-8646 | (888) 845-2408 | FAX (915) 594-9253
Russell-Realtor
El Paso Preferred Lenders
MLS Access
JD Power Survey-”Top Rate Real Estate Agent”

Posted via email from el paso homes posterous

Buying a House in El Paso City Texas - Where do you start?

Step 1 – Before you start your home search
You should make a list of must-haves like a large backyard or eat-in-kitchen. Get an idea of what school districts and neighborhoods you'd like to live in. If you are not familiar with the area, call an expert real estate Buyer’s Agent. Lastly, create a budget. The most common rule of thumb is to limit your purchase to not more than 33% of your monthly income.

Step 2 – Talk to a Buyer’s real estate agent 
As a Buyer’s agent I have a duty to represent you and only you in the transaction.  I'd be happy to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the El Paso area, the mortgage industry, and any additional economic factors that may affect your purchase.
I can also help you begin the loan process. There are some excellent mortgage professionals in El Paso. They can help you determine which type of loan is best for you, as well as help you get pre-qualified.

Step 3 – Begin house hunting
After your initial meeting with a real estate agent, He/she will begin finding available homes on the market that are good for you. The real estate agent will research the houses that meet your criteria and eliminate the bad ones, and then she’ll book appointments to view the houses at a time that's convenient for you. When touring homes with your agent, make a note of the things you liked or didn’t like.

Step 4 – Understanding the market
An agent's awareness of the El Paso market is a fundamental factor in your home search. When you tour houses, your El Paso Texas REALTOR^® should tell you when the asking price has room for bargaining and also when he think the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions, as every REALTOR^® in El Paso will claim to truly understand the market. If things don't add up, contact me at 915-873-8646 or e-mail me, and I'll be happy to answer your questions. My market expertise will help you stay a step ahead through the entire process.

Step 5 – Find the home you've been looking for
With the help of your Buyer’s Agent you will find the home of your dreams in the El Paso area. As your REALTOR^®, I'll develop a purchase offer that is best for you – not the seller. The offer will be tailored exactly to your needs, including contingencies and concessions.

Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property, and it's credited back at closing. If the seller accepts your offer, you should be able to close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate the deal

It's extremely common to receive a counter offer from the Seller. When I receive it I will discuss whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.  Market conditions will play a big part in how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a transaction that's best for you. When you contact the agent on the real estate sign, you will be dealing with the Seller’s Agent who will attempt to act as a Dual Agent.

Step 7 – Getting a mortgage loan
Upon signing the contract, you'll be working with your lender to complete the loan. If you're pre-qualified, this won't take much time at all, but you'll want to stay in close contact with your mortgage lender.  Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application and outlines closing costs from your mortgage lender. The Federal law called RESPA requires that the GFE include all closing costs and fall within a tight range of accuracy. And I'll be working with your mortgage lender to provide all the information they need to complete the loan.

Step 8 – Closing on your first home 
If your lender has finished approving your loan he will send “closing documents” to the escrow office. The closing  will probably take place at a title company or escrow office and your real estate agent and even your mortgage broker may be in attendance with you. As a Buyer’s Agent, I attend all closings with my clients.

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Get Informed - Real Estate Secrets Exposed

Today’s home buyer should always question their “so called” real estate agent’s loyalty, competency and advocacy.  Home buyers need to be aware of their agent’s duties and what the law says they must the home buyer.

Why Dual Agency should be illegal

Ø  The number one goal of the real estate agent is to sell the home at the HIGHEST possible price.

Ø  The number one goal of any home buyer is to buy the home at the LOWEST possible price. So if you are buying a home, call an exclusive buyer's agent. They will have a responsibility to represent only the buyer.

Do you see why you should hire your own agent and not use the same agent that is already representing the Seller? You may be wondering how much it will cost you to get your own agent.  You do not have to pay the Exclusive Buyer’s Agent a dime until you close. Then and only then is the  agent paid out of the proceeds of the sale*.

*The information provided herein is specific to the state of Texas and may vary in other states. Disclaimer:   User assume all risk and responsibility for his/her decision to use the information provided by herein.  The information provided here by  Russell-Realtor’s is not legal advice and you should always consult your attorney. Russell-Realtor and all related services are offered "as is" and Russell-Realtor.com disclaims any express or implied warranties including, without limitation, any warranties of merchantability, fitness for a particular purpose, and non-infringement.

Posted via email from el paso homes posterous

Attention Miitary Home Buyers

If you’re an eligible federal employee or qualified military personnel, you have less than 3 weeks to use the federal home buyer tax credit, and to claim up to $8,000 in federal income tax credits. 

According to the IRS, eligible persons include members and spouses of the uniformed services, members and spouses of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010, and their spouses.

Eligible persons must be under contract for a new home on or before April 30, 2011, and close on or before June 30, 2011.

Eligible home buyers receive a dollar-for-dollar tax reduction equal to 10 percent of the subject home’s purchase price, not to exceed $8,000 for first-time home buyers, and not to exceed $6,500 for repeat home buyers.

Repeat home buyers must have lived in their “main home” through 5 of the last 8 years in order to be eligible. The complete program description is published on the IRS website.

Use your VA loan to buy a home with no down payment. The Department of VA recently increased the Maximum Guaranty Amount for veteran home loans. Read about VA loan eligibility and other important loan information.

No Closing Cost & Buyer's Incentives with preferred lender

No Closing Cost & Buyer's Incentives with preferred lender

As a Buyer’s Agent I can recommend some of the best builders in El Paso, Horizon and Fort Bliss that offer full appliance package, granite counter tops, refrigerated air, energy star rated, tons of sq. footage and huge lots. Several models to choose from that are move-in ready.

Yvonne A. Russell, 

Buyer's Agent and Texas REALTOR® 

RE/MAX Associates

10940 Ben Crenshaw, Suite C

El Paso, Texas  79935

CELL (915) 873-8646

FAX (915) 594-9253

P Think “Green” before you print

Posted via email from el paso homes posterous

Helpful Information for First-Time Home Buyers

Helpful Information for First-Time Home Buyers

Consumer information

Federal Consumer
Information Center

The FCIC is a gold mine of helpful info, with topics
including How to Qualify for a Low Down Payment,
Shopping for Mortgages, Closing Costs, Mortgage
Insurance, Home Maintenance, Refinancing, How to
Sell a Home, and much more.

Is it better to Rent or
Buy?

Find out with the calculators on Yahoo and E-Loan.

Mortgage Information

Current Mortgage
Rates

Check them at Yahoo.

How much can you borrow
for a mortgage?

Use the calculators from E-Loan and Yahoo.

Mortgage Brokers

E-Loan helps you find a bank to give you a mortgage.

Private Mortgage
Insurance

PMI
Rescue explains what it is, and how to cancel
yours when you don't need it any more.

Refinancing a
Mortgage

See the Motley
Fool's article on refinancing, and a
calculator to tell you how much refinancing
will save or cost you.

Credit Reporting Information

Three-in-One Credit
Reports

You can get a copy of your report from
each of the three main Credit Reporting Agencies
(CRA's) for $9 or so (sometimes free, if you've
recently been denied credit). But many credit card
issuers will sell you a single report that combines
the information in your file from all three CRA's
(3-in-1 report). For example, Discover Card sells a
service called ProfileProtect for $8 a month. When you sign up they send you the
3-in-1 report, and then they monitor your credit
file at each of the three CRA's and let you know if
bad info gets added to your file. You can cancel at
any time. If you don't have a Discover card, call
the customer service number of any card you DO have
and see if they offer this service. If not, you can
order a 3-in-1 report online from QSpace,
but it's more expensive ($30).

Credit Reporting
Agencies (CRA's)

Trans
Union, Equifax,
and Experian.

Your Rights concerning
Credit Reports

Useful info on the Federal
Trade Commission's Credit pages

 

Copyright © 2010 Russell-Realtor |All Rights Reserved

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El Paso Homes | Important Tips for Home Buyers

New Home Builders in El Paso Tx Reviews by an experienced Real Estate Agent



There are many builders and not all are reputable. Most, if not all, use high-pressure marketing techniques to get you to sign on the bottom line. Here are some things you should know if you are considering a new home purchase.

1. They may offer to pay all your closing cost if you agree to use their preferred lender. However, what they don't tell you is that they, in many cases, own the mortgage company.

2. Some builders will sell you models that have tons of square feet. That again is a numbers game. The construction on these homes is usually sub-standard and they will be cutting corners one way or another.

3. It is always in your best interest to be represented by a Buyer's agent. Builder's DO NOT want you to be represented because, among other things, a Buyer's agent will hold their feet to the fire when it comes to completing the home on spec. As a Buyer's agent, It is my duty to negotiate the best outcome for you.

The marketing agents on site are working for the builder and have no fiduciary responsibility to represent you in the transaction. So before you decide to take the bait, call a RE/MAX Buyer's agent today.

 

Copyright © 2010 Russell-Realtor |All Rights Reserved

Mobile Phone MLS service free; carrier charges may apply. |
El Paso Homes For Sale Blog |
El Paso Real Estate Service for Buyers |
Learn Foreclosure prevention |
El Paso Homes for Sale |
Avoid Foreclosure Notice |
El Paso Foreclosures |
Lean about Short Sales|
El Paso Homes For Sale |

Buying a Home in El Paso

Always use a REALTOR®

The main thing that distinguishes a REALTOR® from someone who's merely licensed by the state to sell real estate is the REALTOR® Code of Ethics, which requires REALTORS® to put their clients' interests first at all times.

The REALTOR® Code of Ethics was first adopted in 1913 as a voluntary document outlining the professional duties of membership. The code became mandatory in 1924, four years after the Texas Association of REALTORS® was formed. This was an era before licensing was required in many states. Today, the Texas Real Estate Commission is the licensing authority for agents and brokers in Texas.

Holding a real estate agent's or real estate broker's license does not make someone a REALTOR®. Membership in the National Association of REALTORS® entitles licensees to use the term REALTOR® on their business cards and in their marketing materials.

Hiring a REALTOR® means you've retained someone who is committed to continuing education, professionalism, and integrity. The vast majority of REALTORS® participate in a local multiple listing service (MLS), which gives you a distinct advantage whether you're selling your home or looking for that special

Selling a Home for Top Dollar

Did you know? The best chance for selling your property is within the first seven weeks! Studies show that the longer a property stays on the market, the less financial return the seller will net.

There are 5 main factors to achieving your goal of getting top dollar for your property.

Factor 1: PRICING
________________________________________
It is very important to price your property at a competitive market value right when you list it. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. I have found your first offer is usually your best offer.
An overpriced home:
• Minimizes offers
• Lowers showings
• Lowers agent response
• Limits financing
• Limits qualified buyers
When you think about it, 80% of the marketing is done when we decide on what price to list your home.
For people unwilling to list a property at current market value, I usually recommend holding off on putting the property on the market for awhile.

Factor 2: CLEANING
________________________________________
Most people are turned off by even the smallest amount of uncleanliness or odor when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands, of dollars more.
If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space!
Odors must be eliminated, especially if you have dogs, cats, or young children in diapers, or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odor. If you employ an agent to get the most amount of money for you, please don't take offense if he/she must confront you about odor problems.

Factor 3: ACCESS
________________________________________
Top selling agents will not show your home if both the key and access are not readily available. They do not have time to run around town picking up and dropping off keys. They want to sell homes! The greatest way to show a house is to have a key! When your home is being shown, be sure to do the following:
• Keep all lights on, including exterior “coach” lights by your front door
• Keep all drapes and shutters open
• Keep all doors unlocked
• Leave soft music playing
• Take a short walk with your children and pets
• Let the buyer be at ease and let the agents do their job

Factor 4: PAINT AND CARPET
________________________________________
Paint is your best improvement investment for getting a greater return on your money. Paint makes the whole house smell clean and neat. If your house has chipped paint, exposed wood, or the paint looks faded, it is time to paint.
If your carpet is worn, dirty, outdated, or an unusual color, you may need to seriously consider replacing it. Many houses do not sell because of this problem. Don't think that buyers have more money than you do to replace carpet. They don't. They simply buy elsewhere.

Factor 5: CURB APPEAL
________________________________________
The first impression a buyer gets of your home is from the curb.
Your front yard immediately reflects the inside condition of your house to the buyer. People enjoy their yards. Make certain that the trees and bushes are trimmed so the house can be seen from the street. Have the grass mowed, trimmed and edged. Walkways should be swept. The front door should be freshly painted or freshly stained.
Clean away debris. Remove parked cars. This all adds to curb appeal.
If a buyer does not like the outside, they may not stop to see the inside!

Well, now you know all of the 5 main factors to getting top dollar for your property:
Factor 1: Pricing
Factor 2: Cleaning
Factor 3: Access
Factor 4: Paint and Carpet
Factor 5: Curb Appeal
If you carefully consider these factors, you will maximize your chances of selling your property within the first seven weeks for top dollar!

Consult a real estate expert for professinal advise before making any major improvements.

Homes under $150,000 in El Paso Tx

MLS# P Address & State Apt/ Area Apx Sqft BR B H 3/
T Ut# A B 4
                                   B
384065  1R 3685 LAS QUINTAS 4 2340 3 1 0 1
EL PASO,  TX
387963  1R 11216 SKIPPER 4 2000 3 1 0 1
EL PASO,  TX
384841  1R 3708 DEER GRASS 4 2024 3 2 1 0
EL PASO,  TX
383841  1R 6443 NAVAJO 0 4 2146 4 1 0 2
EL PASO,  TX
383639  1R 1653 DENNIS BABJACK 4 2002 3 2 0 0
EL PASO,  TX
388042  1R 3201 TIERRA AIRE 4 1859 5 2 0 0
EL PASO,  TX
386188  1R 3389 MIKE GODWIN 4 1858 4 2 0 0
EL PASO,  TX
378337  1R 3021 LAKE TRAVIS 4 1838 3 2 0 0
EL PASO,  TX
389095  1R 6328 WIELAND 4 1834 3 2 0 0
EL PASO,  TX
386821  1R 1725 PAUL MORAN 4 1802 4 2 0 0
EL PASO,  TX
387144  1R 11708 NASA 4 2037 4 2 0 0
EL PASO,  TX
387321  1R 11993 BANNER CREST 0 4 1808 3 2 0 0
EL PASO,  TX
383219  1R 12018 VILLAGE GATE 4 1923 3 2 0 0
EL PASO,  TX
387267  1R 1470 DOS DEANNAS 4 2001 3 2 1 0
EL PASO,  TX
387201  1R 3125 JARVIS 4 1880 3 2 0 0
EL PASO,  TX
387354  1R 3629 WEST VITEX 4 2120 3 2 1 0
EL PASO,  TX
387314  1R 3609 TIERRA REAL WAY 4 1858 3 2 0 0
EL PASO,  TX
385004  1R 2129 ENERO 4 2016 3 1 0 1
EL PASO,  TX
389744  1R 3214 SHETLAND RD 4 1890 3 1 0 1
EL PASO,  TX
386015  1R 1529 NUECES 4 1810 3 1 0 1
EL PASO,  TX
388592  1R 14272 ISLAND POINT 4 1814 4 2 1 0
EL PASO,  TX
389046  1R 12234 EDGAR DEGAS 4 1926 3 2 0 0
EL PASO,  TX
389190  1R 2256 SEAGULL 4 1936 4 2 0 0
EL PASO,  TX
389141  1R 12240 TIERRA INCA 4 1812 4 2 1 0
EL PASO,  TX
388029  1R 10621 BIRTHSTONE 0 4 2298 4 1 0 1
EL PASO,  TX
388169  1R 11518 CLEAR LAKE 4 1901 3 2 1 0
EL PASO,  TX
388955  1R 12047 TIMOTHY DREW 4 1854 4 2 1 0
EL PASO,  TX

Real Estate listings in El Paso

Hi El Paso Home Buyers

So glad you found my site helpful. As a Buyer’s Agent, I invest a tremendous amount of time and money to provide these real estate tools and services for my clients. Please call to set up an appointment to meet.

If you are trying to take advantage of the First Time Home Buyer tax credit then time is of the essence. Because the process of buying a home can take 2-4 months on average, you are running out of time.

You may be wondering why the process takes so long. First, you need to pre-qualify because 99% of seller’s want a pre-qualification letter to make sure you have the ability to purchase their home. Call me for El Paso Mortgage companies with many years of experience in bond, FHA, and VA programs and will handle your application promptly.

Pre-qualification should take about 24-48 hours. Then you shop for your home, which can take from 2-4 weeks depending on your expectations. Once you have selected the right home, I proceed to negotiate a contract with the seller. Depending on the number of contingencies, the negotiation process can take a few days. Once the contract has been executed by both parties, you are going to schedule and pay for a termite and home inspection, which can take about a week. I always make my purchase agreements contingent on inspection. It is likely the home inspector my find some issues with the home depending on the age of the home. We then need to decide if you want to take the house as is or we need to ask for concessions from the seller. If the seller makes the requested repairs then that will take some time.

Your lender will require an appraisal which can take 3-7 days due to the changes in appraisal laws. Once the appraisal is done (hopefully at or above the price you offered) the loan goes to an underwriter for review which can take several days. Your lender will often require that you have PMI if you put down less than 20% on the home mortgage.

This is just a brief summary of what to expect in the process. I can provide more details at our meeting but in the meantime, you can read all about buying a home at Texas Real Estate.