Shady Oaks Blog

Home for Sale in Shady Oaks - 101 Rio Bravo

This fabulous home is for sale!  If you need more information on this home, please visit my website www.BeckyFlores.com and see the "Featured Listings" page.  If you or anyone you know is interested in viewing this home, call me and I would be happy to show you this home, 710-6478. 

Credit Reports ....... What do you know about yours?

Lots of people are concerned about their credit report and credit scores for good reason.  We depend on these scores to obtain credit for big purchases.  Here are some interesting facts.... 

DID YOU KNOW????

.....  A credit report does NOT show your credit score.  A credit report contains information about your credit that is used to compute your score.

.....  You are entitled to THREE FREE credit reports per year.  One from each of the three credit reporting agencies.

.....  AnnualCreditReport.com was created by the three credit agencies to provide consumers with their free reports. 

.....  All of these appear on your report:  creditors and status of each account; public records, such as legal judgments; requests by others to view your credit history; personal data (name, address and social security number).

.....   Negative information such as a missed mortgage payment, stays on your credit report typically for 4 years.

.....  Checking and Savings accounting information is NOT included on your credit report.

.....  If you find a mistake on your credit report, you should file a report in writing with the agency that provided the report.

.....  Your credit report looks different depending on which agency pulls the report.

.....  You can file a 90-day fraud alert on  your credit file if you suspect that someone is requesting credit under your name.

And as always, feel free to call me should you have any questions.  My direct number is:  210-710-6478! 

Source:  Texas Realtor, March, 2009

Home Buying Tax Credit: Is it real and how do I get it?

Lots of people ask me about the tax credit for first time home buyers, so here's a easy to understand article by an experienced loan officer.   If you have further questions, please consult your tax professional or give Shelly Cohn a call, I am sure she'd be happy to help, her number is 210-408-6060.

First Time Homebuyers Get a Tax Break!

First-time homebuyers can now get a tax credit up to $7500 as part of the Housing and Economic Recovery Act of 2008!  This credit has been available to first-time homebuyers in Washington D.C. for many years, and is now available to first-time buyers nationwide.

Who is Eligible?
To qualify for this credit, you (and your spouse, if married) must be first-time homebuyers who have purchased a home between April 9, 2008 and July 1, 2009 and never have taken advantage of the D.C. program.  First-time homebuyers are defined as anyone not having owned a principal residence within the last 3 years.

How Does the Credit Work?
The tax credit will directly reduce the total amount of taxes you owe.  When you file your taxes for the year in which you purchased your home, you will be able to subtract the amount of your credit from your Federal tax liability.  This will either reduce the amount of taxes you owe or increase the size of your refund! 

For example if you file your taxes  without taking the credit and find you  would be receiving a refund of $1000, the maximum tax credit would increase that refund by $7500.  This means your refund with the credit would be $8500!

How is the Amount of the Credit Determined?
The tax credit is equal  to 10% of the purchase price of your home, with a maximum credit of $7500.   If you are single and your income is less than $75,000, you will qualify for 100% of the credit.   If your adjusted gross income exceeds $75,000, you may receive a partial credit.   For married couples, the income limit for receiving the full amount is $150,000. 

Does the Credit Have to be Paid Back? *please see update following....
The tax credit does have a payback provision that is similar to an interest free loan.  You must begin repaying the credit two years after it is claimed.  You have 15 years to pay the credit back.  If you qualify for the maximum amount of $7500, the payback amount will be $500 per year.  If you sell the home before the credit is repaid, you will have to pay the outstanding balance at the time of the sale.  If you lose money on the sale of your home, you will not have to repay the credit. 

For specific questions about the tax implications of the credit, please consult a tax professional.

By Shelly Cohn
Senior Loan Officer
United Lending, LLC
210-408-6060

*     Federal Tax Report  UPDATE

Tax Credit Repayment Likely to be Eliminated
The House Ways and Means Chairman has voted out the tax portion of the economic stimulus on a party-line vote, 24 - 13. It contains a provision that would eliminate the repayment feature of the $7500 first-time homebuyer tax credit for purchases between January 1, 2009 and June 30, 2009. An amendment that would have significantly modified the credit was offered (Heller, R-NV) but failed on a party line vote. During the course of debate on the Heller amendment, however, senior Committee member John Lewis (D-GA) offered vigorous support for extending the effective date of the credit through year-end. NAR continues to push to have the credit extended and expanded. A vote on all the parts of the economic stimulus (tax and non-tax) is expected in the House on January 28.

The Senate Finance Committee is expected to mark up its tax stimulus on Tuesday, January 27. The repayment provision will likely be included. NAR continues to beat the drums to have the credit expanded and extended.

      

Remodeling Projects that Pay Back!

Happy Turkey Day!

It's that time again where we sit back and reflect on all of the things that are truly important in our lives.  Even with all of the economic woes we are facing, we still have many things to be grateful for.  So here's to all of my family, friends and Shady Oaks neighbors, Have a Wonderful Thanksgiving! 

I expect to see all of you out walking after that turkey dinner!

I received this cute joke and thought I'd pass it along....

A young man named John received a parrot as a gift. The parrot had a bad attitude and an even worse foul vocabulary. Every word out of the birds mouth was rude, obnoxious, and laced with profanity. John tried and tried to change the bird's attitude by consistently saying only polite words, no swearing, playing soft music and anything else he could think of to "clean up" the bird's vocabulary.

 

Finally, John was fed up, and yelled at the parrot. The parrot yelled back and let loose a string of profanity. John shook the parrot and the parrot got angrier and even more rude, John in desperation, threw up his hands, grabbed the bird and threw him in the freezer.

 

For a few minutes, the parrot squawked and kicked on the door and screamed. Then suddenly there was total quiet not a peep was heard for over a minute. Fearing that he had hurt the parrot, John quickly opened the door to the freezer.

 

The parrot calmly stepped out onto John's outstretched arms and said to John, "I believe I may have offended you with my rude language and behavior. I'm sincerely remorseful for my inappropriate transgressions and I fully intend to do everything I can to correct my rude and unfavorable actions." 

 

John was stunned at the change in the birds attitude. Just as he was about to ask the parrot what had made such a dramatic change in his behavior, the bird continued......"May I ask what the turkey did?"       

 

HAPPY THANKGIVING!

Is Your Property in a Flood Zone? Find out!

Probably not, but I found this interesting map of Bexar County flood zones.  It's interactive so you can locate your home and find out here:  http://cip.sara-tx.org/website/cip/viewer.htm

Here is interesting information I found on the website of the Bexar Regional Watershed Management.

What is a watershed?
All of the land area that drains water into a common point, usually through a stream, river or lake. Knowing your watershed helps you better prepare for heavy rain and flooding. To learn more about other frequently used flood and water-related terms, please visit:

www.bexarfloodfacts.org/about_definitions.php

Which watershed do I live in?
There are five watersheds within the San Antonio River Basin which encompass Bexar County: Cibolo Creek, Leon Creek, Salado Creek, Medina River and the San Antonio River. Some of these watersheds extend beyond the jurisdictions of both Bexar County and the City of San Antonio. Click here to learn which watershed you live in.

What is a floodplain?
The area along the edges of a stream or river where floodwaters deposit sediments and that is subject to flooding. Click here to determine if you live in a floodplain.

Why are floodplains regulated?
• Protect human life, health and property
• Ensure that Federal flood insurance and disaster assistance are available
• Minimize damage to public facilities and utilities
• Reduce future flood losses

What is the 100-year floodplain?
The 100-year floodplain is based on a statistical probability needed by the insurance industry as a standard upon which to base policies. Both the federal government and the private sector assist the insurance industry in gathering scientific measurements that are then used to generate a "best guess" of stream flow peaks over a time. All this information goes into a formula/statistical model that generates elevations on tracts of land throughout a watershed that have a “1 in 100 chance (1 percent) of occurrence of flooding in any given year or a ‘return period’ of once every 100 years.”

100-year floodplains are not arbitrary but they are:

• Limited to the “best information at the time”
• Not a determination of where and how frequently actual flood damage will occur
• Subject to change

For more information on 100-year floodplains, click here:
water.usgs.gov/pubs/FS/FS-229-96/

What is a digital Flood Insurance Rate Map (dFIRM)?
The Standard dFIRM Database is a digital version of the FEMA flood insurance rate map that is designed for use with digital mapping and analysis software. The Standard dFIRM Database is designed to provide the user with the ability to determine the flood zone, base flood elevation and the floodway status for a particular location. It also has National Flood Insurance Program (NFIP) community information, map panel information, cross section and hydraulic structure information, Coastal Barrier Resource System information (if applicable) and base map information like road, stream and public land survey data. More details regarding dFIRM are available at:

www.fema.gov/business/nfip/mscjumppage.shtm

What is the National Flood Insurance Program (NFIP)?
In 1968, Congress created the National Flood Insurance Program (NFIP) in response to the rising cost of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by floods. Nearly 20,000 communities across the United States and its territories participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage. In exchange, the NFIP makes federally backed flood insurance available to homeowners, renters and business owners in these communities. For more information regarding NFIP, click here:

www.floodsmart.gov

How does development impact flooding?
Human activities encroach upon floodplains, affecting the distribution and timing of drainage and potentially increasing flood problems. The built up environment creates localized flooding problems outside natural floodplains by altering or confining drainage channels. This increases flood potential in two ways: it reduces the stream's capacity to contain flows and increases flow rates downstream. As land is converted from fields or woodlands to roads, parking lots and other types of impervious cover, it loses its ability to absorb rainfall. Urbanization increases runoff two to six times over what would occur on natural terrain.

However, current standards require proactive flood mitigation in order to permanently eliminate or reduce the long-term risk to human life and property and the negative impacts on natural and cultural resources that can be caused by hazards historically associated with land development and urbanization. Because of this proactive approach, there are a growing number of instances where downstream flooding is significantly reduced following the completion of a new development.

How is water quality associated with flooding?
Water may not be safe to drink, clean with, or bathe in after an emergency such as a flood. During and after a disaster, water can become contaminated with microorganisms, such as bacteria, sewage, agricultural or industrial waste, chemicals and other substances that can cause illness or death. As part of its water quality focus in the San Antonio River Basin, BRWM has developed a basin-wide Watershed Protection Plan (WPP). In an effort to enhance the San Antonio River Improvements Project and improve and protect water quality throughout the Planning Reach, the WPP is serving as a guide to address non-point source pollution. To learn more about the WPP, please visit:

www.sara-tx.org/site/water_quality/water_qual_mon/Projects_and_Studies.html

What are the different methods of flood control?
Methods of flood control management and mitigation include low water crossings, enhanced conveyance, stormwater detention facilities (e.g. construction of levees, dams, reservoirs and floodways), stormwater outfalls and property buyouts.

How are Potential Projects identified?
Potential Projects are identified using many sources of data and information, including:

• Hydrologic and hydraulic computer models
• Identified and potential flood damage centers
• Knowledge and expertise of local floodplain administrators
• Reports of flooding problem areas from emergency responders, field personnel, elected officials and community representatives
• Flood Insurance Rate Maps

How will the proposed Potential Projects be funded?
Local sources of funding include the Bexar County Flood Tax and the City of San Antonio General Obligation Bonds and Stormwater Revenue Bonds. Other funding sources include grants from state agencies and funding from federal agencies, including the U.S. Army Corps of Engineers, Natural Resource Conservation Service and Federal Emergency Management Agency.

What are the unique characteristics of the Bexar County area that attributes to flash flooding?
According to the USGS, Texas leads the Nation in flash flood fatalities and the state holds about half of the world record rainfall rates occurring in 48 hours or less. The National Weather Service has identified South Central Texas as one of the most flash-flood prone areas in the United States.

Both the geography and geology of this South Central Texas region, which includes Bexar County, allow for the formation of severe storms that can stall and produce torrential rain. For this reason, South Central Texas is called “Flash Flood Alley.” For more information on flooding in Texas, please visit:

pubs.usgs.gov/of/2003/ofr03-193/cd_files/USGS_Storms/floodsafety.htm#part1

What is the flood history of the Central Texas area (including Bexar County)?
There is a long and tragic history to flooding in Bexar County. Below is a short list of catastrophic floods that have occurred in the Bexar County and Central Texas area over the last 30 years. For a full history of major and catastrophic storms in Texas from 1853 to 2002, please visit:

pubs.usgs.gov/of/2003/ofr03-193/cd_files/USGS_Storms/index.htm

• June 30 – July 7, 2002: As much as 35 in. of rain fell during this eight-day storm event. The heaviest depths occurred in the Texas Hill Country northwest of San Antonio, with flooding affecting about 80 counties in Texas. Record flood stages occurred at sites on the Medina River, San Antonio River, Sabinal River and Nueces River. The floods caused 12 deaths and damage to about 48,000 homes, with total damages totaling close to $1 billion. Nearly 250 flood rescue calls were reported, more than 130 roads were closed and thousands of homes and businesses lost electrical power and telephone service.
• October 17 – 18, 1998: Up to 30 in. of rainfall occurred in a two-day period. Thirteen streamflow-gaging stations in the Guadalupe and San Antonio River Basins recorded peak discharges equal to or greater than the 100-year peak and record-breaking peak discharges were recorded at 11 of the stations. Thirty-two lives were lost and property damage was estimated to be $500 million.
• May 5, 1993: Up to 8 in. of rainfall in Bexar County produced large peaks on Olmos Creek and Salado Creek.
• July 16 – 17, 1987: During the evening of July 16th and early morning of July 17th, storms produced flash floods across seven counties north and northwest of San Antonio. Flooding caused tragic loss of life when a church bus filled with 39 teenagers and 4 adults was swept into a raging river. Ten persons drowned and the remaining 33 were rescued by helicopter.
• June 4, 1986: San Antonio reported 6.5 in. during 24 hours. Other unofficial amounts of about 10 in. caused widespread flash flooding. Subsequent river flooding lasted for several days along Medina and San Antonio Rivers. Local damage was estimated at $3 million.
• August 1 – 4, 1978: Rain initiated by the remnants of Tropical Storm Amelia fell over Central Texas with rainfall totaling more than 48 in. near Medina in Bandera County establishing a U.S. record of extreme point rainfall for a 72-hour period. Major flooding occurred on the Medina and Guadalupe Rivers. Thirty-three lives were lost and total damages reportedly exceeded $110 million.

Source: USGS

Downpayment Assistance is Going Away!

You may or may not be aware of the demise of downpayment assistance programs.  This summer President Bush signed a bill eliminating downpayment assistance programs.  These will end October 1st.  If you know of anyone who wants to purchase a home but needs assistance with the downpayment, your deadline looms!  Contact me for more information.  We hope that there will be other programs available to assistance with this type of need in the future.  Stay tuned!

September: Ten Cool Things to Do in San Antonio

Ahhh, it's September already and our little darlings are back in school.  I found some great things to do in September in San Antonio.  Check out the list and comment if you have any neat things to add!

1. Take a Class!  A variety of classes are offered in September, just a few I found interesting are:  Windows Vista, Learn How to Become a Mystery Shopper, Wheel Thrown Pottery, Basic Welding, Cake Decorating Basics, Flamenco Dancing, Belly Dancing, Beginning Harmonica, Boxing for Beginners, Beginning Golf, Senior Tai Chi, Bridge and lots more available at www.communityed.neisd.net.  And you thought you knew everything!
2. Bud and Barbeque:  SeaWorld San Antonio celebrates 20 years with a year of special events and guests.  This country music festival honors the best in country music, featuring top artists, Texas style BBQ and beer.  Yummy!  September 6-7 & 13-14. 
3. Medina Lake Cajun Festival:  September 27th, Annual festival featuring Cajun chefs' gumbos, Zydeco and jazz bands, dance demonstrations and over 30 arts and crafts booths.  Parking is free but admission is $8.  More info at www.cajunfestival-medinalake.com.
4. The Eagles Long Road Out of Eden Tour:  September 8th, AT&T Center.  Who doesn't love the Eagles? 
5. Jerry Seinfeld:  September 26th at the Majestic Theater, www.majesticempire.com for more info.
6. Gardens by Moonlight:  This annual event brings live music and great food to the San Antonio Botanical Gardens on an evening with a full moon, sounds like fun!  More info at www.sabot.org.
7. Dos Equis Pachanga del Rio:  September 11th, sample culinary offerings from 20 participating River Walk restaurants from 6-8:30 p.m., then go to the post-party!  More info at:  www.sanantonioriverwalk.com/events.
8. Jazz'SAlive:  September 20-21st.  Two day music festival with top national and local talent at Travis Park, free!  More info at:  www.saparksfoundation.org.
9. Annual Texas Metal Arts Festival:  September 13-14, Lots of Texas artists and sculptors demonstrating techniques used to create fine and folk art at this unique festival, free admission at Gruene Historic District, more info at www.gruenetexas.com.
10. Hike the Canyon:  September 13th, Join the Friends of Government Canyon Volunteers for a guided 5-7 mile hike on various trails, must be 13 and over, more info at www.tpwd.state.tx.us.

Blossom Park .... Did You Know?

View Larger Map

The closest city park to Shady Oaks is Blossom Park, it actually borders Shady Oaks.  I just love to take my grandson, Tyler here and wanted to find out more about this little local treasure. 

Did You Know ......?

• Virgil T. Blossom Park is 17.6 acres in area.
• The park was formerly known as Denton Park.
• The park was purchased in 1972.
• The majority of City of San Antonio Parks are open from 5 a.m. to 11 p.m. under an ordinance that established a park curfew from 11 p.m. to 5 a.m.  So if your little darlings want to go to the park after 11:00 p.m., you can throw the curfew at them.
• The park used to have facilities for Frisbee Golf but they were removed several years ago.  I wonder why they were taken out as I frequently saw people with their Frisbee's there.  Anyone know?
• The park has picnic tables, play ground and a an athletic field.

School Starts Today!

August 25, 2008, first day of school!  We have new families with children who have moved into the neighborhood so please be cautious when approaching the four way stop signs.  It may be a bus stop as is the case with the intersection of Paso del Norte and Encino Grande Street.  It amazes me when I see cars approach the intersection and barely slow down or not even hit the brakes then speed through the intersection.  Those signs are there for a reason.  Please slow down and watch for our kids!