WHERE DID THE WATER GO AND WHEN WILL IT BE BACK?
Latest news as of January 4, 2012 shows Texas is inching out of it drought. National Drought Mitigation Center shows there’s some good news as Texas heads into the new year:
- 32 percent of the state is in the highest level of drought, “exceptional,” down from 39 percent just last week and 86 percent of Texas three months ago.
- 67 percent of Texas is in “extreme” drought or worse, down two percent from last week and 97 percent three months ago.
While actual drought conditions show small, steady improvements recently, resevoirs, aquifers and lakes are a long ways away from being at “normal” levels.
Looks like Desalination may be the Future of Water in Texas
INTRAFAMILY LOANS
Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma or rich Uncle Montgomery—even perfect strangers they met online. While these solutions are understandable, given the abundant bargains on the market, they also present significant risks.
In so-called intrafamily loans, the borrower often saves on interest since parents are likely to charge less than the banks. Parent lenders can earn a higher return from their child’s interest payments than they would on a certificate of deposit or money-market fund. Under federal law, on a loan of more than nine years, parents in most cases must charge at least 2.8%.
Of course, intrafamily loans can upset the family dynamic. Parents should be clear about how repayment will work. In some cases, it may even make sense to hold back on future monetary gifts or inheritance if it isn’t repaid.
Lending to children and other family members should be done carefully. Use interest rates mandated by federal law: minimum of 0.2%, 1.3% or 2.8%, depending on repayment period.
Specify time period and due dates for repayment.
Set penalties for missed payments.
Consider drafting and reviewing with an attorney before signing.
Back to the basics and keeping it in the family.
If you are looking for a home to buy, sell, or lease in Montgomery, Texas 77356 please call Debra Nowaski @ 936.444.6329. I am a realtor with The Property Source located on Walden Road.
