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Home warranty springs a leak

By Benny Kass, Tuesday, November 17, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/globalreset/26817322/">globalreset</a>.

DEAR BENNY: Our home was built and completed in October 2007. Twice in the past year during driving rain and high winds, we've experienced leaks. The first time, a leak started on the back porch over the exit door to the porch. The second and most recent time, it was a leak coming through the light fixture in the walk-in closet of one of the upstairs bedrooms.

The builder's one-year warranty has expired. Thinking we were covered under the 2-10 Home Buyer's Warranty (Workmanship/ Systems and Structural Limited Warranty Coverage), I called to find out that the roof is not covered; it's only the roof framing systems under "designated load-bearing elements that are covered under this structural defect warranty." Is this not a framing issue? Do we have no recourse under this warranty? Any advice would be appreciated. --Willie  more...

4 tax-credit market predictions

By Tara-Nicholle Nelson, Monday, November 16, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/richardwhitaker/3320110409/">Richard Whitaker</a>.

By the time I write this, just a few days after President Obama signed the extended, expanded homebuyer tax credit into law, it's already old news. I was fielding calls from reporters looking for industry insiders to quote before the ink on that thing was dry. It's already been covered every which way but loose, so I won't purport to "educate" you about the bullet point provisions it contains.

However, I submit to you that whether you were pro or con on the credit's extension, there are some behavioral-economic impacts it will have on the real estate market that have managed to escape the popular media's scrutiny.

The real estate industry party line on this thing was, of course, that the credit should be extended and expanded for its proven ability to stimulate sales.  more...

Watch for 'buying signs'

By Bernice Ross, Monday, November 16, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/striatic/2191130107">striatic</a>.

What's old is new again. Old-fashioned sales skills are not only desirable in today's market -- they're a necessity.

Last week's column examined six basics you need to survive in 2010. Today's column examines five additional sales skills that you need to thrive in any market.

1. Force appraisers to meet you at the property
Ten years ago, it was routine to meet the appraiser at the property. As the listing agent, you made sure the appraiser had all the recent comparable sales plus as much detail as possible about each of the comps.  more...

Better off renting or buying?

By Dian Hymer, Monday, November 16, 2009.

The push for an ever-increasing homeownership rate in this country recently led to a huge housing bubble, followed by a tsunami of foreclosures and declining home prices. Lax lender qualification a few years ago fueled a run-up in home prices that couldn't last. It left many homeowners who bought beyond their means with damaged credit and without a home.

Homeownership has been the American dream. But owning a home isn't for everyone. Factors often not taken into consideration by homebuyers is that homeownership requires a lot of time, effort and a financial commitment that goes beyond merely paying your principal, interest, property taxes and insurance.  more...

Debunking refinance myths

By Jack Guttentag, Monday, November 16, 2009.

Many mortgage borrowers have interest rates well above those available in today's market, but can't refinance profitably. One common reason is that their property values have declined to the point where a new loan would require mortgage insurance. A second reason is that they are self-employed and cannot meet the tough income-documentation requirements that now prevail. Still a third reason is that the borrower's credit score has either deteriorated or no longer meets the higher scores that are now required.

These borrowers face real problems for which there are no easy remedies.  more...

No comfort in new economic data

By Lou Barnes, Friday, November 13, 2009.

Long-term rates are behaving very well, despite all the inflation and dollar grumbling in the background (that talk has been wrong and is still wrong). Low-fee mortgage rates are very close to crossing into the high fours.

In an unexplained oddity, the retail mortgage spread to the 3.45 percent 10-year Treasury note is the tightest since The Crunch began in 2007. Theoretically, as the Fed reduces its purchases of mortgage-backed securities, mortgage rates should begin to float away from the 10-year.  more...

Buyer wronged by unlicensed agent?

By Tara-Nicholle Nelson, Friday, November 13, 2009.

Q: I just got a notice from my state's Department of Real Estate that the woman who sold me my home was not licensed at the time. They are asking me to testify in a disciplinary proceeding. How did this happen? Is there any chance I could recover any money from this case?

A: This probably happens more than you would think. How? Well, most often, a licensed broker or agent whose license has been suspended or, less culpably, has lapsed because they haven't paid their licensing fees or kept up with their continuing education requirements is the "unlicensed individual" found performing acts requiring a license. This also happens commonly when an unlicensed assistant to a licensed broker or agent performs activities outside the scope of what is permissible, including (in most states) showing properties or drafting and explaining contractual documents to a buyer or seller.  more...

Winterizing your chimney

By Paul Bianchina, Friday, November 13, 2009.

As winter approaches, one of the things to look forward to is the cozy heat and intimate glow that can come only from a wood fire. But burning wood can create some definite safety hazards if you don't keep up with regular fireplace and wood-stove maintenance.

The real culprits are soot and creosote. Creosote is a thick, oily material that results from the distillation of wood smoke, which then solidifies as it cools. Soot is basically particles of partially burnt material, which builds up in masonry chimneys and metal flue pipes alike, as well as in the flue cap.  more...

Unlocking future home-price gains

By Steve Bergsman, Friday, November 13, 2009.

Tom Glassanos is one creative techie. He also happens to have a touch of the Midas, so it wouldn't hurt to bet alongside him.

In the mid-1990s, the high-tech entrepreneur created one of the earliest Internet banking application businesses, which he eventually sold to PeopleSoft Inc. Glassanos may have been unemployed, but his inventive mind was still at work. In 2000, he launched a new company to automate business payments for big organizations including what he says was the largest settlement network for global businesses. In 2007, JPMorgan Chase snapped up that enterprise and Glassanos was out of work once again.  more...

A beef with Realtor association blogs

By Teresa Boardman, Thursday, November 12, 2009.
Flickr image by <a href="http://www.flickr.com/photos/foxtongue/24720422/">Foxtongue</a>.

Over the years Realtor associations have expressed interest in starting blogs, and some have followed through. I have been watching the association blogs. It is hard to get them off the ground and to keep them going.

Some associations rely on agent volunteers to write, and others rely on staff or some combination of the two.

I went searching on the Internet looking for blogs written by associations and found several. Most don't appear to get much traffic or have a clearly defined audience.  more...

Must-haves when buying from builder

By Tara-Nicholle Nelson, Thursday, November 12, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/minidriver/423349158/" target=blank>sciondriver</a>.

Q: I am a first-time homebuyer in the New York metro area. I am considering purchasing a new condo in one of the boroughs, where most of what I am looking at is new construction. If I am buying a new-construction condo, is there any real need or benefit to having a Realtor represent me?

A: Short answer? Yes. Now for the longer answer.

Here's a hypothetical. You're a novice poker player -- in fact, you've never played a game before in life. And you're playing in the World Series Olympiad Playoffs ...  more...

Favoring families over frat boys

By Janet Portman, Thursday, November 12, 2009.

Q: For the past three years, we have been renting out our summer cottage for two- or three-day overnight periods to a group of university boys. We were given their Greek name, which we interpreted to be a Greek honorary group. This is a relatively new fraternity and when we began renting to them, we could find little information about them.

During a recent rental, our neighbors became concerned because the boys were conducting some kind of a ritual on our deck involving chanting, robes and candles (I believe it was a new membership ceremony). We now know that this is a fraternity for gay, homosexual and progressive men.  more...

Buyer $5,000 short: How to close the gap

By Bernice Ross, Thursday, November 12, 2009.

DEAR BERNICE: We need $237,900 to pay off our first mortgage and to cover closing costs. We have an offer from some buyers who qualify for a total purchase price of $233,000. We have to move because of my job change. We have the money for the downpayment on our next house. If we take this offer we will have to use part of our downpayment money to close the deal. That will probably put us short on our next house. Our agent says we should be thankful we have a preapproved buyer who can actually close the deal. Do you have any suggestions? --Mark L.

DEAR MARK: First, if you have a preapproved buyer who can definitely close the transaction, it would be very smart to take the offer, even if it's $4,900 less than what you need to pay off the loans and closing costs.  more...

Debt collectors must play by rules

By Tara-Nicholle Nelson, Wednesday, November 11, 2009.
Flickr image by <a href="http://www.flickr.com/photos/hikingartist/3000884104/" target=blank>HikingArtist.com</a>.

In the case Edwards v. Niagara Credit Solutions Inc., debtor Brenda Edwards owed money to creditor Consumer Shopping Network. The creditor retained Niagara Credit Solutions, a collection agency, to recoup the money owed by Edwards. A collection agency calls and writes debtors to collect debts, and is governed by the Fair Debt Collection Practices Act (FDCPA).

Niagara Credit Solutions made more than 12 calls to Edwards over a four-month period, leaving voice messages when she failed to answer. Each message stated the debtor's name, the name of the individual calling, the phone number to which the return call should be made and an account number to reference.  more...

The runaway real estate bus

By Kris Berg, Wednesday, November 11, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/safaris/160601256/" target=blank>safaris</a>.

Stop the bus. I want to get off.

I find myself having a moment like this at least once a month, a moment where it all starts to feel just a smidge overwhelming. This morning I was having yet another anxiety attack, and I blame it on my feed reader.

There were the links to the approximate 6,800 articles on the extension of the homebuyer tax credit, of course.  more...

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