December 1,  the Federal Tade Commission has required all prerecorded telemarketing calls to include a "quick and easy" opt-out system to stop future call by the company. Typically for calls you answer, that means saying a certain word or press a number. Message left on your voice mail must have a toll-free number that connects to an automated opt-out system. Any prerecorded sales or fundraising calls that do not meet these criteria are subject to fines. File complaints at www.ftcomplaintassistant.gov or call 1-877-382-4357 toll-free.

Electric Dryer Vs Gas Dryer.

Consider switching to a natural gas clothes dryer, which is typically less expensive to operate than electric dryers, often by as much as 50 percent.

This is a reprint from our California Association of Realtors Newsline. The public needs to see this one. Jim

DRE issues fraud warning
The DRE recently issued a fraud warning alerting consumers about loan modification scams and informing consumers of what they can do to protect themselves. The alert is available in both English and Spanish.  Last July, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the DRE has filed more than 200 Desist and Refrain Orders. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp..

It is worth noting that not all firms who collect advance fees for loan modification services do so illegally, the DRE said.  In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with real estate law.

C.A.R. also has learned of what appears to be a loan modification assistance program and lead generator, from a company using the legislative bill number 3648, that looks as if it’s a government entity, complete with a misleading seal closely resembling a governmental seal but that is not affiliated with the government. C.A.R. cautions all members to be on the alert for schemes seeking funds from REALTORS® or consumers with no value, or that may be misleading or unlawful.

This article of was worthy of re-posting from Realtor Magazine Online. Important information for buyers! Jim C 

Daily Real Estate News  |  May 29, 2009  | 

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition,  some state house finance agencies have developed their own tax credit bridge loan programs (None in California yet), so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

Daily Real Estate News  |  May 21, 2009  |

HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

Source: REALTOR® Magazine Online

What a beautiful weekend we had in Orange County and most of us are off today,  Memorial Day. The real estate market, however,  seems to be humming along in North Orange County. If any of you read the Orange County Register over the weekend, it confirmed this. My favorite city of Brea is leading the way in home sales.

We held 2 open houses over the weekend and had over 50 groups of people through both 2151 Clears Springs Rd and 1155 Timbergate in Brea. That’s more people than we have had in the last 6 month holding open houses.

No one knows where the bottom of the housing market is until long after it has passed. There are a few signs to be optimistic about though; 1. Inventory is down for the 3rd month. 2. The number of multiple offers on properties has increased. 3. The length of time on the market is decreasing. These are all sure signs we are in the bottom curve of the market and home sales will begin to improve

And, "Here's Your Monday Morning Coffee"...On Memorial day: it is good to be reminded that veterans and active duty personnel alike deserve our undying gratitude.  Keep in mind that there are heroes from the past and there heroes today, living and dying for our country and our freedom.

There have been 5 Medals of Honor presented in Afghanistan and Irag ... All five recipients gave their lives to save others, 3 of the five literally covered grenades with their bodies to save others... you can read their stories at www.homeofheroes.com

(When you read this story remember our soldiers are in the middle of an ambush, guns blazing, RPG's blasts (Rocket Propelled Grenades), and comrades being injured all happening all around them.)

This story is about a surviving recipient of the Silver Star...

Staff Sgt. Lincoln V. Dockery said he didn't even see the grenade that sent shrapnel into his right forearm while charging insurgent fighters in Afghanistan's Korengal valley, Nov. 16, 2007.

"Someone yelled out,” he said.  “My hand went up and a hot, sharp feeling went through."

Dockery, a combat engineer then assigned to a route clearance patrol with Company A of the 173rd Airborne Brigade's Special Troops Battalion, said he decided the injury wasn't major, and continued his charge up a hill into enemy fire.

"I don't want to think about what would have happened had he not been there," said Capt. William Cromie, Dockery's platoon leader that day in Afghanistan. "It would have been a completely different day."

Dockery said the description of the mission for which the patrol departed from Forward Operating Base Asadabad in Kunar Province that day sounded like the description of their mission for any other day: "Out looking for bombs."

"My only concern was for the guys who worked under me," the 25-year-old stated.

His concern became reality when the lead vehicle on the mission, a Husky mine-detecting vehicle, activated an improvised explosive device. Rocket-propelled grenades immediately started hitting the damaged vehicle and it became clear the convoy was in the middle of an ambush.

With RPGs coming at his men and him from two different directions, he realized that the enemy was not only across a nearby river, but also about 20 meters from their position.  He had to make a quick decision. 

"If we didn't assault the hill they were attacking from, they would have taken us out. They couldn't miss with their weapons they were so close," Dockery recalled.

He checked on the lead vehicle’s driver who was barely conscious but not wounded.  Pfc. Amador Magana managed to give a thumbs-up, Dockery said, and soon stood up, manned his M-249 machine gun and returned fire on the enemy.

Dockery and one of his Soldiers, Spc. Corey Taylor, then stormed the hill as their team members provided support from the convoy.  During the charge Dockery was injured, but he kept going, through hand grenade exchanges and incoming RPGs.

The pair low-crawled the rest of the way up, watching bullets kick up rocks and dirt all around them.  They then pushed the enemy back from their position and found the IED command detonator and wire.

Indirect fire, air strikes and other close air support was called in later to deal with about 30 fleeing fighters, but Dockery's assault kept everyone else from the patrol alive.

Dockery received the Purple Heart for his injury in combat and earned a Silver Star for valor.  Both medals were presented on March 11 in Bamberg, Germany.

"Hopefully anybody would have done the same thing I did that day," Dockery said, downplaying his role in the event.

Excerpts from article by Sgt. Micah E. Clare, U.S. Army Europe Public Affairs Office, March 19, 2009.

Support our soldiers by sending a gift this holiday at

www.AnySoldier.com

Have a thankful and enjoyable day and remember to thank our Serviceman and Servicewomen.

Sincerely,

Carol & Jim

Want to take advantage of the low loan Rates but you have no equity. Well there may be help for you now. If your mortgage loan is owned by Fannie Mac or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Your mortgage company can tell you if your loan is guaranteed by Fannie Mac or Freddie Mac or you can contact Fannie Mac or Freddie Mac directly by click on the link below and completing the forms for each company. Two things you should know before you make the call. 1. You can't owe more than 105% of the appraised value. 2. No late payments in the last 12 months. If you meet these two conditions fill out the forms and get the ball rolling.

FANNIE MAE
1-800-7FANNIE (8 am to 8 pm EST)
www.fanniemae.com/loanlookup

FREDDIE MAC
1-800-FREDDIE (8 am to 8 pm EST)
www.freddiemac.com/mymortgage

I thought I was loosing excessive amounts of water from my pool. I was filling it everyday to bring the water level back to normal. Before you call a leak detection company in to see if your pool  has a leak there is a simple test you can do. If found this online at http://www.americanleakdetection.com:

1. Bring pool water to normal level.
2. Fill 5 gallon bucket with pool water about 3-4 inches from top.
3. Place bucket on first or second step of pool.
4. Mark water level on inside of bucket.
5. Shut off pump and mark pool level on outside of bucket.
6. Resume normal pump operation. Make sure auto/manual fill valve is off during test.
7. After 24 hours, compare the two levels. If the pool water (outside mark) goes down more than the inside water level, there is probably a leak.

In case of rain, repeat the test.

They also had a short video at http://www.americanleakdetection.com/tips-bucket-test.php  Fortunately for me the Sun was sucking it away.

Selling a home is like climbing Mount Everest – getting a signed contract is a great accomplishment, but that's only half the journey. The typical home sale today involves more than 20 steps after the initial contract is accepted to complete the transaction.

Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors — the REALTOR®'s role is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't jeopardized.

Many steps between contract ratification and closing involve the cooperation of both buyer and seller, and attentive REALTORS® on both sides of the transaction will troubleshoot and keep everyone on track.

Home Selling from A to C (Acceptance to Closing)

Time Estimates for Delays

When things go wrong, closing can easily fall behind. Here's how much time to expect on particular delays:


One-Week Delays

Buyer submits incorrect information to lender.

Source of downpayment changes.

Escrow fails to notify parties about missing documents.

Principals leave town without signing all necessary papers.

Unknown defects are discovered in the property.

Last-minute liens discovered.

Cloud on title.

Move-out date changes.

Two-Week Delays

Lender decides at the last minute it doesn't approve of the borrower or the property.

Lender raises interest rates.

Lender requires last minute reappraisal or repairs.

Appraisal too low.

This calculator lets you compare the costs of your current home heating system with the savings offered by newer equipment and other sources of energy. It is for homes using one heating source: electricity, natural gas, propane or oil. The results should be used only as a guide. For a detailed evaluation, consult a heating contractor or other qualified professional.

The calculator requires that you enter the following information:

• Current cost of fuel for space heating (fuel cost per unit)
• Current cost of fuel for hot water (fuel cost per unit)
• Total annual heating costs (based on your fuel bills)
• Price of purchasing new heating or hot water equipment (including installation and taxes)
• Value of any rebate or incentive received for purchasing new equipment

Click here to go to the Natural Resources of Canada website