Posts Tagged ‘NATIONAL ASSOCIATION OF REALTORS’

Mortgage Scams
If a deal sounds like it’s too good to be true, it probably is. As more unscrupulous businesses have been popping up offering to help homeowners who are having trouble with making mortgage payments, Federal investigators have been looking through Google, Bing, and Yahoo!’s search engines in a hunt to find con artists who are using the internet to swindle troubled home owners.

The Associated Press reports that investigators have already uncovered more than 120 mortgage scams through the search engines, according to the Office of the Special Inspector General for the Troubled Asset Relief Program.

Online ads posted by scammers often promise to help save home owners from foreclosure by modifying their mortgage payments so they can keep their home. As part of the scam, con artists will ask for upfront fees or ask that mortgage payments be sent to them.

Remember, if you’re trying to re-arrange you mortgage, never, ever, agree to pay a company up-front costs or send payments to anyone other than you mortgage lender. Indeed, if you’re having trouble, your lender should be the first person you talk to.

The good news meanwhile, the three search engine giants say that they will not accept ads from any internet agencies discovered to be linked to such scams.

When we take a look at the numbers, the Pending Home Sales Index, or PHSI, which is a forward looking indicator based on contract signings, surged ahead into double digits from September, rising over 10 percent. And the national year-to-year comparisons are almost as good, with the PHSI up well over 9 percent from October 2010.

Now, because it’s a forward looking indicator based on contracts signed, this should give us a pretty good idea of the direction the market will take over the next few months when these signed contracts come to closing. And judging by these numbers it looks like we may have a promising winter market ahead.

N.A.R Chief Economist Lawrence Yun is also encouraged by these figures, saying that improved contract activity is definitely a hopeful sign. He adds that home sales have been kind of plodding along at sub-par levels–despite interest rates hovering at record lows—creating a pent-up demand from buyers who normally would have already entered the market in years past. Mr. Yun hopes these figures are indicative that more buyers are taking advantage of the excellent affordability conditions.

However, as good as these pending numbers are, we also have some words of warning for those hoping to enter this buyers’ market.

As we said earlier, pending home sales are a forward looking indicator reflecting contracts signed, but not all contracts lead to closings. Many lenders are applying more stringent standards for accepting loan applications. So make sure your credit score is the best it can be before applying for a mortgage and for tips on that you can always go to houselogic.com.

Now let’s take a quick look at the PHSI across the country.

The PHSI in the Northeast surged nearly 18 percent in October. When it comes to a year-to-year comparison, it’s well over 3 percent above October 2010’s PHSI.

If you thought the Northeast’s figures were good, listen to this. In the Midwest the index jumped over 24 percent from September to October. That’s the highest jump in the nation and remains over 13 percent above a year ago.

Pending home sales in the South rose nearly 9 percent in October. And they are nearly 10 percent higher than October 2010.

The West is the only place we saw the index slip, but only by a negligible 0.3 percent in October. But compared to last year, the PHSI in the West is still over 8 percent above a year ago.

So there you have it, excellent pending home sales in October pretty much across the board and certainly a good step up from September. It’ll be interesting to see how these translate into closed sales as the months continue and, as always, we’ll keep you posted with those figures and all the latest news as it happens.

Certainly some people learn by just breaking out the chain saw and firing it up. But after you’ve gotten the blade hopelessly stuck when the wood closes in on it, or even worse, if you’ve had the tree fall down in the WRONG direction…we realize, maybe we should have taken the time to learn how to use it properly and safely in the first place.

So let’s talk about that: how do you learn to use these “big, bad tools?” You know, those circular saws, jigsaws, hacksaws, routers, hammer drills, nail guns, and all those other tools that come with a little extra oomph.

First and foremost, the easiest way to learn how to use a tool is to ask someone you know who already owns one. Parents, relatives, or neighbors can all make great power tool teachers. Using our chain saw example – it’s a good idea to go out with someone who’s experienced – and watch what they do. Ask questions, about why they cut where – and when to do a straight cut – and when to do a notch.

Another great place to turn–is online. When all else fails, the answer may be an online search away. So jot a keyword into a search engine like “how to use a ‘fill-in-the-blank’ ” and you’ll get thousands of results. Search YouTube, for example, on how to use a power saw and you’ll turn up more than 54,000 videos alone, walking you through everything from using a circular saw to a miter saw.

And of course, there’s an ‘app’ for that! You can find dozens of home repair apps for your iPhone, iPad or Droid – which could come in handy, because for instance, if you’re working under the sink, you can bring those devices with you, a little easier than a desktop or a laptop PC or Mac.

You can also learn by grabbing a book from the library or the bookstore. Time-Life Books and Reader’s Digest books have always been a mainstay in searching for help in this arena, with numerous books that set out to turn you into a handyman … or handywoman around the home.

If you want more hands-on advice, try out a workshop like at one of your local hardware stores, or for even more advanced help, sign up for a course at a local technical college.

No matter what, when using a tool for the first time, at the very least, read the tool’s safety manual first, that is before you swing, drill, or saw away. And never a bad idea to practice with it before really putting it to use. So think about getting some scrap lumber to try out that new router on – before rounding out the edges on that tabletop you’re building.

And finally – once you start to build up your took kit – you’ll need a place to put all those big, bad, beautiful power tools!

Your work shop is a reflection of who you are. By organizing and displaying your tools, you are, in effect, saying ‘I know how to use these.’ And, when you look at them, you might remember some of the projects you did, and how you did them. It’s a very good feeling to have.

So let’s look at some of the basics here. The things you want to think about for your workshop, whether it’s big, small, or tiny.

First of all, you’re going to want some way to organize everything …and for that, the perfect starter is the old reliable tool box. Even if you have thousands of dollars’ worth of expensive power tools, you still need a tool box…filled with everything for those quick jobs around the house. The kind of thing you can grab and go. Inside, you’d find screwdrivers, a few adjustable wrenches and maybe a small set of socket wrenches, a tape measure, a hammer , a voltage detector and electrical tape – and also, not a bad idea to keep a small plastic organizer inside, with different types of nails, screws and picture hangers. Whether you’re in a small condo or a 30 acre estate – it all starts with the tool box.

Next up? You’re going to have bigger tools that don’t fit in a tool box. But, tools you still use a lot. So for that, there’s trusty old pegboard. …and a whole lot of hooks. Pegboard, especially white pegboard, can hold just about any tool, in plain sight. Great place to hang a T-square, mallets, chisels, and hand saws.

And it’s versatile enough that you can put it up on the back of the closet door, if you’re in a condo, or all over the walls of your garage or shed.

Of course, the center of any workshop? Is the workbench itself. If you’re lucky enough to have lots of room, you can build your own workbench using pre-cut kits, available at just about every big hardware store. They’re available in lots of different sizes, and they’re all sturdy as a rock. But of course, if space is at a premium, you can also use a portable workbench – they’re big enough and sturdy enough to hold a door when you’re planning off the bottom of it – then they fold up and fit in a closet when you’re done.

Your electrical needs will, of course depend on the type of tools you use. If you have a table saw or a big drill press, you’d better have a dedicated line to your workshop – unless your family won’t mind the lights dimming when you power up that saw! But these days, many workshops just need a few outlets for battery chargers…Since so many power tools are now cordless.

One big requirement in any workshop – is good lighting. You never want to use
power tools if you can’t see clearly. So think about big fluorescent light fixtures, directly over your work area, and a few extra lights over your big stationary tools, like table saws. Also, good lighting will make all your tools, easier to find.

You’re also going to need a way to clean up! But don’t borrow the family’s upright vacuum – a few nails and screws could destroy it. Better to get a shop-vac, which are built to handle big amounts of sawdust, nails, screws, broken glass – you name it. Also, many shop vacuums can be set up with accessories that attach to your saw tables – so every time you cut, the sawdust is removed immediately. And don’t forget – there’s always the traditional choice – of an old fashioned push broom.

And finally – once you’re all set up, and everything is the way you want it? Take good care of your tools. Keep ‘em sharp, keep ‘em clean, and if they need it, keep ‘em well oiled. Because good tools can last a lifetime. They can be passed down to your children. It’s a wonderful legacy – one that will be there some day, if you take good care of the tools you use.

Remember, your workshop and the tools in it, reflect your unique personality, preferences and abilities. It says something important about you: that you know how to build something, repair something, or make something more beautiful — and you know how to do it with your own two hands. And in today’s wired world? That’s something to be very proud of.

So from all of us here at Real Estate Today, we hope that your next project, whether it’s big or small, turns out great! And we hope that in some small way, we’ve helped. If only by reminding you – to always measure twice – and cut once.