by David Glenn | Apr 11, 2016 | CRESTICO
There are more than enough things that homeowners assume they know, yet aren’t fully aware of. Letting things slip under the carpet or become easily forgotten can create more work than you realize. Knowing just what you need to be aware of to keep your home functioning well and always being on top of repairs is one of the biggest jobs of a homeowner. Here are seven things every homeowner should know.
Regular Filter Replacement
Replacing filters, especially for your furnace, on a regular basis is very important if you want to keep your appliances in the best condition. Ideally, they should be changed four times a year. If this feels like excessive, at least do it twice a year. To make it easy, buy several filters at once and label them with the month that you plan on changing them in.
Drain Cleaners
More often than not, the drain cleaner you are using is more corrosive and harmful to your pipes than not. If you have a sink or bathtub that isn’t draining well, try snaking it first before you dump drain cleaner down there. Often, what is blocking your pipes is hair that cleaners won’t take care of very easily. If you do need to use a drain cleaner, invest in a non-corrosive one such as Bio-Clean (plumbers prefer this kind!)
Smoke Alarms
A quarter to about one third of smoke alarms don’t work because of missing or dead batteries. But what most homeowners don’t know is that having just one working smoke alarm can reduce the chances of you dying in a home fire by nearly 50 percent! If you can’t get to all of the smoke alarms regularly to check their batteries, focus on at least one for each floor. If you do have the time, be sure to regularly check your alarms and batteries (at least twice a year). Try working it into your cleaning routine, such as when you’re dusting.
Understand Insurance
Most homeowners are under the mistaken impression that their home is completely insured from catastrophe. This couldn’t be further from the truth. Most home insurance policies have stipulations and events that they do not cover. This includes things as major as housing floods and earthquakes. Additionally there is insurance for your appliances called home warranty insurance.
Ducts
According to some studies, the biggest problem with heating and cooling consumption comes from leaking ducts. You would be surprised to see that most of your energy consumption isn’t actually coming from you. Sometimes, not even heating technicians will check for leaks. If you check and feel like your energy consumption is still terribly high, invest in a good power quality meter. These devices can help gauge your family’s energy consumption and show you where you may need to cut back on energy use.
Colors
Choose colors for you house that will work now and later. Though this may seem trivial, it can save you money in the long run. If you enjoy painting your walls, pick something that can work well with different patterns and furniture. Generally, neutrals are best, such as grey or beiges. If you find in 10 years that you want a new red couch but your walls are blue or purple it may not work. Plus, if your walls are what you might call “boring” you can spice up your décor with stunning throw pillows, pottery, towels (in the bathroom and kitchen), and even beautiful rugs. By picking colors that can work always, you will find that you will save money from not having to repaint often and will also save you a headache from picking something that could work with already existing colors.
Your Breaker Panel
Most electrical panels already have labels or lists that indicate which breaker controls which circuit. However, these labels aren’t always completely reliable, especially in older homes with recent remodeling. In these situations, you might find that an outlet in one room is on a completely different circuit as all the other outlets in the same room but that one random outlet isn’t labeled on the circuit box. If you have an orphan outlet, or suspect you do, use a voltage detector to make sure the power is off before proceeding to do any electrical work.
Handy Work
If something can be fixed, you should fix it. Don’t think that some things should be ignored because they don’t seem important (just like those bad drains or smoke alarms). Other things you should fix when you can (or at least take care of) are black mold spots, any leaks, broken doorbells, sticking locks, torn screens, and so much more.
At the same time, if there is something that needs fixing especially big things like plumbing or heating issues, if you’ve done your research but still feel uneasy don’t shy away from hiring a professional. Oftentimes we think we can fix things that we really can’t and shouldn’t. Professionals are there for a reason.
by David Glenn | Mar 16, 2016 | CRESTICO
Pet owners enjoy a wonderful experience with their dogs. Dogs provide companionship, loyalty, love and entertainment to their families. One of the issues that these owners face with dog ownership, though, is the fact that their houses can smell like their pet when they are not careful. You may already understand this fact since you presently have a canine companion of your own, and while you may be accustomed to this odor, visitors might find it repulsive and decline your invitations. Luckily, there are a number of different ways to prevent this unpleasant aroma, such as using dog shampoo, cleaning the dog’s belongings, vacuuming the house and other processes. Read our info below to learn additional information about what we mean by all this.
Vacuum Carpeting to Remove Dog Hair
When you vacuum the carpeting regularly, you remove the hair that the dog sheds. I sprinkle a bit of baking soda onto the carpet and leave it set for about 10 minutes before vacuuming. This can eliminate a certain amount of canine aroma in your house. You must not stop with this step if you wish to make your home smell as non-dog as possible.
Immediately Address Accidents on the Floors and Carpet
When the dog accidentally urinates or defecates on the floors or carpet, you should immediately address this spot to reduce the risk of lingering odors. Blot up the urine and do not rub it, especially with carpeting since you will only spread it. on top of this, pick up the fecal matter and dispose of it. Clean the area with appropriate solutions and you can even spray the carpet with a mixture of white vinegar and baking soda to neutralize the odor or apply one of the solutions that are available in your local pet store to accomplish this task.
Periodically Shampoo Carpeting
Along with vacuuming the carpets, you should shampoo them periodically with a detergent that is designed to remove pet odors. You will discover numerous effective brands on the market today. Shampooing reaches deep in the fibers of the carpet and even the pad underneath to eliminate additional odors.
Groom and Shampoo Your Dog as Needed
At times, the cause of a dog aroma in the house is the fact that your dog needs grooming and shampooing. A dirty, unkempt dog will wreak of body odor enough for it to permeate all areas of the house. Brush your dog as necessary to remove loose hairs and mats before you shampoo it. Even though there are a number of pleasant-smelling dog shampoos on the market, I prefer using Nature’s Remedies dog shampoo since it contains essential oils such as argan, lavender, olive, coconut, tea tree, grape seed and avocado to provide a long lasting, clean, fresh scent. Besides giving the dog a nice aroma, it also is effective in repelling fleas and ticks.
Perform Routine Cleaning on the Dog’s Bedding and Other Belongings
Your dog’s belongings such as bedding, toys and bowls can be other sources of doggy odor that will make your house smell just like your pet. For this reason, your need to wash all of these items weekly or even daily in the case of the dog’s bowls for his or her food and water.
Use Herbs, Spices or Essential Oils to Provide a Pleasant Aroma to the House
On top of the above options for ensuring that your house does not smell like your dog, you can turn to essential oils, spices or herbs to provide a pleasant aroma to your home. Examples of these are lavender oil, peppermint oil, cinnamon, cloves and rosemary. You can buy diffusers for the essential oils or simply heat spices and herbs in water to fill the air with their unique scents.
While you may think that just using the right dog shampoo will improve the doggy smell in your house, you can see by the information above that you must do other things along with this action to obtain a pleasant aroma in your house. When guests arrive at your home, they will be shocked to discover that you own a dog when you accomplish this goal. You can host these visitors with a true sense of pride in the appearance of your home along with its non-doggy aroma.
Selling a home is much much easier when you do not have problems with dog smell!
by CRESTICO | Dec 5, 2013 | CRESTICO, Mortgage, Real Estate
Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (TAP)
If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.
The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.
The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:
- Apply for the funds through their state’s website or by calling 1.888.954.5337.
- Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.
For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.
To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit that program’s website at http://keepyourhomecalifornia.org. You can also direct your clients to call 1.888.954.5337 and identify themselves as Bank of America customers
by CRESTICO | Aug 21, 2013 | CRESTICO
The Federal Housing Administration is making it easier for once-struggling homeowners to qualify for a mortgage backed by the agency.
For borrowers who meet certain requirements, the FHA is trimming to one year the amount of time that homebuyers must wait after a bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed mortgage.
The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale.
But only certain consumers who’ve been in those circumstances will be able to meet the criteria attached to the eased restrictions. Borrowers must be able to show their household income fell by 20 percent or more for at least six months and was tied to unemployment or another event beyond their control. They also must prove they have had at least one hour of approved housing counseling and, among other things, have had 12 months of on-time housing payments.
“FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” said FHA Commissioner Carol Galante, in a letter to mortgagees announcing the changes.
FHA-backed mortgages are a popular option for first-time buyers and for consumers with lower credit scores who might not otherwise qualify for a loan backed by Fannie Mae or Freddie Mac. However, the agency has recently increased the fees tied to FHA-backed loans.
by CRESTICO | Aug 2, 2013 | CRESTICO
Section 129B(d) of TILA, as added by the Dodd-Frank Act, permits consumers to bring actions against individual mortgage loan originators for violations of certain provisions of TILA. For example, while LO’s can be held personally liable for receiving compensation in violation of the Rule, they are not personally liable under TILA/LO Comp for failing to maintain the records of compensation required by the rule. The LO Comp Rule, which implements the DFA’s statutory authority confirms this personal liability through its changes to Reg. Z’s definitions. Specifically, the change to § 1026.36 (a)(1)in the LO Comp Rule clarifies the definition of “loan originator” to mean either the individual LO or the company. The following is from the CFPB’s small business compliance guide which seeks to use plain language explanations for the Rule (although it still warns you that you need to see the actual Rule for details): “A “loan originator” is either an “individual loan originator” or a “loan originator organization.” “Individual loan originators” are natural persons, such as individuals who perform loan origination activities and work for Mortgage Brokerage firms or creditors. “Loan originator organizations” are generally loan originators that are not natural persons, such as mortgage brokerage firms and sole proprietorships”
TILA is confusing for a lot of reasons, but one of the biggest areas of confusion in the LO Comp and Ability to Repay rules are the differing obligations imposed on “Creditors”, “Loan Originators”, and “Loan Originator Organizations”. These definitions are critical in determining who is responsible for any obligation under TILA. LO comp is one of the few times where the obligation extends all the way down to the individual LO, but the liability is potentially huge. I don’t know about the issue from the LO’s perspective (ask an attorney; see below) – does the borrower have a life of loan defense? As best I understand it, the life of loan defense is true as it relates to foreclosure but the remedy is not a free house, it is three years of interest and other fees (loan, attorney) – a monetary judgment. So there shouldn’t be any runs on any particular company.
Attorney Brad Hargrave (MedlinHargrave) writes, “Loan originator compensation is one area of Truth in Lending and Regulation Z wherein someone other than a creditor; namely, the loan originator, can also be held liable for a violation. The citation in support of this proposition is found at 15 USC §1639b(d)(1) which provides, in pertinent part, that ‘for purposes of providing a cause of action for any failure by a mortgage originator, other than a creditor, to comply with any requirement under this section, and any regulation prescribed under this section, section 1640 shall be applied with respect to any such failure by substituting ‘mortgage originator’ for ‘creditor’ each place such term appears in each such subsection.’ And, §1640 is that section of TILA that imposes civil liability for various TILA violations, including those sections regarding LO Compensation. (I have not addressed the recoupment and setoff issues in the event of foreclosure in the context of the LO, given that an LO would not be the party initiating the foreclosure; and thus, this section really isn’t applicable to an LO).”
Mr. Hargrave’s note continues, “The penalties are potentially severe. In an individual civil action brought by a consumer, the creditor who paid the violative compensation could be liable to the borrower for actual damages, plus twice the amount of any finance charge in the transaction (capped at $4,000), plus an amount equal to the sum of all finance charges and fees paid by the consumer (unless the creditor can demonstrate that the failure to comply is not material), plus reasonable attorneys’ fees and court costs if the borrower were to prevail. The loan originator’s exposure to such a claim (per 15 USC § 1639b(d)(2))is the greater of actual damages to the consumer or three times the total amount of direct and indirect compensation paid to the LO in connection with the subject loan, plus the costs to the consumer of the action, including reasonable attorneys’ fees. In addition, the CFPB could sue the creditor and the loan originator in Federal District Court and seek any one of a number of remedies, including restitution and/or disgorgement, and appropriate injunctive relief, as to all loans wherein the LO received unlawful compensation. It is also possible that the matter could be referred to another agency for enforcement.”
by CRESTICO | Jan 3, 2013 | CRESTICO
CoreLogic, a leading provider of consumer, financial and property information, analytics and services to business and government released a report showing that the Shadow Inventory dropped again late last year.
Should we be afraid of the Shadows?
Shadow Inventory is a term used to describe unsold Real Estate that is either in foreclosure or homes that owners are delaying putting on the market until they feel that prices are rising. Shadow inventory often causes homeowners to question whether it is a good time to sell their homes and when they can see rises in prices..
According to CoreLogic, this shadow inventory fell 12.3 percent from the previous year.
“The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” CoreLogic Chief Executive Anand Nallathambi said in a press release. “We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO properties and the broader recovery in housing market fundamentals takes hold.”
CoreLogic estimates the supply of homes that are seriously delinquent, in foreclosure or held by lenders and not currently on the market. Investors and economists keep an eye on shadow inventory to get a sense of how many homes might be headed into foreclosure and hitting the market.
CoreLogic estimated the dollar amount of shadow inventory as $376 billion in October, a decline from $399 billion the same month a year before. Florida, California, Illinois, New York and New Jersey account for 45 percent of these shadow properties recently reported by CoreLogic.
