Scammers Targeting Delinquent Borrowers

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Scammers have targeted delinquent borrowers during the past few years, hoping to take advantage of their desperation and financial inexperience. Their approach typically involves posing as a representative of a nonprofit or government agency who can help with a loan modification or some other form of assistance.

Sheri Stuart, education manager at Springboard Nonprofit Consumer Counseling, says she frequently encounters consumers at courses offered by her organization who have been victimized by these scams. Stuart says she recently met a couple from Southern California at one of these events who’d paid $3,000 to a fraudulent company in an attempt to keep their home out of foreclosure.

“It’s disconcerting,” she says. “It has a ripple effect. It not only affects the home owners, it affects the communities as well.”

To keep more consumers from being taken in by these scams, Stuart offers the following four red flags to help determine whether borrowers’ knight in shining armor is actually a swindler on the make:

1. They ask for money up front. “That’s usually an indication that someone has an ulterior motive,” Stuart says.

2. “Phantom help” appears out of nowhere. If a consumer hasn’t proactively contacted anyone about missed mortgage payments, but suddenly gets calls and mail about getting help for missed mortgage payments, it’s probably a scammer.

3. They present phony credentials. Many companies that claim to offer assistance will have official-looking seals from credentialing institutions on paperwork, promotional materials, and Web sites. Research those organizations to make sure they actually exist.

4. They make promises they can’t deliver. If they make ambitious guarantees about being able to modify loans or halt foreclosures, that should set off alarm bells. “Nobody can promise you a loan mod,” Stuart says.

Article from http://realestate.glozal.com/profiles/blogs/4-ways-to-id-borrower?xg_source=msg_mes_network
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Pet Friendly Homes

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Most homes are not designed with the family pet in mind, but Fauna Plus Design of Kobe, Japan, designs dog-friendly homes that are both attractive, practical, and attentive to animal behavior. To maximize space, the company has designed a home with an indoor kennel for a Labrador retriever located under a children’s playroom and another home with a waterproof indoor kennel, located under a study, for two dachshunds.

Pet-friendly design also might involve kennels made from cabinets featuring odor-absorbing materials, ventilation systems that remove hair, outdoor dog showers, and special backyard-accessible spaces for dogs. These concepts have not been embraced in the United States, apart from doggy doors and pet-resistant fabrics, despite the fact that Americans shelled out over $50 billion on their pets last year, according to the American Pet Products Association.

The Pet Realty Network, however, enables U.S. real estate agents to meet the needs of clients with pets, helping them to locate homes with elevators, mudrooms with dog washes, and other useful features. Still, experts say that it remains to be seen whether home design will evolve to fully embrace the family pet.

 

Article and picture curtosey of http://realestate.glozal.com/profiles/blogs/a-house-that-s-for-the-dogs?xg_source=msg_mes_network 

How to Create Light!

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Q. My apartment doesn’t get much natural light. What can I do to improve the way it looks to buyers?

A. “You can’t create exposures or more natural light, but you can enhance the natural light you get,” said Leonard Steinberg, a managing director at Prudential Douglas Elliman. The objective, he said, is to “show how you can live in that space comfortably, without it feeling dark.”

Fortunately, Mr. Steinberg said, “Dark spaces aren’t dark only because they don’t get natural light.” In fact, most of the time, he said, “It’s because they’re painted a dark color, or have bad lighting or heavy curtains.” And all of those problems can be fixed fairly easily.

Matthew Tanteri, principal of the daylighting consulting firm Tanteri & Associates and an assistant professor of lighting design at Parsons the New School for Design, said that there are two key ways to enhance natural light: improving interior reflectivity and reducing obstructions from furniture.

With reflectivity, “You want to maximize the amount of times that daylight bounces inside the room,” Mr. Tanteri said. To do so, he suggested using light colors that are “close to white” on ceilings, walls and floors, and avoiding glossy finishes. “Glossy surfaces can actually be a detriment because they can create glare,” he said. “The safest finishes are matte finishes, because they reflect light in all directions.”

Mr. Steinberg also recommends using light hues, and offered specific paints. “Linen White by Benjamin Moore is a very reliable, sell-your-house coat of paint,” he said. He suggested another Benjamin Moore color, Decorators White, for the ceiling and trim.

On a related note, Mr. Tanteri said: “You don’t want to cover the wall with dark hangings. Paintings and posters will absorb light.”

As for reducing light obstructions, “Orient objects in the room to promote the flow of daylight,” he said. “So, things like bookshelves and partitions should be perpendicular to the window wall.”

Mr. Tanteri also says that light from the top of a window will reach the farthest into the apartment, so it is important not to block that part of the window with heavy blinds or drapery.

He favors Venetian blinds because they provide solar control and can also redirect sunlight to the ceiling. “That’s when you get deeper daylight penetration,” he said. Another option: shades that travel from the bottom of the window upward, rather than top down. “That’s something that works for daylight as well as privacy,” he said.

And you can supplement the sunlight with strategically placed light fixtures. “Use indirect lighting, aimed at the ceiling,” Mr. Tanteri said. A torchier floor lamp near the back of the room could “take over where the daylight on the ceiling starts to fade away.”

If some areas of the apartment still appear dark, it may not be as big a problem as you think. “I’ve actually had buyers specifically ask for dark areas of an apartment, because of fine art and photography” that could fade, Mr. Steinberg said. “There’s a silver lining in every cloud.”

Article from http://www.nytimes.com/2012/01/05/garden/not-much-natural-light-tips-to-make-your-place-look-brighter.html?_r=1&emc=tnt&tntemail1=y

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Top 10 Cities Foreign Investors Are Targeting

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From Chinese investors flocking to California to Canadian snowbirds heading to Arizona, international home buyers are offering a growing niche for more real estate professionals. 

But which places are international investors targeting in their home search? Point2Homes.com evaluated where buyers from overseas are looking online to gauge possible current and future home-purchasing patterns. 

Canadian investors have a growing appetite for U.S. real estate, Point2 finds. Canadian investors made up 91.89 percent of the overall international traffic to Arizona listings, 75.90 percent to Hawaii, 73.92 percent to Michigan, 70.55 percent to Nevada, and 65.05 percent to California. 

Las Vegas had the highest overall international traffic online among U.S. cities, with Canadians serving as the leading source of traffic there at 70.47 percent, followed by 5.28 percent of the traffic coming from UK residents and 2.19 percent from France.

The top 10 cities for international traffic online by international buyers in the third quarter are:

 

1. Las Vegas, NV.

2. Orlando, FL.

3. Kissimmee, FL.

4. Detroit, MI.

5. Pompano-Beach, FL.

6. Miami, FL.

7. Mesa, AZ.

8. Davenport, FL.

9. Phoenix, AZ

10. Indio, CA.

 

Overall, Florida emerged as the top state attracting international traffic online for the third-quarter, according to Point2. 

 

Article from http://realestate.glozal.com/profiles/blogs/top-10-cities-foreign-investors-are-targeting

Ban On Cell Phones While Driving!

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The National Transportation Safety Board has called for a ban on all cell phone use while driving, even using hands-free devices like wireless headsets. The agency is urging states to adopt such a ban after recent investigations into distraction-related accidents have showed cell phones were a major contributor.

While some states ban handheld cell phones while driving, no state currently has any laws against using hands-free devices, and Bluetooth devices now even come installed in cars. The agency said even hands-free devices pose a risk, and the agency also said it’s alarmed by the number of drivers who are increasingly texting, e-mailing, and surfing the Internet while driving too.

“People are tempted to update their Facebook page, they are tempted to tweet, as if sitting at a desk. But they are driving a car,” NTSB Chairwoman Deborah Hersman told The New York Times. Hersman compared distracted driving to drunken driving.

States are not required to adopt NTSB’s recommendation, but it is viewed as a major move since it’s the first call by a federal agency urging such a sweeping ban of cell phone use while driving.

Currently, nine states ban the use of handheld phones, and 35 states ban texting by drivers, according to the Governors Highways Safety Association.

“It’s about cognitive distraction. It’s about not being engaged at the task at hand,” Hersman told The New York Times. “Lives are being lost in the blink of an eye. You can’t take it back, you can’t have a do-over, and you can’t rewind.”

Article and photo from http://realestate.glozal.com/profiles/blogs/federal-agency-urges-ban-on-cell-phones-while-driving?xg_source=msg_mes_network

The 6 Best States To Find a Job

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One factor reportedly holding many Americans back from purchasing a home is job stability. But several states’ future looks bright when it comes to adding jobs.

Texas is expected to add the most jobs over the next five years on a percentage basis, according to Forbes (it edges out Nevada if you do not round up the growth rate). Employment in Texas is expected to increase by 2.9 percent annually through 20150— or add 1.6 million new net jobs in that period, according to research from Moody’s Analytics.

Here are the states expected to grow the most with jobs in the next five years, according to Forbes:

1. Texas
Projected 5-year annual job growth: 2.9%

2. Nevada
Projected 5-year annual job growth: 2.9%

3. Arizona
Projected 5-year annual job growth: 2.8%

4. New Mexico
Projected 5-year annual job growth: 2.6%

5. North Dakota
Projected 5-year annual job growth: 2.6%

6. Utah
Projected 5-year annual job growth: 2.4%

 

Full article from http://realestate.glozal.com/profiles/blogs/6-top-job-states-to-find-jobs

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Charlie Sheen’s Ex Sells Thier Home

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Television personality Brooke Mueller has sold the gated Los Feliz home she once shared with her ex-husband, Charlie Sheen, for an undisclosed amount.

The buyer is actor Simon Helberg of “The Big Bang Theory.”

An eat-in kitchen, with stone floors and a center island, overlooks courtyards and the backyard, which has a swimming pool. A sweeping staircase leads to the master bedroom wing, the other bedrooms, an upstairs family room and outdoor terraces.

Mueller, 34, co-starred this year in the Paris Hilton reality show “The World According to Paris.” She was on “Entertainment Tonight” in 2008 and 2009.

Sheen, 46, had starred on the sitcom “Two and a Half Men” since its 2003 launch, earning a reported $1.8 million per episode in 2010. He was fired earlier this year. His television and film credits include “Spin City” (2000-02) and “Wall Street” (1987).

Helberg, who recently sold a home in Los Angeles, is one of the five central characters in the ensemble comedy “The Big Bang Theory,” which started in 2007. The 30-year-old starred in “Derek and Simon: The Show” (2007).

Public records show the property was purchased for $2.575 million in 2007, before Mueller and Sheen’s 2008 marriage. After the birth of twin sons in 2009, they listed the house at $3.697 million. Weeks or months may pass before sale prices appear in public records.

The restored 4,179-square-foot villa has four bedrooms and 4 ½ bathrooms. A fountain stands in the tiled front courtyard of the Mediterranean-style home, built in 1927.

Inside, the dramatic two-story entry has wood floors and a vaulted ceiling. The step-down living room features a fireplace and wood-beamed ceiling.

Full article from http://realestate.glozal.com/profiles/blogs/charlie-sheen-s-ex-sells-los-feliz-home?xg_source=msg_mes_network

10 Best College Towns to Purchase Investment Property!

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The back to school season is often characterized by parents and students making last-minute mad dashes to purchase school supplies, uniforms, bus passes or books.  This year, parents with college-bound students or investors interested in college towns may be considering an unusual back to school purchase – a rental property. 

“I had a client who was an alumnus of the University of Maryland and he was interested in purchasing his first property. He was insistent on finding a home within 10 to 15 miles of campus so that he could rent the basement out to college students. We closed on the property, and literally within five days he had a renter for his basement,” said Bowie, Maryland real estate consultant, Natalie Dean.

In the next two years, real estate investors are expected to outnumber traditional homebuyers in their local markets by three to one, and 56.5 percent plan to put their investments to work as rental properties, according to a national survey we  recently conducted.

“Local markets with universities or colleges can be an attractive option for many local real estate investors,” said Move, Inc., Chief Executive Officer, Steve Berkowitz.  “Housing demand in college towns is generally high and vacancy rates are usually low. Combine the supply and demand ratio with rising admissions and the five percent rise in rental rates expected by the end of the year, and rental property in college towns can be a smart option for the right investor.”

To help real estate investors considering university towns, we’ve released a list of ten college towns that might just make the grade. College towns were selected based on the leading universities featured in the US News Rankings and Reviews list of best colleges for great prices in 2011.

Boston, MA: With a median list price of $335,000 in June 2011, the Boston/Cambridge market has one of the higher median list prices of the bunch, but also has high renter demand from students at over 50 colleges including Harvard and MIT, ranked two and four. The median list price in Boston has dropped by 2.62% since last June. Average rental rates in Boston in June 2011 ranged from $3,122 for a two bedroom to $3,913 for a three or more bedroom unit, both higher than a mortgage payment of around $1,370 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan. Boston was also named one of the top 10 turnaround towns by CNN Money in May 2011.

“In Cambridge and some of the Boston Proper neighborhoods we have been seeing rents rising with demand and projections of further increases of up to 25%,” said Boston-area broker owner Paul Turcotte. 

Nashville, TN: Nashville is home to country music and Vanderbilt University, the 11th ranked best college in the nation.  In June 2011, Nashville had a median list price of $189,900 down slightly from the same time last year and on par with the national median list price in June 2011.  Nashville’s average rental rates for a 2 bedroom were $949 and $1,020 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $770 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.

“Nashville has been, is and will continue to be a strong investors market for those looking to target the college & graduate student renters,” said local broker Terry McAlister.  “Nashville has 16 diverse colleges & universities, all at freshman capacity, so where do the upperclassmen and graduate students go? To renting.” 

Chicago, IL: Chicago was the number one most searched metropolitan in the country on Realtor.com in June 2011 and home to the 12th best college, University of Chicago.  Chicago had a median list price of $199,900 in June 2011, down by 16.36% since last June. Chicago average rental rates in June 2011 were $1,780 for a two bedroom and $2,074 for a three or more bedroom unit. A mortgage payment on a home at the Chicago median list price would be around $820 with a 20% down payment of $40,000 at current mortgage rates for a 30-year fixed loan. 

Washington, D.C.: The nation’s capital ranked 16th on the list of most searched metropolitans on Realtor.com in June 2011, and had a median list price of $375,000. The D.C. metro area was also named one of the top 10 turnaround towns by CNN Money in May 2011 and has more than 20 colleges. Washington, D.C.’s average rental rates for a 2 bedroom unit were $3,086 and $3,214 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $1,530 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.

“I had one client who bought an investment condo in Arlington.  She wanted an investment property and she also wanted a nice place at a reasonable cost for her daughter who was attending Georgetown University,” said Nancy Alert of RE/MAX Allegiance. “Her daughter got a roommate and the roommate paid half of the mortgage.  After her daughter graduated from Georgetown University the property was sold at a substantial gain.” 

Houston, TX: Houston is another market with low-priced inventory as the median list price was $174,900 in June 2011, down slightly from the same time last year and lower than the national median list price of $189,900. Houston is home to Rice University, ranked 16th on the list of best US colleges.  Houston’s average rental rates for a 2 bedroom unit were $1,218 and $1,478 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $710 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan. 

South Bend, IN:  The University of Notre Dame is located in South Bend, IN and was the number 17 best-ranked college. South Bend had a median list price of $112,900 in June 2011, and although the median list price was up 7.53% since last year, it is much lower than the national median list price of $189,900 in June 2011 and the lowest median price on the list. The average rental rates for a 2 bedroom unit were $790 and $880 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $460 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan. 

Atlanta, GA: Atlanta is home to the 18th ranked school Emory University and in June 2011 the median list price was $159,600 down 13.68% since June 2010 and lower than the national median list price of $189,900. It was also the 8th most searched market in June 2011 on Realtor.com.  The average rental rates for a 2 bedroom unit were $1,236 and $1,485 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $650 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.

Agent Karen Smyth explained, “We’ve had a lot of success with parents of Georgia Tech students who are purchasing condos for their children who attend school.  Most of the time the parents pay cash for the units, in in-town Atlanta, and are only left with the monthly homeowner dues. The system works well because the student is often also on the deed/mortgage and can build up their credit by the time they graduate.”

Baltimore, MD:  Johns Hopkins University of Baltimore is the number-one ranked college in 2011 according to US News. Baltimore’s median list price of $242,700 may be higher than other markets on the list, but it’s down 7.72% since last year. It was also the 19th most searched market in June 2011 on Realtor.com. The average rental rates for a 2 bedroom unit were $1,443 and $1,663 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $990 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.

St. Louis, MO:  Washington University in St. Louis is the 13th ranked best college in the US according to the US News Rankings and Reviews. St. Louis had a median list price of $163,945 in June 2011, down 3.51% from the year before and lower than the national median list price of $189,900.  It was also the 21st most searched market in June 2011 on Realtor.com.  The average rental rates for a 2 bedroom unit were $1,016 and $1,283 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $670 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.

“Through the years, I have had many parents decide to purchase a small condo or home for their student rather than worry about securing on campus housing,” said agent Judy Brown. “With both Washington University and St. Louis University here, many of those same parents have continued to keep their property as a rental.  There is a ready-made pool of renters and it takes only word of mouth to keep their condo/home occupied.” 

Syracuse, NY: SUNY College of Environmental Science and Forestry is the 25th best-ranked university in 2011.  Though SUNY is small with only 1,570 undergraduate students, there are many other schools in Syracuse including: Syracuse University, SUNY Upstate Medical University, Le Moyne College, Empire State College and more.   In June 2011, the median list price in Syracuse was $154,900, down 3.13% since June 2010 and lower than the national median list price of $189,900.  The average rental rates for a 2 bedroom unit were $838 and $970 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $630 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.

 

Online Google Scams

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The federal government has shut down dozens of Internet scam artists who had been paying Google to run ads making bogus promises to help desperate homeowners scrambling to avoid foreclosures.

The crackdown announced Wednesday renews questions about the role that Google’s massive advertising network plays in enabling online misconduct. It may also increase the pressure on the company to be more vigilant about screening the marketing pitches that appear alongside its Internet search results and other web content.

The criminal investigation into alleged mortgage swindlers comes three months after Google agreed to pay $500 million to avoid prosecution in Rhode Island for profiting from online ads from Canadian pharmacies that illegally sold drugs in the U.S.

A spokesman for the U.S. Treasury Department division overseeing the probe into online mortgage scams declined to comment on its scope other to say it’s still ongoing.

To read the full article please visit http://realestate.glozal.com/profiles/blogs/government-closes-mortgage-scams

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