Friday, July 8, 2011

Expanding Prosperity

You may feel prosperous today. While this is a positive mind-set to possess, you may wish to take care that it doesn’t lead you to spend money excessively or indulge too much in luxuries you will later regret. Instead, you may want to focus on experiencing other types of abundance. You could visit a lush botanical garden and enjoy the bounty of nature, take a trip to an art museum to connect with the spirit of creativity, or attend a musical concert and allow the melodies to fill you with a sense of joy and inspiration. Since your relationships are also a source of abundance in your life, you may wish to ask a friend or loved one to accompany you on your excursions today, as this could enable you to experience several kinds of abundance at once.

Engaging in inspirational activities can enhance our feelings of abundance and joy and lend a greater sense of fulfillment to our lives. We often connect thoughts of abundance with money and material objects, but our surroundings offer many more opportunities to feel plentiful. By focusing our attention on activities that make us feel inspired and enriched, we are increasing our sense of abundance. This positive focus allows us to feel fulfilled and be able to enjoy the more precious moments in life, rather than feeling the need to acquire material objects. By finding creative ways to explore your feelings of abundance today, you can expand your perception of prosperity and enrich your life.

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Wednesday, July 6, 2011

Focus on what you want

“A good intention clothes itself with power.”

-- Ralph Waldo Emerson

Our minds are incredibly powerful. We put that power to work for us when we consciously set an intention to be or do something. Get into the practice of consciously setting an intention for every activity in which you are involved.

Your intention might support efficiency – for example, to complete a job or project by a specific time. Your intention might support your personal growth, e.g., to undertake a task that scares you. Or it might support more soul connection, e.g., to see beauty in the chaos of your day.

When we make an effort to set an intention, no matter how trivial it may appear, we are taking the time to choose what we want for ourselves. And clearly, this is essential for our growth – to actively, thoughtfully choose what we want for ourselves.

“By becoming a conscious choice-maker, you begin to generate actions that are evolutionary for you.”

-- Deepak Chopra

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Friday, June 10, 2011

Things You Need to Know About Automobile Tire Care and Safety

Tires are designed and built with great care to provide thousands of miles of excellent service. But for maximum benefit, they must be maintained properly.

The most important factors in tire care are:

  • Proper Inflation Pressure
  • Proper Vehicle Loading
  • Regular Inspection
  • Good Driving Habits
  • Vehicle Conditions

The Benefits of Proper Inflation

With the right amount of air pressure, your tires wear longer, save fuel and help prevent accidents. The "right amount" of air is the pressure specified by the vehicle manufacturer for the front and rear tires on your particular model car or light truck. The correct air pressure is shown on the tire placard (or sticker) attached to the vehicle door edge, door post, glove box door or fuel door. If your vehicle doesn't have a placard, check the owner's manual or consult with the vehicle manufacturer, tire manufacturer or your local tire dealer for the proper inflation.

The tire placard tells you the maximum vehicle load, the cold tire pressures and the tire size recommended by the vehicle manufacturer.

If you don't take proper care of your tires, the results can be serious. Most tire companies are either supplying a handbook or are molding a safety warning right onto the tire sidewall. A typical warning is shown.

WARNING
Serious injury may result from tire failure due to underinflation / overloading. Follow owner's manual or tire placard in vehicle. Explosion of tire/rim assembly. Only specially trained persons should mount tires.

As you see, it points out that serious injury may result from tire failure due to underinflation or overloading. Motorists are strongly advised to follow the vehicle owner's manual or the tire placard in the vehicle for proper inflation and loading.

Never try to mount your own tires. Only specially trained persons should mount or demount tires. An explosion of a tire and wheel assembly can result from improper or careless mounting procedures.

If you do mount your own tires, make sure you have the right equipment, the right training and the right information before proceeding. Always use a restraining device when mounting a tire on a rim, and be sure to stay back from the tire when inflating it. Make sure to follow the inflation instructions.

Always replace a tire with another tire of exactly the same bead diameter designation and suffix letters. For example: A 16" tire goes on a 16" rim. Never mount a 16" tire on a 16.5" rim. A 16.5" tire goes on a 16.5" rim. Never mount a 16.5" tire on a 16" rim.

While it is possible to pass a 16" diameter tire over the lip or flanges of a 16.5" size diameter rim, it cannot be inflated enough to position itself against the rim flange. If an attempt is made to seat the tire bead by inflating, the tire bead will break with explosive force and could cause serious injury or death.

Remember, mounting and demounting tires and wheels should be left to skilled professionals who are aware of the safety hazards involved and who have the proper tools and equipment to do the job safely.

Your Own Tire Pressure Gauge

Tires must be properly inflated. Use an accurate tire pressure gauge to determine your tire pressure. You can't tell when tires are "low," or underinflated, just by looking. Air meters at service stations may be inaccurate due to exposure or abuse. You should have your own personal tire gauge to be sure. Purchase an accurate tire gauge from your tire dealer, auto supply store or other retailer.

Inflation Tips

Check tire inflation pressure (including the spare) at least once a month and before every long trip. Tires must be checked when they are cold; that is, before they have been run a mile. If you must drive over one mile for air, before you leave home, measure the cold inflation pressure of each tire and record the actual underinflation amount for each tire.

Upon arriving at the service station, measure each tire's inflation again and then inflate the warm tire to a level that is equal to this warm pressure, plus the cold underinflation amount.

Underinflation

Tires lose air normally through the process of permeation. Changes in outdoor temperature can affect the rate at which your tire loses air. This change is more pronounced in hot weather. Generally speaking, a tire will lose one or two pounds of air per month in cool weather, and even more in warmer weather. Underinflation is the leading cause of tire failure, so check inflation pressure regularly.

Never "bleed" or reduce air pressure when tires are hot. It is normal for pressures to build up as a result of driving.

Make sure all tire valves and extensions are equipped with valve caps with rubber gaskets to keep out dirt and moisture. Have a new valve stem assembly installed whenever a tire is replaced. Underinflation or overloading creates excessive heat, and can lead to tire failure, which could result in vehicle damage and/or serious injury or death. Proper inflation extends tire life and saves fuel. Maintain the inflation pressure listed in the vehicle owner's manual or on the tire placard.

Proper Vehicle Loading

In addition to showing the vehicle manufacturer's recommended cold inflation pressure, the tire placard also shows the maximum load of the vehicle. Do not overload your vehicle. Remember, baggage carried on top of any vehicle counts as additional load.

If you are towing a trailer, remember that some of the weight of the loaded trailer transfers to the towing vehicle. That reduces the load which can safely be placed in the towing vehicle. The only sure way to prevent overload is to weigh, axle by axle, the fully loaded vehicle on reliable platform scales.

Inspect Your Tires Regularly

At least once a month, inspect your tires closely for signs of uneven wear.

Uneven wear patterns may be caused by improper inflation pressures, misalignment, improper balance or suspension neglect. If not corrected, further tire damage will occur.

Most likely, the cause can be corrected at your tire dealer or other service facility. If you find a problem and correct it in time, your tires may be able to continue in service.

Certain uneven wear patterns may indicate that the tire has suffered internal structural damage and requires the immediate attention of your tire dealer.

When the tread is worn down to one-sixteenth of an inch, tires must be replaced. Built-in treadwear indicators, or "wear bars", which look like narrow strips of smooth rubber across the tread, will appear on the tire when that point of wear is reached. When you see these wear bars, the tire is worn out and it's time to replace it.

Inspect your tires frequently. Look for any stones, bits of glass, metal or other foreign objects wedged in the tread. These may work deeper into the tire and cause air loss.

If any tire continually needs more air, have it taken off the vehicle and checked to find out why it is leaking. Damage to the tire, wheel or valve may be the problem.

Good Driving Habits

The way you drive has a great deal to do with your tire mileage and safety. So cultivate good driving habits for your own benefit.

  • Observe posted speed limits.
  • Avoid fast starts, stops and turns.
  • Avoid potholes and objects on the road.
  • Do not run over curbs or hit the tire against the curb when parking.

When You're Stuck

The forces created by a rapidly spinning tire can cause an explosion by literally tearing the tire apart. These forces impact the whole tire structure and can rupture the entire casing. Some vehicles are capable of bringing a tire to this failing point in 3 to 5 seconds.

When stuck on ice, snow, mud or wet grass, the vehicle should be rocked gently back and forth by repeatedly shifting the gear lever from drive to reverse on automatic transmissions, or reverse to second on manual transmissions. This should be done with the least amount of wheel spinning. If that doesn't free the vehicle, get a tow.

Highway Hazards

No matter how carefully you drive, there is always a possibility that you may eventually have a puncture and wind up with a flat on the highway. Drive slowly to the closest safe area out of traffic. This may further damage the flat tire, but your safety is more important.

Follow the vehicle manufacturer's instructions for jacking up the vehicle, taking off the wheel and putting on the spare. Then drive to a place where the flat tire can be inspected for possible repair or replacement.

After a tire has received a severe impact, such as hitting a curb or pothole, you must have it removed from the wheel and inspected both inside and out for impact damage.

An impact-damaged tire may appear serviceable on the outside, but can fail later after the road hazard injury.

Spare Care

Many late-model vehicles are equipped with temporary spare tires and wheels which are different from your regular tires and wheels. Some may require higher inflation pressure, or the use of special canisters to inflate the tire.

You may operate a vehicle with such a tire within the limits indicated on the tire's sidewall, until it is convenient to repair the disabled tire or replace it with one of the same size designation and construction as the other tires on the vehicle.

Always check the inflation in your spare tire every time you check all the others. A spare tire with no air in it is no help to you in an emergency. If you have an inflatable spare, be sure to check the aerosol air inflation pressure canister to be sure it has not been damaged. If so, have it checked by an expert.

Remember, improper mounting and overinflation may damage the tire or wheel and can result in an explosion that could cause serious injury and death.

Aerosol Inflators

Do not depend on tire aerosol sealants and inflators to fix a damaged tire permanently. These products are designed to provide only a temporary, emergency repair to help get you off the road and to the nearest tire repair facility.

Some aerosol products of this type use flammable gases, such as butane, propane or isobutane, as propellants. Follow all directions and precautions printed on the canister when using these products. Be sure to inform tire service personnel that you have used a flammable aerosol to inflate your tire.

Vehicle Conditions Affecting Tires

There is a close working relationship between your tires and several mechanical systems in your vehicle. Tires, wheels, brakes, shock absorbers, drive train, steering and suspension systems must all function together to give you a comfortable ride and good tire mileage.

Balance

An unbalanced wheel and tire assembly may create an annoying vibration when you drive on a smooth road and may result in irregular treadwear.

Alignment

Misalignment of wheels in the front or rear, improperly operating brakes or shock absorbers, bent wheels, worn bushings and other mechanical problems cause uneven and rapid treadwear and should be corrected by a qualified mechanic. Front-wheel-drive vehicles, and those with independent rear suspension, require special attention with alignment of all four wheels.

These systems should be checked periodically as specified by the vehicle owner's manual or whenever you have an indication of trouble.

A bad jolt, such as hitting a pothole, can throw your front end out of alignment even if you had it checked an hour earlier. Such an impact can also bend the rim, causing a loss of air pressure, and damage your tires with little or no visible external indication.

Tire Rotation

Sometimes irregular tire wear can be corrected by rotating your tires. Consult your car owner's manual, the tire manufacturer or your tire dealer for the appropriate pattern for your vehicle.

If your tires show uneven wear, ask your tire dealer to check for and correct any misalignment, imbalance or other mechanical problem involved before rotation.

Sometimes front and rear tires on a vehicle use different pressures. After rotation, adjust individual tire air pressure to the figures recommended by the vehicle manufacturer for the new locations -- front or rear -- as shown on the tire placard in the vehicle.

The purpose of regularly rotating tires is to achieve more uniform wear for all tires on a vehicle. Before rotating your tires, always refer to your individual owner's manual for rotation recommendations. If no rotation period is specified, tires should be rotated approximately every 6,000 miles.

However, rotate your tires earlier if signs of irregular or uneven tire wear arise, and have the vehicle checked by a qualified technician to determine the cause of the wear problem. The first rotation is most important.

The Sidewall Story

Your tire contains very useful information molded into the sidewall. It shows the name of the tire, its size, whether it is tubeless or tube type, the maximum load and maximum inflation, the important safety warning and much other information.

Passenger Tires

Here is information about the sidewall of a popular "P-metric," speed-rated auto tire. "P" stands for passenger, "215" represents the width of the tire in millimeters; "65" is the ratio of height to width; "H" is the speed rating; "R" means radial; and "15" is the diameter of the wheel in inches. Some speed-rated tires carry a Service Description, instead of showing the speed symbol in the size designation. The Service Description, 89H in this example, consists of the load index (89) and speed symbol (H).

Treadwear

The treadwear grade is a comparative rating based on the wear rate of the tire when tested under controlled conditions on a specified government test track.

A tire graded 200 would wear twice as long on the government test course under specified test conditions as one graded 100.

It is wrong to link treadwear grades with your projected tire mileage. The relative performance of tires depends upon the actual conditions of their use and may vary due to driving habits, service practices, differences in road characteristics and climate.

Traction

Traction grades, from highest to lowest, are A, B and C. They represent the tire's ability to stop on wet pavement as measured under controlled conditions on specified government test surfaces of asphalt and concrete.

Temperature

The temperature grades, from highest to lowest, are A, B and C. These represent the tire's resistance to the generation of heat when tested under controlled conditions on a specified indoor laboratory test wheel.

Replacement Tire Selection

IMPORTANT: Always check the vehicle manufacturer's recommendation before replacing a tire with a different size and/or construction.

When buying new tires, be sure your name, address and tire identification number are recorded and returned to the tire manufacturer or its record-keeping designee. Tire registration will ensure that you will be notified promptly in the event the tire manufacturer needs to contact you.

When tires need to be replaced, don't guess what tire is right for your vehicle.

For the answer, first look at the tire placard. As you will see, that placard tells you the size of the tires which were on the vehicle as original equipment.

Tires should always be replaced with the same size designation, or approved options, as recommended by the automobile or tire manufacturer. Never choose a smaller size, with less load-carrying capacity than the size on the tire placard. Always have tires mounted with the same size and construction designations on the same axle. It is recommended that all four tires be of the same size, speed rating and construction (radial or non-radial). However, in some cases, the vehicle manufacturer may require different-sized tires for the front and rear axles. When two radial tires are used with two non-radials, put the radials on the rear axle.

Speed Ratings

Some tires are now marked with letters to indicate their speed rating, based on laboratory tests which relate to performance on the road. Tires may be marked with one of eight speed symbols, M, S, T, U, H, V, Z or W, to identify the particular tire's speed rating.

When replacement of tires is required, consult the vehicle manual for proper size and speed rating (if required).

If the vehicle manual specifies speed-rated tires, the replacement tires must have the same or higher speed rating to maintain vehicle speed capability.

If tires with different speed ratings are mounted on the same vehicle, the tire or tires with the lowest rating will limit the tire-related vehicle speed.

Tire speed ratings do not imply that vehicles can be safely driven at the maximum speed for which the tire is rated, particularly under adverse road and weather conditions, or if the vehicle has unusual characteristics. Never operate a vehicle in an unsafe or unlawful manner.

Types of Tire Construction

Tires should be of the same size, construction (radial, non- radial) and speed rating, unless specified otherwise by the vehicle manufacturer. Tires influence vehicle handling and stability.

Match tire size designations in pairs on an axle (or four tires in dual application), except for use of a temporary spare tire.

If radial and non-radial tires are used on a vehicle, put radials on the rear. If radial and non-radial tires are used on a vehicle equipped with dual rear tires, the radials may be used on either axle. Never mix radial and non-radial on the same axle except for use of a temporary spare tire.

Snow tires should be applied in pairs (or as duals) to the drive axle (whether front or rear) or to all positions. Never put non-radial snow tires on the rear if radials are on the front, except when the vehicle has duals on the rear. If studded tires are used on the front axle, they must also be used on the rear axle.

Match all tire sizes and constructions on four-wheel-drive vehicles.

COLD-WEATHER DRIVING

Here are some things you should know about cold-weather driving.

How Cold Temperature Affects Tires

Every time the outside temperature drops 10 degrees Fahrenheit, the air pressure inside your tires goes down about one or two pounds per square inch.

You should check your tire pressures frequently during cold weather and add the necessary air to keep them at recommended levels of inflation at all times.

Never reduce tire pressures in an attempt to increase traction on snow or ice. It does not work and your tires will be so seriously underinflated that driving will damage them.

If one of the drive wheels becomes stuck, the centrifugal forces created by a rapidly spinning tire can cause an explosion by literally tearing the tire apart. Never exceed the 35 mph indicated speedometer speed or stand near the spinning tire.

If your vehicle is stuck and a tow truck is not readily available, gently rock your vehicle back and forth, repeatedly shifting the gear lever from drive to reverse on automatic transmissions, or reverse to second on manual transmissions, while applying gentle pressure to the accelerator. Caution: If you have an anti-lock braking system (ABS) in your car, follow the operational instructions in your owner's manual.

Snow Tires

In snowy areas, many cities and counties have "snow emergency" regulations which are invoked during heavy snowfalls. Check with authorities for the rules in your area. Under some rules, motorists are subject to fines if they block traffic and do not have snow tires on their vehicles.

You can avoid this by equipping your vehicle with snow tires marked with "MS," "M&S," and "M+S" on the sidewall. The letters "M" and "S" stand for mud and snow.

If you change to snow tires, be sure they are the same size construction type as the other tires on the vehicle.

Snow tires should be used in pairs (or as duals) on the rear axle or on all four wheel positions. If purchasing 2 new tires it is recommended that you install them on the back of the car. If you install a high traction tire on the front drive axle, you are leaving the lighter end of the vehicle (the rear) with no traction improvement. Most tire manufacturers recommend that front wheel drive vehicles have all four tires of equal traction. In all cases, install new tires on the rear axle. If your front tires lose grip first, your vehicle will tend to lose control by going straight, even in a turn. This is understeer, which can be controlled by slowing down and steering in the direction of the turn...this will allow your car to come back into line.  But if the rear tires lose grip first, your vehicle, could spin, which is oversteer and more difficult to control, this requires you to make quick, precise steering corrections in the opposite direction of the turn, not a natural reaction. It is easier to control understeer than oversteer.

In areas where heavy snowfalls are frequent, many drivers carry chains for use in emergencies, or have their tire dealer apply studded snow tires. When studded snow tires are mounted on the front axle, studded tires also must be placed on the rear axle. Most states have time limits on the use of studs or ban them altogether. Before installing studded tires, check the regulations in your area. If you use chains, make sure they are the proper size and type for your tires, otherwise they may damage the tire sidewall and cause tire failure.

SERVICE ASSISTANCE

When you have a question about tires, or a problem, consult your tire dealer. The dealer is the best source of general information and professional service on tires.

Your dealer has service manuals, wall charts and other industry publications on tire load and inflation, tire repair and tire replacement. Your dealer can provide you with the replacement tires your vehicle needs, balance your tires and repair damaged tires which are repairable. Let the dealer inspect your tires periodically and diagnose any problem you may have.

Loss of Tire Pressure

When you discover a tire losing air, it must be removed from the wheel by an expert for complete internal inspection to be sure it is not damaged. Tires run even short distances while severely underinflated may be damaged beyond repair.

Punctures up to 1/4 inch, when confined to the tread, may be repaired by trained personnel. These tires must be removed from the wheel, inspected and repaired, using industry-approved methods which call for an inside repair unit and a plug.

Plugs vs. Patches

A PLUG BY ITSELF IS AN UNACCEPTABLE REPAIR. The repair material used - for example, a "combination patch and plug" repair - must seal the inner liner and fill the injury to be considered a permanent repair. Never use a tube in a tubeless tire as a substitute for a proper repair.

Individual tire manufacturers may differ on whether the speed category applies to speed-rated tires that have been repaired. Consult the tire manufacturer for recommendations.

Serviceable Tire Injuries

Injuries larger than 1/4 inch must be referred to a full service repair facility. No repairs to the sidewall of a tire should be made without consulting the tire manufacturer. After a tire has been repaired, check for leaks or other damage not detected at the time of repair. Improper repairs can cause sudden tire failure.

Air loss due to punctures can ruin tires that might have been saved had they been removed in time for proper repair. Gradual air loss raises a tire's operating temperature. This can cause some of the components to separate, or damage the tire body in ways that create rapid or sudden air loss.

Such internal damage may not always be readily apparent, and rapid loss of air may still occur despite later installation of a proper repair.

STORAGE TIPS

Tires should be stored upright and in a dry, cool place, away from sunlight and sources of ozone, such as electric motors.

However, if you must store tires flat (one on top of the other), make sure you don't stack too many on top of each other. Too much weight can damage the bottom tire.

Also be sure to allow air to circulate around all sides of the tires, including underneath, to prevent moisture damage.

If storing tires outdoors, protect them with an opaque waterproof covering and elevate them from the ground. Do not store tires on black asphalt, other heat absorbent surfaces, snow covered ground or sand.

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Thursday, March 24, 2011

10 Pieces of Paper You Must Round Up to Buy (or Sell) a Home

Home buyers and -sellers alike often bristle with anticipatory irritation at the mere thought of all the paperwork they expect they’ll have to come up with to do their transaction, above and beyond the basic loan application, contract, disclosures and closing docs. And these worries start way in advance; it’s as though, before they even start visiting open houses, buyers begin to visualize - and dread - spending hours upon hours in the dank catacombs of the Vatican (à la Da Vinci Code) combing through ancient files, seeking some rare and precious artifact documenting their childhood dental history or genealogy.

In some respects, this vision of the experience of obtaining a home loan might not be far off - there are oodles of hoops through which to jump and, occasionally, the loan underwriter requests something sort of bizarre. But more commonly, there’s a pretty finite universe of documents you’ll really need to scrounge up to get your home bought - or sold. Here they are:

  1. ID (e.g., driver’s license, state-issued ID, passport).  Who must produce it?  Buyers and sellers.  Why?  Uh, hello!?!  Lender wants to know that you are who you say you are, buyers, and the title insurance company wants to make sure, sellers, that you actually have the right to sell the home.  Funny enough, this commonly goes unrequested until you get to the closing table, when the notary requests to see it before signing, but some mortgage brokers and even some real estate brokers and agents may ask to see it earlier on.
  2. Paycheck Stubs.  Who must produce it?  Any buyer financing their purchase with a mortgage.  Sellers, usually only in the case of a short sale.  Why? Buyers’ purchase price ranges are determined, in part, by their income. And short sellers have to prove an economic hardship.
  3. Two months’ bank account statements. Who must produce it?  Buyers getting financing; sellers selling short. Why? Buyers’ lenders now require proof of regular income and proof that the down payment money is your own.  Short sellers?  It’s all about the hardship.
  4. Two years’ W-2 forms or tax returns. Who must produce it?  Mortgage-seeking buyers and short selling sellers. Why? Banks want to see a stable, long-term income. They also limit you to claiming as income the amount on which you pay taxes (attn: all business owners!). And in short sales, again, they want documentation of every single facet of your finances.
  5. Updated everything. Who must produce it? Buyer/mortgage applicants. Why? Because things change, and because the time period between the first loan application and closing can be many months - even years! - on today’s market. During the time between contract and closing it’s not at all unusual for underwriters to demand buyers produce updated mortgage statements, checks stubs, and such - and its quite common for them to call your office the day before closing to request a last minute verification of employment!
  6. Quitclaim deed. Who must produce it?  Married buyers purchasing homes they plan to own as separate property.  Married sellers selling homes that they own separately, or joint owners selling their interests separately.  Why? With the Quitclaim Deed, the other spouse or owner signs any and all interests they even might have had in the property over the the selling owner, making it possible for the title insurer to guarantee clear, undisputed title is being transferred in the sale.
  7. Divorce decree.  Who must produce it? Buyers and sellers who need to document their solo status or the property-splitting terms of their divorce. Why? Again, to ensure that the seller has the right to sell.  Recently single buyers might need to prove that they shouldn’t be held to account for their ex’s separate debts or credit report dings.
  8. Gift letters.  Who must produce it? Buyers using gift money toward their down payment.  Why? The bank wants to be sure the gift came from a relative, and is their own money to give.  They also want the relative to confirm in writing that it’s a gift, not a loan - a loan would need to be factored into your debt load.
  9. Compliance certificates. Who must produce it? Usually sellers, but sometimes buyers, by contract. Why? Some local governments require various condition requirements be met before the property is transferred, like some cities which require a sewer line be video scoped and repaired, cities which require a checklist of items be met before a certificate of occupancy be issued (usually relevant to brand new and really old homes, the latter of which are often subject to lead paint concerns) and energy conservation ordinances which require low-flow toilets and shower heads to be installed. Ask your real estate pro for advice about which, if any, such ordinances apply in your area.
  10. Mortgage statements. Who must produce it?  Any seller with a mortgage. Why? the escrow holder or title company will need to use them to order payoff demands from any mortgage holder who has to get paid before the property’s title can be transferred.

By no means is this an exhaustive list.  Agents: what documents do you see buyers and sellers struggle to scrounge up during their home buying transactions?

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Tuesday, March 15, 2011

IRS Introduces New Policy for Removal of Tax Liens on Credit Reports

Tax liens whether paid or open can have a devastating effect on credit scores especially when they are newly posted on the credit reports.  Many consumers going through the mortgage approval process have found great difficulty in obtaining funding due to the reduction in scores caused by tax liens.  The IRS, with this in mind, has recently made a wise decision giving consumers incentive to pay overdue tax debt in full.
 
In February of 2011 the IRS put out a press release describing a new policy that will give consumers who have open tax liens the ability to have negative public records on their credit profiles removed. The IRS is expecting to collect more money from debtors by trying out this positive method. The new program gives consumers a chance to rehabilitate credit when they either pay tax liens in full or enter into a payment plan that will end in payment in full.  Not all will qualify for this option, only those owing less than $25,000.   
 
Since credit scores are highly affected by the timing of negative information, if a new negative account (including a tax lien) is updated on a credit report the Fico Score could drop over 100 points.  This is a major problem when applying for financing of any kind, especially in today's restrictive banking environment.  The higher a Fico credit score the more the impact of a derogatory will reduce a score.  As time goes by the score starts to increase but it could take well over 2-3 years to really see major recovery.  Even paying a tax lien, judgment, or getting current on an individual account that has been late will not take away the impact of the initial negative mark.   For many, the cost of paying in full to the IRS rather than a higher monthly mortgage payment, over many decades will be the better choice.  
 
The cleansing of the credit reports is not an automatic response to payment. Consumers must request the withdrawal before making payment in full or entering into a payment plan. Once the IRS files a withdrawal the credit bureaus will then clear the lien from the credit profile.  Not all consumers will qualify for this opportunity and CPA's must educate their clients before making payment or they will miss out on this opportunity.  Having this knowledge to pass on to clients can equal enormous savings on future money borrowed.
 
The IRS has also raised the minimal amount of tax debt that prompts the filing of a tax lien from $5,000 to $10,000.  

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Monday, March 14, 2011

13 Extra Costs to be Aware of Before Buying a Home

13 Extra Costs to be Aware of Before Buying a Home

"The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home."


Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.

Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can budget properly.

Remember, buying a home is a major milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.

Read through the following checklist to make sure you're budgeting properly for your next move.

1. Appraisal Fee

Your lending institution may request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 -$ 300.

2. Property Taxes

Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.

3. Survey Fee

When the home you purchase is a resale (vs. a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700- $1,000.

4. Property Insurance

Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.

5. Service Charges

Any new utility that services your hook up, such as telephone or cable, may require an installation fee.

6. Legal Fees

Even the simplest of home purchases should have a lawyer involved to review all paperwork. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.

7. Mortgage Loan Insurance Fee

Depending upon the equity in your home, some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% -3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment.

8. Mortgage Brokers Fee

A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.

9. Moving Costs

The cost for a professional mover can cost you in the range of:

  • $50-$100/hour for a van and 3 movers, and
  • 10-20% higher during peak demand seasons.

10. Maintenance Fees

Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.

11. Water Quality and Quantity Certification

If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Depending upon where you live, determines whether or not a fee is charged, to certify the quantity and quality of the water.

12. Local Improvements

If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property’s taxes by thousands of dollars.

13. Land Transfer Tax

This tax is applied whenever property changes hands and the amount that is applied can vary.

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Government Programs cancelled

Thursday, March 10, 2011

5 Mortgage and Foreclosure Myths

in a mortgage market that changes as quickly as this one, today’s fact is tomorrow’s fiction.  For buyers, misinformation can be the difference between qualifying for a home loan or not. Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct some common mortgage misconceptions.

1.       Myth: Buyers with bad credit can’t qualify for home loans. Obviously, mortgage guidelines have tightened up, big time, since the housing bubble burst, and they seem likely to tighten even further over the long-term. But just this moment, they have relaxed a bit.  In the last couple of weeks, two of the nation’s largest lenders of FHA loans announced that they’ve dropped the minimum FICO score guideline from 620 (which allows for some credit imperfections) to 580, which is actually a fairly low score.

At a FICO score of 620, buyers can qualify for FHA loans at many lenders with only 3.5 percent down. With a score of 580, the lenders are looking for more like 5 to 10 percent down – they want to see you put more of your own skin in the game, and the higher down payment lowers the risk that you’ll default.  However, if your credit has taken a recessionary hit, like that of so many Americans, this might create a glimmer of hope that you’ll be able to take advantage of low prices and interest rates without needing years of credit repair.

2.     Myth: The Mortgage Interest Deduction isn’t long for this world.  Homeowners saved over $85 billion in 2008 by deducting their mortgage interest on their income tax returns. A few months ago, the National Commission on Fiscal Responsibility and Reform caused a massive wave of fear to ripple throughout the world of real estate consumers and professionals when they recommended Mortgage Interest Deduction (MID) reform, which would dramatically reduce the size of the deduction.

Fact is, the Commission made a sweeping set of deficit-busting recommendations to Congress, a few of which are likely to be adopted.  Fortunately for buyers and sellers, MID reform is not one of them.  Very powerful industry groups and economists have been working with Congress to plead the case that MID reform any time in the near future would only handicap the housing recovery.  Congress-folk aren’t interested in stopping the stabilization of the real estate market.  As such, the MID is nearly universally thought of as safe – even by those who disagree that it should be.

3.       Myth:  It’s just a matter of time before loan guidelines loosen up. 
The US Treasury Department recently recommended the elimination of mortgage industry giants Fannie Mae and Freddie Mac. I won’t get into the eye-glazing details of it here, but the long and the short is that (a) this is highly likely to happen, and (b) it will make mortgage loans much harder and costlier to get, for both buyers and homeowners.   It’s possible that loans are as easy to get as they’re going to get.  So don’t expect that if you hold out, zero-down mortgages will c

4.       Myth: If you don’t have equity, you can’t refi. Much ado is being made about how stuck so many people are in their bad loans, because they don’t have the equity to refinance their way out of them.  If you’re severely upside down (meaning you own much, much more than your home is worth), stuck may be the situation. But there are actually a couple of ways homeowners can refi their underwater home loans.  If your loan is held by Fannie or Freddie (which you can find out, here), they will actually refinance it up to 125% of its current value, assuming you otherwise qualify for the loan.  That means, if your home is worth $100,000, you could refinance a loan up to $125,000, despite the fact that your home can’t secure the full amount of the loan.

If your loan is not owned by Fannie or Freddie, you might be a candidate for the FHA “Short Refi” program. While most mortgage workout plans are only available to people who are behind on their loans, the Short Refi program is only available to homeowners who are current on their mortgages and need to refinance up to 115 percent of their homes’ value.  So, if you owe $250,000 on your home, you can refinance via an FHA Short Refi even if your home’s value is as low as $217,000. If you think you’re a good candidate for a short refi, contact your mortgage broker, stat – there are some in Congress who think that this program is so underutilized (only 245 applications have been submitted since it rolled out in September – no typo!) that its funding should be diverted to other needy programs.

5.       Myth: 
If you’ve lost your job and can’t make your mortgage payment, you might as well mail your keys in.  Until recently, this was essentially true – virtually every loan modification and refinancing opportunity required that your economic hardship be over before you could qualify. And documenting income has always been high on the requirements checklist. But there are some new funds available in the states with the hardest hit housing and job markets, which have been designated specifically for out-of-work homeowners.

The US Treasury Department’s Hardest Hit Fund allocated $7.6 billion to the states listed below – all of which are now using some portion of these funds to offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure.  Contact the state agency listed below if you need this sort of help:

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Wednesday, March 9, 2011

Real Estate

1 in 4 Home Owners Underwater on Mortgages

1 in 4 Home Owners Underwater on Mortgages
Nearly a quarter of home owners with a mortgage owe more than their house was worth by the end of last year, according to a report released Tuesday by CoreLogic.

About 11.1 million households or 23.1 percent of home owners were underwater in the October-December quarter of 2010. That number marks an increase compared to the previous quarter where 22.5 percent of home owners--or 10.8 million households--were underwater.

What's more, an additional 2.4 million home owners are inching near being underwater on their mortgages, CoreLogic reports.

Generally, in a stable housing market, about 5 percent of home owners are underwater.

The state with the highest number of underwater mortgages in the country was Nevada, where about two-thirds of home owners had negative home equity. Arizona, Florida, Michigan, and California have up to 50 percent of home owners underwater on mortgages.

Only nine states reported percentages less than 10 percent of underwater mortgages; Oklahoma had the smallest percentage at 5.8 percent.

Source: “Underwater Mortgages Rise as Home Prices Hit Post-Bust Lows in 11 of 20 Major U.S. Cities,” Associated Press (March 8, 2011)

Read More:

A Disaster Recovery Plan

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Monday, February 14, 2011

Top 5 Ways to Maximize Your Open House

If your home is currently on the market, you may be considering whether or not to work with your real estate agent to host an open house. You may have heard that open houses are ineffective or "old-fashioned" in today's world of online marketing.

As a Member of the Top 5 in Real Estate Network®, however, I, along with my team, know first-hand that it takes a combination of different marketing strategies to sell your home quickly and for the best possible price. While online marketing and mobile technology are certainly critical parts of the equation, an open house can have a tremendous impact on a successful sale -- when done correctly, that is. Here are our Top 5 tactics for a successful open house. Make sure your agent is incorporating all — or at least some — of these strategies for your home's open house:

1. Staging well in advance - Don't bother having an open house if your home is not properly staged both inside and outside. Now is the time to work with a professional landscaper because curb appeal will never be more important -- prospective buyers won't bother coming in if they don't like what they see from the outside.

2. Proper advertising - These days, people are so inundated by life and media that unless your open house is promoted far and wide — and frequently — they will never even know about. Your agent should be: advertising in newspapers; using social media to promote your open house; networking with other agents in the area to make them aware; circulating direct mail to neighbors and nearby communities; and personally inviting key prospects.

3. Enlist the neighbors - Start polling your neighbors on what they like best about your neighborhood: the schools, the convenience, the community services, the people, etc. Compile this into a handout for your agent to distribute at your open house. After all, what better testimonial could you ask for than the next-door neighbor?

4. Consider a theme - Some of our fellow members in the Top 5 Network have hosted some unbelievably creative open houses. Consider inviting local restaurants to set up food stations so visitors can experience a "taste" of the community; ask a local antiques shop to stage the home with their showcase items; invite a local gallery to create an art exhibit throughout the home; or highlight something of interest about your home. One Top 5 member, for example, listed the home of an antique car collector and put all the owner’s cars on display and invited car enthusiasts.

5. Have the right materials on hand - Your open house will be for naught if you don't have the proper materials on hand, such as: a guest directory that asks for names and e-mails (find a creative incentive for guests to leave their e-mail addresses, such as entry into a drawing for a local restaurant gift certificate); professionally done photo brochures of your home or even a DVD of a video tour; payment and financing information.

Be sure to ask your agent how he or she intends to follow up with open house visitors -- this is the most important factor of all. Without a quick and effective follow-up system in place, you could very well pass over a potential buyer.

If you'd like more information on creating an effective open house, please e-mail our team. Feel free to forward this e-mail on to any friends and family who might be planning an open house in the near future.

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Top 5 credit score killers: What you don't know can hurt you

Mistake #1: Foreclosure.

"I foolishly believed my attorney (and the rising real estate market) when I didn't force my former husband to refinance or sell our house during our divorce proceedings, and [he] left my name on the mortgage," Cynthia Burnham of Descanso, California says. As a result, when her ex stopped making payments, the bank came after her, and her credit score took a beating.

Burnham is not exactly sure where her score stands today, but she recalls that it was in the high 700s before the fiasco began.The lower score hit her most severely when it came to her credit limits; she had one card's limit slashed from $14,000 to $2,000, while another one went from $5,000 to $2,000. "I've always been proud to maintain my credit as excellent," Burnham says. Having to deal with the fallout once her credit wasn't good anymore left her "irritated and angry."

Shane Fischer of Winter Park, Florida, is also struggling with the fallout of a low credit score due to foreclosure. "The foreclosure killed any chance I have of getting a new car loan or even a credit card," Fischer says. "My car is getting older, and I'd like to consider trading it in, but with my bad credit, no bank will give me the time of day."

Not surprisingly, foreclosure is the big kahuna when it comes to actions that can sink your credit score. According to Barry Paperno, consumer operations manager at FICO, "In addition to a foreclosure preventing someone from obtaining a new mortgage for at least a couple of years -- regardless of the score – this person could expect to lose anywhere from 80 to 160 points, depending on his score level prior to the foreclosure." Ouch.

Foreclosure is a "scarlet letter," adds Gary Nitzkin, a debt-collection lawyer in Southfield, Michigan.

Mistake #2: Being a guarantor on someone else's loan.

Nitzkin, who is hired by creditors to collect on debts, says this is another no-no that's sure to take a bite out of your credit score. If the person you're guaranteeing the loan for - a child, close friend or other relative - defaults on the loan, you could be responsible for paying it back all at once. Not only would this likely cause significant financial hardship for you, you potentially could see your credit score plummet by as much as 100 points.

Mistake #3: Making a late payment on a credit card debt.

While foreclosure and debt settlements might sound like drastic steps, you may be surprised to learn that the next biggest credit-killer is actually something almost all of us have done from time to time. Making a late payment on a credit card debt doesn't seem like such a bad thing -- until you learn just how much it can affect your credit score.

As Nitzkin explains, "If a consumer has a [score of] 750 or above and they're late with just one payment, their score can drop to 650." However, FICO's Paperno adds, someone who already has a few late payments on their report as a result of previous late payments would be more likely to lose less (somewhere between 60 and 80 points).

Mistake #4: Maxing out one of your credit cards.

While it may be surprising to find out a late payment can drop your score anywhere from 60 to 100 points, you might be even more shocked to learn that even actions that are allowed by lenders can hurt your score. "The act of maxing out a single card could drop your high FICO score by as much as 50 points," Paperno says. People with lower scores could see theirs drop by up to 30 points, although it's likely they'd have much lower minimums than their high-score counterparts.

Mistake #5: Settling with a debtor for less than the amount owed.

This is another major strike against your score that Paperno says can drop your credit score by as much as 160 points. While we've written about people who've settled their debts for less and found the option to be a godsend, it's important to keep in mind that this isn't an action without consequences. Reaching an agreement with a lender to settle a debt for less than what you owe can certainly free you from a crushing debt, but the trade-off is that you'll have a lower credit score to show for it.

Getting - and keeping - your score high is an uphill battle for many people these days, Nitzkin says. "Lenders don't like to lend money to people who need it."

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Wednesday, February 9, 2011

Investor Deals Available in Westchester County NY

Mount Vernon Bank Owned- $122,400

Peekskill -$79,900

Newburgh. - $30,000

White plains $200,000

Croton falls $150,000

Lake Peekskill- $89,900

New Windsor Orange County Single family Short Sale $140,000

Ossining Rehab Single family $85,000

Poughkeepsie Single Family Rental Property $89,925

Mount Vernon Short Sale 3 Family $180,000

Yonkers 4 family Short Sale $180,000

Poughkeepsie 2 Family Short Sale $115,925

Condo Studio Yorktown- $60,900

Bronx 1 Bedroom Condo- $60,000

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Friday, February 4, 2011

No Risk Home Selling

A No Risk Home Selling Offer!
Do you feel you have no control when selling your home?

Do you know most Brokers will Charge you the same fee no matter how your home sells?  Would you believe, even if you find the buyer?

Are you worried about signing a 180 Day listing or longer?

We remove the risk of which Realtor to choose

We have come up with the industries best commission structure. No other Real estate company will advertise the commission like we do.

3%

Another agent represents the buyer. Our commission is 1% and the other agent receives 2%.

2%

We find the buyer and write the contract. There is no other agent involved. Our commission is just 3%

1%

You find the buyer and there is no other agent involved. We write the contract and walk it through closing for you. Our commission is 1%.

0%

You find the buyer and there is no other agent involved. You don’t want our assistance and you pay nothing.

Sell your property yourself, while it is listed with Crecco Real Estate and pay no commission.

This does not apply to a buyer exposed to the property by my office or by another agent.

Cancel the Listing At Anytime

Either you or I can cancel by calling and simply saying “I want to cancel the Listing”. The cancellation becomes effective at the time you call. Please allow two business days to have the sign removed and the listing withdrawn from the Multiple Listing Service.

No Advance Fee of Any Kind

You only pay if Crecco Real Estate procures an offer that is acceptable to you.

No Pressure Presentation

I will never allow you to be pressured by the buyer’s agent. All offers will be faxed or emailed to my office and presented to you by phone, fax or email so that you can make your decisions privately.

Benefits with A No Risk Listing

You get the flexibility that most agents don’t or won’t offer. If you list with just any other agent they can lock up your listing for up to 180 days, whether you are happy with their performance or not.  That is just not fair.

Staying in Touch

We follow up on every showing with other agents. We then contact you with the feedback so you know what’s going on.  Marketplace feedback is a valuable tool in procuring the most money for your home. Most agents neglect this.

Helping You get Top Dollar

As your agent is my duty and help negotiate the best possible price and terms for you. Because of our research and finger on the pulse of the market we have the experience and awareness of the marketplace to guide your decisions.

Complete Market Analysis

Anybody can press a button a computer program and churn out data showing comps.  In fact there are a number of online programs for the home seller to do just that.  While it is important to know what has sold, It is equally important is what the current competition is, as well as who has failed to sell.  This information becomes even more meaningful when interpreted through the eyes of experience.  Much like evaluating x-rays, without the doctor’s experience and training the information can be misdiagnosed.  This is how we determine the ceiling of what the market will bear, as well as the average marketing time for your neighborhood.

Setting the Right Price

No marketing on earth can overcome a bad price. Key components to a fast sale include: Pricing correctly, the home on lockbox (with easy access) and correct information in the MLS. Add to that a knowledgeable, skilled agent, and your home will sell.

Possible Changes That Can Make You Money Sometimes $200 – $300 wisely spent can net you $2000 – $3000 extra at closing.

Handling the Detail Work

*Professional Sign Installed

* Listing Properly Filled Out and Correctly Entered Into MLS

* Multiple Property Photos to All Websites * Follow up Contact All Agent That Show Property

* Daily Lockbox Readouts

* Negotiations of Contract and Explanation of Options

* Written Estimate of Cost of Sale

* Working with Appraisers to Obtain Maximum Value

* Monitoring Buyer’s Loan approval Process

* Negotiating the Results of Home Inspections

* Wood Destroying Organisms (Termite etc.) Report

* Final Walk Through

* Review of Title Company Settlement Figures

*Maximum Exposure install an electronic MLS lock box so licensed agents can show your property even when                you can’t be home   

* Network with other agent to make them aware of Your Listing

* Exposing your home to our buyers Data base

* Handling sign calls from Potential buyers and pre-qualifying them when possible

* Flyers featuring Property highlights

* Our Internet exposure is 2 to none

Never Too Busy For You

Although we are proud of the number of we are able to assist with their housing needs, we never lose sight of the fact that each and every transaction matters. No matter how large or small.

Special No-Risk Offer:

You keep more money in your pocket with A No Risk Listing exclusively with Crecco Real Estate.  Most Brokers will charge you the same fee no matter how your home sells…. even if you find the buyer. With the A No Risk Listing you have complete flexibility… from “Full Service” to “Do it yourself”. Does that sound fair?  Yea, that’s what we thought too.  So if you want a fair deal, with NO RISK? We are the only Choice.

Anthony J. Crecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION