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Wednesday, October 20, 2010

Ohio Realtor killed, NAR highlights agent safety issues


By Lani Rosales on September 27, 2010



Last week, the death of Youngstown, Ohio Realtor Vivian Martin was ruled a homicide after her body was recovered from a vacant home that was burned to cover evidence.



Also in Ohio, Realtor Andrew VonStein was found in a vacant home he had shown that night, dead of a single gunshot wound to the chest. Police are considering this case a homicide as well.
“Our hearts go out to the families and friends of our lost colleagues, and this tragic situation highlights the unfortunate fact that REALTORS are exposed to threats against their personal safety more often than other professionals. Although there is no guaranteed method to protect yourself, being safe starts with a plan and attitude and ends with utilizing the right tools to get you home to your loved ones at the end of the day,” Rob Goehring, Co-Founder of MyMoby.com (a personal alert tool which we recently covered).



The saddening list goes on…
Last week in Orange County, California, a man was convicted of rape and attempted murder after jurors deliberated for under two hours about the 2008 attack.



In 2006, Sarah Ann Walker was stabbed 27 times in an open house in McKinney, Texas.
In 2007, Samuel D’Costa was shot twice and left for dead in a basement of a home he was showing, and his car was stolen.



Last summer, Ricardo Contreras was discovered stabbed multiple times at a bank owned home in Westchester, California.



This year, James A. Hole, accused of robbing, beating, and strangling Cambridge Wisconsin Realtor Ann Wilson changed his plea to not guilty for reason of mental disease. The heartbreaking list goes on.



Real estate may seem like a cushy job from the outside, but from the inside, it’s not only a grueling pace that cuts into weekends and makes vacations nearly impossible, it’s a career that puts people alone outside of the public eye, making agents vulnerable. None of this is news, it is taught in real estate schools across the nation and it is an unfortunate truth agents live with.






What can be done to stop this?



The National Association of Realtors is promoting Realtor safety month to advocate “the Keys to REALTOR® Safety: Knowledge, Awareness and Empowerment.” Through presentations, videos, webinars, handouts and various resources for agents, NAR is working to empower agents to be safe. Agents can even get tips by following @NARsafety (which appears to be an official NAR outlet despite no avatar, bio or link).



NAR recently surveyed their blog readers asking what safety devices agents carry and interestingly enough, 24% carry handguns while 0% carry stun guns. We asked on our Facebook page recently if agents feel safer with agents and overwhelmingly, agents that service REOs in rough neighborhoods carry guns while many carry heavy objects in their car (bats, crowbars between the seats, etc) for peace of mind.



Regarding her own safety, Northern California Realtor Jessica Murr said, “I always send an email to my office and my husband about where I’m going and to my office the name and contact information of my client. I never meet a client at a property that I haven’t met in a public place first. If they haven’t come to my office first or we haven’t been in ongoing communication for at least a few months I meet them at a grocery store or gas station or some other place where I can show up on a surveillance camera and can leave a paper trail with a purchase. That way my last known location is recorded, my office knows who I was with, and my office and my husband know where I was going. Also, my cell phone has GPS tracking and my car is enabled with OnStar.”



How do YOU keep yourself safe?



There are tracking and alert systems like Moby, defense tools (stun guns, hand guns, pepper spray), simple safety tips (like keeping all areas lit, not entering closets) and more to keep you safe. It’s easy to become complacent, especially if you’re in a nice neighborhood with a seemingly nice person.



How do YOU keep yourself safe? Are there any tips you have to share?

Thursday, July 22, 2010

7 Tips for Improving Your Credit




Article From BuyAndSell.HouseLogic.com

By: G. M. Filisko
Published: February 25, 2010

Here's how to clean up your credit so you get the least-expensive home loan possible.

Getting the loan that suits your situation at the best possible price and terms makes homebuying easier and more affordable. Here are seven ways to boost your credit score so you can do just that.

1. Know your credit score

Credit scores range from 300 to 850, and the higher, the better. They're based on whether you've paid personal loans, car loans, credit cards, and other debt in full and on time in the past. You'll need a score of at least 620 to qualify for a home loan and 740 to get the best interest rates and terms.

You're entitled to a free copy of your credit report annually from each of the major credit-reporting bureaus, Equifax (http://www.equifax.com), Experian (http://www.experian.com), and TransUnion (http://www.transunion.com). Access all three versions of your credit report at www.annualcreditreport.com (http://www.annualcreditreport.com). Review them to ensure the information is accurate.

2. Correct errors on your credit report

If you find mistakes on your credit report, write a letter to the credit-reporting agency explaining why you believe there's an error. Send documents that support your case, and ask that the error be corrected or removed. Also write to the company, or debt collector, that reported the incorrect information to dispute the information, and ask to be copied on any materials sent to credit-reporting agencies.

3. Pay every bill on time

You may be surprised at the damage even a few late payments will have on your credit score. The easiest way to make a big difference in your credit score without altering your spending habits is to diligently pay all your bills on time. You'll also save money because you'll keep the money you've been spending on late fees. Credit card or mortgage companies probably won't report minor late payments, those less than 30 days overdue, but you'll still have to pay late fees.

4. Use credit carefully

Another good way to boost your credit score is to pay your credit card bills in full every month. If you can't do that, pay as much over your required minimum payment as possible to begin whittling away the debt. Stop using your credit cards to keep your balances from increasing, and transfer balances from high-interest credit cards to lower-interest cards.

5. Take care with the length of your credit

Credit rating agencies also consider the length of your credit history. If you've had a credit card for a long time and managed it responsibly, that works in your favor. However, opening several new credit cards at once can lower the average age of your accounts, which pushes down your score. Likewise, closing credit card accounts lowers your available credit, so keep credit cards open even if you're not using them.

6. Don't use all the credit you're offered

Credit scores are also based on how much credit you use compared with how much you're offered. Using $1,000 of available credit will give you a lower score than having $1,000 of available credit and using $100 of it. Occasionally opening new lines of credit can boost your available credit, which also affects your score positively.

7. Be patient

It can take time for your credit score to climb once you've begun working to improve it. Keep at it because the more distance you put between your spotty payment history and your current good payment record, the less damage you'll do to your credit score.

Other web resources

How FICO scores are calculated (http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx)

Answers to frequently asked credit report questions (https://www.annualcreditreport.com/cra/helpfaq)

G.M. Filisko is an attorney and award-winning writer who keeps a close eye on her credit scores. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.


Wednesday, July 21, 2010

7 Steps to Take Before You Buy a Home




Article From BuyAndSell.HouseLogic.com

By: G. M. Filisko
Published: February 10, 2010



By doing your homework before you buy, you'll feel more content about your new home.

Most potential homebuyers are a smidge daunted by the fact that they're about to agree to a hefty mortgage that they'll be paying for the next few decades. The best way to relieve that anxiety is to be confident you're purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.

1. Decide how much home you can afford

Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop your home wish list

Be honest about which features you must have and which you'd like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select where you want to live

Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start saving

Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.



However, the lower your downpayment, the higher the loan amount you'll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.

Finally, if your downpayment is less than 20%, you'll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.

5. Ask about all the costs before you sign

A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys' fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you'll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get your credit in order

A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.

You're entitled to free copies of your credit reports (https://www.annualcreditreport.com/cra/index.jsp) annually from the major credit bureaus: Equifax (http://www.equifax.com), Experian (http://www.experian.com), and TransUnion (http://www.transunion.com). Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn't up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get prequalified

Meet with a lender to get a prequalification letter that says how much house you're qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you're self-employed, you'll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

More from HouseLogic

Learn how Fannie Mae and Freddie Mac mortgages can help you save on financing (http://www.houselogic.com/articles/how-fannie-mae-and-freddie-mac-save-you-money/)

Learn more about the costs of homeownership (http://www.houselogic.com/articles/a-financial-plan-for-your-home/)

Other web resources

Homebuyer counseling resources (http://www.hud.gov/offices/hsg/sfh/hcc/counslng.cfm)

Get a free credit report from each of the three credit reporting bureaus (https://www.annualcreditreport.com/cra/index.jsp)

G.M. Filisko is an attorney and award-winning writer who has thrice survived the homebuying process. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.