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August 18, 2010
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Short Sale Home Buying 101
May 12, 2010
A short sale is nothing to be afraid of, as it is nothing more than when a home is sold for less than the amount left on the mortgage loan. This may sound very easy, however, in order for this to work; the lending company must agree to take less than the remainder of the mortgage loan.
For some homeowners a short sale is a blessing, as they do not have to be behind on their mortgage in order to seek a short sale. If a seller wants to use a short sale, they must owe more on their loan than the home is actually worth. This means that if they put the home on the market, they would not be able to receive the amount they owe on the mortgage loan and they suffer from a financial hardship that makes it impossible to repay the mortgage.
If you want to pursue a short, you will need to get together your short sale packet. The packet should posses such things as tax returns, monthly expenses, a listing agreement, financial statement showing income, bank statements, a purchase agreement, a financial hardship letter, and an estimated HUD statement.
If you do sell your home through a short sale, there will be of course a difference in the money you owed on the mortgage loan and the money the lending company received with the short sale. This difference is known as the shortage or deficiency. The shortage can be negotiated. In some instance, the lending company may ask for a promissory note for this amount of money, which means that you will be responsible for the amount. Another lending company may decide to file a collection on the difference or seek a judgment in court for this amount.
If you plan to sell your home in a short sale, you should be sure that any amount of loan is still on your shoulder or if you are going to be released from the difference should all be in writing. Never take the word of a person at the lending company, ask for this information be given in writing. If the lending company releases you from the difference, the lending company can use this difference and write it off with the Internal Revenue Service. This means that you will be responsible for paying taxes on the difference. The Mortgage Debt Relief Act of 2007 in most cases allows taxpayers the possibility for relief from tax on mortgage debt forgiveness.
Another thing you need to take in consideration before opting for a short sale is that it will affect your credit score. However, if you ensure you make your payments on time and are not making late mortgage payments it will help your credit rating. The lending company will in most cases work with you if you have kept up to date on your payments.
Understanding the S 510 FDA Food Safety Modernization Act
May 12, 2010
Even though this act was introduced on March 3, 2009, the act has only passed the House. The only reason it has not seen any action for awhile is that there were other fish to fry such as health care, mortgages, and auto manufacturers for our government to take over. This act will not stay idle long as once it is passed, the government or the FDA will be in control of our food resources.
FDA Food Safety Modernization Act – “Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) to expand the authority of the Secretary of Health and Human Services (the Secretary) to regulate food, including by authorizing the Secretary to suspend the registration of a food facility. Requires each food facility to evaluate hazards and implement preventive controls. Directs the Secretary to assess and collect fees related to: (1) food facility reinspection; (2) food recalls; and (3) the voluntary qualified importer program. Requires the Secretary and the Secretary of Agriculture to prepare the National Agriculture and Food Defense Strategy. Requires the Secretary to: (1) identify preventive programs and practices to promote the safety and security of food; (2) promulgate regulations on sanitary food transportation practices; (3) develop a policy to manage the risk of food allergy and anaphylaxis in schools and early childhood education programs; (4) allocate inspection resources based on the risk profile of food facilities or food; (5) recognize bodies that accredit food testing laboratories; and (6) improve the capacity of the Secretary to track and trace raw agricultural commodities. Requires the Secretary, acting through the Director of the Centers for Disease Control and Prevention (CDC), to enhance foodborne illness surveillance systems. Authorizes the Secretary to order an immediate cessation of distribution, or a recall, of food. Requires the Administrator of the Environmental Protection Agency (EPA) to assist state, local, and tribal governments in preparing for, assessing, decontaminating, and recovering from an agriculture or food emergency. Provides for: (1) foreign supplier verification activities; (2) a voluntary qualified importer program; and (3) the inspection of foreign facilities registered to import food.”
Okay, now to explain what the above means: Once this act passes the Senate (if it does) the new created Food Safety Association (FSA) will be the sole regulator of food safety and take away the rights of each state to regulate their food safety measures. This act will grant the FSA “the power to implement and administer a national system for regular unannounced inspection of food establishments under its own terms.
This allows the FSA to reclassify all farms as “food production facilities”. This means that small patch of tomatoes or your neighbor’s wheat farm will have to comply with the regulations and inspection protocols of the FSA and will have to comply with food safety requirements they see fit. Your small patch of tomatoes, if you plan to sell them at the farmer’s market or even give away could be regulated by the FSA.
The act will also require farmers to comply with minimum standards created by the FSA for all farming practices, which can include requiring all farmers to create Hazard Analysis Critical Control Point plans and other written credentials. This act will give the power to “arrogate preventative process controls to reduce adulteration of food” as they see fit. Along with this, the FSA will have the power to enforce food safety laws, to access civil fines and penalties for those not complying with all safety laws created by the FSA. The fines and penalties can be as much as $1 million per violation. The money received by the FSA for violations can be used to “carry out enforcement activities under the food safety law” as they deem necessary.
Home Sales Rise Again In March
May 11, 2010
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 5.3% in March, after a revised 8.3% increase in February. On a year-over-year basis, pending home sales are up 21.1%.
Factory orders rose 1.3% in March, much better than the 0.1% decline economists had anticipated. It was the seventh straight gain and follows an upwardly revised 1.3% increase in February.
The Institute for Supply Management reported that the monthly index of manufacturing activity was 60.4 in April, after reaching 59.6 in March. It was the ninth straight month of expansion and the best reading since June 2004. A reading above 50 signals expansion.
Total construction spending rose 0.2% to $847.3 billion in March, following a revised 2.1% drop in February. The increase was largely due to a 2.3% surge in public construction spending.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 5.3% in March, after a revised 8.3% increase in February. On a year-over-year basis, pending home sales are up 21.1%.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending April 30 rose 4%. Purchase volume increased 13%. Refinancing applications fell 2.1%.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity was 55.4 in April, unchanged from 55.4 in March. A reading above 50 signals expansion. Economists had anticipated a reading of 56.
Employers added 290,000 jobs in April, following a revised 230,000 advance in March. The April increase was the most since March 2006. The improving economy is encouraging more people to seek employment. This pushed the unemployment rate from 9.7% in March to 9.9% in April.
Upcoming on the economic calendar are reports on wholesale trade on May 11, international trade on May 12 and retail sales on May 14.
Getting that Perfect Green Lawn Part 5
May 8, 2010
Starting your lawn from Sod
If your home was recently built or you have large areas that are more dirt than grass, you may prefer to use sod. Sod is normally used by home builders since you have instant grass, however, if the sod is not cared for properly the grass will die. Sod is also used in shady areas that may have a hard time growing. If you are considering sod, it is more expensive than seed, so be prepared to spend quite a bit more money. In most cases, sod does not need much care and it normally establishes quickly, if all is done correctly. If you do wish to use sod, Bluegrass is the best as it weaves a close knit turf fast.
Before you purchase sod, make sure it is well rooted. The rolls of sod should be evenly green and damp. If the sod is a bit yellow, walk away. Sod needs to be installed as soon as you arrive home. Sod will die if you wait and in the majority of cases will not establish well. If you have to wait to install, keep the sod in a cool shaded area and water the sod if it begins to dry out.
With sod, you will still need to perform the same steps as planting seed including testing for pH levels, tilling, and adding fertilizer. After you have completed these steps, you can now lay the sod. You should water the sod just as if you would the seeds for several weeks. The sections of soil will weave together and become one solid piece.
You will need to keep the soil moist no matter what time of year for several weeks. Sod can be installed in spring, summer, or fall and do very well.
Some types of grass are not sold as rolls sod but as plugs including Bermuda grass, Zoysia, and St. Augustine. These types of grasses need to be planted in early spring. The plugs should be placed twelve inches apart. You will need to keep the plugs moist until you are ready to plant.
Plugs normally come in small blocks that are two inches by two to three inches thick. The plugs are sold in trays that usually hold annual flowers. If you are using plugs, you will need to dig a hole that is just a tad larger than the plug about one foot apart. After you have the holes done and the soil is ready, place the plugs in hole. Now water.
Good luck on having the greenest and prettiest lawn in your neighborhood.
Storm Shelters Above Versus Below Ground
May 5, 2010
For those living in Oklahoma we understand just how important it is to have a tornado drill in our homes, so each member of our family knows what to do and where to go when the sirens sound. Many Oklahoman’s have storm shelters either in their home, garage, or on the property nearby the house. It is very important to have a storm shelter if you live in Oklahoma. The major problem comes when a family is trying to decide what type of storm shelter to choose – above ground or below ground.
You will hear both sides of the fence stating the below ground is safer and the other side saying there is no difference. Since the tornado that hit in Oklahoma on May 3, 1999, awareness of tornadoes and how to protect your family against such emergency has been prevalent throughout the state, so in most cases, families want a storm shelter, but have a hard time making the decisions needed to actually have one installed.
An underground storm shelter is always safer, no matter what. However, there are disadvantages to having an underground shelter which includes they are more susceptible of floating due to the high water table, are more susceptible to stresses if the soil freezes during winter, and they can be more expensive if the ground is bedrock.
If you do choose to have an underground storm shelter, you will need to decide if you want an in house entry. Many families opt for in-house entry which does have advantages including it is safer if the tornado is so close you do not have time to go outdoors, is convenient, less susceptible to animals calling it home, and it is easier to control access. On the other hand, there are disadvantages. If the tornado destroys your home, you may be left under all that debris, which will make it harder for rescue workers to come to your aid, quickly. This type of shelter is not easy to install if your home is built and if the shelter is not properly installed it can float or harm other areas of your home due to freezing or other problems.
Above ground storm shelters offers less preparation to the ground and is much easier to enter for every member of the family including those in wheel chairs. The only disadvantage is the room the shelter may take up in your home or garage.
Today, you can talk with a storm shelter company and learn that every storm shelter, above and below ground have been tested to ensure they will protect your family to the best of its ability.
Here is a company that sells and installs above and below ground Storm Shelters made to Fema specs http://www.southernstormsheltersdirect.com/ they offer free quotes and a 10 year warranty.
Getting that Perfect Green Lawn Part 4
April 30, 2010
Starting your lawn from Seed
Before you will successfully grow a lush green lawn from seed, you must first have the soil ready for planting. No, do not just till the soil. You have to learn the makeup of your soil so you can grow grass properly. The pH level of your soil is very important. Without the proper pH levels, the grass will not grow. You can find test kits at retail stores such as Lowe’s.
Your pH level should be between 6.0 to 7.0 for best grass growing conditions. If your pH level is to low, you will need to add limestone. The rate for adding limestone is 50 pounds for every 1,000 square feet. On the other hand, if your pH level is too high, you can use powdered sulfur to lower the levels.
If you do not prepare your soil properly to ensure you have the right pH levels, you can expect a slow start and even grassless areas. This will cause you more work and of course more money. This one-step should never be skipped in you wish to have the perfect lush green lawn.
Next, till the ground to a 4 inch depth. If you believe the condition of your soil is not that great you can add topsoil or sphagnum peat to a depth of 4 to 6 inches, then till again until mixed thoroughly.
Once the soil is tilled, be sure to remove any objects such as rocks or twigs. Once you have finished this process now you may add the nutrients and lime or peat whichever you need. Now, the level the soil.
The next step is to add fertilizer. For every 1,000 square feet you should use two pounds of nitrogen. It is time to water the area. Using a gentle spray water the entire area. Wait until the soil settles.
Now it is time to plant the seed. The best way to seed is to use a mechanical spreader. This will ensure that you do not underseed or overseed. After you have spread out the grass seed, rake the area gently only to slightly cover the seeds with soil. If you are afraid birds will enjoy your grass, you can cover with straw, very lightly.
Water gently. Do not water with a huge spray or you can move the seeds. You will need to gently water but the water will be to soak deeply. A slow sprinkler can do the trick. The time for the grass to germinate can be up to three weeks. Wait until the grass is at least 2 to 2 ½ inches before mowing. Never remove more than 1.3 of the height.
If you prefer to use sod, that will be explained next week.
EPA Issues New Rule regarding Lead Paint
April 28, 2010
Even the most common renovations around the home such as demolition, sanding, and cutting can and does create hazardous lead dust and lead chips via the disturbance of lead based paint. The small dust and chips can harm children and adults.
In an effort to protect against the risk, the EPA issues a rule requiring the use of lead safe practices and other action all aimed in the prevention of lead poisoning on April 22, 2010. Under these new rules or standards, contractors that are performing acts of repair, renovation, and painting projects that disturb the lead based paint in school, child care facilities and homes that were built prior to 1978 must be certified and follow certain practices in order to prevent contamination.
Three of the procedures recommended include containing the work area, minimize the amount of dust, and clean the area thoroughly.
The EPA has the power to approve territories, tribes, and states to administer their own RRP program that would operate in place of the EPA regulations. Once a state becomes authorized residents and contractors will need to contact the appropriate program office. At this time the states that have been authorized by the EPA include Iowa, Kansas, Mississippi, North Carolina, Rhode Island, Utah, and Wisconsin,
Property owners of rental housing or child occupied facilities must also meet the requirements if they plan to repair, renovate or prepare surfaces for painting in any type of housing or building facility that was built before 1978. All property owners will need to be certified in order to renovate or repair any facility built prior to 1978.
Property owners that wish to perform such tasks should take training to learn the lead safe working practices, learn the lead laws, keep records to show that you and your workers have been trained, read how to comply with the EPA rules, and read how to use lead safe work practices.
References and helpful links include:
http://cfpub.epa.gov/flpp/searchrrp_training.htm
http://www.epa.gov/lead/pubs/samplechecklist.pdf
http://www.epa.gov/lead/pubs/sbcomplianceguide.pdf
http://www.epa.gov/lead/pubs/steps.pdf
http://www.epa.gov/lead/pubs/renovaterightbrochure.pdf
New Home Sales Rise in March
April 26, 2010
New home sales rose 26.9% in March to a seasonally adjusted annual rate of 411,000 units from an upwardly revised rate of 324,000 units in February. Economists had expected a pace of 330,000 units. This was the biggest monthly increase in 47 years.
The index of leading economic indicators is designed to forecast economic activity in the next three to six months — rose 1.4% in March after a revised 0.4% gain in February. It was the 12th straight monthly increase and the fastest pace of growth in 10 months.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending April 16 rose 13.6%. Purchase volume increased 10.1%. Refinancing applications jumped 15.8%.
The producer price index, which tracks wholesale price inflation, rose 0.7% in March, following a 0.6% decrease in February. Economists had expected a rise of 0.4%. The increase was largely due to a sharp rise in vegetable prices after a cold snap damaged crops in Florida.
Existing home sales rose approximately 6.8% in March to a seasonally adjusted annual rate of 5.35 million units from 5.01 million units in February. The inventory of unsold homes on the market rose approx. 1.5% to approx. 3.6 million, an 8-month supply at the current sales pace, down from an 8.5-month supply in February.
Orders for durable goods — items expected to last three or more years — fell 1.3% in March after a revised 1.1% increase during February. Excluding volatile transportation-related goods, orders posted a monthly increase of 2.8%.
Initial claims for unemployment benefits fell by 24,000 to 456,000 in the week ending April 17. Continuing claims for the week ending April 10 fell by 40,000 to 4.6 million.
Upcoming on the economic calendar are reports on the housing price index and consumer confidence on April 27, and gross domestic product on April 30.
For more information regarding Tulsa or National news, articles and commentary on homes sales, farms and commercial property in the Tulsa Real Estate market please re-visit or subscribe to our RSS Feed on our Tulsa Real Estate Mall Blog.
Tax Credits Running Out
April 20, 2010
Homebuyers that want to get in on the tax credit provided via the recovery act only have a few short days until the tax credit will no longer be available. The tax credit is for first time homebuyers in the amount of $8,000 as well as existing homeowners in the amount of $6,500. Of course, there are stipulations to meet in order to get this tax credit, but not doing anything at all to learn if you are eligible will certainly ensure you will not receive the credit.
First time homebuyers can receive $8,000. If you are a first time homebuyer, you only have until April 30th of 2010 to be in a binding contract to qualify for the credit, which can be claimed on your 2009 return, or you can also claim the credit on your 2010 tax return. For homeowners that have lived in their home for the past five years and would like to purchase a larger home or even downsize, they can receive a tax credit of $6,500. This means you can get cash back on your tax return after you purchase a home free and clear without paying the money back.
The sad news is that many people that could take advantage of this tax credit have more than likely waited to late in order to get in on the money, unless they can sign a contract in the next two weeks.
To ensure you get in under the wire in these last two weeks you will more than likely have to steer clear of foreclosures, as you may not have the time to wait to sign a contract. Remember, the contract has to be signed no later than April 30 to qualify. The best way to ensure you can get this feat accomplished is by talking with a realtor in your area. They will be able to help you find a home and sign a contract in time to qualify for the tax credit, but only if you act quickly.
If you want, a home whether this is your first home or you are looking to upgrade or downsize why not make some free money in the process. Another $6,500 or $8,000 in your pocket could be really great for fixing up your new home, buying furniture, or taking that well deserved vacation.
For more information regarding Tulsa or National news, articles and commentary on homes sales, farms and commercial property in the Tulsa Real Estate market please re-visit or subscribe to our RSS Feed on our Tulsa Real Estate Mall Blog.