Parts of the Northwest and Rocky Mountain regions were still digging out of four weeks of snow as temperatures iced California’s citrus crop. San Francisco Bay Area residents kept an eye out for the first snow flurries in years. Frigid air flowed into New England as wind chill factors pushed some temperatures in the upper states’ hinterlands to 35 below zero. Ocean-effect snow showers were forecast for Cape Cod. New Orleans shivered through 30 degree temperatures and Mother Nature put central and southern Texas into the deep freeze. The Deep South and Southern California held onto “heat waves” with temperatures in the 40s and 50s.

The U.S. Department of Energy (DOE) and the Comfort Institute, an indoor comfort research, training and consumer protection organization based in chilly Bellingham, WA, offer these tips to get your house in order for what’s likely to be a long, bleak winter even Punxsutawney Phil can’t stop.The DOE says the typical duct system loses 25 to 40 percent of the energy put out by the central furnace, heat pump or air conditioner. That puts a strain on your wallet as well as comfort levels in your home. Heating ventilation and air conditioning (HVAC) contractors can diagnose and pinpoint duct leak locations and check the static pressure in your ducts and ventilation system. The exam is often part of an energy audit used to also examine insulation, air leaks and other energy inefficiencies in your home. (more…)

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Mortgage fraud is being called the country’s fastest-growing white-collar crime. It costs lenders more than $1 billion a year and has turned increasing numbers of federal agents into experts on real estate paperwork. These days, they quickly crack cases that once took years to work, experts say.

Mortgage fraud occurs when somebody lies or misrepresents a fact on a statement that a lender uses to make a loan. Banks and mortgage lenders generally are the prime victims when loans are not repaid, but the fallout from a large-scale scam also can devastate individual investors, who sometimes must file for bankruptcy. Communities also suffer when swaths of properties sucked into a scheme go vacant and deteriorate as they fall into foreclosure. Estimates of mortgage fraud losses vary widely, but experts said trend lines pointed up. Although schemes can prosper during good times — such as the recent mid-decade boom when as much as $2.5 trillion in mortgage loans were made each year — they also can flower as the market cools. (more…)

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The Web frontier for vacation-home owners is vast and continuing to grow as they tap into new resources to market their properties. And networking Web sites can offer a support network for owners navigating the apparently bump-filled rental market. “Making a video is so much better than trying to put all that into words.” Mr. Gilbert has two videos, both on YouTube and Google Video: One showcases the house and some of its features, like the brand of mattresses in the home. The other focuses on the community, Bear Trap Dunes, which has three golf courses and two swimming pools.

Any vacation-home owner is likely to confess that marketing the house to renters is only half the battle. And, perhaps the easy half, once you read through the postings on Lay my Hat (www.laymyhat.com). The site allows vacation homeowners to hash out the apparently neverending string of problems that arise when renting out their second home. Owners vent about problem guests, like those who complain about the lack of ketchup and mayonnaise in the refrigerator or refuse to obey the no smoking policies. Some get advice on larger issues, like what to do when an hour before a renter arrives the electricity in the house fails. The solution, wrote one poster, is to light candles and “gets lots of drinks” for the guests. (more…)

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The growing influence of home inspections on residential real estate sales has been rapid and unmistakable. Inspections were available in the 1970s and ’80s but were relatively unknown to most people during those years. By the early 1990s, home inspectors emerged as a significant presence in most real estate transactions, affecting the majority of purchases. Two reasons stand out as the basis for this surprising rate of growth:

Accompanying the growth of home inspection services has been a parallel increase in liability claims against inspectors. Two circumstances stand out as primary causes for these claims: 1. Some claims are clearly due to inspector negligence. A contributing cause has been the rapid growth of the industry, prompting an influx of inexperienced and unqualified inspectors. The result has been incomplete or incorrect reporting of property conditions; hence, claims. 2. Many claims, on the other hand, are frivolous, owing again to the litigious nature of the business environment. While unqualified inspectors are subject to claims due to incompetence, even the best inspectors may be targeted, regardless of whether they are truly at fault. (more…)

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If one of your goals in 2007 is to become a landlord by buying a house, condo, or even small apartment complex, the first thing you should do, if you haven’t already, is begin to educate yourself about becoming a landlord. If you’re already a landlord then you likely know that ongoing education in this ever-changing industry is a must.

Here are some areas that landlords should be certain to record: mileage to and from the rental property, advertising for the property, cell phone use, computer equipment and office supplies, desk equipment, telephone line (if you have a separate line the office line can be fully deducted), Internet access, and house cleaning for the rental. “If you have a cleaning company come in to clean your rental unit, after somebody moves out, those costs are deductible. If you need to buy office supplies it might be computer paper, pens and printer cartridges, postage if you’re mailing out reminders [to] somebody [who] might be mailing the rent late or you need to send somebody a lease to sign — [all are] also deductible. Working with a qualified tax person can help you discover any deductions you might be missing and also make sure that you are operating by the appropriate IRS laws. (more…)

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An elderly homeowner who wishes to continue living at home can get access to money that doesn’t have to be repaid until he or she sells the house or dies. The upfront costs of the reverse mortgage loans are high, and they are not recommended for those planning to sell their house in the near future. Paiva’s closing costs were $13,325, which included a payment of $5,760 for mortgage insurance from the U.S. Department of Housing and Urban Development’s Federal Housing Administration. FHA insures an estimated 90 percent of reverse-mortgage loans issued in the United States. Most borrowers roll over the loan costs into their balance to keep their initial outlay of cash to a minimum.

To be eligible for a HUD-insured reverse mortgage, borrowers must be at least 62 years old. The amount that can be loaned depends on the borrower’s age, the amount of equity, and the interest rates. Loans insured by the government cannot exceed a certain limit currently $362,000, according to Peter Bell, president of the National Mortgage Lenders Association, even if the value of the house is much higher. Uninsured loans are offered at higher amounts, and at higher costs. In the fiscal year that ended September 30, 2006, 76,351 federally insured reverse mortgages, also known as home-equity conversion mortgages, were issued, up 77% from the previous fiscal year, White said. In Rhode Island, the number of reverse mortgages increased from 198 to 338. As the baby-boom generation begins to retire, the numbers are expected to grow. (more…)

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