Real Estate Information Archive

On average each you around a 170 people die from C O (Carbon Monoxide) produced by non-automotive consumer products says the United States Consumer Products Safety Commission.  C O is called the “Invisible Killer” because it’s a colorless, odorless, poisonous gas.

As of January 1, 2013 rental property in California is required to have a C O detector in the home and all residential property is required by law to have a C O detector too when it is sold after January 1, 2013.

 What is carbon monoxide (CO) and how is it produced?
Carbon monoxide (CO) is a deadly, colorless, odorless, poisonous gas. It is produced by the incomplete burning of various fuels, including coal, wood, charcoal, oil, kerosene, propane, and natural gas. Products and equipment powered by internal combustion engines such as portable generators, cars, lawn mowers, and power washers also produce CO.

What are the symptoms of CO poisoning?
Because CO is odorless, colorless, and otherwise undetectable to the human senses, people may not know that they are being exposed. The initial symptoms of low to moderate CO poisoning are similar to the flu (but without the fever). They include: 

• Headache
• Fatigue
• Shortness of breath
• Nausea
• Dizziness 

High level CO poisoning results in progressively more severe symptoms, including:

• Mental confusion
• Vomiting
• Loss of muscular coordination
• Loss of consciousness
• Ultimately death 

How should I install a CO Alarm?
CO alarms should be installed according to the manufacturer's instructions. CPSC recommends that one CO alarm be installed in the hallway outside the bedrooms in each separate sleeping area of the home. CO alarms may be installed into a plug-in receptacle or high on the wall. Hard wired or plug-in CO alarms should have battery backup. Avoid locations that are near heating vents or that can be covered by furniture or draperies. CPSC does not recommend installing CO alarms in kitchens or above fuel-burning appliances.

What should you do when the CO alarm sounds?

Never ignore an alarming CO alarm! It is warning you of a potentially deadly hazard.

If the alarm signal sounds do not try to find the source of the CO:

• Immediately move outside to fresh air.
• Call your emergency services, fire department, or 911.
• After calling 911, do a head count to check that all persons are accounted for. DO NOT reenter the premises until the emergency services responders have given you permission. You could lose consciousness and die if you go in the home.

Should CO alarms be used in motor homes and other recreational vehicles?

CO alarms are available for boats and recreational vehicles and should be used. The Recreation Vehicle Industry Association requires CO alarms in motor homes and in trailers.

"Do's" for carbon monoxide detector placement:

• Place detectors in or near sleeping areas - where the sound of an alarm will easily wake people up
• Place detectors on each level of a residence
• Place detectors as per manufacturer instructions
• Carbon monoxide is roughly the same weight as air and over time distributes throughout a room, so a detector can be placed at any height in any acceptable location - preferably at eye level and definitely where the alarm can be easily heard
• For added protection, place a carbon monoxide detector 10 to 15 feet (3 to 5 meters) from the furnace as well as other fuel burning sources
• in unheated basements, attics or garages
• in areas of high humidity (bathrooms, showers, laundry areas)
• where they will be exposed to chemical solvents or cleaners, including hair spray, deodorant sprays, etc.
• near vents, flues or chimneys
• within 6 ft (2 meters) of heating and cooking appliances (which can give off a small volume of carbon monoxide when starting up which can trigger false alarms)
• near forced or unforced air ventilation openings
• within 6 ft (2 meters) of corners or areas where natural air circulation is low
• where they can be bumped and damaged
• where directly exposed to weather

"Do nots" for carbon monoxide detector placement:

To avoid damage to the detector and to reduce false alarms, do not place carbon monoxide detectors:

• in unheated basements, attics or garages
• in areas of high humidity (bathrooms, showers, laundry areas)
• where they will be exposed to chemical solvents or cleaners, including hair spray, deodorant sprays, etc.
• near vents, flues or chimneys
• within 6 ft (2 meters) of heating and cooking appliances (which can give off a small volume of carbon monoxide when starting up which can trigger false alarms)
• near forced or unforced air ventilation openings
• within 6 ft (2 meters) of corners or areas where natural air circulation is low
• where they can be bumped and damaged
• where directly exposed to weather

 For more information us the link below to go to the United States Consumer Products Safety Commission website.

 http://www.cpsc.gov/en/Safety-Education/Safety-Education-Centers/Carbon-Monoxide-Information-Center/Carbon-Monoxide-Questions-and-Answers-/

As the New Year starts Carol & Jim are now working at (APRE) Atlantic & Pacific Real Estate (CA) Inc. We have completed over 40 classes on assisting sellers on distressed properties along with learning the online systems at APRE.  Distressed properties are now a major part of the market. The name has changed but we are still doing the same things we have always done except we have added distressed and corporate owned properties to our list. We still have the moving van for our clients and charities to use. The good news is we will be sending out email blasts with the homes that will be for sale once the sales price is determined. If you are an investor or a first time buyers it’s a great time to buy.

Have a Sunny Day!

Daily Real Estate News  |  May 21, 2009  |

HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

Source: REALTOR® Magazine Online

In the past year everyone has been talking about short sales and how much money you can save when buying a home. What is a short sale? In the simplest of terms, it is when a home owner has a loan on their home that is more than the current market value of the home.

Is this a perfect opportunity for a home buyer to purchase a new home at a price well below the current market value? The Seller just wants to get rid of the property at any price as he has not equity anyway. The bank doesn’t want the property. Banks are not in the property management business. The bank wants its money so that it can lend to someone else who will pay them back with interest.

If it looks to good to be true, it usually is. Most offers on short pays never get accepted by the bank’s loss mitigation department. It is not uncommon to take 4 to 6 weeks to get just to get an answer back on your offer.  Then there is certainly to be a counter offer regarding the price. Many listing agents of short sale properties list the property very low so that it looks like a “really good deal”. Then when an offer or even multiple offers are presented to the bank usually they will counter even higher than the list price.

Fact is, many sellers do not qualify for a short sale and they are not even aware of it. Before the property is listed for a short sale, a hardship package should be completed and sent to the lender to verify the sellers’ eligibility for short sale. There are strict guidelines that a seller must fall into when selling their property as a short sale. Many homes are listed before the hardship package is even sent to the bank. It can take 4-6weeks to get an approval for a short sale. This process has to be completed with each loan that is on the property.

It must be a true hardship or the bank will not look at it at all. The most common reasons lender will approve a short sale are:

Relocation out of the area
Inability to pay the loan
Death in the family
Loss of job
Court ordered sale of the property, usually due to divorce

The lender will want to see the last 2 years of the sellers’ tax returns. This is to ascertain if they any other assets, in state or out. The bank also wants to verify amounts in checking accounts, savings accounts, and retirement accounts (401k’s included) to see if this truly is are a hardship case. As a seller, the bank feels that you borrowed money from them and they expect you to pay it back. The seller is asking them to “let them off the hook due to them making a poor investment or exercising poor judgment on their ability to repay the loan.” So, before the bank agrees to allow the seller out of the loan for less than they are owed, they are going make sure the seller is truly a hard ship case. If the seller does have other assets, they will not approve the hardship, and the property will go into foreclosure.

Multiple loans on the property increase the difficulty of getting a short sale accepted. With multiple loans there’s a good chance the second will not get any or very little money. And a third is usually just out of luck. So why would you as a lender agree to a short sale at all if you are not going to receive any money? Most won’t. There’s nothing in it for them and the first will more than likely get the property back and get most of their money after they foreclose and the subsequent sale of the property.

This is a highly abbreviated version of what it takes to do a short sale. Look at purchasing an REO (Real Estate Owned) property. The Bank already owns the property and now you will deal with one identity that can make a decision in a reasonable amount of time and you will still get an excellent deal.

Click here and read more information about short sales in Wikipedia