Real estate and other stuff

I thought it was interesting that a story in the paper was about Federal Reserve Chairman Ben Bernanke and his wife were the victims of identity theft recently.

Anna Bernanke's purse was stolen at a Capitol Hill Starbucks in August 2008. In her purse was her Social Security card, checkbook, credit cards, and identification cards.

Maybe it's different for women or power figures, but I certainly don't carry my Social Security card around. Nor my checkbook for that matter. I haven't written a check in years. My credit cards, debit cards, and online accounts took the place of checks.

One person has already been convicted in what apparently was a massive identity theft ring that involved $2.1 million and ten financial institutions.

Identify theft is the fastest-growing crime in America. Here are some tips to help you keep from becoming a victim:

1. Keep your Social Security card at home. Surely by now you have the number memorized.
2. If you dispose of a personal computer, erase the data from the hard drive, which requires more than using the delete key on the computer. If you don't know how to do it, hire someone to make sure that none of your personal information is leaving your home on the computer.
3. Make it hard for computer hackers to follow you. Don't check the "Remember me" box whenever you visit a web site or enter user IDs, passwords, and other personal infromation.
4. Make sure you know exactly what is in your wallet. Make photocopies of everything, and if you don't need something because you use it rarely, remove it and put it in a safe place at home.
5. Check your credit reports regularly. Since you are entitled to a free report each year from each of the three credit agencies -- Experian, TransUnion, and EquiFax -- order from one company every four months, i.e., Experian in April, TransUnion in August, and EquiFax in December. That way you'll know what's going on every four months at no cost to you.
6. Buy a cross-shredder for your home and destroy statements and other personal information from banks, gas companies, department stores, etc., before throwing it in the trash.
7. Remove your name from the marketing lists of the credit reporting bureaus to reduce the number of pre-approved credit offers you receive. The more offers you receive, the more people who are looking at your personal information.
8. Contact the Direct Marketing Association's Mail Preference Service and Telephone Preference Service and have them delete your name from their lists.
9. If you still use checks and snail mail to pay bills, don't mail them from home unless you have a secured post office lockbox on your street. Take them directly to the post office.
10. Never give out personal information on the phone unless you called them.
11. Don't pay your credit card bills without first looking at all the charges on your statement.
12. If you think you are a victim, notify the three credit reporting agencies as well as your local law enforcement office.

 

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Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com

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The listing said to call before visiting the home.  The listing sheet said that the alarm code was in the lockbox.  I called... the agent reiterated that the alarm code was in the lockbox. 

The house had a keypad deadbolt.  The lockbox contained a code that accessed the deadbolt. 

It was NOT the same code as the alarm...  The alarm code was missing.  Of course, this was hard to communicate to the listing agent on the phone, as the blaring of the siren was drowning out everything else.  To top it off, she thought I was at a different house... 

My buyer and I walked out to the front of the house.  He asked what we were going to do.  "Close the door and wait for the police... the agent says the system is monitored."  We waited. 

The listing agent was frantically trying to get the alarm code from the seller... the WRONG seller.  She was having ahard time understanding the address over the sound of the alarm.  So, when she called back with the alarm code, it wasn't correct.  Alarm sounding again... 

Still, no cops. 

We sat down on the stoop. 

My buyer asked if we should leave...  "Nope.  If the police are going to respond, I want to be sitting right here talking with you, not driving away."  He thought it was a good point. 

Here is our friendly neighborhood police officer...

He rolls up expecting a dog on premises... in addition to whomever set off the alarm.  I give him a card and tell him there isn't a dog.  We chat for a few minutes.  And then I get a call from the listing agent.  She has the right code.  We get in and look around. 

The conversation with the cop was quite friendly.  By waiting for him and not presenting a threat, he was comfortable when he got out of his cruiser.  Since we had all of the documentation he would need, in our hands... and our hands quite visible, we were all comfortable. 

It could have been a lot different...

We could have tried to leave... that would be suspicious. We could have blamed the cop for showing up... that would be rude, he was just doing his job.  We could have just been angry... but there wasn't anyone there to take the anger out on, and so it wouldn't have been productive.  Even blaming the other agent wouldn't have helped.  She had left the code in the box... 

It would have been nice if she had the alarm code at her fingertips, but I don't think it is fair to expect that... 

The point is that by staying cool, and not developing an attitude, we sailed smoothly through something that could have gotten REALLY annoying. 

As it is, the house is still on the "Possible" list... 

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

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Accorging to the Google Blog, Military members who have .mil email account can now sign up for Google Voice to help them stay in touch with friends and family. It's a simple process to sign up for the new Google Voice account.

As of August 4, 2009 Active U.S. service member can sign up for a Google Voice account at www.google.com/militaryinvite and start using the free service within a day.

This is a great opportunity for our military to be able to better communicate with friends and family around the world.

 

Google Logo is from the Official Google Blog

As an agent in the Corvallis, Oregon market, I've heard some pretty strange stuff about the new MDIA which is officially in effect as of today.  There is no reason to panic! (or even complain)  There are some people (lenders and agents) that simply don't understand what it means...  What it means is that as of today, buyers will not be subject to "bait and switch" tactics that were used by some lenders in some markets.

1.   Cash sales are not impacted.  This is a lender regulation. No lender, no rule (nothing to disclose)

2.   Key provisions:

1. The lender has to provide an initial TIL (Truth-in Lending disclosure) within 3 days of recieving the loan application.  This is not a new rule.  It's been in place since the early 80's (I remember when this rule was inacted--(yes, I was in the loan business at that time) and let me tell you it's not really fun to run TILs on 1400 or so loans that are already in process)
2. The lender must deliver or mail a TIL at least 7 business days before closing; so The earliest possible closing date is 7 business days after the lender issue the initial TIL disclosure.  This is a new provision, but it's really not unreasonable, the data entry should have been done from the initial application.
3. A final, accurate TIL must always be provided at closing.  This is no change.
4. If the annual percentage rate (APR) increases more than .125% (that's an eighth of a percent), the borrower must recieve a revised TIL at least 3 business days before closing.  Closing may be delayed due to this additional 3-day waiting period.
   1. If the APR goes down, there's no reason to re-disclose
   2. An 1/8 increase sounds like a little number, but really in relation to the mathematics involved, it takes a lot of dollars to make that increase happen.
   3. Fees that play heavily into APR are lender controlled

What can trigger a change in APR?

• Change in interest rate (but if the rate goes down, so does the apr (annual percentage rate)
• An increase in the loan amount (espeically if the change results in the addition of mortgage insurance to the loan or changes the Loan-to-Value ratio (LTV) which in turn can change the pricing of the loan product.)
• A change in the type of loan
• An increase in the fees charged
• A change in LTV (appraisal could change the LTV and therefore the pricing)

What to do?  What to do? 

1. Work with a lender you can trust.
2. Plan ahead
3. Decide on a loan program in advance
4. Work with an agent that understands the lending process and can help you with the logistics of closing
5. Set realistic expectations

Bottom line, this Act helps people to make intelligent, informed decisions financing their homes and reduce the pressure of changes in loan terms at the closing table.  Change is difficult, but soon this will feel like a routine part of the process.

So, let's keep a level head.  The sky is not falling!