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Eight ways to conserve water this summer
In February of this year, the Governor of California declared a state emergency due to drought. “ …California faces its third consecutive year of drought and we must prepare for the worst,” Governor Arnold Schwarzenegger said. As of this writing, the state has not issued a mandatory water rationing order, but asks that the residents of California participate in a voluntary reduction. With the summer months ahead, the drought is even more cause for concern. Lawns and gardens will be watered more often, more cars will be washed; essentially the hose will replace the rain. By adjusting their lifestyle a bit, homeowners can reduce water waste -- and save a buck on the monthly water bill. Here’s how:
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Don't wait until selling to make repairs
Home maintenance ranks low on many homeowners' priority lists. When the washing machine breaks, you might fix it to keep from having to go to the Laundromat. But, if there's no pressing need, home maintenance chores are often put off.
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What to do if your home won't sell
Homes take longer to sell today than they did in 2005. This is due to a slow home-sale market that has resulted in a build-up of the inventory of unsold listings. Although there are exceptions, this situation is expected to continue until late 2008 or 2009 -- at least. What options do sellers have whose homes aren't selling quickly enough?
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Sellers, pay attention to lowball offers
Selling a home can be an emotional experience because most sellers have a lot more than money invested in their homes. So, it's understandable that sellers might be reluctant to respond to an offer that is for less than the asking price.
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How buyers, sellers are closing deals in today's market
Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's beleaguered residential housing market. Other key elements to a satisfactory closing are flexibility, perseverance, creativity and diligence.
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'Creative financing' tactics to lure home buyers
DEAR BENNY: I recently retired and am planning to move out of the country. I own a single-family house in a desirable area. I owe only about $70,000 on my current mortgage. The value of the house before the recent market crash was about $470,000. Despite the current market, numerous people have looked at the house, but only one has made an offer (a very lowball offer). I am not desperate to sell, but I want to move on with my retirement plans. The house is older, but has recently had about $30,000 in improvements in order to appeal to buyers.
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Green building's surprising energy savings
"Use common sense to make sense."
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Real estate inheritance a mess when stepchildren involved
DEAR BOB: My mother died in 1988, and dad passed away in 2006. The house was, and still is, in my late mother's name alone. All dad did after mom's passing was continue to pay the property taxes on the house. A couple of other children belong to dad from a prior marriage. What needs to be legally done to clear the title to the house? --Mr. A.M.
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Multiple offers making a comeback
In the current home sale market, it might seem ludicrous to make an offer on a listing if it means competing with another buyer. However, multiple offers are on the rise in some markets. But, it doesn't always mean that you need to pay a lot more than the asking price.
Sellers are ever hopeful of receiving multiple offers. These days, this is usually an unrealistic expectation. That is, unless the listing is a prime property in a high-demand neighborhood where few homes are being offered for sale.
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Price it right when selling in today's market
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.
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Pro's guide to painting home's exterior
Q: In an article on restoring a Victorian, you mentioned exterior painting using three coats: a coat of primer, a second coat of one-half primer and one-half coat of finish paint, and a final coat of finish paint. Is this your suggestion for all exterior painting?
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Is it worthwhile to fix a property up before selling?
Buyers tend to want listings that are in move-in condition. For that reason, sellers often put a lot of time and money into prepping their homes for market to realize the largest profit possible from the sale. But, is it worthwhile to fix a property up before selling if it is in a dismal state?
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Rethinking your home search
Most home buyers claim they're picky. And why shouldn't they be? The real estate they buy will be home. It needs to provide more than just a roof over their head. It needs to satisfy emotional needs that aren't easily quantifiable. The home is a reflection of the self, which makes the quest for the right place to buy complicated.
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Ask a Legal Expert:
Q: My father died a few years ago and now my mother recently died. I’m in the process of selling our family home to a nice couple. The next door neighbor, one of my mother’s closest friends of 50 years, just told me that my mother always wanted to have both her and my father’s cremated ashes scattered in the backyard. Can I fulfill my mother’s wishes if I’ve already entered into a contract to sell the home?
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Tips for paying off mortgage early
DEAR BENNY: I was reading in one of your columns about paying off your mortgage faster by making an extra payment each year. You said to make sure your coupon clearly indicates you are making an extra payment. I did this at the end of 2008, but didn't know whether it should go under an extra payment or payment on the principal. I paid it on the principal because otherwise it wouldn't show up until January as a payment.
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When double-pane glass needs replacing
Q: I am sort of handy around the house and was wondering how difficult it is to remove and replace the windows in my house. There seems to be moisture between the double-pane windows now. Any tips? --Frank C.
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Buyers, get into negotiating position
Bridging the price gap between home buyers and sellers can be a challenge in today's market. Sellers, many of whom have a hard time accepting that their home has lost value, often expect to sell for more than buyers are willing to pay.
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Mortgage approval is no easy task
It wasn't too long ago that home buyers made offers without financing contingencies and closed the deal in as short as 14 days following acceptance. Quick closes are virtually impossible today if you're buying a home with the aid of a mortgage. And, it's highly recommended to include loan and appraisal contingencies in your offer.
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Not everyone's keen on fluorescent lights
Q: I have a question about fluorescent bulbs and power usage. I have been told that fluorescents draw the most power when they are turned on and almost no power to keep on. Therefore, they should be turned on and left on, and should not be turned on and off during the day because it would end up using more power in the process. Is that true? --Richard C., via e-mail.
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Home mortgage provides array of tax breaks
If you feel better knowing you can deduct the mortgage-interest portion of your huge annual housing expenses, make sure you know exactly how much you can deduct.
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Open house don'ts
I spent some time over the weekend visiting some open houses. While I'm not seriously thinking about moving, I like to see what's going on in my neighborhood.
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Choosing exterior paint colors
So the time has come to repaint the outside of your house, but you're tired of the old color scheme. If you'd like to try something fresh and new that suits your style, some simple homework will help you get off on the right foot.
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When is the best time to buy or sell a home?
Many people ask me, “Is now a good time to buy?” There are so many things to consider when purchasing a new home—interest rates, price, area, location, lenders, fees, disclosures, the commute, crime rate, financial responsibility, affordability, schools, money, Megan’s law and the list goes on. This is why it is important to work with a qualified ‘full time’ professional Realtor to assist you with all of your real estate needs.
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Extra insurance coverage urged for condos
Sometimes, we need a painful experience to prod us into doing what we should have done in the first place.
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Parents shouldn't place kids' names on real estate
DEAR BENNY: Twenty years ago my mother placed my name on the deed to avoid issues when she passed on. Will the IRS treat this as inherited property or consider it investment property? Did I inherit her half of the property? --Theo
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Where are today's best real estate bargains?
The housing market is soft. Hard times for some can mean opportunity time for others. Could now be a good time to step into the housing market and pick up a bargain?
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Home prices will see modest declines in 2008
According to the most recent forecast from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), home prices across many areas in California will continue to show modest declines in 2008, but sales of existing homes should begin to stabilize following the slow-down in 2007.
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Attic ventilation makes a healthy home
If you're like most folks, you've probably never given any consideration to how well ventilated your attic is. But proper attic ventilation is very important to your home's good health, both in summer and winter.
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The Ballad of Redport
The Ballad of Redport by Sheila Watson
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Testimonials
Dear Warren,
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Wave of Foreclosures
Oversupply Triggers Lenders' Fast Sales; Mr. English Bids March 25, 2008
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21 Questions to sell your home faster!
21 Questions To Help Your Property Sell Faster by Warren Nass
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Don't pay off entire mortgage with extra cash
DEAR BENNY: I am confused about paying off our mortgage on our primary home or on a secondary home/rental. My husband is totally against paying off either loan, even though we could pay off at least one of the mortgages. Our home mortgage has 10 years left at 5.25 percent interest and the other is a 30-year at 5.75 percent interest.
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Foreclosures drying up flow of HOA fees
DEAR BENNY: I live in a 12-unit condominium complex. We self-manage. One of the units will probably be going into foreclosure in the very near future. What does the complex need to do to collect the monthly dues and yearly assessments once the unit is in foreclosure? –Sara
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When can my rental become my dream home?
DEAR BENNY: In a recent column, I read that 1031 property transfers had to be held for a period of one to two years to establish "intent." I thought that a law was passed in October 2004 that stated the "intent" period was five years. I bought a 1031 property in California in 2005 and would appreciate this being clarified.
Nancy M.
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Dos and don'ts of home selling
An energetic real estate agent can have your home on the market in a day. However, to provide the kind of marketing exposure you need to sell in today's market takes a little longer, unless your home is photo-ready when you list.
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Water conservation tips
It seems you can hardly open a newspaper these days without reading the headline "Water is the new oil." But what does that mean exactly? In fact, water shortages may cause more severe problems than oil shortages: our lives literally depend on water, plus there are several alternatives to fuel but none really to water. We can technically "make" more water through techniques like rainwater catchment and desalination, but few individual homeowners have their own catchment tanks and even fewer are likely to rig up their own desalination plant. Even if such things were easy, it would still behoove us all to reduce our water usage first, not only because water is scarce, but also because we could all stand to shave a few dollars off our water bills. With that in mind we compiled the following tips to help you do exactly that.
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Three ways to reduce capital gains tax
DEAR BENNY: I was told by a prominent accountant that there is a loophole in the law that states that you can be exempt from paying capital gains (if you are in a home less than the two-year period) if there are "unforeseen circumstances" involved. Are you aware of this? Can you doublecheck to make sure? This accountant is well trusted by a lot of businesspeople! At the time I was going through an "unforeseen" divorce. –Patricia
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Staging tips that sell
Home prices have fallen and many homeowners are mortgaged to the hilt. This makes it difficult for some sellers to justify spending a penny to get their home ready for the market.
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Despite lower jumbo rates, refi may be unwise
Borrowers assumed when the conforming loan limit increased from $417,000 to $729,750 in high-priced areas like New York City, Los Angeles and the San Francisco Bay Area that lower rates on jumbo financing would follow. Unfortunately, the conforming jumbos (also called jumbo lights) were initially priced considerably higher than the conventional conforming loans.
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Buying an existing home that’s “green”
With rising energy costs and growing awareness – and availability – of environmentally friendly products, it's no wonder that interest in purchasing green homes is rising. Green remodels on existing homes both save the environment and save homeowners money on monthly bills. As green home remodeling becomes more abundant, so does the demand to purchase these homes. This increased interest in existing green homes has created a need to educate buyers on what is really considered "green."
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Desperate plan to keep home after falling behind on property taxes
Q: My father-in-law owns property with his sister. He lives on the property, but she doesn't. They each own an equal share of the property, but he now can't afford to pay the expenses.
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Don't fix house before you own it
Recently, a couple buying a home in the desirable Upper Rockridge neighborhood in Oakland, Calif., asked the seller if they could have some work done to the property before closing. Ordinarily, this is something that real estate agents discourage for a number of reasons.
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Great time to buy and sell!
1. Prices are lower now due to a lot of foreclosures, short sales and bank owned properties. If you sell your home for a low price, there is a good chance that you will buy a home at a low price too. It is all relative.
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Will shopping multiple lenders hurt credit?
It's not uncommon for home buyers to talk with several mortgage brokers or lenders to compare loan products and interest rates. One buyer who shopped around was scolded by a mortgage broker when he found out she was talking to more than one broker. He told her that she was ruining her credit score by allowing multiple credit inquiries.
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Sellers: Don't withhold bad inspection report
Inspections are an important part of home buying, but the inspection process can be nerve-racking for both buyers and sellers. Both parties want the deal to go through without a hitch. However, sometimes problems surface that the buyers weren't aware of when they entered into contract.
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Sellers list right to avoid price reductions
In most areas of the country, 2007 marked a change in the residential home-sale market. Buyers gained clout for the first time in over a decade. Inventories of homes for sale grew to record levels in some places. Price reductions, which carried a negative stigma when listings were easy to sell, came to be seen as a necessary part of the home-sale process.
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Buying home for parents comes with risks
Q: I have a question on behalf of my brother-in-law. His mother and stepfather have asked him to purchase a home for them in his name since they do not qualify. My brother-in-law has a good credit score and credit history. The reason he hasn't purchased a home himself is because he is in the military. He is constantly being transferred from base to base, if not to Iraq.
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Staging your Home
Staging is one of the best ways to get top dollar for your home as you prepare it for sale. This is something you can do on you
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Homeowner's insurance hang-ups
After paying out huge settlements to clean up mold damage, homeowner insurers pulled back from issuing new policies on homes where a water damage claim had been made within the last five years.
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Facing foreclosure: When must I move out?
DEAR BENNY: I am one of the unfortunate who has to deal with eventual foreclosure. Can you tell me how long I can remain in my home until legally having to vacate? –Constance
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Why home purchases fall apart at last minute
Most buyers and sellers feel relieved when the negotiations are done and the purchase agreement has been signed by all parties. It's a milestone. But, you might want to hold off celebrating until the transaction closes.
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Buying to flip not smart in today's market
There are deals to be made in the current real estate market. Home buyers in many areas finally have the upper hand. Ironically, buyers tend to pull back when the market is soft and buy when the market is high.
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Troubled borrowers find temporary mortgage relief
I once asked an accountant why a homeowner had to face a surprising penalty from the Internal Revenue Service after losing his job and his home because of a downtown in the economy.
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Rid hardwood floors of doggy scratch marks
Q: My dog's nails have left minor scratches in my wood floors. Is there any way to repair this without complete refinishing? --Judith K., via e-mail.
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Making an attractive home-purchase offer
It's easy to assume that negotiating is adversarial. You, the buyer, are on one side -- the side that wants to buy a property for the lowest price possible. The opposition on the other side is the seller who wants to sell for the highest price possible. You're locked in a tug of war to see which side will win.
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Selling home difficult when neighbor's a slob
DEAR BOB: My mother's neighbors moved in about four years ago. Since then they have accumulated cars (on blocks), a shed that is overflowing, and many piles with blue tarps. I am afraid when my mother wants to sell her home (she is 84), she will have problems. What recourse does she have? --Darlene H.
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Homeowners find it pays to go green
The green revolution is spreading as the public becomes aware of the need to reduce dependence on foreign oil and improve the environment through conservation and recycling. Today's recession-wary homeowners are reluctant to spend a penny on home improvements. However, some effective energy-saving home improvements don't cost much and can save you money in the long run.
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Selling home to offspring has its benefits
SCIN. No, it's not the stuff that covers our body. It's a highly complex legal and financial transaction that may be of interest to elderly homeowners.
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Why most real estate gifts escape taxes
DEAR BOB: I sold my principal residence to my daughter in 2006, using gift equity. The loan officer structured the loan as a $400,000 purchase price with a $307,000 mortgage. My question is will I owe taxes on the $93,000? I owned and lived in the house for four years --Perie L.
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Green TV
The June transition to digital TV promises improved viewing, but it also could trigger a wave of abandoned TV sets as people use the opportunity to upgrade to bigger, sleeker TVs. If you’re committed to making green choices, there are several topics to consider. They include:
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GFCI electrical outlets are lifesavers
Q: What is a GFCI electrical outlet? Are outlets of this type required in all homes, and if so, where? --Allen D.
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Some plumbing materials shouldn't be mixed
If you're doing any remodeling or repair work on the plumbing system of an older home, it's a pretty safe bet that you'll encounter the need to transition from an older type of pipe to a one of today's newer materials. It might be a transition from threaded galvanized water pipes to copper pipes, or from old cast-iron sewer lines to today's ABS.
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Wainscoting improves home's Colonial look
Q: Thank you for your article on exterior trim. Where in San Francisco can I buy the decorative plantons you describe?
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Security deposit too small to cover pet, smoke damage
Question: I have a rental unit that I have leased out with only a $200 security deposit. I inadvertently rented to a smoker with a small dog. I was aware of the dog, but not the smoking. The tenant seems to be a chain smoker -- when I enter the unit to do repairs it smells like an ashtray. He never leaves the door open and the windows are always closed. He hardly lets his dog out and I also noticed that his dog pees on the carpet. I feel that by the end of his lease the carpet will be totally trashed and the smell unacceptable. The deposit is not enough to cover the replacement of new carpets. In the meantime, is there anything I can do?
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Right way to do stucco repair
Q: I have narrowed a leak in my stucco wall to the lower corners of a window. Below it, I had a small firewood pass-through door removed. I've watched various other stucco repairs on our house, and I'm pretty handy, so I have a pretty good idea of what I need to do, but I have a few questions:
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Use of private mortgage insurance climbs in 2007
Despite all the negative publicity about the so-called "mortgage meltdown" with more than 100 major mortgage lenders either filing bankruptcy or being unable to fund their home loan commitments, low- and no-down-payment PMI (private mortgage insurance) mortgages are readily available if you have steady income and good credit.
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Stepped-up basis good for inheritors
DEAR BOB: I am fascinated with the topic of "stepped-up basis" to market value for inherited properties, which often comes up in your articles. Now I see why you constantly advise parents not to add their adult children to their home titles because doing so would deprive them of the new stepped-up basis. Two questions: (1) does stepped-up basis apply to properties held in a revocable living trust, and (2) is there a limit to the number of properties that can be inherited with a new stepped-up basis? --Marvin G.
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Should home buyers make backup offers?
Missing out on a home you'd like to own can be heartbreaking. But, not all home sale transactions close, so you might have a second chance. Or, you could consider making a backup offer.
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Navigating home inspection process
There's one thing that buyers and sellers agree on: home inspections are no fun. Buyers and sellers hope for a good end result, but something invariably comes up.
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Seller financing without hiccups
DEAR BENNY: We are in our late 70s and have moved out of our house. We are selling the house to our daughter for approximately $338,000 and we are taking back the mortgage. We have been told the minimal interest rate we can charge her is 1.61 percent without getting in trouble with the IRS. And, it must be renewed each year. Is this correct? Please advise. –Louise
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Contingent sale offers can benefit sellers
Convincing a seller to accept an offer that's contingent on the sale of another property can be challenging. The odds of acceptance improve if the offer is structured to the mutual benefit of both buyers and sellers.
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How, What, Where, When: the 411 on Electronics Recycling
As conscious as consumers are becoming about recycling, every once in awhile it is easy to slip up. Maybe you didn't know where to recycle that AA battery, so you tossed it in the trash when nobody was looking. This is understandable. How much can one little battery hurt? According to the U.S. Environmental Protection Agency, each person in the United States discards eight dry-cell batteries per year. With a population of more than 305 million people, that adds up to a lot of batteries.
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Detox your indoor air
Everyone seems to love that new-house smell and pine-scented air. Unfortunately, such aromas frequently are the stench of toxins being emitted by construction materials, cabinets, paint and adhesives. Formaldehyde, mold, dust mites and a multitude of other nasty bits may make up the chemical soup that you’re breathing.
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Top home-buying mistakes revealed
The first rule of inspecting a home you want to buy is to stay intimately involved in the process, and to leave no stone unturned. If you're busy or traveling during the time period, you have to complete your due diligence investigations by enlisting the aid of a friend you trust to stand in on your behalf -- someone who will keep you well informed as inspections proceed.
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Foreclosure rescue scams on the rise
Are the usual suspects returning to mortgage-related scams as a result of the subprime lending fallout? Does the practice of illegal "foreclosure rescue" operations extend even into the second-home market?
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