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Articles and Advice |
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| Eight ways to conserve water this summer By Michelle D. Alderson 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: 1. “Plant” Synthetic Grass If you are thinking about planting a new lawn this year, know that AstroTurf is back. This is not the same kind of artificial turf you think of when you reminisce about the Brady Bunch’s backyard. Synthetic grass actually looks like grass, and it does not need a drop of water to maintain its lush green color. An additional bonus is that you’ll never have to mow the lawn again. 2. Water Efficiently Residential properties are regularly overwatered by 30 to 40 percent (http://www.stopwaste.org). Learn how to water your lawn efficiently and at the correct time of day. For example, watering your lawn either in the late evening or early morning reduces evaporation. 3. Go to a Car Wash Using a running hose to wash a car uses up to 150 gallons of water. Most car washes use about five to 10 gallons of water per car (http://www.epa.gov/). In addition, the water used to wash a car in a driveway goes from the street gutter straight to bay or rivers without being treated. Car washes must treat their water before it enters the water system. Many car washes also recycle graywater, keeping the environment clean and conserving at the same time. 4. Use a Broom Running a garden hose can waste up to 10 gallons per minute (http://conserve.sfwater.org) and is unnecessary when cleaning a driveway or sidewalk. The water from a garden hose also contributes to the pollutant waters already abundant in sewer systems. 5. Check for Leaking Sprinklers and Hoses A leaky faucet can waste 100 gallons a day (http://www.sscwd.org/), which includes outdoor systems. Check for and replace leaking hoses or sprinklers. Place automatic water shut-off nozzles on any hoses. 6. Keep a Rain Collection Barrel During a 1-inch rain, 625 gallons of water can be collected from 1,000 square feet of roof (http://www.stopwaste.org). Rainwater can be channeled through gutters and downspouts to a storage unit, which can then be used to water lawns and gardens. 7. Plant Mulch Planting a layer of mulch around trees and plants, such as chunks of bark, peat moss or gravel slows down evaporation. By doing so, 750 to 1,500 gallons of water can be saved a month (http://www.mwdh2o.com/). 8. Grow Native Plants As defined by the Environmental Protection Agency (EPA), native plants, also called indigenous plants, are plants that have evolved over thousands of years in a particular region. Native plants are drought-resistant, require fewer pesticides than lawns (another plus for the environment), and require less water to maintain their natural beauty. If you want to find more ways to conserve water both inside and outside, check out this non-profit Web site: http://www.h2ouse.org/tour/index.cfm. It’s geared for homeowners to research room by room in their home for better ways to conserve water. To read about the drought in California, visit the state government’s website http://www.saveourh2o.org/ for more information. |
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| Multiple offers making a comeback By Dian Hymer 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. Price is a critical part of the equation. Some sellers price their homes low because they need a quick sale. If the price is below market, multiple buyers could step forward with offers. Sometimes an overpriced listing is reduced to market price or below and results in offers from more than one buyer. Most multiple offers today are on low-end foreclosure properties. Investors make up a large part of the buyers in this segment of the market. In some areas of California and Florida, prices have fallen 40 percent since the market peaked in 2006. HOUSE HUNTING TIP: Don't shy away from making an offer just because there is more than one offer. In some cases, a dozen or more buyers make offers on foreclosure properties that are listed at bargain prices. But, the highest bidder is not always the winner. Even in non-distressed-sale situations, multiple offers in today's market don't always result in an overinflated sale price. For instance, a charming older home on a sought-after street in the Crocker Highlands neighborhood of Oakland, Calif., sold after only two weeks on the market with multiple offers. The property was listed for $1.3 million, and sold for $5,000 above that price. There are far fewer financially qualified buyers in the home-buying market today than there were two years ago due to credit tightening, more rigorous financial qualification requirements and recent stock market losses. In some areas, as many as one-third of home sale transactions fail to close, often due to the inability of buyers to obtain the financing they need. Sellers who receive more than one offer should carefully consider all aspects of the offers, not merely the offer price. An offer from an all-cash buyer who doesn't need a mortgage to finance the purchase, and who can close quickly, should be taken seriously even if the price is lower than the other offer(s). However, some all-cash buyers -- who are fully aware of their strong position in this market -- feel they are entitled to a major price discount. Whether or not you'll have success countering for a higher price will depend a lot on the profile of the buyer. Buyers who intend to occupy the property for the long term are more likely to pay more than will investors who base their purchase decisions on the numbers, not their emotions. THE CLOSING: Sellers should try to keep greed out of their decision when faced with multiple offers. Today's buyers are willing to walk away from a negotiation rather than pay over market value, or it they think the sellers are unreasonable. Dian Hymer is a nationally syndicated real estate columnist and author. |
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| Green tip of the month- Earth friendly pesticides By Michael Bloch, Green Living Tips Earth friendly pesticides Humans have a real love/hate relationship with insects, sadly mostly the latter. Many of us still aren't aware of the connection between insects and our food, particularly the importance of species such as bees. Other bugs such as spiders (which actually aren't an insect) play a major role in natural pest control in a garden. The pesticides we use in the garden can often affect these species too. However, some bugs can be a real headache at times - munching on valuable garden plants and destroying vegetables. Companion planting The old saying is an ounce of prevention is better than a pound of cure, so consider companion planting strategies that can help with reducing bug infestations. Companion planting is the art of situating plants so that they help each other - whether it be in terms of nutritional aspects, shading or pest control. There's a great chart on Gardens Ablaze that lists pests and what plants repel them. By introducing some of these species around your valuable plants, it can help reduce or eliminate infestations. In regards to vegetables, this page offers a range of suggestions as to the best planting mix. However, companion planting will take some time to really kick in, so what do you do if you have an insect infestation that you need to deal with right now? Here's some tips and resources relating to green pesticides. Snails and slugs Being such a major problem in many gardens, I have an article dedicated to dealing with snails and slugs which lists quite a few ideas, plus additional tips contributed by readers. Ants Ants are very beneficial to a garden, but sometimes the little critters can get way out of hand, become destructive and even pose somewhat of a threat. Pick up some tips on dealing with ants. General green pesticide spray Judy K, a Green Living Tips reader, contributed the following recipe for home made general green garden bug spray that she picked up from a member of her local Horticultural Society. Please note this should not be used on vegetables or any plant destined for human or animal consumption. Ingredients 1 whole garlic bulb, chopped. 2 large or three large rhubarb leaves, chopped. 2 quarts of water. 1/2 cup of liquid hand soap Method Combine ingredients in a large stainless steel pot and boil until the leaves and garlic is tender. Strain the liquid into a pail and add the 1/2 cup of liquid hand soap (note from Michael, a plain liquid castile soap would be the best choice). Fill a spray bottle and freeze the remainder of the mixture in containers the same size as the spray bottle. NOTE: Wash all cooking utensils well with hot soapy water, as the rhubarb leaves contain toxins. Dispose of the cooked leaves and garlic in the compost bin. Thanks Judy! Michael Bloch Green Living Tips.com Green Living Tips is an online resource powered by renewable energy offering a wide variety of earth friendly tips, green guides, advice and environment related news to help consumers and business reduce costs, consumption and environmental impact . |
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| Free 2009 Magnetic Calendar By Shannon Witt Please contact me with your address if youd like a free magnetic 2009 calendar!!!! |
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| Unpaid HOA fees boost foreclosure risk By Benny Kass DEAR BENNY: I am three months behind in my homeowner's association payments. Can the condominium foreclose on my unit? My mortgage payments are up to date, and I called my lender who said no, they cannot foreclose. What do you say? I wrote a letter to the board asking for a payment plan in January of this year, but no response as of yet. I know I owe the money, but I was sick for a period of time. I am planning to pay the back fees with my taxes. --P.S. DEAR P.S.: Your lender is wrong. Review your legal documents carefully and you will see that the board has a number of remedies if an owner is delinquent in his/her condominium fees. The board can bring a lawsuit for collection; in many cases can restrict access to common areas, such as exercise rooms or swimming pools; and can ultimately, unless your state legislature has enacted restrictions, foreclose on your unit. I am surprised that your board has ignored your request for a payment plan. Such a plan makes sense -- especially in today's economic situation. What does the board want to do: foreclose and then possibly be stuck with your unit if no one buys at the sale? I suggest you keep pressing the board for a decision. DEAR BENNY: After 25 years, I'm tired of being a landlord and was thinking of selling my rental house and carrying back the loan. Where can I get more information on what's involved? –Gina DEAR GINA: When you sell property and take back financing, you are no different from any other commercial lender. You want to be as sure as possible that your buyer is financially able to make the monthly payments (which include principal, interest, taxes and insurance -- which we call "PITI"), and you also want to make sure that the loan is properly secured with the house as collateral. This means that you record the mortgage document among the land records where the property is located. There is a lot of information on the Internet -- just type in "seller take back financing" at your favorite search engine. However, as helpful as the Internet will be, you will need specific assistance. Your buyer/borrower will have to sign a promissory note, and a deed of trust (called a mortgage in some parts of the country). Don't rely on the buyer's attorney or title (escrow) company to assist you. Retain your own attorney to draw up all of the necessary papers and to help you determine if your potential buyer is a good candidate for a seller take-back loan. DEAR BENNY: My friends have a home they are allowing their daughter to live in rent-free. We were discussing selling the home, which they moved out of three years ago. Since they have gone past the three-year period, what is their capital gain amount or tax liability on this home? Is the entire amount that they sell it for taxable? Or does the IRS still deduct the amount paid for the property and call that part untaxable? –Patti DEAR PATTI: If I understand your question, your friends moved out of their principal residence three years ago, and now want to sell it to their daughter. Since there is a time limit on their right to exclude up to $500,000 of their gain if they are married and file a joint income tax return (or up to $250,000 for single filers), what are their tax consequences? In order to take advantage of the exclusion of gain, you have to own and live in the house for two years out of the five years before the property is sold. The two years do not have to be continuous; you just have to be able to prove that you did live in the house for a total of two years. If you fail to meet what is known as the "ownership and use" test, you have to pay capital gains tax. The tax is based only on the profit you made. Example: You bought the property for $200,000, made no improvements, and sold it for $300,000. Although you can deduct such items as closing costs and real estate commissions in determining profit, for this example you have made $100,000 and will have to pay capital gains tax. The current rate for this federal tax is 15 percent. You may also have to pay state and local income tax. Here's a suggestion, however. If the daughter was living rent-free, it could be argued that this is an extension of the family and thus your friends may be able to tack on the daughter's use so as to permit the family to claim the exemption. I cannot provide specific legal advice and recommend that the family consult a tax attorney or accountant for more information. Clearly, any legal way that one can avoid having to pay taxes is acceptable to the IRS. DEAR BENNY: I have an odd situation regarding the residence that I am currently leasing. I entered into a one-year lease with a very affluent couple. A few months later, the couple disappeared. More investigation on my part concluded that the husband was an owner of an investment fund and disappeared once the banking industry went awry. Millions of dollars of investors' money allegedly disappeared with the husband CEO. The wife kept in touch with me and I worked out an agreement with her, whereby she would transfer the deed over to me for a lump sum amount and I would continue payments on the home, until I am able to obtain a new loan or work out an assumption with the bank. She agreed, we noted everything in writing, and we're living in the home with our names on the deed but the mortgage in the owner's name. What will the bank do when they find out that the owners transferred ownership? Is there anything we can do to make sure that our rights as a bona fide purchaser are protected? –Charmaine DEAR CHARMAINE: Wow! Another fraudulent financier. When will this madness and corruption stop? My first question is whether you really own the house. If the house originally was in the name of the husband and wife, and the missing husband did not sign the deed, you do not own the property. You must immediately retain a real estate attorney in your area to investigate. If you do own the house, are you in a financial position where you can refinance and get a mortgage loan in your name -- and pay off the old loan? Interest rates are very low now, so you should seriously explore that option. Alternatively, come clean with the bank that holds the mortgage and I suspect that they will work with you. But, the first question must be answered immediately: Do you really own the property? DEAR BENNY: Condominium owners don't realize until it's too late that they are at the mercy of their boards. What can the community do when the board doesn't follow the bylaws and rules and regulations? –Del DEAR DEL: That's a tough question. There are times when a board has to make value judgments as to whether they should follow the legal documents -- even though they realize they are legally obligated to do so. One example that is very current deals with rentals of condominium units. Many association bylaws put restrictions on renting -- such as either no rentals allowed or only a certain percentage of units can be rented at any one time. However, in today's economy, many owners who must leave the area for whatever reason find that they are unable to sell and must rent -- despite the fact that the quota spelled out in the bylaws has been met. What should a board do in this case? Obviously, the first choice is to try to amend the legal documents. But that's not always easy. More importantly, when the economy gets better, the association wants the leasing restrictions to remain in place. I have told my condominium clients that the board should hold a public meeting, and advise the owners that based on the circumstances, and despite the clear language in the bylaws, the board will just not enforce the leasing restrictions for the foreseeable future. If the members do not object, then the board can "close their eyes" to the violation. But if there are objections, the board would have to consider whether the costs involved in litigation are a worthwhile expenditure, and they still may opt not to enforce. Don't get me wrong. I am not advocating that boards have the right to ignore the clear dictates in the legal documents. In general, they do not have this right. What should owners do if their board is ignoring the rules? I tell everyone that they have the following options: (1) initiate a recall proceeding, so as to try to "throw the rascals" out of office (the bylaws should spell out the legal requirements for this process); (2) run for the board and try to change the system; (3) a number of unit owners should retain a lawyer who can file suit to force the board to comply with the documents; (4) accept the situation and live with it; or (5) move out of the community. Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. |
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| Buying house? Think long term By Dian Hymer Now would seem like a rotten time to sell. The economy is in recession and many housing markets around the country have suffered serious downturns. However, if you're a seller who will also be a buyer in a market where prices have declined, it could be a good time to both sell your current home and buy a new one. You sell for less than you would have in 2004, but you also pay less than you would have then. To be successful selling in this market, your home needs to be in good condition. Most buyers are bidding on a home they can move into without having to do a lot of work. Also, your home must be priced for the market. If you've been transferred and need to relocate, there are a couple of options. One is to sell your current home and buy in the new location. Some employers offer relocation assistance that covers many of the selling and moving expenses. Another option is to rent your current home to a tenant and rent another one in the new location. There are benefits to renting in a new area before buying. It gives you an opportunity to learn about the neighborhoods before committing to a long-term investment. Transferees who think they could return to their current location within a year or two might be better off renting their current home. However, renting your home can have its drawbacks. Tenants usually won't care for your home the way you would. Set aside a fund for making improvements after the tenant leaves. Also, retain a gardener to care for the landscaping and make sure you have a property manager or handyman locally who can take care of problems when they arise. HOUSE HUNTING TIP: Buyers are at an advantage in many marketplaces today. Generally, prices are lower than they were several years ago. And, interest rates are low. Jumbo financing is pricier. Five-year fixed-rate jumbo mortgages cost less. At some point interest rates will go up, particularly if inflation takes hold following the recession. If you buy using short-term fixed-rate financing, look for a good time to refinance before interest rates go up. It's not a good time to buy if you think you might be transferred or if your marriage is on the rocks. Buying a new house usually won't solve marital problems unless you're living in a house that's much too small to provide suitable living space. The unknown factor that keeps many buyers on the sidelines is that prices could drop further before they stabilize or turnaround. So, the house or condo you buy today could be worth less in six months. But, it could be worth more in a few years. However, if you had to sell between now and then, you'd take a loss. It's impossible to time the market. You'll either buy before or after the market bottoms out. Some people get lucky and buy at the bottom. But, you'll know that only through hindsight. If you buy after the market hits bottom, you'll be faced with more competition from other buyers and probably pay more. Don't buy unless you know you won't have to move again soon. This includes making sure you buy a home that will accommodate your needs for years to come. Home buying always involves compromises. It's better to buy a home that's too big than one that's too small. THE CLOSING: Buy for the long term. Dian Hymer is a nationally syndicated real estate columnist and author. |
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| Hot Links | ||
| Deb Howard and Company Home Page http://www.realtordeb.com Lake Tahoe Visitors Authority http://www.bluelaketahoe.com/ Tahoe Regional Planning Association http://www.trpa.org Tahoe Arts and Mountain Culture http://www.tahoeculture.com 
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