Common renovation activities like sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children. To protect against this risk, on April 22, 2008, EPA issued a rule requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning. Under the rule, beginning in April 2010, contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and must follow specific work practices to prevent lead contamination.

Until that time, EPA recommends that anyone performing renovation, repair, and painting projects that disturb lead-based paint in pre-1978 homes, child care facilities and schools follow lead-safe work practices.

* All contractors should follow these three simple procedures:
o Contain the work area.
o Minimize dust.
o Clean up thoroughly.
* Read EPA’s Regulations on Residential Property Renovation at 40 CFR 745.80, Subpart E.
* Read about lead-hazard information for renovation, repair and painting activities in the EPA lead hazard information pamphlet Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF)
* Read about lead-safe work practices for contractors in the EPA pamphlet Contractors: Lead Safety During Renovation (PDF) color, in English (2 pp, 635K) | color, en español (PDF) (2 pp, 334K) | HTML version | Other formats
* Read about how to comply with EPA’s rule in the EPA Small Entity Compliance Guide to Renovate Right (PDF)
* Find additional EPA publications and brochures on lead-safe renovation, repair and painting and on lead poisoning prevention.

Beginning in December 2008, the rule will require that contractors performing renovation, repair and painting projects that disturb lead-based paint provide to owners and occupants of child care facilities and to parents and guardians of children under age six that attend child care facilities built prior to 1978 the lead hazard information pamphlet Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF)

The rule will affect paid renovators who work in pre-1978 housing and child-occupied facilities, including:

* Renovation contractors
* Maintenance workers in multi-family housing
* Painters and other specialty trades.

Under the rule, child-occupied facilities are defined as residential, public or commercial buildings where children under age six are present on a regular basis. The requirements apply to renovation, repair or painting activities. The rule does not apply to minor maintenance or repair activities where less than six square feet of lead-based paint is disturbed in a room or where less then 20 square feet of lead-based paint is disturbed on the exterior. Window replacement is not minor maintenance or repair.

Read EPA’s Lead Renovation, Repair and Painting rule.

You can read more at the EPA website: http://www.epa.gov/fedrgstr/EPA-TOX/2008…

Read the rules, make sure you are compliant with them. Use a certified contractor when dealing with lead paint and make sure you get the job done right.

It’s also important to know what your price cap
is so you don’t waste time on listings that are out of
your price range.

That said, when you know how to find private
lenders, then you have the chance to start buying
bank reo property in bulk, which can add up to even
bigger discounts.

When you have lists of wholesale buyers and retail
buyers, you then have a chance to sell these bargains
quickly, still at a discount so people continue to line
up for your next real estate deal.

A must read for the Real Estate Investor, no matter what your level is.

Steve Bergsman is a freelance writer in Arizona and author of several books, including “After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade.”

While many potential homeowners — especially first-time buyers attempting to beat the Nov. 30 deadline and take advantage of the $8,000 federal tax credit — have re-entered the market and have made compelling offers to purchase Puget Sound homes, investors have been reluctant to capitalize on reverse tax-free exchanges.

Nine years ago, the federal government enhanced 1031 delayed exchanges that allow taxpayers to defer the capital gains tax on an investment property if they purchase a “replacement” investment property of equal or greater value within specific time frames.

The enhancement, Internal Revenue Procedure 2000-37, permits the title to the “replacement” property to be held by an independent third party (typically a facilitator or attorney) until the “old” property sale closes. In other words, you can buy before you sell and still defer the gain.

To view the source of this information and the rest of th story: Click Here

Financial, business risks stir concerns
By Tom Kelly, Thursday, October 29, 2009.

Inman News

More…

By Andrew Schroedter, Oct. 21, 2009

(Crain’s) — The non-profit development arm of billionaire banker Michael Kelly has submitted an ambitious plan to the Daley administration for 5.6 million square feet of new homes and retailing on a shuttered steel plant next to the landmark Pullman District.

Read More…

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With about 1 million homes in foreclosure at the close of the second quarter, according to a Treasury Department report released last week, the American dream is going into reverse at bewildering speed for homeowners across the country.

For More on “Former homeowners go the rental route” By JANIS MARA,

Click Here…

Foreclosure Crisis Hits Suburbs Hard
Suburban growth explains how the number of Illinois households threatened with losing their homes rose 62 percent in February from last year’s levels, …

Below are your options to consider: If you are unable to get your lender to work with you on Options 1 – 4 and you don’t have time to sell your home because of late payments, the SHORT SALE option truly is your best solution.

1. Forbearance
Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements. Both loan modifications and special forbearance agreements are legal contracts so be sure you can meet the revised obligation or you can put yourself in jeopardy of renewed mortgage default proceedings.

2. Refinance
If your credit is not too badly damaged and loan to value ratios on your property are low enough, you might qualify to refinance your current mortgage loans. Recent tightened restrictions on home loan refinance programs have caused increased difficulties for mortgagors. With this option, there should be equity in the home.

3. Reinstatement
A lump sum payment by remitting the entire default amount plus interest, attorney fees, late fees and taxes. You can request an updated statement of total amount due to bring the loan current by contacting your lender.

4. Loan Modification
Utilizing the existing mortgage company to change the interest rate, add missed payments to the balance or extend the terms of the loan. This option can be successful for homeowners who are just recently back on financial track due to say, re-employment. The lender will require a substantial down payment toward the total arrearage and then divide the remaining balance over 12 to 18 months. These payments will be required in addition to the original payments on the note.

5. Sell your home
Homeowner may sell the home without lender approval for a conventional home sale. If the property has equity (money) left over after all loans and monetary encumbrances are paid), the homeowner will get cash from the sale. At the other end of the spectrum, a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your real estate professional if what is owed on your home is more than the property’s value.

6. Deed in Lieu of Foreclosure
If you owe more than the home is worth, this is not an option for you. Deed in Lieu is when you give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payments and taxes must be current. Your lender will fully analyze whether your current title is burdened by subsequent interests…I.E. Is the title clean? If not, a formal foreclosure will extinguish those other encumbrances and the lender may see this as their best option.

7. Short Sale
Short selling your home my be your only hope. It is often a difficult and long process. If you are successful, the difference between what you sell the house for and what you owe on the house is forgiven. If you owe more than your home is worth, and don’t want to declare bankruptcy or face foreclosure, then a short sale of your home is the best option. A short sale does have potential tax implications.

8. Bankruptcy
This option can liquidate debt and/or allow more time. Bankruptcy law changes of 2005 now require more stringent filing rules. Debtors must qualify by meeting an “income means test” and complete pre and post petition trustee approved credit and financial counseling courses. Certain debts such as student loans and some taxes cannot be liquidated. Chapter 7 (Liquidation) Complete settlement of personal debt Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3 – 5 years.

9. Foreclosure
If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Most homeowners prefer to preserve their personal integrity by attempting some form of resolution.

Get Some Help
If you have tried many of the options mentioned here and weren’t successful then a SHORT SALE MAY YOUR BEST OPTION. You will want to find an experienced real estate agent who has done a Short Sale before. The agent will be able to deal and negotiate with the mortgage company(ies) on your behalf. And most often, the lender will want to know that the house is being marketed on MLS. An experienced short sale agent will give you a much better chance of successfully short selling your home.

Because there is often so many different entities involved in a mortgage (1st mortgage, 2nd mortgage, the investor on the loan, etc) you really don’t want to do this on your own, with no experience. Yes, you’ll have to pay commission to the agent, but you’ll have a much better chance at getting your debt forgiven with a successful short sale.

WARNING! Just because an agent says they specialize in “short sales” does not mean they have actually successfully done one! There are many classes agents attend regarding short sales, but nothing compares to real world experience.

Get Started Now
The longer you wait to get started with the short sale process the less chance you have of success. Every state is different with their foreclosure process. You need to decide quickly to start the short sale process if you’re getting behind on your payments and especially if have already received a notice of default. Your Short Sale agent should know the foreclosure process in your state to better serve you.

Follow Instructions Exactly
An experienced short sale agent will tell you what you need to do to get the house ready to sell. Don’t get too hung up about the price. If the agent wants to set a low price on the house, there is a reason behind that. Don’t get hung up about the price, all you need to care about is getting the place sold.

The goal is to get a contract offer on your home very quickly. You will need a buyer that is willing to stick around for a potentially long period for the closing to take place. It can take up to 4 months and sometimes longer from the time of contract acceptance to the time of closing to take place.

Know The Tax Implications
Congress recently passed and the president signed a law last December 2007 that likely releases you from any tax implications of a short sale.

Talk to a Qualified Tax Attorney or CPA about this for your particular situation. Your real estate agent should know about this! A good agent will have a quality referral for you to handle the tax implications of your short sale.

Prepare to move quickly
Because your closing date may not be set in stone, you need to be prepared to leave your home quickly if needed.

A minimalist lifestyle is nothing to be ashamed of; in fact it should be venerated. Your possessions are just inanimate things; it’s the relationships in your life that really matter. OK, enough life advice! Sell anything you don’t need or haven’t used in the last 6 months on craigslist! The less you have to deal with on moving day the better.

Prepare yourself emotionally
If you are already in default, or have a foreclosure pending, this whole scenario and process of trying to short sell your home can be very emotionally draining.

You will receive many solicitations from Investors. You may even have people stop by your home while you are still there. It can be a very difficult process.

Make sure you have people in your life to talk to about your situation. You will need a support network to help through this time in your life. It will pass. And you are being proactive in seeking a short sale of your home. You are taking the right steps, and in time, everything will work out. I can’t promise it will be easy, but you will make it!

Well, it really depends on how much you know about the real estate game. There are hundreds of companies out there, many of them based on the Internet, that offer discounted real estate services, but they only do part of the job. But can they save you money? Without a doubt. Most of the online real estate companies only charge a few hundred dollars for their services, while the usual six percent charged by a full service real estate broker can stretch into the thousands of dollars.

In Texas recently, major real estate companies have begun to play hardball. The Federal Trade Commission charged a local realtors board with not playing fair with their competition, so clearly, major real estate companies see these cheaper alternatives as a threat. Not to be outdone, there are similar realtor boards in other states, such as Utah, Michigan and Colorado that have done the same thing. They are expecting a review by the FTC sooner rather than later.

The big difference between the way that things have always been done (through a realtor) and the way things are done now is all about availability of information. Many online sites that offer discount house or property listings don’t assist you outright in trying to figure out what points are or try to figure how much your closing costs are going to be, but they do provide the groundwork for how to figure all that out for yourself. They have primers detailing dirty tricks the bank might pull. They have FAQs about the basics of dealing in real estate. Essentially, they have all the information that a real estate agent is going to tell you on their sites so they don’t have to charge you extra.

The ongoing battle between online and “legitimate” full-service realtors is something that is going to be around for a long time. As long as there are self-motivated people who believe that they can do it themselves, online realtors will continue to thrive. The big question to ask yourself is how much do you know about the real estate business and how much responsibility are you willing to take on.