Brian Ripp ~ Your Bay Area & Fremont Real Estate & Financial Agent » 2010 » September

Fannie Mae “Five Steps” and HUD’s “First Look” programs

Brian Ripp — Mon, 20 Sep 2010 17:49:42 +0000

Fannie Mae “Five Step” Guides

Fannie Mae recently released three “Five Step” guides offering information to current homeowners, those considering the purchase of a home, and homeowners at risk of default. Each guide include: “Actions to Take Before Buying a Home”, “How Housing Counselors Can Help”, and Protect Yourself from Mortgage Modification Scams”. Find the guides at www.FannieMae.com/kb/index?page=home&c=fivesteps

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HUD’s “First Look” Program

Nonprofit groups and state and local governments participating in the Department of Housing and Urban Development’s (HUD’s) Neighborhood Stabilization Program will receive preferential opportunity to purchase REO’s from the agency’s inventory. The program, called “First Look”, grants these organizations the opportunity to purchase REO properties during the period from conveyance of the property to 14 days, when they are listed per HUD procedures. “First Look” buyers also will receive a 10-percent discount off of the appraised value. The program is effective through May 31, 2013.

Great information from the Calif. Association of Realtors Sept.2010 magazine

Dispose of Paint Properly

Brian Ripp — Tue, 14 Sep 2010 16:38:02 +0000

Your home improvement project is done and it looks great, but now what do you do with the leftover paint? Those old cans of paint in your basement, garage, or in the corner of your closet, can’t just be pitched out with the trash. They’re considered hazardous household waste and need to be discarded with due caution. Here’s what to do:

Read the label. The paint’s manufacturer should include instructions on disposing of used paint. Follow those guidelines.
Dry out latex paints. You can dump some sand or kitty litter into the can to speed the process, but it may still take a few weeks. Keep the cans away from pets and small children (outside if possible). Make sure the paint is completely dried out by poking a screwdriver into it and looking for any liquid underneath the top. Take oil-based paints to a hazardous-waste collection center.
Remove lids. If your community allows you to throw paints in the trash, be sure to take lids off so garbage haulers can see that the cans are dried out and empty of paint.
Check community resources. Find out what’s available in your community for recycling or disposing of all paints – latex, oil-based, spray paint, etc.

The Issue of Zoning

Brian Ripp — Tue, 07 Sep 2010 02:19:46 +0000

Zoning regulates what you can and can’t do on your property. For instance, if the land you purchased is zoned as residential, you would not be allowed to establish a restaurant on the lot.

Other than restricting the use of the land, zoning also regulates the dimensional requirements for buildings on property located within a district and what types of animals you can have on your property. Some zoning ordinances also regulate the extraction of natural resources within the area, provide space for hospitals, parks and schools, and protect places of historical significance.The most common zoning designations are residential, commercial, industrial and agricultural. Knowing how your land is zoned is important because you need to know the restrictions that have been placed on your property. For example, if you own a lot with two structures that are suitable for living, you may want to rent one out. Before doing so, you will need to find out if that is legal.You can find out how your property is zoned by stopping by your local zoning office or city hall. Zoning ordinances and maps are public record, so all you need to do is ask to see them. You also may find the information online or in your local library.