NAR Hails Bill to Hasten Lender Response to Short Sale Requests

WASHINGTON (September 16, 2010) – Homeowners who are underwater with their mortgage may find that relief is on the way from a bill strongly supported by the National Association of Realtors® that would impose a deadline on lenders to respond to short-sale requests.

The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days.

“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.”

“As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners who are underwater and their communities, as well as the nation’s economy,” said Golder.

The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, Nevada, California, Florida and Arizona are states where significant shares of all properties on the market are potential short sales: 32 percent, 28 percent, 27 percent and 24 percent, respectively.

“Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time. Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives,” Golder said.

She commended Reps. Andrews and Rooney for their efforts on the bill and urged Congress to pass the bill quickly.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

This residential real estate update was provided to you by the Surf City Guru and the Surf City Kahuna of Real Estate: If you need asssistance with a short-sale in Orange County, please contact:

The Louison Team
Raymond and Stephanie Louison
714-925-5361 or 714-307-2934
http://www.soldonhb.com

Altera Real Estate - Huntington Beach Office

All information deemed reliable, however not guaranteed!

5 key changes in lead-paint removal rule

5 key changes in lead-paint removal rule
Some common past practices are outlawed By Mary Umberger

There's little, if any, argument that lead-based paints in homes can be toxic, particularly to young children, who are susceptible to brain damage or learning disabilities if they ingest it. And tons of it - literally - are out there: The Environmental Protection Agency estimates lead was used in paint in more than 38 million homes before it was banned for residential use in 1978. As of April, if you renovate a home that was built before 1978, potentially sending the paint's potent substance into the air, your contractor will have to prove that he's able to get the lead out. A new federal law requires that remodeling contractors and painters who work on such older homes complete an eight-hour course on containing and safely removing lead-contaminated materials such as drywall, plaster and wood trim and paneling.

Five things to know about the Lead Renovation, Repair and Painting Rule:

1. The lead-containment rule doesn't apply to all homes: Only those built prior to 1978 are affected. And it doesn't apply to comparatively small jobs, such as those that affect less than 6 square feet of painted surface per room or less than 20 square feet of painted surface of a home's exterior. Work crews must be supervised by a certified lead renovator who has passed the mandatory course; certified firms must register with the EPA. (Do-it-yourself homeowners aren't affected by the new rule.)

2. The EPA and a number of state health departments around the country are overseeing the training of tradesmen. According to Ada Duffey, president of the Milwaukee Lead/Asbestos Information Center in Wisconsin. She estimates her firm has trained 4,500 people in the construction trades on the rule since September. "There are particular work practices (that now must be followed), such as posting warning signs and keeping people out of the work area," she said. "They must use a HEPA vacuum (or high efficiency particle arrestor, to filter contaminants), and they're going to have to clean up really thoroughly at the end, packaging up their waste and removing it from the site." Some other requirements include testing for lead before beginning a job, and if lead is found, the workers must seal off the site with plastic and seal-off doors and air-conditioning vents. The workers also must use respirators and conduct a "cleaning verification" of the area at the completion of the project.

3. In addition to requiring certain steps, the new law also forbids some fairly common practices. Among them: open-flame burning or torching of paint; using a heat-gun above 1,100 degrees Fahrenheit; using paint strippers that contain methylene chloride; using machines that remove paint through abrasive blasting, sand painting, machine sanding, among others, unless the devices have approved filters; high-pressure water blasting, unless it's in a contained area or works with approved filtration.

4. The EPA estimated that steps taken to follow the new rule would add $8 to $167 to the cost of an interior job, though many in the construction industry say the steps, including taking the course, could add considerably more. Remodeling magazine, a trade journal, estimated it could add 5 to 11 percent in labor and materials costs to home-renovation projects.

5. The EPA maintains a list of renovators, by ZIP code or by city and state, who have completed the federally run training program at www.epa.gov/lead. Wisconsin, Iowa, North Carolina, Mississippi, Kansas, Rhode Island and Utah are administering their own programs, and the EPA suggests homeowners in those states who are seeking trained renovators contact the National Lead Information Center, 800-424-LEAD (5323).
Taken from article Published in the Inman News

This Surf City Lifestyles Tidbit was provided to you by the Surf City Guru and the Surf City Kahunas of Real Estate:

The Louison Team
Raymond and Stephanie Louison
714-925-5361 or 714-307-2934
http://www.soldonhb.com

Altera Real Estate - Huntington Beach Office

All information deemed reliable, however not guaranteed!