Construction On Coldwater Canyon

The Los Angeles Department of Water and Power (LADWP) will be constructing the City Trunk Line South Unit 5 Project. The project consists of 6,600 feet (1.25 miles) of 60 inch diameter welded steel water pipe that will improve the water quality and reliability in the San Fernando Valley area, as well as other surrounding communities serve by the City of Los Angeles. The construction of the entire trunk lineas shown on the attached map will be completed by approximately 2015.

LADWP will begin construction on Coldwater Canyon Ave between Dickens St and Van Noord Ave. Construction work in this work zone will start approximately the week of May 23, 2011 and will be completed by the end of December 2011. Construction work will occur Monday through Friday from 7:00 a.m. to 5:00 p.m. with the possibility of occasional work on Saturdays.

One traffic lane will remain open in each direction north and southbound on Coldwater Canyon Ave. Halkirk Street on the east side of Coldwater Canyon Ave will be closed to thru traffic.

If you need any further information in regards to this project at this time, please contact the Construction Engineer, Mr. John Hinton, at (213) 367-1189. After the start of construction, if you have any construction related issues, please contact the Construction Superintendent, Mr. Robert Smith, at (213) 798-5704.

California Law To Require Carbon Monoxide Detectors

On May 7, 2010, California Governor Arnold Schwarzenegger signed into law a bill that requires carbon monoxide detectors in all California dwellings. The bill requires that the presence or absence of these devices must be disclosed when residential real estate is transferred. For more information visit Realty Times.

The bill also creates disclosure requirements about carbon monoxide detectors. Sellers of residential properties in California must provide the buyer with a state-mandated form known as the Real Estate Transfer Disclosure Statement (TDS). The TDS requires the seller to answer Questions as to features of the property. The TDS has now been amended so that, effective January 1, 2011, the seller will have to say whether or not the property contains one or more carbon monoxide detectors. Even if the answer is "no", that will not invalidate the sale or transfer of the property. The question regarding carbon monoxide detectors is similar to a current question regarding automatic garage-door reversing devices. A footnote explains that the lack of such a device may fail to meet current safety standards. Nonetheless, a transfer of the property may still take place.

N.A.R MYTH BUSTER!!!!!

The National Association Of Realtors clears up some lies trying to pass as facts.

Claim: Pending legislation in the Senate would require an energy license or retrofit for home sales.
This email is FALSE: There is no requirement in H.R. 2454, The American Clean Energy & Security Act, that home sellers obtain either a license or energy audit or make energy retrofits before they can sell their home.


Here are the two REAL provisions in the bill: • Section 202 (Building Retrofit Program) would offer matching grants for home improvements. State government would administer the program, which is voluntary and available to all property owners.

Claim: The health care bill contains a 4.0 percent “transfer tax” on homes sales. An opinion piece in the Spokane, Wash., Spokesman-Review last month FALSELY reported that the health care bill contained a provision for a 4.0 percent “sales tax” or “transfer tax” on the sale of a home.

People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2010 tax bill as well.

Homeowners going green should also check out a second tax credit designed to spur investment in alternative energy equipment. The residential energy efficient property credit equals 30 percent of what a homeowner spends on qualifying property such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property. Generally, labor costs are included when figuring this credit. Also, except for fuel cell property, no cap exists on the amount of credit available.

Not all energy-efficient improvements qualify for these tax credits. For that reason, homeowners should check the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements. The certification statement can usually be found on the manufacturer’s website or with the product packaging. Normally, a homeowner can rely on this certification.

The IRS cautions that the manufacturer’s certification is different from the Department of Energy’s Energy Star label, and not all Energy Star labeled products qualify for the tax credits.

Eligible homeowners can claim both of these credits when they file their 2010 federal income tax return. Because these are credits, not deductions, they increase a taxpayer’s refund or reduce the tax owed. An eligible taxpayer can claim these credits, regardless of whether he or she itemizes deductions on Schedule A. Use Form 5695, Residential Energy Credits, to figure and claim these credits.

Pet Odor Can Chase Away Buyers

• 

  (New!)

  Pet Odor Can Chase Away Buyers

  Don’t let pet odors derail your home sale. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

The price of a “no-cost” loan......

The New York Times

Some home buyers who may be concerned about paying high closing costs might be tempted by a “zero-cost” or “no-cost” loan option, which requires no cash outlay, but typically adds a half percentage point to the rate. However, some financial consultants say these loans tend to be most beneficial to buyers planning to have the loan for less than five years.
KEEP THIS IN MIND
• One of the primary differences between a no-cost loan and similar loans is that no-cost loans do not tack on closing costs to the balance, but instead increase the rate.
• With no-cost loans, third-party fees including the appraisal, credit report, title insurance, recording, and the use of a mortgage broker are paid by the lender. The fees, including the amount the broker is being paid, are disclosed on the closing statement.
• Home buyers who bypass a broker and work directly with a lender may encounter less transparency, as loan officers are not required to disclose the amount the bank is making on the loan.
• Borrowers weighing their loan options are advised to use a mortgage amortization calculator to compare the costs for a conventional loan compared with a no-cost loan. The Federal Reserve provides an amortization calculator on its Web site at www.federalreserve.gov.
Read the full story:
http://www.nytimes.com/2010/10/24/realestate/24mort.html?ref=realestate
Oct.

Beware of Foreclosure Scam

The housing market in the United States may not be thriving, but business is booming for foreclosure rescue and loan modification scammers.

The US Government Accountability Office (GAO) released a report in July 2010 entitled "Home Ownership Preservation". It says that: "The current foreclosure crisis has provided persons who may perpetrate mortgage foreclosure rescue and loan modification schemes with unprecedented opportunities to profit from homeowners desperate to save their homes. In March 2010, we reported that national default and foreclosure rates rose sharply from 2005 through 2009, to the highest level in 29 years. The most recent data from the Mortgage Bankers Association, which are for the first quarter of 2010, show that the number of home loans with payments more than 60 days past due, and therefore potentially facing foreclosure, is 2.7 million."

The GAO report says there are two main types of foreclosure rescue and loan modification scams: advance-fee loan modification schemes and sales-leaseback schemes, with advance-fee schemes being the most common. In an advance-fee scheme, someone charges you a fee in advance to negotiate a deal with your mortgage lender. They may even offer a money-back guarantee. But the usual outcome is that they take your money (the average is about $3,000), provide little or no service, and then refuse to refund the fee. In a sales-leaseback scheme, the scammer persuades you to transfer your deed to them by offering to assume your payments and let you pay rent while you get your affairs in order. They promise to sell the property back to you once your financial situation improves, but, of course, they don't. Often they take out another loan on the home or even sell it out from under you.

The Federal Trade Commission reports on a new twist on the advance-fee scam that's showing up this year, a "forensic mortgage loan audit." The scammer offers to find regulatory violations in your original mortgage that will help you avoid foreclosure or even cancel your loan. There's no evidence that anyone has ever succeeded in modifying their loan using this approach.

Here are some “red flags” that at-risk homeowners should watch out for when looking for foreclosure help, courtesy of the FTC. You should avoid any business that:

• guarantees to stop the foreclosure process – no matter what your circumstances
  
• instructs you not to contact your lender, lawyer, or credit or housing counselor
  
• collects a fee before providing you with any services
  
• accepts payment only by cashier’s check or wire transfer
  
• encourages you to lease your home so you can buy it back over time
  
• tells you to make your mortgage payments directly to it, rather than your lender
• tells you to transfer your property deed or title to it
  
• offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
  
• offers to fill out paperwork for you
  
• pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.

http://www.bbb.org/us/article/foreclosure-rescue-scams-are-going-strong-22214