The bill will particularly affect home buyers seeking mortgages, requiring lenders to ensure that a borrower is able to repay a home loan by verifying income, credit history, and employment. It also would ban payments to brokers for helping borrowers find alternative financing.

The measure sets up a consumer financial protection agency to police lending, and it adopts new rules for mortgage-backed securities, requiring banks in most cases to retain 5 percent of the credit risk on their books.

Congressional leaders hope to win full House and Senate approval next week and send the bill to President Obama by July 4.

Here are some key issues that the institute urges every buyer to consider:

• How far is the home from the fire department? A location close to the station usually means lower insurance costs.

• What is the condition of the plumbing and electrical systems? Older and poorly maintained systems cost more to insure.

• Does the property meet current building codes? Up-to-date properties are safer and also cheaper to insure.

• What about wind damage? If insurance against windstorms is required, is private insurance available or will the buyer have to rely on a state-run program? If there a windstorm deductible, how high is it?

• Is the home vulnerable to flooding? Floods aren’t covered under a standard homeowner policy, although most major insurers will provide it through the National Flood Insurance program. How much the insurance costs depends on where the property is. More information is available at FloodSmart.gov.

• Is there earthquake risk? Earthquake insurance requires an endorsement or a separate policy.

1) Obedience – The Westchester County Buyers Agent is required to act subject to the Clients continuous control (following laws of course) but not to exceed the scope of authority conferred by the Client. Basically, the Agent shouldn’t make any decisions for the Client.

2) Undivided Loyalty – The Agent is prohibited from advancing any interests adverse to the Clients interest or conducting the Clients business in such a way as to benefit a Customer, a Subagent, the Agent or any other party to the detriment of the Clients interest. Remember, a Customer does not get the exact same treatment as a Client. I will elaborate in tomorrows post.

3) Full Disclosure – The Westchester County Buyers Agent is required to disclose honestly and affirmatively, all information concerning the transaction and property that might affect the Clients decisions.

4) Confidentiality – The The Westchester County Buyers Agent is prohibited from communicating personal information about the Client told to or learned by the Agent within the scope of employment from the Client. Personal information must be kept confidential unless the Client releases the Agent from this duty. However, the material facts about defects of a property are not confidential.

5) Accounting – The Westchester County Buyers Agent is required to promptly report to a Client all money and property received and paid out, upon request, give an accounting of these actions. This duty also requires the Agent to safeguard money and property held on behalf of the Client.

6) Reasonable Care And Diligence – The Westchester County Buyers Agent Is required to protect the Client from forseeable risks or harm and recommend that the Client obtain expert advice or assistance when the Clients needs are outside the scope of the Agents expertise.

As you can see there is alot more to representation then most people are aware of. There is alot of confusion in the general public and unless We create more awareness and spread the word it will remain that way, unless a Buyer decides to educate themselves first.

via Energy Savers: Rebates for ENERGY STAR Appliances.

The main reason children are targeted is their credit is a clean slate. Once a thief gets access to the Childs name and social security number they can then apply for credit. They add a phony address and other needed information and it’s as easy as that. Once the thief is granted credit the accounts are cultivated long enough to establish higher limits. They make purchases and then disappear leaving a mucky future for the child. Unfortunately this usually goes unnoticed until the child is old enough to apply for credit and come to find out they have a long history of bad credit.

Here are the red flags to watch out for:

1) Medical, dental, and hospital records
2) Youth organizations, such as boy scouts and girl scouts
3) Info accessible To volunteers
4) Registering for daycare, sports teams, and schools
5) Internet thief posing on internet conning people for their sensitive information
6) Receiving solicitations for credit cards and other financial offers for your child

Keep in mind, any information that is not stored by secure entity is at risk.

If you feel your child is at risk you can setup a monitoring system for them. You will get an alert any time their info comes up. You can also purchase a credit report two to three times a year until the child turns eighteen, then they entitled to a free report each year. Unfortunately we need to think about these things in today’s world. It’s better to be safe then sorry and always expect the unexpected!

Visit this link to find out everything you need and want to know about Rye….

http://www.city-data.com/city/Rye-New-York.html

General

1) Have all agreed upon repairs been completed?
2) Have the sellers removed any items that are supposed to stay in the home?
3) Is the home clean and/or broom swept?
4) Are there any signs of new damage to walls, floors, etc?
5) Do all light fixtures work?
6) If an agreed upon fixture was removed is there at least a “contractor grade” replacement?
7) Does every outlet have power? Are there any leaking pipes, faucets, or toilets?
9) Do all The toilets flush?
10) Does the garage door opener work?
11) Do the locks work?
12) Do all the appliances work?
13) If new construction, are all the agreed upon finishing touches in?

HVAC

1) Test the furnace and air conditioning system…please note that a central air compressor cannot be tested in the freezing cold weather. Please consult an HVAC expert for more info.
2) Check to make sure vents aren’t blocked?

The final walkthrough process is a fairly casual one and should be conducted the night before or hours before the closing. If there are any issues that need to be addressed your Buyers Agent can approach the Listing Agent and arrange to have the items either credited or negotiated. In my experience everything can be worked out as long as both parties are open minded. Now enjoy the Real Estate you have purchased and will now call home!