The Federal Government is now rewarding those homeowners on Long Island who choose to “go green” by offering assistance in the form of low-cost loans for energy-efficient home improvements. The pilot federal program, PowerSaver, will provide loans of up to $25,000.00 at low interest rates during its two-year pilot period. In addition, The New York State Energy Research and Development Authority will offer local assistance of up to $13,000.00 for similar renovations. The Town of Islip will open its office in Bay Shore shortly to assist local-area homeowners apply for loans. Be on the look-out for the announcement next week of its opening date.
Friday, April 22, 2011
Thursday, April 21, 2011
There has been a recent discussion among some local attorneys about the validity of and mechanism of an EZY3 Locator Plus Test. Knowing what I don't know, I asked Matt Kaplan of Housemaster, who teaches home inspections at our real estate school to explain.
Here is his response:
EZY 3 Locator Plus is not new technology (10 years). It uses ultrasound to scan the ullage (empty) area of a tank and is generally used in conjunction with other testing devices, such as low pressure volumetric testing equipment. The testing model described below is completely inaccurate based on several levels.
For example, air intrusion is not a physical condition considered during a tank test. Pressure may be introduced to a bulk storage facility and monitored for changes in pressure, but there is no condition for 'sucking' or release determined during that testing cycle.
Petroleum bulk storage (PBS) testing is regulated within specific guidelines established by regulatory authorities. The simplistic language referred to below actually creates a question of liability based on misinformation.
Your client would be served better by understanding the nature surrounding petrochemical pollution and appropriate regulations.
Specially, Matt was addressing the attorneys statement that: "test appears to be the suggested step up insofar as testing from traditional soil sampling, but not sure that it actually applies "pressure" or the like. It seems, unlike an air pressure test of years back (blowing air INTO the tank to check for leakage of air out of it), the below may be a slight vacuum of air OUT of thetank, then seeking to determine if air is being sucked INTO the tank- thus holes for leakage."
I hope you now understand the EZY3 Locator Plus Test.
Friday, April 15, 2011
For those of you who were at Tuesday’s Mortgage Mania CE course in Southampton – 2 questions that came up from local Real Estate Agents about credit have been answered by Christopher Lauria, President of Innovative Business & CO NY.
WHAT DOES ACCOUNT CLOSED AT CREDIT GRANTORS REQUEST MEAN?
On your credit report, some accounts might read "account closed at grantor's" request or "closed by grantor." This means your credit card issuer, or bank for some reason, had your account closed and reported to the bureaus to have that term added to your trade line.
The listing or the fact that your creditor closed your credit card (rather than you closing it) won't hurt your credit score but may sway an approval from another creditor. However, your credit score could be affected by a closed credit card if you still have the balance on the credit card or credit cards.
If this isn't true and you requested that your account be closed. You can dispute the credit report entry. You may contact my company any time for assistance with such matters.
DOES CHECKING YOUR CREDIT REPORT HURT YOUR SCORES?
This is a common myth and please don't let it be the reason that you don't know what your credit scores are. Checking your report on your own will absolutely not hurt your credit scores In fact, you could check your report every week and it wouldn't hurt your score one bit as long as they are self disclosure. There are services that provide free credit reports but they really are not free lol, in which you can view all three credit scores that purchase your credit profile directly from the 3 Bureaus, the one main issue with this is that most of these companies base your scores on a higher tier scoring system which goes up to 950 to where banking standard industry only goes up to 850. The problem with that is when you view your scores they appear 35-55 points higher and unfortunately that causes many misconceptions. Also you may request your credit reports once a year from the 3 major bureaus, these are the most accurate reports you can receive. However when you request your 3 for free once a year directly from the bureaus, they unfortunately do not provide scores just creditor information.
The only thing you want to be careful of is using a company that doesn't get your score directly from the three credit bureaus. Using an outside source could count as an inquiry by an outsider and could hurt your score because technically, the request to the bureaus isn't being made by you, in this case it's whats called a hard inquiry and can count for a few points on each bureau especially if your scores are being shopped to different banks, which occurs mostly when purchasing an automobile, credit card applications certain bank loans etc, but you can always ask the financial manager to please not shop your credit profile to multiple banks, But if you have poor credit they do this so that they can get you financed in which case you really do not have much of a choice so let them shop your credit profile.
Now The Good News:
Inquiries have little impact on your credit score. Credit scores have been redesigned in recent years to account for the fact that many people shop for credit.
The main factors in lowering a credit score are 1) making late payments or outright default and 2) level of credit balances.
Christopher Lauria
President
Innovative Business & Co NY Inc
998 C Old Country Road Suite 293
Plainview NY 11803
Telephone: (800) 422-8350
Office: (516) 960-7759
Mobile: (646) 644-9144
Fax: (800) 356-6506
E-Mail: libc1@optonline.net
Attention Real Estate Professionals: We have a few seats left for Foreclosure & The Economy: The Short Sale Class on May 10th at the Newsday Training Center in Melville. Register now before its full! 3 CE Credits! FOOD FUN AND FREE!
Foreclosure and the Economy: The Short-Sale Class
This seminar is very similar to the course that Mr. Lieb taught to the Suffolk County Bar Association as a Faculty Member of the Suffolk Academy of Law. Beginning with basic definitions, this course quickly jumps into providing the requisite skills to draft a Hardship Letter, negotiate with a Loss Mitigation Department, navigate The Mortgage Forgiveness Debt Relief Act of 2007, and much more. This course will get you ready to make money in this difficult economy.
Click Here to Register
Foreclosure and the Economy: The Short-Sale Class
This seminar is very similar to the course that Mr. Lieb taught to the Suffolk County Bar Association as a Faculty Member of the Suffolk Academy of Law. Beginning with basic definitions, this course quickly jumps into providing the requisite skills to draft a Hardship Letter, negotiate with a Loss Mitigation Department, navigate The Mortgage Forgiveness Debt Relief Act of 2007, and much more. This course will get you ready to make money in this difficult economy.
Click Here to Register
Thursday, April 14, 2011
Good news! 15 USCS 7001(a)(1) says that a signature, contract, or other record relating to such transaction may not be denied legal effect, validity, or enforceability solely because it is in electronic form; and 15 USCS 7001(a)(2) declares that a contract’s validity may not be denied legal effect solely because an electronic signature or electronic record was used for its formation.
Naldi v. Grunberg (908 N.Y.S.2d 639 (2010)) interprets this statute according to NYS law, that electronically subscribed contract be given the same legal effect as a contract subscribed on paper, whether or not the transaction affected interstate or foreign commerce.
This means that contracts, including real estate contracts, may be signed and sent by either electronic mail or facsimile.
