"100 Residents to Receive $3,000 Grants to Buy Homes"
Baltimore Sun (09/23/98) P. 3C

On Tuesday, Maryland housing officials launched the Buy Baltimore program, which will award 100 city residents with $3,000 grants to buy homes. The program is sponsored by Fannie Mae, the city's HomeOwnership Institute, and various local real estate professionals. The program will offer 20 houses in five of the city's neighborhoods.

"Avoiding Ripoffs"
Philadelphia Inquirer (09/20/98) P. R2; Heavens, Alan J.

The New Jersey Remodelers Association has published a brochure entitled "How to Avoid Being Ripped Off by Unethical Contractors." The brochure gives a number of tips to consumers using contractors. The homeowner or home buyer should make sure the contractor has an established business location. Consumers should ask the contractors for a number of things, including credit references and written statements concerning all building requirements and who will obtain the building permits. During the interview, consumers should request three customer references and visit these previous clients. They should obtain at least two job estimates based upon identical specifications. Lower bids may be suspicious, but consumers shouldn't ignore free estimates.

"Buyers Earn Stake in Property With Land Installment Sales Contract"
Washington Post (09/19/98) P. PG10; Kass, Benny L.

In some real estate transactions, buyers may wish to avoid conventional lenders despite lacking the personal funding for a down payment. In these cases, the buyer and seller have the option of using a land installment transaction. This type of sale involves transferring the mortgage, tax, and insurance aspects of the home onto the buyer while allowing the seller to maintain legal ownership. The buyer then completes a small down payment and directly pays the seller in installments until the home is fully paid off. In cases of default, the seller will obtain control of the home. Before conducting this type of transaction, both the buyer and the seller must study the tax circumstances surrounding such an arrangement. Check with all participating lenders to ensure that they will not demand that the loan be paid in full at the time of the transaction. The buyer and seller should also negotiate terms, should the buyer default on the loan. Under these circumstances buyers typically agree to forfeit the property, however they may not be prepared to forfeit any money. One advantage to this arrangement is the absence of a lender. The process is less time consuming for buyers and sellers are enabled to cover pending real estate taxes, as well as mortgage and insurance bills with the buyer's payment.

"Mercury's Falling"
Chicago Tribune (09/18/98) P. 8-10; Sulski, Jim

Early fall, when temperatures are still mild, is a great time for homeowners to begin preparing for cooler days by weatherproofing windows and doors. These energy-saving efforts will not only make the home more comfortable at the height of the winter season, but they will reduce heating costs as well. In addition to evaluating the condition of storm windows and installing storm doors, homeowners should check for worn weatherstripping and sweeps along both outside doors and entranceways to unheated rooms, such as the basement or garage. Doors missing sweeps and weatherstripping will leak warm air and allow cold drafts inside. While broken or damaged storm windows should be repaired at a community hardware store, homeowners may check the fit between windows and their frames, filling any noticeable gaps with caulk. Although a bit messy, caulk is inexpensive and highly effective for temporarily sealing windows against cool drafts. Finally, schedule an inspection with a heating contractor who can evaluate the condition of your boiler or furnace and complete any necessary repairs before its functioning becomes a necessity.

"The Positive Effects of Home Ownership"
Housing Economics (08/98) Vol. 36, No. 8; P. 6; Colton, Kent; Crowe, David

Many researchers believe that homeownership can provide a number of benefits to communities, including more positive futures for children and increased involvement in community affairs and maintenance. They cite a number of reasons for this belief, mainly that homeowners have a greater stake in their community, they become more disciplined as they own homes, and they interact with other members of their community. But it is not always easy to see the direct relationship homeowners have on neighborhoods because homeowners often possess other characteristics that may have more to do with the success of the community. For example, homeowners are generally older and have more education and income than renters. Although most research determines that homeowners have positive effects on their communities, studies on this topic must be careful in limiting other factors. In terms of the relationship between children and a neighborhood, studies by Richard Green and Michelle White show that children raised in homes that are owned tend to stay in school longer. Additional positive outcomes for children are also attributed to home ownership. The involvement of home owners in community activities is more clearly revealed in various studies. Homeowners should benefit from community involvement if their home values increase. Thus, homeowners have a greater incentive than renters to become involved in their communities. But other studies suggest that homeowners must first get to know their neighborhoods and live in their homes for a long time before they realize the benefits.

"Popular Book Reissued in Spanish"
Today's Buyer's Rep (09/98) Vol. 7, No. 9; P. 3

The best seller Buy Your First Home has been translated into the Spanish language. The book is entitled, "Como Comprar BIEN Tu Casa," and should help real estate professionals who are working with Spanish-speaking clients explain the value of real estate agents, the location of homes, real estate transactions, and mortgages among other things. Written by Robert Irwin, the book is published by The Real Estate Education Company. For more information, visit www.real-estate-ed.com on the Internet.

"Call of the Wild"
Unique Homes (09/98) Vol. 27, No. 5; P. 56; Gelsomino, Tara

Spectacular beauty and majestic vistas are just two of the characteristics that have drawn upscale homeowners to the scenic Oregon coast from across the state and the West Coast. While luxury residences can sell for as much as $4 million, high-end homes range between $500,000 and $750,000, much more affordable than their counterparts on the California coast. Along the northern resort towns of Cannon Beach, Gearhart, and Manzanita, attractive Victorians and beach cottages are settled. Nearby art galleries, trendy restaurants, and boutiques offer unique gifts and the creations of local artisans. According to the Oregon Arts Commission, the entire region features more than 24 local arts associations and upwards of 97 galleries. More modern homes are available along the central coastline, between Newport and Lincoln City. Generous new residences in Gleneden Beach and Depoe Bay range between $650,000 and $750,000. Moving farther south, the coast becomes hidden by forest and redwoods. Within this isolated, rustic region, ranch properties are more prevalent, and sell for as much as $750,000.

"Short Takes News to Use: By the Numbers"
Mortgage Technology (10/98) Vol. 5, No. 5; P. 8

Mortgage brokers continue to warm to the Internet. According to Genesis 2000, only 43 mortgage brokers were using its WebApp Web site in January 1998, and the number of users has steadily increased every month until it reached 165 mortgage brokers by July. And the number of mortgage brokers on the broker Web sites stands to grow even more when the industry considers that between 46 percent and 53 percent of all hits at the Web site led to 1,003 applications being filled out and completed. Online loans on the mortgage broker Web sites are being originated the most often from prospective home buyers and homeowners in Virginia, California, New Jersey, Georgia, New York, Ohio, Texas, Massachusetts, Minnesota, and Washington.

"Fabulous Floating Homes on Tour"
Coastal Living (10/98) Vol. 2, No. 5; P. 24; Lewis, M. Katherine

The 14th Annual Floating Homes and Artisans Showcase kicks off Sunday, Sept. 27. More than 20 of the community of 400 floating homes in the bay off Sausalito, Calif. will be open to those who are interested home life on the water is all about. The homes in the showcase will range in price from $89,000 to more than $1 million. Real estate professionals can call 415-332-1916 for more information.