What Tools Do I Need For My Paint Job? Natural or synthetic bristle, roller or brush, caulking guns, putty knives—painting tools can be confusing to the beginning or weekend painter. But the key to any successful paint job is to select the right tools, and while they don’t have to be the most expensive, good quality painting tools will always provide a better and more long lasting job.

Click HERE for a brief lesson in basic painting tools.

The Housing Guru: The one source for all your housing questions

Homeowners are often confounded by the confusing terminology and various types of paint available for their use, and it’s easy for them to make mistakes. While it may not appear to make a difference—after all, many of the finishes look similar when applied—choosing the correct paint is crucial to achieving the desired performance.

Whether the job is a redo of the entire exterior or the painting of an accent wall in a bedroom, understanding the proper paint to use is vital to both the appearance and serviceability. Those who need to know more about choosing the correct paint can follow the links below for expert guidance on their next painting project.

What’s the difference between gloss, semi-gloss, and flat?

Do I need oil or latex?

What type paint is currently on my wall or trim?

What is low VOC paint?

How will that color look on my wall?

The Housing Guru: The one source for all your housing questions

According to the National Retail Federation, this year’s Black Friday sales repeat last year’s dismal performance. While the numbers of shoppers/lookers increased, spending per person decreased by almost $30. Overall retail sales this season are expected to decline slightly from those last year, when holiday sales fell to the worst in almost 40 years.

What the numbers seem to indicate is that even those consumers who still have jobs and homes are reluctant to spend in an uncertain economy. With millions of unemployed, and with little prospect of improvement in the short term, retail sales are expected to remain at below normal levels for an extended period.

The Housing Guru: The one source for all your housing questions

A Suffolk judge has wiped out the entire debt of a Long Island couple to OneWest Bank, criticizing the bank for its “repulsive” actions. The bank, held by a private equity group including billionaire George Soros and computer mogul Michael Dell, has recently been criticized for failing to work with its borrowers in good faith, and has been accused of ruthlessly punishing those who default on their mortgages.

In the action mentioned, the judge wiped out the entire mortgage balance of more than $500,000, and while OneWest has indicated it plans to appeal, the ruling may cause the bank to reconsider its harsh treatment of its customers. Read the entire article HERE.

The Housing Guru: The one source for all your housing questions

Many of those considering buying a home struggle with the question: Why should I use a Realtor®? While some assume they can save thousands by eliminating an agent's commission, others feel that the services of a real estate professional are no longer relevant in today’s tech savvy society. I strongly disagree.

I’m not an agent, have never held a real estate license, and have no vested interest in promoting the real estate profession. What I do is offer the advice of four decades of experience in real estate transactions. During my career I have bought and sold hundreds of properties, and in all but two instances I used the services of a Realtor®. The first, my first home, I purchased directly from my father; and the other, I purchased many years later from my employer. In both cases I was familiar with the homes, the seller, and felt comfortable that the transaction would be fair and honest. And, in both cases, I used a real estate attorney to check the title and to write the purchase agreement.

For those looking to purchase a home in today’s chaotic real estate market, it’s especially important to have the guidance of a professional. In virtually every case a real estate agent will help you work through the complicated process of locating a home, evaluating the price, alerting you to potential hazards, preparing an offer to purchase, providing guidance with financing, and scheduling the closing. Studies have shown that the majority of home buyers still find the services of a real estate agent invaluable during the home purchase process.

Not everyone agrees. Each time I’ve blogged about the importance of using the services of a Realtor® in the home buying or selling process, I’ve received comments from those who are certain they can go it alone. Most have either had bad experiences with a Realtor® or have heard stories about the unethical practices of some agents.

But it’s the same in all professions; there will always be some who are unprofessional or downright dishonest. You wouldn’t stop seeking advice from medical practitioners just because a few have been accused of malpractice. The complex issues of today’s housing market demand that buyers have the best advice and guidance available, the services offered by a dedicated real estate professional. But finding that perfect “teammate,” one who will guide you to success requires a diligent effort. Most agents are knowledgeable, hard-working, and honest—click HERE for tips to ensure you select one from this group—and earn the commissions they’re paid.

The Housing Guru: The one source for all your housing questions

While there are sometimes bargains to be found in the purchase of foreclosures, there are also serious pitfalls. Foreclosures are not for the inexperienced. Use the following to help guide you through the process.

1. Don’t buy a foreclosure in the wrong area. Even if the home is a great deal, if you are planning to live there, you’ll probably regret your decision. Price is never the only factor. And even if you are an investor, if the home isn’t in the area you wanted, it may be better to look for another.

2. Don’t assume that a foreclosure is a great buy. Do your homework. Recruit a Realtor® to guide you.

3. Don’t get caught up in the excitement of a bidding war. Whether at auction or through negotiation, bidding wars frequently result in someone paying too much. Have a pre-determined maximum price and don’t go beyond it. If the bidding remains below your maximum, however, use the tactics in Winning a Bidding War.

4. Don’t buy a home without an inspection. Even if a lender is selling the home “as-is,” your offer to purchase should include an inspection clause with a time limit for your acceptance. With an inspection clause, you’ll be protected and not bound to close if you discover serious problems. Your clause should include an inspection for structure, pests, radon, mold, drainage, and anything else that may be appropriate for the home you’re considering.

5. Don’t buy a property without a title search and without purchasing “owners’ title.” Foreclosures may have problems that failed to be uncovered during the foreclosure process. Protect your investment by purchasing coverage.

6. Don’t expect any type of warranty. You’re buying the home “as is” and will be responsible for making repairs.

7. Don’t expect the bank to make allowances for your personal situation. Banks have been overwhelmed with foreclosures and have neither the time nor the inclination to make exceptions.

8. Don’t try to close a deal without an attorney. While you may be using a Realtor® and “trust” the seller, you need an attorney’s guidance to avoid the potential for certain risks and “super liens” that may survive the foreclosure.

9. Don’t attend a foreclosure auction unless you are totally prepared to buy. That means you must be ready to meet the financing requirements of the auction (usually cash or a letter of credit), that you have full knowledge of the property and the costs of making repairs, and that you are fully ready to purchase. Auctions are attended by professionals (often referred to as vultures”) who both know the true value of the property and the cost of repairs. But they are sometimes attended by cash-rich novices who bid up the price far beyond a home’s reasonable value.

10. Don’t consider a foreclosure until you check out the limitations and requirements in your particular state or area. There are considerable differences between states, and just because you’ve heard of great opportunities in one doesn’t mean the same exists in another.

The Housing Guru: The one source for all your housing questions

Is the housing market improving? According to Elizabeth Warren, chair of The Congressional Oversight Panel, it’s not. While the market has shown signs of improvement in some areas, the overall picture is still quite grim. According to Warren, as many as 10 to 12 million homes could be lost to foreclosure, the consequences of which could be “disastrous.”

Continued foreclosures will cause a ripple effect throughout the economy, as homes in those areas hardest hit see values slide even further. In a recent report, Warren described the government’s foreclosure modification efforts as “inadequate,” but it appears that nothing will be done to improve a system hell-bent on propping up bank profits on mounds of foreclosure victims.

While I like the spunk with which Warren attacks what she perceives as flaws in the program, it appears her words are just that, impotent criticisms without the power to effect change, falling on the unprincipled ears of politicians more interested in saving their political skins than creating beneficial change.

The Congressional Oversight Panel or COP was established to oversee the original TARP program which ultimately abandoned the purchase of “troubled assets” and became a simple bailout of big banks. And the not so aptly named COP board seems as effective as a policeman with a booming voice, but no gun.

I suspect that Warren is correct about the potential for additional waves of foreclosures, but doubt that her words will slow the tide. Like footprints on a deserted beach, they’ll soon be forgotten.

The Housing Guru: The one source for all your housing questions

I have somewhat neglected my blog for the past few weeks, and have been asked if there was a problem. I have had a problem—I “fried” the mother board in my faithful computer and had to deal with the issues of replacement—but I’ve also been doing the final editing on my upcoming book, Shrewd Homebuying.

On Friday I emailed the third, and I hope final, revision of the manuscript to my agent, and am now back to maintaining my website and doing research for blog posts. I appreciate the concerns of those who “missed me,” and am heartened that anyone noticed.

The Housing Guru: The one source for all your housing questions

According to the MBA (The Mortgage Bankers Association) mortgage loan applications have fallen again. Despite incredibly low interest rates (4.83% average for 30 year fixed) and despite the continuation of the housing tax credit, home buyers seem to have vanished. The seasonally adjusted Purchase Index has now declined for six consecutive weeks and is currently at the lowest level in more than a decade.

It appears that concerns that the tax credit would do little more than steal future purchasers may have been well-founded. And while we now have a revamped housing tax credit that includes existing home owners, there seems to be little excitement over the program.

Perhaps more buyers would be stimulated to purchase if they had jobs and if it truly appeared that the economy was in recovery.

Source: Mortgage Bankers Association

The Housing Guru: The one source for all your housing questions

Terry Chenier has provided this thoughtful and compelling analysis of why we should all be concerned by the reckless spending coming from our "leaders." Everyone should take time to read it and to contact their elected representatives and encourage them to action.