Todd Pierceall

Does anybody know exactly what the new Truth in Lending regulations are. I keep hearing rumors and I have seen a few items in print but it all just seems crazy to me.

Exactly what is the government doing? I do not see how any of the new regulations help anybody. It seems to only add to the frustration and cost that the buyer will have.

If anybody has actual information please post it so the rest of us can understand it.

I need some help from my fellow agents. I know there are regulations preventing builders from offering incentives to buyers for using their lender versus another lender but what about bank owned properties? Is there any law or regulation that addresses this issue?

An example: Lender ABC forecloses on a property and then puts it up for sale. My buyer looks at the property and decides to make an offer. ABC sends me the addendum and it it clearly states that if my buyer uses ABC as their lender then ABC will pay 3% in closing costs and also offer a home warranty. If my client uses another lender then ABC will not pay for a warranty and will pay zero closing costs (no exceptions).

I am pretty sure this is not legal but I do not know where to locate the information to back up my assumptions. I also may be wrong. The new regulations may only apply to new home builders. If anybody can clear this up for me or point me in the right direction I would appreciate it.

Thankfully the Federal Trade Commission has issued a statement that they are cracking down and investigating many of the so called get rich schemes. This includes the ones that promise people they can get rich buying and selling real estate without using their own money.

How many times, as an agent, have you been asked about these stupid schemes. You want to be honest and let people know they are not legitimate but at the same time you don't wnat to be too critical because then it sounds like sour grapes and you are jealous. You end up walking a tight rope while these crack pots make money hand over fist ripping people off. I think overall it hurts real estate agents in the public eye because the public does not distinguish the difference between the real agents and the phonies.

I applaud the Federal Trade Commission for this move and hope they continue to make sure that honest people are not taken advantage of. It also helps us agents trying to earn an honest living and help people realize their home ownership dreams.

We have all heard or used the phrase, "Real Estate is Local". I am in 100% agreement on that. After reading a recent article on companies that still manufacture goods in the US and also export to other countries it got me thinking. How local is local when you are talking about the entire world?

Easy answer, local is the USA. What if, we as agents made a commitment to only buy USA made products whenever possible. It may be more local than you think. If every agent participated, think of how much that would stimulate the economy. You may be buying a product that is not necessarily made locally to you but in turn another agent might be buying a product that is. Our jobs depend on others having jobs and buying homes. What better way to insure we keep our jobs than by helping the people in our community keep their jobs?

Don't think of it as just being patriotic, although that is a good reason to do it, but also as job security. So what if you spend a few more dollars to get the product made in the US, by the time you deposit your next commission check you won't even remember.

Just a quick note to all the agents with listings (hopefully everyone). Here in the South is has been unseasonably warm. A quick start to the summer. What does this have to do with real estate and listings? If you list a home and the owners no longer live there, it is best they leave the utilities on. Of course this does not apply to foreclosures.

The amount of energy a home uses while vacant is very minimal if you set the thermostat correctly and turn off the lights. I showed three homes today and two of the homes had the utilities shut off. After being closed up for the last couple of days the inside temperature was unbearable. Guess which property my buyers want to make an offer on? Yep, the one that had a pleasant inside temperature and they were able to take their time and really look at the house.

You should consider this not just for the comfort of potential buyers but for the home itself. Just like in winter when you run the risk of freezing pipes in a home with no heat, you can also damage a home that becomes too hot. I have even seen porcelain sinks and tubs chip from excessive heat. Wood swells and shrinks with dramatic changes in temperature and paint can crack. I can assure you the damage done to the house is far worse than a little expense to leave the utilities on. This doesn't even begin to cover the issues of when the home needs to be inspected. You eventually have to have them turned on anyway, so make it better on everyone and leave them on.