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Crumbling Walls Creating A Stir
If
you were among the thousands who watched a recent Sunday night episode of "Dateline
NBC", you may have caught an eye-opening report called "Is your home crumbling
around you?" I can see how this report can create quite a stir in both new home
buyers as well as new home builder's minds. It will, no doubt, prompt buyers to ask
questions about the type of stucco being used on homes they may be interested in, and
builders to re- examine some of their building products' representations from the
manufacturer.
The stucco referred to in this program is a synthetic type
with the trade name of "EIFS", or Exterior Insulating and Finish Systems.
Although EIFS costs about the same as brick or wood sidings (no reference was made to its
price comparison with real, or cement stucco), the manufacturer touts it as a
'lightweight, low maintenance exterior that provides an easy insulation system for a
home."
It is this easy insulation system, however, that seems to be
at the root of this investigation. Brought to the attention
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Timeshare Properties Provide Flexibility,
Affordability
Millions of people make
investments in timeshare properties every year. For those of us who dream of owning
vacation property but can't afford such a luxury, timeshare is the next best thing. In
fact, in some cases, it's even better because timeshare owners often enjoy the flexibility
of "banking" time in properties throughout the world rather than just one
property.
The theory of timeshare is relatively simple; owners share
a single condominium unit with other owners. The average timeshare condominium has about
50 owners during the course of one year -- that translates into about one owner per week
each year. Any remaining weeks either are consumed by owners who have banked more than one
week; or by maintenance crews who thoroughly clean the units after each owner departs.
The property in which an owner makes his first investment
is referred to as his "home" property. The real advantage of owning timeshare,
however, is in your ability to trade your usual week in exchange for a stay at more than
4,000 timeshare properties throughout the world. While many smaller timeshare companies
exist, among the largest are Resort Condominiums International (RCI)
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Be Wary of
"Tricks Of The Trade"
Mortgage
brokers offer some of the best deals in the mortgage store, but they also offer some of
the worst -- and it's up to consumers to determine which is which.
The "Mortgage Professor," Jack Guttentag
(www.mtgprofessor.com), professor of finance emeritus at the University of Pennsylvania's
Wharton school, says he knows the tricks of the trade and techniques to help consumers
keep from getting lost in the mortgage maze.
Low-balling. Some brokers advertise their lowest
prices as "bait" to lure customers. Once you are in the door, the broker pushes
you to another, more expensive product. Be wary of any rate that appears to be the lowest
price offered by anyone. Use independent mortgage rate watchers such as HSH Associates
(www.hsh.com) to know what the going rates are. You can't get a bargain unless you know
the going price.
Memory lapses. Sometimes a broker appears to forget
certain fees until you are in to the mortgage too deep to bail. Require that the broker
provide a written list of all fees to be paid, including items such as credit reports and
appraisal fees. As the loan progresses, ask for a receipt for each fee.
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Angela Burdick combines many years' experience, a thorough understanding
of the real estate market, and cutting-edge technology to provide buyers and sellers with
competent advice and proven results. |
View Aprils Issue
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