The term “first-time home buyer”  means an individual and his or her spouse who have not owned a home during the 3- year period prior to purchase of a home with assistance under subchapter II of this chapter, except that– (A) any individual who is a displaced homemaker may not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse; (B) any individual who is a single parent may not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual, while married, owned a home with his or her spouse or resided in a home owned by the spouse; and (C) an individual shall not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual owns or owned, as a principal residence during such 3- year period, a dwelling unit whose structure is– (i) not permanently affixed to a permanent foundation in accordance with local or other applicable regulations, or (ii) not in compliance with State, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure. (15) The term “singe parent” means an individual who– (A) is unmarried or legally separated from a spouse; and (B) (i) has 1 or more minor children for whom the individual has custody or joint custody; or (ii) is pregnant.”

On January 5, 2009, Dave Liniger Chairman and Co-Founder of RE/MAX International met with Broker/Owners to discuss the state of the real estate industry. One of the key statistics that stood out for me was short sale properties and bank foreclosures were going to be 30-40 percent of the real estate transactions over the next 3-5 years. On February 5, 2009, Margaret Kelly CEO of RE/MAX international appeared on CNBC’s ” Power Lunch” and had messages for consumers and real estate agents. Margaret stated “If you are going to work with a REALTOR to get your home sold or purchase a home, they have to know how to handle REO’s, short sales and foreclosures.

As a consumer you should make sure your agent is experience in handling these types of tranactions. You should ask your agent how much experience he or she has in short sales or bank foreclosures. It could determine if you win the bid or get your home sold. Please watch the video.

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Definition

Carbon monoxide (CO) is a colorless, practically odorless, and tasteless gas or liquid. It results from incomplete oxidation of carbon in combustion.  Burns with a violet flame.  Slightly soluble in water; soluble in alcohol and benzene.  Specific gravity 0.96716;  boiling point -190^oC; solidification point -207^oC; specific volume 13.8 cu. ft./lb. (70^oF).  Auto ignition temperature (liquid) 1128^oF.  Classed as an inorganic compound.
Source:  “The Condensed Chemical Dictionary,” 9th ed., revised by Gessner G. Hawley, Van Nostrand Reinhold Co., NY, 1977.

Sources of Carbon Monoxide

Unvented kerosene and gas space heaters; leaking chimneys and furnaces; back-drafting from furnaces, gas water heaters, wood stoves, and fireplaces; gas stoves; generators and other gasoline powered equipment; automobile exhaust from attached garages; and tobacco smoke.  Incomplete oxidation during combustion in gas ranges and unvented gas or kerosene heaters may cause high concentrations of CO in indoor air.  Worn or poorly adjusted and maintained combustion devices (e.g., boilers, furnaces) can be significant sources, or if the flue is improperly sized, blocked, disconnected, or is leaking.  Auto, truck, or bus exhaust from attached garages, nearby roads, or parking areas can also be a source.

Health Effects Associated with Carbon Monoxide

At low concentrations, fatigue in healthy people and chest pain in people with heart disease. At higher concentrations, impaired vision and coordination; headaches; dizziness; confusion; nausea. Can cause flu-like symptoms that clear up after leaving home. Fatal at very high concentrations.  Acute effects are due to the formation of carboxyhemoglobin in the blood, which inhibits oxygen intake.  At moderate concentrations, angina, impaired vision, and reduced brain function may result.  At higher concentrations, CO exposure can be fatal.

Levels in Homes

Average levels in homes without gas stoves vary from 0.5 to 5 parts per million (ppm). Levels near properly adjusted gas stoves are often 5 to 15 ppm and those near poorly adjusted stoves may be 30 ppm or higher.

Steps to Reduce Exposure to Carbon Monoxide

It is most important to be sure combustion equipment is maintained and properly adjusted.  Vehicular use should be carefully managed adjacent to buildings and in vocational programs.  Additional ventilation can be used as a temporary measure when high levels of CO are expected for short periods of time.

• Keep gas appliances properly adjusted.
• Consider purchasing a vented space heater when replacing an unvented one.
• Use proper fuel in kerosene space heaters.
• Install and use an exhaust fan vented to outdoors over gas stoves.
• Open flues when fireplaces are in use.
• Choose properly sized wood stoves that are certified to meet EPA emission standards. Make certain that doors on all wood stoves fit tightly.
• Have a trained professional inspect, clean, and tune-up central heating system (furnaces, flues, and chimneys) annually. Repair any leaks promptly.
• Do not idle the car inside garage.

Ms. Grasmick also stated that the 2008 Quality Counts report ranked Maryland’s education 3rd in the nation and that Maryland had only one performance indicator falling outside the “B” range. Maryland received a B+; the national average was a C. Also Maryland received high marks for K-12 achievement, ranking second in the nation with a strong showing on National Assessment of Educational Progress (NAEP) scores, high school graduation rates, and Advanced Placement (AP) performance, which the report ranked as the nation’s best. Good job Marylanders’.

For homeowners who can no longer afford to keep mortgage payments current ( because of either a job loss, divorce, or an option ARM that’s resetting higher) their are alternatives to bankruptcy or foreclosure proceedings. One of the options is called a “short sale.” A short sale in real estate means the lender is accepting less than the total amount due. Not all lenders will accept a short sale or discounted payoffs, especially if it would make more financial sense to foreclose. Also, not all sellers or all properties qualify for short sales. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accept it.

Over the next couple of years I believe we will see a lot of properties subject to third party approval-”short sale” but lenders are smart stay tuned for the details…