Gunning Daily News

Word of the Day

January 15, 2013 5:36 pm

Downpayment. Initial cash investment made as evidence of good faith when purchasing real estate. It is usually a percentage of the sale price.

Q: How Do You Determine How Much a Home Is Worth?

January 15, 2013 5:36 pm

A: The short answer: a home is ultimately worth what is paid for it. Everything else is really an estimate of value. Take, for example, a hot seller’s market when demand for housing is high but the inventory of available homes for sale is low. During this time, homes can sell above and beyond the asking price as buyers bid up the price. The fair market value, or worth, is established when “a meeting of the minds” between you and the buyer takes place.

When Can 2250 Save Millions? Senate Bill 2250!

January 14, 2013 6:00 pm

I will start this segment with a question—when can 2250 save consumers millions? Answer: when it's proposed U.S. Senate Bill 2250, which is before the Senate Committee on Finance right now.

The action would save consumers who have experienced a principal debt forgiveness in a foreclosure settlement, or who get out from under the threat of foreclosure, by completing a "short sale," from having to pay taxes on the amount of money that is forgiven.

In the case of foreclosures, it could be hundreds of thousands, tens of thousands for most short sales that would be taxed as income if an already extended. That's because the Mortgage Forgiveness Debt Relief Act, expires at the end of the year.

After that, any mortgage debt forgiveness provided to a borrower will count as gross income for tax purposes.

According to a text of the action on govtrack.us, the many co-sponsors of the bill are seeking a further extension to existing protections originally enacted following the housing crisis of 2008, to the end of 2015.

According to Davis Dayen on Salon.com, the tax issue could significantly disrupt a still-fragile housing market and rob homeowners of the tools to pull themselves out of mortgage debt. It also represents a final indignity for homeowners who have been abused by the fraudulent mortgage practices of leading banks for years.

Just when they think they get relief from their troubles, they get hit with a massive tax bill they cannot pay, Dayen observed. Sen. Jeff Merkley, D-OR, who supports extending the law, said it has the effect of "pulling people up with one hand, and hitting them in the face and knocking them over the cliff with the other."

But there is a higher than average expectation some sort of extension will occur in the coming days or weeks.

Carrie Johnson, senior policy counsel for the nonprofit Center for Responsible Lending, told Kenneth Harney of the Washington Post that allowing an expiration "would be inconsistent" with other ongoing efforts. Those efforts include Fannie Mae's and Freddie Mac's new short-sale program, the $25 billion "robo-signing" settlement with major banks and private loan modification programs run by lenders, all of which encourage principal cancellations.

With several bills pending in the House and one in the Senate that would extend the program for another year or two, lobbyists say there is a slightly better-than-even chance Congress will extend the debt forgiveness provisions, unless the entire fiscal cliff negotiations implode.

Packing, Eating and Reheating: Food Safety from the Store to the Table

January 14, 2013 6:00 pm

BPT—Today's busy families are always on the go, which means less time for shopping, preparing and eating food. However, there is one thing you can't skimp on no matter how fast you're going, and that's food safety. From grocery shopping to reheating leftovers, you can use several tips to ensure that the food you eat isn't going to make you or your family sick.

To make sure that the food you bring home is as safe and delicious as it was at the store, it's important to know the best way to pack and transport your groceries. In a video on the Institute of Food Technologists (IFT) website, Jennifer McEntire, PhD, a food scientist and microbiologist offers some advice:

  • Pack similar foods together in order to avoid cross contamination - the transfer of pathogens between one food to another. For example, pack produce together in one bag, and meats in another. Pack a bag of frozen foods and another one for dry goods.
  • If you're a fan of reusable bags, make sure you're keeping them clean. Wipe them out, or even throw them in the washing machine on a regular basis to keep them germ free. Some reusable, thermal bags can keep foods hot or cold for up to a couple of hours, so make sure these bags are free from holes or tears. It's important to wrap meats in a disposable bag before placing them in a reusable bag in order to avoid spreading pathogens. If you can, bring two reusable bags to keep meats and produce separate.
  • Whether you cook all your food for the week on Sunday or have extra left at the end of a meal, for many families, leftovers are the key to solving the problem of "what's for dinner." Some foods, like casseroles, chicken salad and foods with many different spices, can even taste better the next day once all the flavors meld together. Proper handling can ensure that leftovers keep that "first bite" taste, as well as staying delicious and bacteria-free.
  • It's important to remember to keep three things in mind when it comes to leftovers: refrigerating, storing, and reheating. The video which can be found on the Food Facts page offers several tips on how to safely savor foods a second time around.

Refrigerating
To save energy, first cool your food before placing it in the refrigerator. You can speed up the cooling process by chilling food in an ice bath or cold water, setting it in front of a fan, or dividing it into smaller portions that can be placed into shallow containers. The temperature in your refrigerator should be at 40 degrees Fahrenheit (0 degrees Celsius) or lower. It's best to use a thermometer to make sure you have the correct temperature rather than relying on refrigerator controls and displays. The key is to store leftovers quickly, within two hours of cooking (one hour on hot summer days or in warm climates).

Storing
Thin-walled metal, glass or plastic shallow containers (no more than 2 inches deep), bags, foil and plastic wrap are ideal for storing leftovers. Cooked meat can be stored three to four days in the fridge, while uncooked ground meats, poultry and seafood will last only a day or two. Raw roasts, steaks and chops (beef, veal, lamp or pork), as well as casseroles, veggies and similar side dishes and pie can be refrigerated for three to five days. If you have a lot of leftovers, you may choose to freeze them, which completely halts bacterial activity, so food can stay safe and usable for several months. Freezer temperature should be at 0 degrees Fahrenheit (-18 degrees Celsius).

Reheating
Using a food thermometer is the best way to ensure food is heated to a safe temperature. Most foods, especially meats, should be heated to 165 degrees Fahrenheit (74 degrees Celsius) in the center. It's safe to leave steak or other whole cuts of beef or lamb a little bit rare when you reheat them, as long as they were initially cooked at a high temperature to sear the outside and kill bacteria on the surface of the meat. Bring sauces, soups and gravies to a boil. Never reheat leftovers in crock pots, slow cookers or chafing dishes. When reheating in a microwave, use a lower power setting to reheat and to avoid overcooking.
For some fast facts for fast heating, while using the microwave oven, check out this IFT video.

Top 10 Moving Destinations in 2012

January 14, 2013 6:00 pm

The housing market began to improve in 2012 as confidence in homeownership improved. With more people buying, it poses the question, where are they buying? And where are they moving?

Penske Truck Rental released an annual list of top moving destinations within the U.S. To create this list, the company compiled information based on requests for one-way moves in 2012.

Atlanta has topped the list for each of the three years that Penske has compiled this ranking. The Dallas/Fort Worth area made the jump from fourth to second place. Four markets (Chicago, Houston, Denver and Seattle) retained their rankings from 2011.

“This list fits the general geographic shifts of the country’s population with our customers being drawn to the Southeast and Southwest regions,” states Don Mikes, Penske senior vice president of rental.

So where were people moving in 2012? See the top 10 destinations, below.

2012 Top 10 Moving Destinations:
*Please Note: The previous year’s ranking is noted in parentheses

1. Atlanta (unchanged)

2. Dallas/Fort Worth (4)

3. Phoenix (2)

4. Orlando, Fla. (3)

5. Chicago (unchanged)

6. Houston (unchanged)

7. Denver (unchanged)

8. Seattle (unchanged)

9. Charlotte, N.C. (10)

10. Sarasota, Fla. (9)

Source: www.pensketruckrental.com.

Word of the Day

January 14, 2013 6:00 pm

Discount points. Added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans.

Q: Is an Agent’s Commission Negotiable?

January 14, 2013 6:00 pm

A: Yes. There is no standard commission. They are not set by law and vary depending on service, customer needs, and company policy. In general, agents charge between 4 percent and 8 percent for full service. Some agents prefer not to offer sellers’ the option of paying a fee for an individual service.

If you insist on overpricing your home, an agent may well insist on a higher commission to cover the added marketing expenses and time that are needed to sell it.

Think of a commission as a point you must negotiate and evaluate.

Easing New Year’s Angst: Three Ways to Help Soothe Your Soul

January 11, 2013 5:14 pm

Finding peace in the midst of the chaos of a new year can be a daunting task. But there are many ways to ease the angst and find enjoyment in the bustle of the season.

San Francisco clergyman and counselor George McLaird suggests five healthy and meaningful ways to inspire new-year cheer:

  1. Commit to do less - Stress is often a result of trying to do too much. Decide to eat, drink, and spend less. Take a walk, really see your surroundings, read and find other simple pleasures. While you're at it, take some long, deep breaths at least once a day to relax your body.
  2. Give to those in need - Giving to a needy family can help increase your enjoyment of the new year. Contact a church or a social services organization that connects people in need with people who want to help. You can give gifts, which are especially appreciated by children, or provide a meal. You can also remain anonymous and let someone else deliver your gifts. Then close your eyes and imagine the joy you have provided for someone else
  3. Be nice to you – You don’t have to go to the office party or that party you’d rather not attend. Choose to do what you enjoy. Do something fun alone or with others – get a manicure, spend time with an old friend, or schedule a play date with your children or grandchildren. Go to the gym. See a movie or concert – or a worship service if that appeals to you. Above all, be your own boss and decide what will make you happiest.

Maintaining Your Home Investment

January 11, 2013 5:14 pm

(BPT) - Home ownership is an important investment that can create both a sense of pride and a place in the world that is all your own. While the investment in purchasing or building your own home is sizeable, letting your home fall into disrepair can be even more costly. However, home maintenance doesn't have to be a daunting task. By following a few simple steps and making maintenance a regular activity, you'll not only preserve the quality of your home, but you'll likely save money over the long term.

Keep a regular maintenance schedule

Whether you've just moved in or have lived in your home for decades, it's important to establish a regular routine to maintain your home. Some tasks should be checked off the list regularly, while others are more seasonal. Start a list or put reminders on your calendar for these important to-dos:
  • Regularly test fire extinguishers, smoke alarms and carbon monoxide detectors.
  • Replace air filters for heating and cooling systems according to owner's manuals.
  • Schedule regular furnace and water heater maintenance.
  • Check electrical outlets to ensure proper function.
  • Weatherproof doors and windows according to the season.
  • Don't underestimate regular cleaning to keep your home in top shape.

Invest in items that protect your investments:
Regular home maintenance is worth your while and certain investments can ensure your home remains in top shape for years to come. There are many different products designed to help you maintain your home investment by making it easier to clean, protect, update and more. For example, if pets are part of your family, investing in a great vacuum can help keep your house pet hair free, while a home security system will help ensure your home and possessions are protected at all times.

If you're building a new home or remodeling, consider products designed to maintain your investments. For example, KraftMaid's CoreGuard sink base, an engineered polymer cabinet interior, is designed to protect from leaks and spills that commonly occur under the sink. Available through dealers, Lowe's or The Home Depot, CoreGuard offers a simple solution to protect cabinetry for the long term.

What's on the outside counts too.
While you may experience the benefits of interior maintenance more regularly, outdoor maintenance is just as important in taking care of your home. Tasks like making sure gutters are clear and siding is clean and damage-free help ensure that the exterior of your home stays beautiful. Strategic landscaping can help with heating or cooling costs by allowing light in or providing shade where needed. It can also help by diverting water away from the house to avoid leaks or damage. Additionally, an investment in the exterior of your house can enhance the curb appeal and make it a joy to come home to every day.

Kitchen and Beyond: Stainless Steel & Top Kitchen Trends For 2013

January 11, 2013 5:14 pm

As I begin the first few tentative steps into my own 'kitchen and beyond' remodeling project, we'll be sharing with you a number of ideas and tips learned along the way. One of the early resources for ideas about kitchen remodeling was Stanton Homes (stantonhomes.com) in Apex, NC.

Many of the latest homes that company is designing locate kitchens directly off, or open to the home's large great rooms. These Stanton kitchen now looks less "kitcheny" and more often like an inviting place to gather and entertain, with decorative elements that are strong right now include natural finishes like wood and stone complimented by glass, shiny metallics, special attention to lighting details, and even crystal.

Andrea Enns, Stanton Homes' Interior Design expert also reaffirmed that it is quite a "safe" to invest in stainless steel appliances and finishes. Enns says since stainless steel has been used in the best kitchens for over a century due to its universal appeal, its ability to provide a sterile surface, its shiny appearance, as well as its association with luxury.

On another front, the Consumer's Voice for Kitchen and Bath Remodeling (myconsumersvoice.com) is promoting three new kitchen trends for 2013, including:

  • Soft Contemporary – A simpler approach of the modern kitchen, a soft contemporary design doesn’t have as many harsh lines, but more soft accents throughout the space. This look can be achieved through modern accents in a more traditional space such as contemporary bar stools or lighting.
  • New Traditional – Instead of the “transitional” kitchen name, new traditional is much like transitional but has more emphasis on classic touches. Instead of the large, overbearing feel of a traditional kitchen, the new traditional design feels much lighter.
  • Eclectic – This design trend is less of one style as it is a mixture of many. We see a lot of spaces putting together different finishes, patterns and textures to create a space that is truly one of a kind.

We will focus on other remodeling and historic restoration projects as our 'Kitchen and Beyond...' series continues.