Real Estate News

I have no dog in this fight. I’ve heard closing costs may be high (especially lender costs) to get the equity but for those who are 62 or older who are cash strapped and need supplemental income to live or other emergency needs, this is a source of funds.

How does a reverse mortgage work?

Reverse Mortgage is a way to borrow from the sizable portion of equity if you are 62 years of age or older. It is a financial arrangement withdrawing the eligible equity (it is not all of the equity – but lender determines ultimate level) in your home in (a) lump sum in the beginning, (b) fixed monthly payment, or (c) line of credit after loan closing costs are covered. The home must be your primary personal residence and the loan continues until (a) owner dies or (b) total amount of eligible equity is depleted. The loan must be repaid from the proceeds of its sale after (a) owner’s death, (b) owner moves out, (c) house is sold. Now, in addition to any other restrictions, the homeowner agrees to continue to (a) pay homeowner’s insurance, (b) pay property taxes, (c) pay any homeowners’ association fees and dues, and (d) maintain the home in a livable condition and retain its value (i.e., exterior paint, deck, roof, hvac, and other repairs).

What are some features and benefits to the reverse mortgage loan?

• Supplement their monthly income;
• Pay off an existing loan;
• Use funds to make home improvements or maintenance repairs;
• Pay for health care expenses; or
• Pay off debts or any other legal expenditure.
• No pre-defined maturity date.
• Repayment is normally capped at 95% of the value of the property.
• Lender needs to pre-qualify borrower’s ability to meet property maintenance and other loan term obligations

What are the closing costs?

• Loan Origination fee – A lender can charge the greater of $2,500 or 2% of the first $200,000 of your home’s value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.
• 3rd party fees about the same as a typical mortgage (i.e., appraisal, inspections, title insurance, surveys, recording fees, credit checks, title searches, etc.).
• FHA Mortgage Insurance Premium (MIP) – both the up front fee and annual fee (annual fee never disappears)
• Loan Servicing Fees – typically less that $40/month.

Source #1: FHA website on reverse mortgages.

Source #2: Some features, pros and cons of reverse mortgages from bankrate.com.

Source #3: AJC, Buyer’s Edge Section, 11-6-2016, A2.

Source #4: CONSIDERING A REVERSE MORTGAGE? (Published by CFPB)

Source #5: Wall Street Journal, November 13, 2017, page R11B.

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Are criminal background checks being performed for real estate agents in Georgia?

Yes and No – d-“pending” on how you look at it…

As far as I know, a criminal background check is made for any real estate applicant for new or renewed license by the Georgia Real Estate Commission to verify that any charges are pending for certain crimes but not a “complete” history of “charged” criminal background checks are researched or considered, only those “convictions” that are less than 5 years ago and only 2 years for a single conviction.

Georgia Code – 43-40-15-(1.2) A person who has a conviction in a court of competent jurisdiction of this state or any other state shall be eligible to become an applicant for a licensure or an approval authorized by this chapter only if:

(A) Such person has satisfied all terms and conditions of any conviction such person may have had before making application for licensure or approval, provided that if such individual has multiple convictions, at least five years shall have passed since the individual satisfied all terms and conditions of any sentence imposed for the last conviction before making application for licensure or approval; and provided, further, that if such individual has been convicted of a single felony or of a single crime of moral turpitude, at least two years shall have passed since the individual satisfied all terms and conditions of any sentence imposed for the last conviction before making application for licensure or approval;

Per Georgia Code 43-40-15: Grant of licenses; grounds for suspension or revocation of license; other sanctions; surrender or lapse; conviction, there are certain circumstances which would prohibit issuance or revocation of licenses covered in Georgia Law – Georgia Code:. These circumstances only apply if “charges are pending” against an applicant for new or renewed license. Georgia Code 43-40-15 (1.2) (B) says “No criminal charges for forgery, embezzlement, obtaining money under false pretenses, theft, extortion, conspiracy to defraud, a felony, a sexual offense, a probation violation, or a crime involving moral turpitude are pending against the person;”

Bottom line: As long as you only commit certain crimes every 2+ years and even if you are accused and charged but “NOT” convicted of the crime – you too can be a REAL-A-TOR in Georgia!

Hope you feel safer now – Merry Christmas!

Source of inspiration for post: Measure was proposed in South Carolina legislature after kidnapping and murder charges were filed against a currently licensed real estate agent. The proposed legislation would require background checks to renew real estate licenses.

Are Google’s satellite photos of your home an invasion of privacy or does everyone not care because they now see into their neighbor’s back yards?

Take it one step further, when you are marketing your home to the public, do you also have interior photos of the home to show features of your home to prospective home buyers? Do you care to share your personal furnishings with the general public, some of whom are either nosy neighbors (i.e., self-proclaimed decorating critics) or maybe local criminals? And what does it matter if you do show photos, you are moving, right? So why care? Even the nosy neighbors are going to come over to see inside and get ideas for their home.

Well, how about the new Home Buyer caring not to show the interior views of a home to total strangers and where all possible access points, alarm panels, or otherwise revealing the interior of your new home. It’s one thing to see the photos of home interiors to compare features of various possible homes, but once you move in and even though you change furniture placement, paint, or flooring…do you feel uncomfortable that basically your home is viewable from anyone in the entire world?

Can you remove previous photos of your new home’s interior or exterior from the internet? Probably not entirely. Or perhaps the realtors can use your home’s exterior photo to advertise previous properties that have been sold. Also, Realtor Multiple Listing Services (MLS) normally delete those photos after a specified length of time (i.e., probably about 90 days after to use as sales listing or appraisal comparables). I’m sure if you pressed the issue with them, you can request them to do so and they should comply. Please consult with your real estate agent to address concerns, or contact the local MLS to remove photos.

In these days of smartphones and the number of cameras out there, even the potential Buyers visiting the home will snap photos of interior to help remember the homes they visit…are you ok with that?

Bottom line: In this day and age, if you are really paranoid of who sees the interior of your home, you have concern and not sure how you can stop it in the short run…maybe an enterprising unemployed attorney will file a class action lawsuit, but not sure of the extent of “damages”???

Source of ide for blog Post: Some buyers don’t want to show off the photos of their new home.

Listen to my podcast about Violent Crimes Against Real Estate Agents

This blog post is dedicated to those in the real estate industry who, while performing their real estate duties, were either killed or severely injured by worthless human beings. May they rest in peace and their families be comforted with their memories.

Real estate is sometimes a dangerous occupation…especially if you are alone in a model home in a new subdivision or showing properties to unknown prospects.

Given the wrong circumstances at the wrong time, it can be downright deadly. About 15 years ago, I recall a couple of agents in a new home subdivision in Acworth, Georgia who were at the model home and a man murdered both of them. He was convicted of the murders but I believe he still is alive today – lucky him but he didn’t give his victims a chance to live.

My hope and prayer is that this senseless killing stops. I also wish that builders install security cameras throughout the model homes so if something happens, they can get a better image for police to track those animals who perform these violent acts of crime. And agents need to be on the alert when single men stumble into the model home with nobody else around.

Real-estate agent showing a home to a prospective buyer was physically assaulted – by the man during an apparent attempt to kidnap her, Tucson police said Tuesday.

Jefferson Parish man convicted of killing real estate agent during Facebook Marketplace sale sentenced to life – Harvey agreed to buy Vindell’s dirt bike through a marketplace app. Instead of a smooth transaction, Harvey showed up armed and with movie prop money. Investigators learned that he never intended to buy the bike. According to the Jefferson Parish District Attorney, Harvey shot Vindel multiple times while he was sitting in the driver’s seat of his sports utility vehicle outside a West Bank apartment complex on the morning of March 7, 2021. He then doused Vindel’s body with gasoline and dumped his car in the Garden District.

Rhode Island real estate agents warn of man who make them ‘uncomfortable’ at listings

Warrenville man charged with kidnapping and assault of real estate agent

Texas to Execute Man for Slaying of Dallas Real Estate Agent

Brampton real-estate agent, media personality attacked in his own driveway | CBC News

Man Sentenced to Life in Prison in Death of Omaha Realtor

Florida real estate agent fatally shot outside home she was showing

Woman Receives Life for Role in Killing of Real Estate Agent – A former probation officer was sentenced Tuesday to life in prison for her role in the kidnapping and killing of a Minneapolis real estate agent.

Here are cases I’ve posted over the years:

Real Estate Agent Fatally Shot In Home He Just Sold

Man tells Portsmouth police he ‘killed his realtor’; death investigation now underway

Ex-probation officer convicted in real estate agent killing

Real estate professional killed, 3 hurt in shooting at OC home after family dispute over property

Two men handed life behind bars for murdering beloved Minnesota real estate agent

2 men found guilty in death of real estate agent – Two men have been found guilty in the death of Monique Baugh, a real estate agent who was kidnapped in Maple Grove and later shot on New Year’s Eve 2019. Baugh’s boyfriend was also shot, but he survived.

According to the criminal complaint, Baugh had been called on her cell phone the afternoon of Dec. 31, 2019, by someone wanting to view a house in Maple Grove.

The Concerning Rise of Real Estate Agent Attacks – the reason so many real estate agents are attacked is because their job requires them to be alone with random members of the public. Many real estate agent attacks are crimes of opportunity, where the assailant notices that the real estate agent is wearing expensive jewelry or has a full pocketbook. Visible signs of wealth therefore make a person more likely to be attacked.

Attacks on Real Estate Agents Are Increasing Every Day – 48 real estate professionals died while on the job in 2017

2 more indicted in Minnesota real estate agent’s 2019 death Prosecutors said Monique Baugh, 28, was lured to a phony home showing in the Minneapolis suburb of Maple Grove, kidnapped and found shot to death in a Minneapolis alley on New Year’s Eve.

DNA confirms ID of man who killed area real estate agent in 1981 Virginia “Ginger” Freeman, 40, was murdered on Dec. 1, 1981, outside a rural Brazos County residence that she had been showing to a prospective client. An autopsy revealed she had been struck on her head, strangled and stabbed.

Philly DA wants to reduce murder charge against student accused of stabbing real estate developer… “The district attorney’s strategic and policy-based decision is that the most likely way to secure a just conviction for this killing is to proceed to trial with a lead charge of voluntary manslaughter….”

More Real Estate Agents Come Forward After Open House Attack

Disturbing Attack on Real Estate Agent Captured on Camera in Encino Los Angeles police are looking for the visitor to a Sunday afternoon open house in Encino who was seen abruptly and violently pushing the real estate agent to the ground and then bending over her as she screamed.

Rapid City man found shot was real estate agent; police probe continues

Attorney accused of killing real estate investor lied to police, documents show The criminal complaint describes what a detective saw while reviewing footage from a neighbor’s home security system differed from the account of the acused.

Attorney accused of killing real estate investor lied to police, documents show An Atlanta attorney charged in the murder of a prominent real estate investor last month told police his alleged victim threw a golf ball at his Mercedes before the deadly encounter, a criminal complaint revealed.

Woman charged in connection with Salt Lake real estate agent’s death

After his arrest, Velasquez said Miller and Stokoe had been arguing through text messages about rent. When Stokoe arrived at the house, the argument continued and Velasquez shot him three to four times, he told police in charging documents. Hernandez allegedly helped the couple move items from the house. She also told a witness that “something had happened and the guy ‘got what he deserved,’” the charges state.

Man who attacked real estate agent in Commerce City threatened her with knife, bear mace, police say

Man arrested in connection to attack on real estate agent in Commerce City

Husband of SoFla real estate broker missing-at-sea sentenced to prison The husband of a South Florida real estate broker was sentenced to eight years in prison for his role in her death during their honeymoon.

Female real estate agents targeted by suspicious man… In recent weeks, at least 15 cases have been reported to law enforcement of an unknown male repeatedly calling Metro Vancouver female real estate agents and making appointments to view listings. He is attempting to have the female agents conduct the showing for him alone, which goes against the policies of many real estate agencies.

Man sentenced to 38 years after abducting, robbing Va. Beach real estate agent… Robbery, Abduction, and two counts of Use of a Firearm….they scheduled an appointment for suspect to view the home later that day. The victim started showing the suspect around the residence until the suspect expressed interest in viewing the detached garage.

Man Shoots Real Estate Agent With Stun Gun At Open House: Police

Self-Defense Weapons for Real Estate Agents…
Key Findings from the 2018 National Association of Realtors (NAR) Safety Study

Man charged with assault on real estate agent… charged with second-degree kidnapping and assault on a female, a press release from city police states. Cox is registered as a student at Elizabeth City State University. According to Curtis, the agent said she met the man accused of attacking her at her office. The man claimed he was working with a group looking to invest $25 million in investment properties in the area. The agent decided to show the man a property on Riverside Avenue and had him follow her there, and it was once they were in the house that the man told the agent he was a male porn star, she said.

Real estate agent shot in the face may not have been intended target…It is understood Mr Morgan travelled (or traveled) to Melbourne to help his friend, a building contractor, who was allegedly being threatened by tradesmen and may have been the intended target.

Man convicted of real estate agent’s murder gets life sentence….Blanco killed Sidney Cranston Jr. on June 16, 2015 and buried his body on a ranch east of Kingman. Cranston was missing for 19 months before Bill Sanders, a longtime acquaintance of Blanco, led FBI agents to the body in January 2017. Sanders has since been ordered to serve community restitution and one year probation for his role in concealing Cranston’s body.

Arizona Man Sentenced to Life in Prison for 2015 Killing

Real Estate Agents are now taking measures to protect themselves from armed criminals A 2018 report from the National Association of Realtors (NAR) showed 33 % of those surveyed experienced a situation that made them fear for their safety. Five% reported they’d been the victim of a crime at work. Many realtors, like Smith, are arming themselves. According to the latest NAR survey, 1 in 6 realtors carries a gun.

Boyfriend of dead real estate agent charged with stealing her money

Pregnant real estate agent stabbed to death.

Inman News reported that in 2012 (the latest year for which figures are available), there were 50 workplace fatalities in the real estate industry subcategory. Source: http://www.inman.com/2014/04/28/real-estate-workplace-deaths-again-on-the-rise/

These cases are but a few and I could list more, but I plan to update this blog post when I encounter another case.

NEWS: Even though a Florida statute has been proposed to increase penalties for crimes against real estate professionals, is this the right thing to do to favor one group of people over another, or equal treatment under the law? I believe it is a knee jerk reaction to real estate professionals complaints. If anything at all, review the penalties for all crimes to see if they are commensurate of the crime.

4-26-2017: Real-estate agent attacked while showing South Bend home.

12-14-2016: Real estate agent shot inside partially renovated home. Residents who live near the home say it has been left partially renovated for about a year. They worry the agent stumbled upon an armed drifter, but police have not released what happened.

10-8-2016: Killer of Dallas-area real estate agent gets execution date.

10-7-2016: Real estate agent stabbed while showing North Las Vegas home.

10-3-2016: Man who beat, bit, stabbed McKinney real-estate agent to death loses appeal to Supreme Court The agent had been beaten, bitten and stabbed and the medical examiner testified at trial that 10 of her 33 stab wounds were fatal.

6-21-2016: Man found guilty of raping real estate agent. Well, it wasn’t a murder, but it was a major crime against a real estate agent.

6-14-2016: Police ask for help solving 36-year-old (1979) murder of real-estate agent.

5-17-2016: 2 men arrested in October shooting that killed real estate agent in San Jose.

3-22-2016: Real estate agent shot dead near home in Lapu in the Philippines. And yes, agents are murdered in other countries too.

Read more: http://cebudailynews.inquirer.net/89955/real-estate-agent-shot-dead-near-home-in-lapu#ixzz43dCDXHw5
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

Update 11-4-2015: The Ashley Oakland murder in Des Moines, Iowa on April 8, 2011 “still” remains unsolved.

 

7-18-2015: Realtors taking huge steps to protect real estate agents

7-7-2015: Woman sentenced to 30 years in prison after pleading guilty to first-degree murder and kidnapping charges in the death of 50-year-old Beverly Carter.

6-3-2015: St. Petersburg police searching for man who held two real estate agents at gunpoint . This didn’t result in a murder, but it’s a crime using a gun against a real estate agent – almost as bad!

2-28-2015: The killing of Vern Holbrook, owner of Aspen Real Estate, was premeditated by a man who started plotting to kill Holbrook after his plans to purchase Aspen Real Estate fell through.

2-8-2015: Just a warning to real estate agents… Safety Alert: More Agents Report Strange Calls

12-26-2014: Many Realtor organizations continue to develop training and precautionary warnings for realtor safety. Florida Realtors group released a new 75-minute safety video on Oct. 29 that covers self-protection and tips on avoiding harm. Source: http://www.idahostatesman.com/2014/12/26/3560201/after-killing-real-estate-agents.html

11-23-2014: Roswell, New Mexico police are investigating the death of a prominent real estate agent – David Duer.

10-5-2014: Just to show you how long this trend of murdering real estate agents has been going on is disclosed by the recent news of the murderer of real estate agent Dorothy Greene in Nevada back in 1989 has just died.

9-30-2014: Arkansas real estate agent found in shallow grave after meeting with fake cash buyer alone at a vacant foreclosure.

8-5-2014: Man Pleads Guilty to Murder of Ohio Real Estate Agent The suspect pleaded guilty to charges of involuntary manslaughter, aggravated robbery, aggravated arson, and kidnapping in connection with Martin’s death on Sept. 20, 2010. The real crime here is that it took almost 4 years to nail this scumbag!

—Update 10-2-2014: One of the two killers sentenced to life without parole

—Update 10-1-2014: Should sentencing matter if the convicted murderer of Ohio agent was abused as a child and served in the Military?

—Update: 9-19-2014: Second suspect guilty of killing Youngstown real estate agent

Washington state – Earlier in 2014, 4 people were accused of fatally injuring a 78-year-old Yakima real estate agent while he was showing a home alone. Source: http://www.columbian.com/news/2014/jan/31/murder-charged-in-yakima-real-estate-agents-death/

Update: 10-31-2014: 3 sentenced for ambushing Yakima real estate agent

Iowa Real Estate Agent was murdered in a model home of a new home subdivision. Source: http://www.cbsnews.com/pictures/iowa-real-estate-agent-murdered-in-model-home/

Texas Murder of real estate agent in a model home in a new subdivision http://activerain.trulia.com/blogsview/2365016/the-murder-of-real-estate-agent-sarah-walker”

Do you have any rights to the airspace above your home?

Yes you do….or maybe you don’t.

New rules on small drones kick in today: What you need to know.

Real estate law and guidelines have alway stated you own from the center of earth through the sky on below and above your property.

However, government allows developers, utility companies, and themselves to install pipes, wires, lines, etc. throughout your property to deliver home based services people need or demand. Normally, these are called “utility easements” and are declared in existence whenever you purchase our home and can be discovered through a property survey. Also, commercial and military planes and other aircraft have been allowed to pass over your “property” in to permit passing in the interests of commerce and other reasons including free movement of goods, services, people, and military training exercises.

Does the use of a drone aircraft invade not only your privacy, but does it also commit property trespass?

Who knows what data is collected and how far into your home with a good quality camera can peer (through windows), or of your real or personal property can to examine details of your private property? Who controls the data collected and how fast do you think it could spread given our whet appetites for instantaneous social media broadcasts?

Will local governments now use drones to capture detail about your property like dimensions, exterior or interior improvements, or verify if your home improvements have satisfied zoning or permitting requirements?

Example #1: Did you pull a permit for that new deck, pool, or other addition to your home? They county may be watching.

Example #2: Can the county use a drone to fly over your driveway or backyard to examine the condition of property (based on a neighbor complaint of potential code violation) either too many cars parked in the driveway or backyard hidden from view by a fence or some other obstruction that the homeowner uses to prevent access by county employees?

Congress delegated to the FAA the ability to define “navigable airspace” and the authority to regulate “navigable airspace” of aircraft by regulation or order. 49 U.S.C. § 40103(b)(1).

So where do private or commercial drones fit in to that freedom or air restriction above your home and create a “property trespass” situation?

Definition of airspace trespass: An entry into another’s airspace is a trespass even if the trespasser doesn’t touch the surface of the earth. Airplanes may trespass by flying low over a person’s property, for example. An airplane trespasses by flying low enough over the surface to interfere with the owner’s reasonable use and enjoyment of her surface.

Not to mention the fact your privacy is threatened even if the drone doesn’t pass into your “airspace” but alongside your property viewing you inside or outside your home. Does that matter to you?

Bottom line: Expect a number of violations of your privacy and trespass for years to come while the FAA decides on just how far a drone can travel into YOUR airspace until YOU stand up and express your concern to your local, State, and Federal officials!

FAA can be contacted via email at UAShelp@faa.gov or call 844-FLY-MY-UA.

Source: THE PROPERTY RIGHTS OF AIRSPACE.

Source: Navigable Airspace: Where Private Property Rights End and Navigable Airspace Begins.

Source: 49 U.S. Code § 40103 – Sovereignty and use of airspace.