Internet Funny Stuff 

Well I wrote a few articles about Internet security, and it is nice to see the Real Estate Association get involved. Although for years, their attitude was, everyone does it. This month the Real Estate Association send out warnings about closing scams that have been going out. Maybe it was my article that convinced them, the problem stems from people using unsecured email accounts. I can email back and forth between lenders, and title companies for days and nothing happens. Banks, title companies, and I use secure email accounts. If you want to get one, just get a domain from GoDaddy.com and you get 1 free secure email account. You can buy more. And it will be a personalized account. You can do that for as little as $10 a year. Sounds like cheap insurance.

The problem comes when I send out paperwork about a closing to clients who use popular, free email accounts like hotmail, yahoo, and others. Read the fine print. Some of those companies have an agreement that they can read, and share your personal emails with the world. And they do. They make a rather tidy profit from it. The scammer buys that information and sends you an email with instructions to wire the money for closing to some overseas account. And those email companies should be held responsible. But they are so big, try to sue them.

The video on the bottom tells about one way of protecting your passwords, and email account. But that does not cover the fact, the email company may be sharing your account with the world. No one may be able to log into your account, but let’s fact reality, information is for sale.

Do this little test. Email someone about buying a new car. Mention a specific car. Then go on the Internet to any site. Now how did they get up ads about that car on all those sites? They aren’t psychic. They purchased the information in your private email. Now try another product like a washer, dryer, freezer, or something really strange. Get the picture?

Well stay safe on the Internet and think about buying that secure email service.

 

Rent to Own

What is a rent to own? The actual paperwork is called an Option to Purchase. That is a written offer on a house or duplex to purchase the property in a given time, at a specific price. The Option to Purchase is normally used for buyers who do not have the down payment to complete the purchase. So the buyer moves into the house, pays rent, and many times a portion of that rent is applied to the down payment.

The Option to Purchase is good for a buyer who finds a house but has a low credit score. In that scenario the buyer needs to find a lender who is great at credit score couching and credit repair. The buyer’s credit score has to be raised as quickly as possible. It is very important to choose the right lender in this situation. The wrong lender could lead to a tragic and costly loss for the buyer.

The key is to work with a local lender as well as a local Real Estate Agent. I have no idea how many fake lenders and Real Estate sites are lurking in the dark world of the Internet. Based on experience, Internet lenders may or may not really exist. There are a few large companies that actually lend money. Remember there are a number of fees involved in the lending process. Do you feel safer putting your charge card number into a web page and pressing a button? Or do you feel more secure walking into a local bank, sitting down face to face with a lender in their office and handing over a check?

The key to credit repair is to preform a specific set of steps. At the very least you have to give you Social Security number to the lender so they can check your credit score and print a report. There may be a list of loans on that report you never heard of. There are companies who file fake reports, and for a few hundred dollars will remove that negative information from your credit report. How do you think they got your Social Security number? From the Internet. Be careful with whom you share your information. Real Lenders are required to use extra layers of Internet security.

The key to a successful Real Estate transaction is to choose a local, experienced team. At the very least that team will begin with a Real Estate Agent, a Lender, and Home Inspector. Each person will be state licensed and know their particular fields. The Real Estate Agent will know how to conduct specialized searches to save time, establish marker value, and find the home you want at the best market price. The Lender will guide you to the right loan for your situation and needs to work with the Real Estate Agent to see certain events and plan for them before they arise. The Inspector will know the local codes, and features of a home that may be a concern, and explain basic home maintenance and financial planning to achieve that goal. The team will also need a good Title Company to ensure all the paperwork is signed and funds are collected and properly distributed. Each member of the team has to be a local expert in their field to avoid costly mistakes. The Internet offers a broad range of opinions that may or may not apply to your local circumstances. You need the right experts in the right fields, in your local market to complete a purchase. Don’t be fooled by Internet parties claiming to know every local law, code, and Real Estate Market.