Jamie the Real Estate Wonk mentions this morning that average rents in the Baltimore metro region have dropped this summer, compared to last year.

This is good news if you're a tenant looking to cut costs, and if rent is one of your major expenses. And, if you plead your case correctly, you can make cutting your rent sound like a good deal for your landlord as well.

Basically, if you're willing to move, you could consider shopping around for a cheaper apartment. Perhaps you could find a place that offers a shorter commute, more space or better amenities.

But don't forget that moving costs money, even if you rely on the kindness of friends and family to do the heavy lifting (literally). You'll need the cash for deposits as well as all the incidentals that crop up when outfitting a new (or new-to-you) home.

So before you give notice, tell your current landlord about your plans, and see if s/he can work with you to come up with a monthly rent that works for both of you.

After all, your landlord may lose a month's rent or more while preparing the place and advertising for a new tenant --- and with the average leases going for less in this region, there's no guarantee that a new renter will bring in the same or more money as you.

So how to do it?

Continue reading "How to negotiate leases and lower your rent" »

Posted by Liz Kay at 10:09 AM | Permalink | Comments (0)
Categories: Cheap/Frugal, Home/Real Estate, Rent
        

Baltimore homeowners: got a gas-powered lawnmower that spews out emissions as it roars around your yard?

Then bring it to the Herring Run Watershed Association's native plant sale next weekend (October 18) and trade that gas guzzler for a voucher toward the purchase of a quiet, energy-efficient lawnmower with a rechargable battery.

The "Cash for Lawn Guzzlers" program, sponsored by Together Green, Audubon Maryland-DC and the Herring Run Watershed Association, will allow Baltimore gardeners to exchange their gas-powered mowers for $110 coupons toward the purchase of a Neuton battery mower. Prices for the cordless, rechargeable mowers range from $299 for a reconditioned model to $439.

According to the program, using a gas-powered mower releases as much emissions as driving 10 cars for that same amount of time, and their electric counterparts only use $5 worth of electricity per year. The exchanged mowers --- just push models, no riding mowers --- will be recycled by Baltimore's Department of Public Works.

To take advantage of the program ... 

Continue reading "Trade in your gas-powered lawnmower & save" »

Posted by Liz Kay at 3:46 PM | Permalink | Comments (3)
Categories: Cheap/Frugal, Home/Real Estate
        

The Maryland Insurance Administration has directed victims of the Dundalk water main break on Friday to call 410-468-2340 for insurance assistance and complaints.

They have also provided additional advice from other state agencies, such as the Attorney General's office tips on how to avoid home repair rippoffs as well as how to clean mold and mildew, from the state Department of Health and Mental Hygiene. 

Hit the jump for more MIA tips on recovering from a disaster:

Continue reading "Dundalk water main break victims: insurance and scam alerts" »

Posted by Liz Kay at 9:03 AM | Permalink | Comments (0)
Categories: Consumer protection, Home/Real Estate, Insurance
        

I recently wrote about mortgage loan modification schemes and mentioned the national hotline you can call to get help if you fear a foreclosure.

Jacqueline Lampell with the Maryland Department of Housing and Community Development wrote to me to remind me that Maryland, too, has a program to aid homeowners.

The state's HOPE Hotline number is 1-877-462-7555.

"The Hotline is answered by experienced personnel who immediately refer callers to housing counselors in their local Maryland jurisdictions," she writes.

Lampell also encourages homeowners to check the group's Web site for more information about foreclosure prevention and links to state regulators investigating mortgage fraud.

Posted by Eileen Ambrose at 4:11 PM | Permalink | Comments (0)
Categories: Home/Real Estate
        

It's bad enough that many mortgage products were so confusing that some customers were able to get large loans with little evidence that they could afford the payments. But in some cases it seems banks have started to file foreclosure motions before they are even sure they have clear title to the home.

To combat this problem, one New York judge has been combing through the paperwork and rejecting documents riddled with errors, according to this New York Times story (discovered via Consumerist).

Judge Arthur M. Schack said in the story that if you're planning to take someone's house away, "everything should be legal and correct."

If you're concerned about the size of your loan payments or worry that foreclosure may in your future, e-mail your foreclosure questions to Sun business columnist Eileen Ambrose. Then tune in at 12 p.m. for a live chat with counselors from St. Ambrose Housing Aid Center. They'll provide some guidance for those for whom the housing crisis has struck home ... and the answers will be archived on the blog post for future reference.

Posted by Liz Kay at 9:24 AM | Permalink | Comments (0)
Categories: Home/Real Estate, Naughty businesses/NBotW
        

The government's new Home Affordable Modification Program can reduce your mortgage payments if you have had a financial hardship.

Learn more about the program and get answers to other housing questions you may have during Tuesday's live chat here with housing counselors from St. Ambrose Housing Aid Center in Baltimore. Chat starts at noon, but you can submit questions early, too, to eileen.ambrose@baltsun.com

Posted by Eileen Ambrose at 3:05 PM | Permalink | Comments (2)
Categories: Home/Real Estate
        

Join us here for a live chat on Tuesday at noon with housing counselors from St. Ambrose Housing Aid Center.

The counselors will be able to answer questions on the new federal program — Home Affordable Modification Program — that modifies mortgages so you can afford monthly mortgage payments. They also can discuss other options you might have if you’re having trouble with your mortgage.

Can’t make the chat? Submit your questions early to the housing counselors at eileen.ambrose@baltsun.com and you can check out the answers later on the blog.

Posted by Eileen Ambrose at 9:13 AM | Permalink | Comments (1)
Categories: Home/Real Estate
        

Next week's live chat will discuss how cash-strapped homeowners can avoid foreclosure. Our guest will be Lisa Evans, deputy director of St. Ambrose Housing Aid Center in Baltimore, as well as a housing counselor.

Got questions on the federal government's Home Affordable Modification Program or on any other housing matters related to saving your home? Get answers here Tuesday, Sept. 1, at noon.

You can also submit questions in advance to eileen.ambrose@baltsun.com 

Posted by Eileen Ambrose at 1:13 PM | Permalink | Comments (0)
Categories: Home/Real Estate
        

Baltimore County residents can get free information about foreclosures along with financial advice and legal counseling at a workshop tonight (Wednesday) in Owings Mills.

The sessions will run from 5 to 8:30 p.m at New Town High School, 4931 New Town Blvd.

Participants will receive strategies for managing their mortgages as well as one-on-one legal assistance. To reserve time with an attorney, call the Baltimore County Office of Community Conservation at 410-887-3124.

Posted by Liz Kay at 8:59 AM | Permalink | Comments (0)
Categories: Home/Real Estate
        

There’s some small tasks I’ve been wanting to do around the house for awhile – add phone jacks to the guest bedroom and basement, redo the basement floor which has an ugly green carpet the previous owners probably put down in the 70s.

But I’m not so handy and neither is the boyfriend. I’ve been afraid to call a contractor because I’m worried I’ll get the one bad apple that will overcharge me, rob me or do a bad job. I have gotten some recommendations from friends, but wanted more choices.

I discovered Service Magic while searching online. The 10-year-old company has a database with thousands of contractors, handymen, electricians, roofers ect., including 851 in the Baltimore area. What I really liked about the company is they screen the contractors. They run a background check, look for bankruptcy and liens, check sex offender lists and make sure the companies are properly insured among other things.

They also have a ratings and review process. If they notice a good number of people aren’t happy with a certain contractor, they’ll rescreen the company. Service Magic also guarantees the service. If you’re not happy with the work, they will try to work it out with the contractor. If that fails, they’ll have someone else come in and fix the problem.

Continue reading "Don't want a sex offender fixing your roof: free service screens contractors, handymen" »

Posted by Andrea Walker at 12:03 PM | Permalink | Comments (3)
Categories: Home/Real Estate
        

Folks, I'm still out of town, but don't miss Hanah Cho's excellent article in Sunday's paper describing how to buy foreclosed houses in Maryland. You might enjoy lower prices, but you'll certainly work hard for the savings.

However, given the pressure on the market, you might discover that buying houses in the traditional way might just be the more inexpensive route, especially given the length of time that might be required to buy a foreclosure.

Posted by Liz Kay at 9:09 AM | Permalink | Comments (3)
Categories: Cheap/Frugal, Home/Real Estate, How To
        

It’s still a buyer’s market — provided you can qualify for a mortgage.

Standard & Poor’s Case-Shiller Home Price index - covering the nine census divisions - show that the price of homes across the country set a record decline in the first quarter. The index fell a record 19.1 percent in the first quarter, the largest decline in the 21 years of tracking.

“Declines in residential real estate continued at a steady pace into March,” says S&P’s David M. Blitzer.

Of 20 metro areas looked at, all showed negative annual rates with 9 having record annual declines, he says. A bright finding: Nine areas looked at showed some improvement from February to March.

Since the peak of the spring 2006, average home prices plunged 32.2 percent, the S&P reports.

Baltimore isn’t in the index, but Washington, D.C. is. Housing prices in D.C. are down 18.6 percent from a year ago.

Posted by Eileen Ambrose at 11:56 AM | Permalink | Comments (0)
Categories: Home/Real Estate
        

Save some money when buying trees with coupons, just in time for Earth Day on April 22 or National Arbor Day on April 24.

Tim Wheeler over at the Bay & Environment blog highlighted a few great discounts on trees, including a $25 coupon off the purchase of a native tree worth $50 or more from participating nurseries. 

Then I spotted ...

Continue reading "Tree coupons: even more Cheap Trick Thursday" »

Posted by Liz Kay at 2:05 PM | Permalink | Comments (0)
Categories: Budgeting, Cheap/Frugal, Greenies, Home/Real Estate
        

So many people are struggling with utility bills, and have been for so long, that 84,000 Marylanders are at risk of having their electric and gas services cut off once winter restrictions are lifted on April 1, Laura Smitherman reports.

April 1 is the key date, because ...

Utilities can halt service when a customer's balance exceeds $200 for electricity or natural gas, or $300 for both; and when the total due is greater than the deposit. Rules are more lenient for low-income customers who apply for aid, the elderly and those on life support.

State regulations impose further restrictions on utilities during cold weather months for safety reasons. From Nov. 1 to April 1, service terminations are limited when the weather forecast does not exceed 32 degrees for 24 hours. Utilities also must file affidavits confirming that they made personal contact with customers before shutting them off and explaining the reason for doing so.

Now, a number of factors are affecting our bills this winter, including the colder temperatures. While everyone's situation is different, here are a couple of ideas to try to minimize your bills while staying warm:

Continue reading "84,000 people could have their electricity shut off" »

Posted by Liz Kay at 8:16 AM | Permalink | Comments (2)
Categories: Budgeting, Cheap/Frugal, Energy/Utilities, Gas prices, Home/Real Estate
        

Countrywide Financial Corp. will pay more than $2.1 million for foreclosure relief to Marylanders who lost their homes, state officials said this afternoon.

This is part of the previously announced settlement the mortgage company reached with Maryland’s Consumer Protection Division. The agreement was recently filed in Baltimore City Circuit Court.

Countrywide was accused of engaging in unfair and deceptive practices that put Marylanders in risky, expensive and ultimately unaffordable mortgage loans, state officials claimed. These practices occurred before Countrywide was acquired by Bank of America, the state said. Countrywide denied the allegations.

To settle the matter, Countrywide agreed to offer loan modifications and relocation assistance to borrowers who lost their homes.

Countrywide will notify borrowers eligible for loan modifications or the $2.1 million in relief money.

Posted by Eileen Ambrose at 5:05 PM | Permalink | Comments (0)
Categories: Home/Real Estate
        

The Maryland Attorney General's Office has put a bulls eye on Westwood Design Build Inc., a home builder based in Beltsville. The office says this week it filed consumer protection-related charges against the company and its owners, Mary Dietz and Michael Conrad Brown, for taking $400,00 from consumers to build new homes.  The AG alleges they took $400,000 in payments from consumers -- and not delivering the homes or paying subcontractors.

As you can imagine, the state's accusing them of failing to comply with a smorgasbord of consumer protection laws, including: the Maryland Home Builder Registration Act, the Consumer Protection Act, the Custom Home Protection Act and laws governing deposits on new homes.

If there was a kitchen sink within reach, it sounds like the AG's office would've tossed that also at Westwood Design Build.

Continue reading "Maryland AG Cracks Down on Maryland Homebuilder" »

Posted by Gus Sentementes at 3:45 PM | Permalink | Comments (0)
Categories: Home/Real Estate, Naughty businesses/NBotW, Scams
        

Rockville-based home builder Smart Development/Premiere Homes L.C. and its owner, Edward Kevin Smart, were charged today with violations of the Consumer Protection Act, acccording to the Office of the Attorney General.

The charges allege that Premiere Homes' building contracts contain illegal clauses that the builder used to terminate building contracts with consumers without any liability if it failed to build a client's home.

The charges also allege that Premiere Homes repeatedly took advantage of this temrination clause when favorable market conditions caused housing prices prices to rise. The AG's Office says the company would cancel its contracts to build homes after one year and refused to build the homes unless consumers signed new contracts agreeing to pay Premiere Homes more money.

"Under Maryland law, a home builder that fails to build homes cannot cancel its contracts with consumers without liability," said Attorney General Doug Gansler. "Consumers should be able to receive their promised homes."

Continue reading "Rockville home builder charged with Consumer Protection violations" »

Posted by Dan Thanh Dang at 4:30 PM | Permalink | Comments (1)
Categories: Consumer protection, Home/Real Estate, Naughty businesses/NBotW
        

I've hired a number of home contractors since I bought my home in the city several years ago, I didn't follow my own advice at all in three instances. (hey guys, I am human. I make mistakes, too). I was really fortunate that those experiences didn't turn out to be huge disasters.

There's a right way and a wrong way to hire contractors as I wrote about in my Tuesday column (I'll post the Q&A column in the jump to keep it on the blog permanently), and I definitely took some chances when I hired the guy to help renovate my first floor, who then recommended someone to install my central air.   

Continue reading "How to Find a Good Contractor" »

Posted by Dan Thanh Dang at 2:43 PM | Permalink | Comments (2)
Categories: Home/Real Estate, How To
        

Planning to use that tax rebate money on a little home improvement, like painting the exterior of your home?

You might be surprised by the price of paint. Add it to the growing list of products affected by the skyrocketing costs of petroleum. 

But don't skimp on the paint you purchase for the exterior of your house, or you might spend more money in the long run, sez Consumer Reports.

Continue reading "Save a few bucks: painting your house" »

Posted by Liz Kay at 2:09 PM | Permalink | Comments (0)
Categories: Cheap/Frugal, Consumer protection, Home/Real Estate
        

Home Depot said today it will close 15 underperforming U.S. stores -- two in Indiana, three in Wisconsin, two in New Jersey, two in Ohio and one each in Kentucky, New York, Minnesota, Louisiana, North Dakota and Vermont.

The chain will continue with plans to open 55 new stores this year, but will scrap plans to open 50 new stores still in the pipeline over the next 10 years.

According to the press release, the closings will affect 1,300 workers. Home Depot says store managers and assistant store managers at these locations will be offered other store management positions within the organization. The company will work to place the rest of the associates in other comparable store positions where available. 

The slowdown in consumer spending isn't just hurting Home Depot, the NYT reports that over the next year, Foot Locker said it would close 140 stores, Ann Taylor will start to shutter 117 and the jeweler Zales will close 100. 

Posted by Dan Thanh Dang at 3:30 PM | Permalink | Comments (1)
Categories: Home/Real Estate
        

Come April 1, sellers of homes in Mongtomery County will be required to provide potential buyers with an estimate of what the actual property tax bill will be in the first full year after the home is purchased.

The County Council approved the measure in December to help eliminate the shock that many county home buyers encountered in recent years when they learned that they would have to pay  significantly higher property taxes than did the seller due to swiftly rising residential property values. The bill passed unanimously.

Although the State of Maryland re-assesses residential properties every three years, the taxable assessment on a specific property is capped at a 10 percent maximum increase per year, unless the home changes ownership.

Posted by Dan Thanh Dang at 11:56 AM | Permalink | Comments (1)
Categories: Consumer protection, Home/Real Estate
        

Philip L. Rossetti, 59, pled guilty in Baltimore City Circuit Court this week for illegally falsifying a lead certificate to the Maryland Department of the Environment. Judge Timothy J. Doory gave him a six month suspended sentence, a fine of $5,000 of which $4,000 was suspended, two years probation and ordered Rosetti to perform 100 hours of community service, according to the AG's Office.

Rosetti, an accredited lead inspector, apparently falsified a Lead Paint Risk Reduction Certificate for a property at 4016 Penhurst Ave. in Baltimore after an inspection on Dec. 9, 2006. The false certificate was discovered by MDE's Lead Accreditation and Oversight Division when one of the documents Rosetti submitted contained a "Supervisor's Statement Work" from an abatement contractor whose accreditation had expired.

An investigation found that the contractor's signature had been photocopied from a pre-signed, but otherwise blank, Statement of Work form.

A joint inspection of the property conducted by MDE and the AG's Environmental Crimes Unit revealed numerous discrepancies between lead risk reduction conditions reported by Rossetti and those observed by the joint inspectors.

Rosetti wasn't the only one nabbed.

Continue reading "Lead inspector falsifies report" »

Posted by Dan Thanh Dang at 8:05 AM | Permalink | Comments (0)
Categories: Home/Real Estate, Naughty businesses/NBotW
        

My story about a Web site for landlords to post reviews about problem renters online discussed the difficulties property managers face when checking out potential tenants -- and advice for renters who fear they've been blackballed.

Remember when we first alerted you to donotrentto.com? It's a situation rife with thorny issues, especially when you're potentially smearing people's reputations.

But what source can landlords rely upon? Even court records about rentals should be taken with a grain of salt, said John Nethercut, executive director of the Public Justice Center.

"Public records are of course a better source of information than Web sites that may pick and choose which information to display. However, there are particular problems with the eviction records at the Baltimore City District Court," he said.

More than 130,000 eviction cases are filed annually in the city. But Baltimore's rent court is not computerized.

In a small percentage of those cases, landlords take their tenants to small claims court to try to get their back rent. If the renter pays up, the landlord is supposed to file documents to reflect that.

Continue reading "More advice for tenants and landlords" »

Posted by Liz Kay at 4:07 PM | Permalink | Comments (0)
        

I read somewhere that moving is in the top ten most stressful things you can experience in your life. Not sure what the other nine are, but I'm thinking that hiring a moving company that extorts money from you before they give you back your belongings has got to be up high on that list somewhere.

The American Moving and Storage Association (AMSA), an Alexandria, Va.-based trade group, said that a federal grand jury recently returned indictments against 14 people for defrauding and extorting fees from hundreds of residential moving customers across the U.S.

The indictment said that the defendants made money by providing extremely low estimates, packing up and removing customers' belongings, and then they increased the price and refused to deliver the property until the customers paid the inflated price.

Six of the defendants worked for AY Transport Inc. of San Jose, Calif., which was also known as Progressive Van Lines and Midwest Relocation Services. The remaining eight defendants worked for National Moving Network, a moving broker in Miami, Fla.

Continue reading "Moving van rip-offs" »

Posted by Dan Thanh Dang at 8:05 AM | Permalink | Comments (0)
Categories: Consumer protection, Home/Real Estate, Naughty businesses/NBotW
        

Here's the answer in Biz Writer Extraordinaire Tricia Bishop's really good story today.

As Tricia says, a wave of consumers wondering that very question rang up mortgage companies everywhere because: "Rates for 30-year fixed mortgages hovered around 5.5 percent Wednesday, with some dipping into the 5.25 percent range early in the day, according to area brokers. That's just a hair above the record lows recorded in June 2003, when the housing market was flourishing."

But before you rush to refinance, be warned that the rules are pretty different now. Let's just say that you better make sure your credit is pretty good. So if you owe more than your house is worth, have little to no equity in your home or can't prove how much you earn every year, this refi-rush will likely pass you by.

Posted by Dan Thanh Dang at 8:00 AM | Permalink | Comments (0)
Categories: Home/Real Estate, Loans, Personal finance
        

If you haven't already read Eileen's very helpful story on how the Fed's three-quarters of a percentage point cut affects you, check it out here.

If you're too lazy to read it, I'll sum up for you.

Credit Cards: Don't count on seeing a lower interest rate.

Home Equity Lines: Expect to see a decrease as early as next month.

Mortgages: No change for fixed-rate mortgages, but maybe for adjustable rate mortgages.

Continue reading "How the Fed interest rate cut affects you" »

Posted by Dan Thanh Dang at 1:30 PM | Permalink | Comments (0)
Categories: Credit cards, Debt, Home/Real Estate, Investments, Loans, Personal finance
        

If you've been putting off making a New Year's Resolution to exercise since you figure it's the first one you'll break, here's something you can do that will be good for you and won't require too much sweat. It will, however, require a little bit of time.

Now that you've received some holiday gifts -- possibly some pricey, some not -- it might not be a bad idea to make an up-to-date home inventory of your personal possessions.

Why in the world would anyone want to do that? For starters, the Insurance Information Institute, an industry tradegroup, says that taking stock of what you own helps you make the most of your insurance dollars. Senior V.P. of III Jeanne M. Salvatore says, "A home inventory lists all your personal possessions and their estimated value. This helps you to purchase the right amount of insurance and will make the claims process faster and easier if there is a fire, hurricane or other tyupe of disaster."

No one expects the worst to happen, of course. But when it does, the last thing you want to do is try to piece together the remnants of your life or remember every single item of value that you've lost.

For those of you who don't know where to start, the III has developed a software program called, Know Your Stuff, that allows you to enter, edit, print and store a home inventory. The newest version of this software can store multiple photographs of rooms and objects, and can handle large inventory files securely.

Continue reading "Inventory your home in the new year" »

Posted by Dan Thanh Dang at 3:29 PM | Permalink | Comments (0)
Categories: Consumer protection, Home/Real Estate, How To
        

Here's another piece of news I meant to put out earlier. A cluster of consumer advocacy groups in the state are warning Marylanders that even as thousands of homeowners are suffering through the loss of their home through foreclosure, that could just be the beginning your financial troubles.

Here's why: If you, the homeowner, has part of your debt forgiven during the foreclosure process, you're required to include the forgiven amount as income on your tax return. This amount is called a "windfall" and often taxes will be owed on that amount, according to the Maryland Consumer Rights Coalition, Maryland CASH Campaign and Baltimore CASH Campaign.

Forgiven debt in a foreclosure can range from a few thousand dollars to hundreds of thousands, which means the taxes owed can be significant. The groups warned that federal and state tax debt usually cannot be discharged through bankruptcy so consumers should contact their tax preparer immediately if you have canceled debt, known as the "1099 shortfall."

Continue reading "Tax bills on forgiven debt in your future?" »

Posted by Dan Thanh Dang at 11:00 AM | Permalink | Comments (0)
Categories: Debt, Home/Real Estate, Personal finance
        

Remember the other day when I told you about the Maryland Department of Ag's Weights and Measures Section? Well, many of you probably know about the state's Real Estate Commission, which was started to "protect the health, safety and welfare of the public through its examination, licensing, and regulatory activities in regard to real estate."

If you're curious about who got whacked with disciplinary action between July 1, 2005 to June 30, 2006, here's a taste of who got their license revoked, suspended, reprimanded and fined.

Revocations:

2004-RE-293 - D'Nettra D. Mercer (salesperson, Weichert Realtors and Century 21/AAA Realty, Ltd.). License REVOKED and licensee FINED $5,000 for violation of § 17-322(b)(3) and (25), and COMAR 09.11.02.01C for providing false and misleading information in a lease application, for immediately defaulting on the lease, and for providing false information to the Commission investigator.

2002-RE-172 - William J. Peterson (salesperson, W.F. Chesley Real Estate, Inc. and O'Conor, Piper & Flynn). License REVOKED and licensee FINED $40,000 for violation of § 17-322(b)(3), (4), (19), (21), (25), (31), and (33), and § 17-502(a), and COMAR 09.11.02.01C, D, F, and H, and 09.11.02.02A for leading the buyer to believe that he had purchased property while failing to disclose that the property belonged to a third party who was facing foreclosure, for taking deposit money from the buyer and failing to place that money in trust, for failing to give the buyer a written contract memorializing the agreement, and for failing to make payments on the existing mortgage as promised to the owner. A Guaranty Fund award in the amount of $9,900 was made as a result of the conduct of the licensee.

Suspensions:

Continue reading "Naughty businesses Part II -- real estate professionals" »

Posted by Dan Thanh Dang at 3:44 PM | Permalink | Comments (0)
Categories: Consumer protection, Home/Real Estate, Naughty businesses/NBotW