The ezPalm Blog

The best way to explain why a mortgage professional is always better than a banker is to use an anecdote. My parents lived in the house I grew up in for 35 years, so it was finally time to move. They found a home they liked, made an offer, and signed a purchase agreement. After conferring with me, they decided to go to a bank - one of the more well-known mortgage banks in the region. Of course, I thought a good mortgage professional would be better, and I told them I could follow the deal from start to finish, if they went with a company I previously worked for, but the bank they decided on offered a little better rate and lower fees, so they wanted to go with them.

I told them to go ahead, but I was nervous, knowing what I know about large banks, ones that are not wholesale lenders, who work with mortgage professionals. After many trips to the bank (remember, bank loan officers don’t come to you) that included plenty of hassles over paperwork, they agreed on a loan for their new home. The next step was to sell their house, so they could use the proceeds for a down payment and moving expenses. My parents had over $60,000 in equity and wanted to put a good chunk down on their new house and use the rest for expenses.

Since time was against them - they had 30 days to pay off the seller of their new home, and they didn’t have an immediate offer on their current residence - they decided to apply for a bridge loan (more on bridge loans later). This would take the equity from their current home and use it to pay off their mortgage, leaving them enough money for the down payment on their new house. When they sold their old home, they would use that money to pay off the bridge loan. Here is where things got very dicey.

Their new lender offered 85 percent of the value of their home for the bridge loan. So, if the home appraised for $100,000, they would get $85,000. They assumed the value would be there. The bank sent an appraiser on a drive-by, which means my parents weren’t notified, and the appraiser did not go in the house. He then wrote up the value for the bank’s loan underwriter. Drive-by appraisals almost always come in lower than the home’s actual value.

Now one of the three or four loan officers my parents were dealing with called and told them the value they would use for the loan, and it turned out to be about $10,000 less than they expected. This meant they would not have the money they hoped for, and they would now have to put less money down on their new home. This would, of course, lead to other problems - like a higher monthly mortgage payment and less money for moving expenses. They were, to say the least, devastated.

Being the proactive person that I am, I decided to intervene and call their bank. I spoke with one of the many loan officers (you see, you don’t have just one person handling you at a bank; you’re just another loan number). I had, of course, already done my own research and learned that the value of my parents’ house should be much higher. I asked the loan officer to explain how they came to this very low value. She fumbled through her answer and told me they use comparable sales prices in the area and that they don’t do a drive-by appraisal.

She said I would have to talk to someone in their equity department, because she didn’t know what other options there were. I was somewhat surprised at her lack of intimate knowledge with the bank’s policies, but I certainly wasn’t shocked. This is the nature of home loan operations at a bank - one person passes the responsibility to another and only in rare instances does one department really know what the other is doing. You’ll never have this problem with a good mortgage professional.

After being channeled through another receptionist at the same branch office, I wound up speaking to an underwriter in the equity department. She told me that a drive-by was, in fact, done. I explained to her as I had the other woman why the value was inaccurate. (I had very accurate comparable sales prices from different resources, given to me by one of the area’s best appraisers.)

I asked the equity underwriter if my parents could have a complete interior appraisal done to give a true value, and she said this was an acceptable option. In the end, my parents got the value they needed, and things worked out just fine. They needed a quality mortgage professional, though, to get it done.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com.

There is something about that extra day tacked onto a weekend,
be it a Monday or a Friday, which turns a getaway into a mini
vacation. Of course three day weekends are a state of mind. One
“three day weekend” trip my boyfriend John and I took to Vegas
started on Memorial Day Monday and ended on a Wednesday. We tend
to take breaks just before or just after big holidays - you get
better rates, better service and a lot fewer crowds. That trip
we skipped our usual easy bargain booking for midweek Luxor
(always clean, excellent bathrooms) and made a blind Hotwire bid
on a Vegas Strip 5 star hotel and ended up in the mind-boggling
Venetian for an unheard of price - under $100 a night including
service fees. Lots of California people fly to Vegas, Tahoe or
San Francisco, but we seem to end up driving to our breaks,
partly because the dog kennel we use is right off the 10 freeway
and often on the way, partly because getting on the road means
the vacation has already started. When you add up getting to the
airport early, parking, waiting to board, being inspected, then
collecting baggage at the other end, you are practically at the
same number of travel hours. And on the plane, we don’t get to
eat one of John’s patented toasted sandwiches. Somehow, the way
he makes the sandwich means I actually eat mayonnaise, a
substance I usually detest. Driving against the traffic
(everyone else was heading back from the weekend away and oh
what a stream of headlights we saw crawling along) we were
hypnotized by the flashing lights of an outlet mall/casino combo
at the border - Stateline, Nevada - and stopped in. Great
bargains for men’s wear, not so great for women’s wear - but we
didn’t do a thorough search.

On that Vegas trip, we dragged our battered garment bag, with a
freshly broken strap, across the lush marble-floored lobby,
looking like refugees. We entered our suite-like room - with its
canopy bed, step down tv lounge and huge marble bathroom (two
sinks, a shower and a huge tub), pulled out the nice champagne
we’d brought along in our cooler, pulled out our travel
champagne glasses (if they break we don’t care) and put on the
plush robes the Venetian provides. A cable movie and champagne
shook the dust off the road trip. The next couple of days in
Vegas sometimes means the spa for me, for sure the sports bar
for John, and our search for the stranger slot machines to play.
The “Ripley’s Believe It Or Not” slots actually reward you for
answering trivia questions. Vegas is not really about thinking,
but the times we’ve played the game we’ve gotten a few
interested onlookers impressed with our ability to pull facts
out of our brains. We toyed with the idea of hanging around the
machines having a cocktail and helping other players answer
their bonus questions but decided against it. Along the strip,
the Barbary Coast has maintained its original kitsch, sandwiched
between lush hotels who doubtless are sporadically trying to buy
them out. The tables there are friendly and attract a mixed
crowd of fairly low stakes players. Like, a lot of hotels,
dealers display where they are from on their name tag. A tall,
blond Czechoslovakian dealer at the Barbary Coast took John’s
blackjack stake away with breathless speed and efficiency. Was
she paid by how many cards she dealt? She was so fast that the
dealer at the next table actually seemed mad at her for ruining
everyone’s fun. His attitude was “This is the Barbary Coast, we
don’t do that here”. Good thing the sports book paid off for
John phenomenally.

If you’re into food, Vegas can be frustrating. Bargain buffets
notwithstanding, to-order food is often pricey and mediocre. You
can always count on chains for consistency (Vegas has branches
of California Pizza Kitchen, Wolfgang Puck’s, Chin Chin, and
tons more), but part of a vacation is to try something new. We
found two gems last visit. The two new places were both at
venerable Ceasers, a survivor from the Rat Pack era which keeps
re-inventing itself and staying near the top of the competitive
heap on the Strip. At the Palm restaurant (also in NY and L.A.)
there is a businessman’s lunch for $15.95 - choice of soup or
salad, choice of fish or filet mignon (!), and coffee. Wines by
the glass are pricey but excellent. One of Caeser’s food courts
features such offerings as good southern bbq, roasted turkey
sandwiches, and above average pastries.

As for dinner, we can’t resist our old standby - The Four
Seasons’ Verandah restaurant. Their three course dinner special
for around $30 is a great deal - cooked by a chef (not a kitchen
worker), and always with a carefully designed menu. One night we
learned there was most definitely a chef on hand as the man
himself - beefy and affable - came out of the kitchen to talk
when we had a question about how he made such perfect fish. I
still use his halibut recipe - hot pan on the stove top, almost
finish the fish, then transfer it to a cold un-oiled pan in a
hot oven - but I digress. Even during the very hot summer, night
time outdoor dining at the Four Seasons is quite pleasant, as
you can sit by the pool. It’s hard to come by quiet in Vegas,
but here you get it - there is no gambling in the Four Seasons.
If you want to gamble after dinner at the Verandah, the hotel is
joined to Mandalay Bay by an air conditioned lobby.

We left town the next day, stopping at Ceasers , our new casual
dining spot, for good coffee for the road - and contemplated a
last attempt at the Ripley’s slots. We decided to skip it and
call it even when we learned the valet parking outside the
coffee shop was free. We got on Interstate 15 and joined the
weekday throng of truckers headed into California. Traffic was
light ‘cuz thanks to driving an off time. We cruise to
Interstate 10 and can’t be at the kennel soon enough for the
dogs. I am sure the dogs know when we are getting close but I
always call the kennel keeper to warn her. Humans need advance
notice for what dogs already know. The sound of an approaching
car sets off every dog in the kennel but the barking settles
down once the fellas see us and know they are hopping in the
convertible and heading home. Bert the shepherd sits in the
middle facing forward to make sure we are following the right
route. The other two mutts, Buster and Louie, lounge in the
back, hanging their heads out the window, the kennel already
forgotten. We never make the trip home without a few kids waving
and pointing at the funny people with three dogs.

At least picking them up involves a lot less guilt than dropping
them off, but sorry boys - there will always be another three
day weekend ahead.

Cleaning vinyl siding may seem difficult but it’s actually quite easy if you have the proper equipment. If you don’t have the proper tools and experience though, it could take far more time than you expected.

Some of the most common mistakes to avoid made by homeowners and contractors when cleaning vinyl siding are:

Failing to examine the surface and surrounding areas for electrical outlets, open windows and other obstacles.

Not wetting down the grass and bushes in the areas to be cleaned.BR>

Using too much pressure when cleaning vinyl siding can also force water up behind the siding where it will cause mildew behind the siding or in some cases, blow the siding off the house!

Washing vinyl sided homes from the top down or letting chemicals dry on the house, which may leave streaks on the siding.

Using a ladder when cleaning vinyl siding can damage the aluminum siding or result in serious injuries and death from slipping off the ladder.

These are just some of the types of mishaps that many people have when cleaning vinyl siding on homes. If you decide to use a power washer on your vinyl siding, here are some general guidelines to use.

Make sure the power washer puts out a minimum of 4 gallons of water per minute and less than 1000 PSI.

Most homeowners or new contractors will buy a machine from a hardware store that puts out 1,000 PSI but only uses 2 gallons per minute of water. While this machine may work, it will triple the amount of time to do the job properly.

Be careful if you’re making your own chemicals to clean vinyl siding, mixing bleach and ammonia can create a poisonous gas.

We suggest using chemicals that were designed to properly clean vinyl siding. Some contractors buy a house wash that’s available in most hardware stores and are unable to achieve the results they were expecting. Most of the house washing agents contractors need for cleaning vinyl siding can be purchased from Sun Brite supply, these products are designed to clean vinyl siding more effectivly and give better results.

The best way to clean vinyl siding is by using an X-Jet, this tool can cut your cleaning time by 50% or more! if you don’t have one then use a power washer that has a chemical injector built into the machine.

Using a chemical injector to clean vinyl siding will allow you to pull the soap from the container, mixing it in the machine with water and spray it onto the house using low pressure starting from the bottom up. Make sure when using a power washer that you don’t shoot water or chemicals up under the vinyl siding, this can cause significant mold and mildew problems.

Allow the chemical to dwell on the siding but not too long, it may damage the vinyl siding your cleaning. Then using low pressure, rinse the product from the siding. Make sure when your rinsing the product off the siding that you start at one end of the siding all the way to the end. Do not stop or vary your distance from the siding, or it will cause the surface to be cleaned un-evenly. When finished, make sure you rinse down any plants or grass in the areas you have cleaned.

Peter Marentay, Owner of Sun Brite Inc.

Mr. Marentay joined Sun Brite Inc. in 1998 and immediately created a new division of the company - Sun Brite Supply. Since that time, SBS has become one of the fastest growing suppliers of specialty products to the pressure washing industry.

Pete co-authored the Power Washers of North America Wood Certification course and is currently an Advisory Director of PWNA. He is a PWNA Certified Instructor. PWNA Certification is available separately for those interested at the end of the class.

Pete has taught this 4-day hands-on class since 1999. The important focus of this 4-day course is Profitability.

Toll-free 1-877-5-SUPPLY or 1-877-578-7759
Phone (770) 277-9924
Fax (770) 277-1612
Address:
361 Pike Boulevard, Suite 240
Lawrenceville, Georgia 30045