A new state mandate requiring carbon monoxide alarms in existing single-family homes went into effect on August 1, 2008, that is protecting buyers and surprising sellers.  Keep reading to find out how to prevent this silent killer’s new law from sneaking up on you…

The new carbon monoxide (CO) alarm law requires that “every single-family dwelling and every dwelling unit in a multifamily dwelling” have “an approved and operational carbon monoxide alarm installed within ten feet of each room lawfully used for sleeping [...]]]>

A new state mandate requiring carbon monoxide alarms in existing single-family homes went into effect on August 1, 2008, that is protecting buyers and surprising sellers.  Keep reading to find out how to prevent this silent killer’s new law from sneaking up on you…

What is it?

The new carbon monoxide (CO) alarm law requires that “every single-family dwelling and every dwelling unit in a multifamily dwelling” have “an approved and operational carbon monoxide alarm installed within ten feet of each room lawfully used for sleeping purposes.” (See MN Stat. 299.51) This law was effective as of August 1, 2007 for newly constructed homes, and just became effective August 1, 2008 for all existing single-family dwelling units. It becomes effective in August 1, 2009 for existing multifamily dwelling units. The alarms must be an approved device (conforming to UL2034 standards), and may be hardwired, plugged in, or battery-powered (if attached to the wall).

What is Carbon Monoxide?

Carbon monoxide (CO) is a deadly gas that human senses cannot detect because it is both colorless and odorless. It is produced by the incomplete combustion of fossil fuels, including natural gas, propane, kerosene, gasoline and heating oil.

CO — the Silent Killer

•  CO is the leading cause of poisoning deaths in North America.  (AMA Journal)
• On average, over 10,000 people are treated annually for CO poisoning. (North Haven Professional Firefighters Association)
• Carbon monoxide exposure kills approximately 1,800 people each year. (AMA Journal)

Common Sources of CO

Potential CO sources include your fireplace, woodstove, furnace, water heater, gas dryer or stove, vehicles, grill and space heater.

What does it mean to you?

If selling your house, recognize that you have a direct legal obligation to equip your home with carbon monoxide detectors and take proactive steps to be sure that you have them installed before selling.

And if you’re currently house hunting, be sure to check that the home you ultimately purchase is properly equipped with these detectors, provided by the seller.

Finally, to save $5 on a new carbon monoxide alarm click here and for more news coverage of the Minnesota CO alarm law click here.

Further information about this statute can be found by discussing this issue with your attorney, or by reviewing the statute online at https://www.revisor.leg.state.mn.us/statutes/?id=299F.51.

Springwise points us to a new online marketplace with the descriptive name Home Equity Share matches home buyers with investors. To be exact: it brings together buyers who can afford monthly payments but not a 20% down payment, and investors who want to get into real estate but don’t want to become landlords or make monthly payments.

Potential home buyers post a profile listing their preferences, including the area they want to buy in, and the price range they’re looking for. [...]]]>

Springwise points us to a new online marketplace with the descriptive name Home Equity Share matches home buyers with investors. To be exact: it brings together buyers who can afford monthly payments but not a 20% down payment, and investors who want to get into real estate but don’t want to become landlords or make monthly payments.

Potential home buyers post a profile listing their preferences, including the area they want to buy in, and the price range they’re looking for. They’re automatically matched with compatible investors, come to an agreement and sign a preliminary commitment. This allows the buyer to become pre-approved for a loan, and to start looking for a property. Once buyer and investor agree on a property, the investor provides the down payment, the buyer arranges a mortgage for his home and moves in. At the end of a specified agreement term—usually three to seven years—the buyer can purchase the investor’s interest in the property, or they can sell the house and share its appreciation in value.

Home Equity Share provides the matching service and contracts at no cost to buyers and investors, but requires that they use a real estate agent who is registered with the company. Agents pay a referral fee of 20% of the commission earned on transactions referred by Home Equity Share.

Unlike P2P lending services we’ve written about in the past, such as Zopa and Prosper, Home Equity Share is targeting a very specific niche: real estate down payments. It matches the parties and provides them with contracts, but doesn’t facilitate the exchange of money. Other niche P2P lending matchmakers to follow?

It may sound hard to believe, but one part of the mortgage market is hot: reverse mortgages. That’s giving older homeowners more options to tap the equity in their homes but also opening the door to more confusion and mistakes.

Only a year ago, homeowners interested in reverse mortgages had little to choose from beyond the plain-vanilla government-backed products that have long dominated the market. Such mortgages essentially allow homeowners at least 62 years old to sell a large chunk of [...]]]>

It may sound hard to believe, but one part of the mortgage market is hot: reverse mortgages. That’s giving older homeowners more options to tap the equity in their homes but also opening the door to more confusion and mistakes.

Only a year ago, homeowners interested in reverse mortgages had little to choose from beyond the plain-vanilla government-backed products that have long dominated the market. Such mortgages essentially allow homeowners at least 62 years old to sell a large chunk of their home equity back to a bank or another lender in exchange for a lump sum, monthly payments or a line of credit.

Now, nearly a dozen large banks and mortgage lenders have launched reverse-mortgage products with lower fees and larger payouts. One lender has reduced the minimum age requirement to 60; others are making loans on second homes and vacation rentals. “Jumbo” reverse mortgages, for houses valued at as much as $10 million, are becoming more common.

With a reverse mortgage, instead of the borrower making payments to the lender, the lender makes a payment or payments to the borrower. The borrower keeps control of the house and doesn’t have to repay the money as long as he or she lives there. When the homeowner dies or moves out, the loan is typically paid off by selling the house, and any money left over goes to the homeowner or the homeowner’s estate.

A better life in retirement

The product is evolving from meeting basic needs to fulfilling the desires of a new generation of retirees, from funding a vacation getaway or recreational vehicle to renting a Paris pied-à-terre. The new options, though, mean more potential for confusion among consumers and a bigger chance that they could miss out on getting the best loans for their situations. MSN’s Full Story

What’s new in Puerto Vallarta condos? Want to see the latest San Diego high rise?

No longer do you have to wait for a national road show to get a feel for new developments around the world. Cliff Bowman, the Vancouver, B.C.-based marketing expert who has turned pre-selling condominium buildings into an industry art form, has taken his online condo idea to retail stores. His Urban and Resort Condo Centers offer consumers a menu of popular destinations and in-city projects while [...]]]>

What’s new in Puerto Vallarta condos? Want to see the latest San Diego high rise?

No longer do you have to wait for a national road show to get a feel for new developments around the world. Cliff Bowman, the Vancouver, B.C.-based marketing expert who has turned pre-selling condominium buildings into an industry art form, has taken his online condo idea to retail stores. His Urban and Resort Condo Centers offer consumers a menu of popular destinations and in-city projects while providing developers and builders a downtown sales presence for a fraction of the cost of finding and leasing their own building. Full Story

There’s nothing like compelling content to engage potential customers, and the folks at Springwise point us to Realius.com who is doing just that with its Fantasy Real Estate suite of online games.

The first of these, Price Me Now, was demonstrated at the TechCrunch40 Conference in September and crowned Most Creative Idea at the Web 2.0 Summit a month later. Now in beta, the game challenges players to guess the prices of actual homes for sale in their market by viewing [...]]]>

There’s nothing like compelling content to engage potential customers, and the folks at Springwise point us to Realius.com who is doing just that with its Fantasy Real Estate suite of online games.

The first of these, Price Me Now, was demonstrated at the TechCrunch40 Conference in September and crowned Most Creative Idea at the Web 2.0 Summit a month later. Now in beta, the game challenges players to guess the prices of actual homes for sale in their market by viewing the photos and property details provided by the Multiple Listing Service (MLS). Players earn points based on their performance against the Realius price, an aggregation of previous player estimates and the actual list price; in the near future, prizes will be awarded to the best pricers. The game is free to users, but real estate companies and professionals can purchase in-game placement as “coaches” who guide players and make their own professional guesses. Licensing fees, referrals and market reports are also part of Realius’s planned revenue model.

Chuck Teller, CEO of the California start-up, explains: “Realius captures the synergies between the enormous popular interest in casual gaming and Americans’ obsession with real estate. Our games engage consumers as they dream about, search for, buy, furnish, remodel and sell their homes in ways that are incredibly fun-but also instructive.”

Other games in the works at Realius include Fantasy Flip, which lets homeowners give their homes virtual makeovers and then solicit opinions on how much the changes would increase their value, and Major League Investor, which pits players against one another as they build fantasy property portfolios. The games currently focus on the company’s home base of the San Francisco Bay Area, but they’re a nice example of marketing through content – which could be particularly important for weathering tough business climates such as the one faced by real estate today.