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Interested in Equity Protection
- Insurance
Equity Protection for your Peace of Mind
We have insurance for everything else these days so why not another one for your house! Except this insurance is supposed to insulate you from the fluctuations in the Real Estate market. With this they say you can protect 100% of your financial investment in your home.
Formed by a group of Fortune 500 executives they have launched Working Equity Inc a new form of homeowner protection that has never been seen before.
“Homeowners who purchase Equity Protection will receive a payment if their local housing market index declines when they sell their home. When a homeowner purchases Equity Protection, Working Equity uses independent data to determine the local housing index at the zip code level. After a fixed waiting period expires, if the homeowner sells their home and the local housing index has declined, Working Equity will pay the homeowner an Equity Protection payment equal to their home value multiplied by the percentage decline in their local housing index.”
While the actual value of the insurance is a little complicated to determine and it is based on a index created by a third party to the Equity Protection company it doesn’t sound like a half bad way to deal with the declining markets and ensuring that you don’t end up owing more on the property then it is worth in a down market.
Here are the 3 different scenarios they present on their website;
| Scenario A: You sell your home for $225,000 – a $25,000 loss: At the time of sale, the local market index is 90, a 10% decline. Since the local housing market index is down, you receive an Equity Protection Payment of $25,000. |
| Scenario B: You sell your home for $265,00 – a $15,000 profit: At the time of sale, the local market index is 95, a 5% decline. You still receive an Equity Protection payment of $12,500 since the local housing market index is down when you sell. |
| Scenario C: You sell your home for $265,000 – a $15,000 profit: At the time of sale, the local market index is 110, a 10% increase. Since the local housing market index is higher, the Equity Protection contract terminates with no payment. |
There are 3 different types of plans available currently: Lifetime Protection, Flexible Protection, Flexible Term. The cost they advertise is 1-2% of the purchase price either paid month to month, in installments, or all at once.
It is definitely an intriguing idea but would love to hear from those that have had experience with this company or this type of insurance.
Black Friday Moses Lake
Yes I know we are ummmmm challenged in the shopping area here in Moses Lake. Because of this you will find that most people when they want to do a large amount of shopping search outside our area and hit either Wenatchee (1 hr) or Kennewick (1 hr). But did you know Moses Lake has our own Black Friday right here!
Yes, it’s true we do! Granted there are obviously not as many shops to choose from but boy do people get out for this event. So I will give you the list of stores that you will be able to visit here in town on Black Friday.
- black Friday
Walmart: In store specials will be available at 5:00 a.m.
Moses Lake Events
Habitat for Humanity Festival of Trees
November 28, 2009
Description:
It’s time once again for the Festival of Trees Auction. This annual fundraiser for Habitat for Humanity of Greater Moses Lake is celebrating 15 years. The festivities start at 5:30 pm with registration, the silent auction, social hour and hors d’oeuvres. Their will be a short presentation followed by the live auction starting at 8 pm.
The event features a dinner as well as a silent & live auction which will feature at least 10 beautifully decorated trees, with most having gifts beneath or hidden within the branches. All proceeds from this event go towards Habitat’s mission of eliminating substandard housing in our community. All Habitat for Humanity homes are sold to the selected families at a no-profit, financed with no-interest loan and each family must invest upwards of 450 hours of sweat equity into the building of their home. This is a hand up and not a hand out program.
Donations are being sought for the Festival of Trees, items for both the live and silent auctions are needed. The success of the fundraiser depends on the generosity of individuals and businesses in our community. Show your support for Habitat for Humanity of Greater Moses Lake by calling Curtis at 509-765-0924 for tickets to the event, to donate items for the auction or to make a monetary donation.
Moses Lake Events
Habitat for Humanity Festival of Trees
November 28, 2009
Description:
It’s time once again for the Festival of Trees Auction. This annual fundraiser for Habitat for Humanity of Greater Moses Lake is celebrating 15 years. The festivities start at 5:30 pm with registration, the silent auction, social hour and hors d’oeuvres. Their will be a short presentation followed by the live auction starting at 8 pm.
The event features a dinner as well as a silent & live auction which will feature at least 10 beautifully decorated trees, with most having gifts beneath or hidden within the branches. All proceeds from this event go towards Habitat’s mission of eliminating substandard housing in our community. All Habitat for Humanity homes are sold to the selected families at a no-profit, financed with no-interest loan and each family must invest upwards of 450 hours of sweat equity into the building of their home. This is a hand up and not a hand out program.
Donations are being sought for the Festival of Trees, items for both the live and silent auctions are needed. The success of the fundraiser depends on the generosity of individuals and businesses in our community. Show your support for Habitat for Humanity of Greater Moses Lake by calling Curtis at 509-765-0924 for tickets to the event, to donate items for the auction or to make a monetary donation.
Feeling Vindicated Today!
An opinion on market conditions and Real Estate within the Moses Lake community
Feeling Vindicated Today!
An opinion on market conditions and Real Estate within the Moses Lake community
CLUE Reports and How They Affect You
Moses Lake Real Estate Agent Heather Adkinson
Also known as a Comprehensive Loss Underwriting Exchange is a claims history database that enables all insurance companies to access consumers claims information when they are underwriting an insurance policy.
Here is how it works….even if you as a homeowner have never had any claims or problems getting home insurance this will still affect you. If you happen to be purchasing a house that has had claims made against the home you may be unable to get homeowners insurance.
Another flaw in the system is that the only one able to obtain a clue report on the house (besides the insurance agency) is the homeowner of the property. Make sure when you are writing up a contract on a house that the 
insurance contingency paragraph is marked on the agreement.
If when a homeowner reviews the report and finds errors on that report they do have the ability to dispute the report at which point the owners insurance company will be contacted to try and determine if there is a valid claim or not.
Unfortunately these reports can also be used by insurance companies to determine what kind of risk you would be and can in turn affect if you get turned down for insurance. Not only do the CLUE reports cover homeowners, there is also a database that shows strictly automobile claims. Claims will only stay on your report for 5 years however.
Be aware that any hint of water damage to a property, for example, is likely to trigger a negative mark on the property’s CLUE report. Well-intentioned consumers who call an insurer to merely inquire about coverage for water damage have been shocked to have their insurance cancelled.
Here are some of the worst case scenarios that have come up as taken from http://www.privacyrights.org/fs/fs26-CLUE.htm
A former 21st Century Insurance fraud investigator and 32-year-old homeowner and mother was forced to get substandard homeowner’s insurance at three times the normal price because the house she was purchasing was “blacklisted” on a national Comprehensive Loss Underwriting Exchange (CLUE) report.
A 79-year-old homeowner was turned down for a homeowner’s policy because she made a $393 claim on her purse that had been stolen in Montreal while she was visiting her daughter.
A 75-year-old homeowner was “blacklisted” after she made a telephone inquiry about her policy coverage with Allstate, with whom she had continuous homeowner’s coverage for 30 years.
The Chief of the Consumer Services Division, California Department of Insurance and Palm Springs homeowner was turned down when he attempted to get insurance for his new home. An inaccurate CLUE report showed five claims, two of which were for another property owned by the seller in a different city; two other “claims” were only for coverage inquiries and one claim was fully remedied and should not have had bearing on his eligibility.
Be aware that filing any type of claim with your insurance company may result in issues that you ought to not have to deal with.
If you are looking to Buy or Sell Real Estate in Grant County I would love to Help! Call or text me at 509-760-7733
Follow Heather on Twitter @ hjadkinson
Become a fan on Facebook @ http://bit.ly/27KD73
Follow my Moses Lake Real Estate Blog @ http://hjadkinson.wordpress.com/
Search for homes @ www.propertiesinmoseslake.com
CLUE Reports and How They Affect You
Moses Lake Real Estate Agent Heather Adkinson
Also known as a Comprehensive Loss Underwriting Exchange is a claims history database that enables all insurance companies to access consumers claims information when they are underwriting an insurance policy.
Here is how it works….even if you as a homeowner have never had any claims or problems getting home insurance this will still affect you. If you happen to be purchasing a house that has had claims made against the home you may be unable to get homeowners insurance.
Another flaw in the system is that the only one able to obtain a clue report on the house (besides the insurance agency) is the homeowner of the property. Make sure when you are writing up a contract on a house that the insurance contingency paragraph is marked on the agreement.
If when a homeowner reviews the report and finds errors on that report they do have the ability to dispute the report at which point the owners insurance company will be contacted to try and determine if there is a valid claim or not.
Unfortunately these reports can also be used by insurance companies to determine what kind of risk you would be and can in turn affect if you get turned down for insurance. Not only do the CLUE reports cover homeowners, there is also a database that shows strictly automobile claims. Claims will only stay on your report for 5 years however.
Be aware that any hint of water damage to a property, for example, is likely to trigger a negative mark on the property’s CLUE report. Well-intentioned consumers who call an insurer to merely inquire about coverage for water damage have been shocked to have their insurance cancelled.
Here are some of the worst case scenarios that have come up as taken from http://www.privacyrights.org/fs/fs26-CLUE.htm
A former 21st Century Insurance fraud investigator and 32-year-old homeowner and mother was forced to get substandard homeowner’s insurance at three times the normal price because the house she was purchasing was “blacklisted” on a national Comprehensive Loss Underwriting Exchange (CLUE) report.
A 79-year-old homeowner was turned down for a homeowner’s policy because she made a $393 claim on her purse that had been stolen in Montreal while she was visiting her daughter.
A 75-year-old homeowner was “blacklisted” after she made a telephone inquiry about her policy coverage with Allstate, with whom she had continuous homeowner’s coverage for 30 years.
The Chief of the Consumer Services Division, California Department of Insurance and Palm Springs homeowner was turned down when he attempted to get insurance for his new home. An inaccurate CLUE report showed five claims, two of which were for another property owned by the seller in a different city; two other “claims” were only for coverage inquiries and one claim was fully remedied and should not have had bearing on his eligibility.
Be aware that filing any type of claim with your insurance company may result in issues that you ought to not have to deal with.
If you are looking to Buy or Sell Real Estate in Grant County I would love to Help! Call or text me at 509-760-7733
Follow Heather on Twitter @ hjadkinson
Become a fan on Facebook @ http://bit.ly/27KD73
Follow my Moses Lake Real Estate Blog @ http://hjadkinson.wordpress.com/
Search for homes @ www.propertiesinmoseslake.com
Extended Home Tax Credit
Extended First Time Home Buyer Tax Credit
Moses Lake Real Estate Agent Heather Adkinson
| Feature | Jan 1-November 30 2009 | December 1-April 30 2010 |
| First time Home Buyer Amount of Credit | $8000.00 ($4000.00 married filing separately | $8000.00 ($4000.00 married filing separately |
| First time Home Buyer Amount of Credit | May not have had interest in a principal residence for 3 yrs prior to purchase | Same |
| Current Home owner Amount of Credit | No Provision | $6500.00 ($3250.00 married filing separately) |
| Effective Date Current Home Owner | No provision | Date of Enactment |
| Current Home Owner Definition for Eligibility | No provision | Must have used the home sold or being sold as a principal residence consecutively for 5 yrs of the previous 8 |
| Termination of Credit | Purchases after November 30 2009 (Becomes April 30 2010 on enactment) | Purchases after April 30, 2010 |
| Binding Contract Rule | None | So long as written and binding contract to purchase is in effect on April 30, 2010 the purchase will have until July 1, 2010 to close |
| Income Limits | $75,000-single, $150,000 married Additional $20,000 phase out | $125,000-single $225,000-married Additional $20,000 phase out |
| Limitation on cost of Purchase Homes | None | $800,000 enactment date |
| Purchase by Dependent | No provision | Ineligible |
| Anti-fraud rule | None | Purchaser must attach documentation of purchase to tax return. |
Print this out for reference and you have everything you need!
If you are looking to Buy or Sell Real Estate in Grant County I would love to Help! Call or text me at 509-760-7733
Follow Heather on Twitter @ hjadkinson
Become a fan on Facebook @ http://bit.ly/27KD73
Follow my Moses Lake Real Estate Blog @ http://hjadkinson.wordpress.com/
Search for homes at www.propertiesinmoseslake.com
