RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Would You Sell Part of Your Home to Investors?

November 14, 2016 1:57 am


We bring you important points in housing each week—and this week (literally!) is no exception.

A new startup, Point (Point.com), aims to make homeowners free of debt and able to unlock the wealth in their home—but to do that, a homeowner must sell a portion of the equity in his or her home to Point’s investors.

How does it work? A homeowner provides some basic information about their home and household finances. Point instantly assigns homeowners pre-approval or denial based on the information they provide.

If pre-approved, Point provides a provisional offer based on the data provided—that offer is typically for between 5 percent and 10 percent of the home’s current value. To be eligible for Point, the owner(s) need to retain at least 20 percent of the equity in their home after Point's investment. The homeowner then completes a full application and provides documentation for the Point underwriting team. 

Within approximately a week, Point will schedule a home valuation visit, which the homeowner covers— generally between $500 and $700. Once the valuation is complete, Point will share the appraiser's report with the homeowner.

If the valuation is deemed acceptable by the homeowner, Point will finalize the offer following the appraisal and receipt of all supporting application documents, and call the homeowner to meet with a notary to sign the Point Homeowner Agreement.

Point then files a Deed of Trust and Memorandum of Option on the property in the county recorder's office. Once filings have been confirmed, Point transfers the offer funds (with less than 3 percent escrow and processing fees) electronically to the homeowner’s bank account.

If the homeowner sells his or her home within the agreed-upon terms, then Point will be automatically paid from escrow. If the homeowner does not sell his or her home, he or she can buy back Point’s stake at any time during the term, at the then-current appraised property value. 

Would you sell part of your home to investors?
 

Published with permission from RISMedia.


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How to Protect Your Mobile Device from Hackers

November 11, 2016 1:54 am


By now, the smartphone acts as an extension of a limb—everyone from teens to geriatrics walks around with that familiar head tilt eyes on the screen. And while technology has made everything from banking to shopping much easier, it has also made things much easier for hackers.

To battle this, the American Bankers Association (ABA) is recommending 12 tips to help consumers safeguard their data and protect their mobile devices from fraudsters.

“Mobile usage has grown tremendously in recent years and consumers are using their phones to access and transmit very sensitive information,” says Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy. “It’s extremely important that consumers avoid doing their banking and shopping on unsecure networks to limit their exposure to online threats."

ABA recommends that consumers take extra precaution to protect the data on their mobile device by doing the following:

• Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.

• Log out completely when you finish a mobile banking session.

• Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.

• Download the updates for your phone and mobile apps.

• Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”

• Avoid storing sensitive information like passwords or a social security number on your mobile device.

• Tell your financial institution immediately if you change your phone number or lose your mobile device.

• Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.

• Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.

• Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.

• Watch out for public Wi-Fi. Public connections aren't very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. 

• Report any suspected fraud to your bank immediately.

Source: American Bankers Association (ABA)
 

Published with permission from RISMedia.


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