WIRE FRAUD SCAM ALERT!

 Cybercrime is an unfortunate reality these days and has become a potential threat in real estate transactions.

Potential buyers have received emails allegedly from a title company or attorney providing wire inform...ation for use by the buyer to transmit earnest money for an upcoming transaction. The messages were actually emails that were intercepted by hackers who then altered the account information in the emails so the buyer's funds were instead sent to the hacker's own account. The emails appear genuine and contain the title company's email information and/or logo, etc. When the buyer transferred their funds pursuant to the altered instructions, their money was stolen.

It is apparent in this type of scam that the hackers monitored the email traffic of either the title company or the customer and were aware of the timing of upcoming transactions. While in the reported instances a customer was induced to misdirect their own funds, an altered email could conceivably be used to cause misdirection of funds by any party in the transaction, including the title company themselves.

Although wiring funds directly to escrow is still viewed by the real estate industry as a better practice than having real estate agents physically transporting buyers' deposit checks, the danger of hackers who are able to monitor Internet traffic and intercept emails from escrow officers to buyers and alter the wiring instructions to misdirect the buyer's funds into the hacker's own account is grave cause for concern. In such a wire fraud scam, if buyers transferred their funds pursuant to the altered wiring instructions, their money would be stolen with little or no chance that the money would ever be returned. Conversely, if sellers are to receive their sales proceeds by wire transfer from the escrow holder to their bank, this same type of fraudulent activity could occur.

To protect your funds and to avoid identity theft,you are encouraged to take immediate steps to secure their computer systems and email accounts to safeguard against this type of scam. Buyers and sellers should confirm all email wiring instructions directly with the escrow officer by calling the escrow officer on the telephone. In that conversation the correct account number information should be repeated verbally before taking any steps to have the funds transferred.

If there is any indication that buyers, sellers or anyone else has received questionable wiring instructions, your client should promptly notify their bank; you, as their real estate agent; and the escrow holder.

Here is a partial of online sources that can provide tips to protect your systems against cybercrime:
Federal Bureau of Investigation: www.fbi.gov
Internet Crime Complaint Center: www.ic3.gov
National White Collar Crime Center: www.nw3c.org
On Guard Online: www.onguardonline.gov

Just one more reason to work with a Real Estate professional.
Call or write me today and we can get started.
Rick Funk at Century 21 Alpha WWW.RickFunk.com
C21Funk@aol.com (408)629-6099

OPEN HOUSE SUNDAY! from noon to 4:00 p.m.

  6979 Sessions Drive, San Jose CA 95119
Absolute Perfection!
You must see this beautiful home..... so many wonderful upgrades, quality everywhere you look, great floor plan and use of S.F. Plus la...ndscaping is like a park with fruit trees and victory garden. Come see this home and pick up a no hassle buyer's package to the Santa Teresa Neighborhood. Rick Funk (408)629-6099 C21funk@aol.com

Plant a Tree, Save on Energy:

 As air conditioning season rolls into parts of the country that couldn't stand the cold not that long ago, home owners are ready to find new ways to save on their energy bills. Energy.gov provides a handy info...graphic with a variety of techniques that you can pass along to people who want to stay comfortable on the cheap.

Top among the site's recommendations is to landscape for shade: A landscape can reduce air conditioning costs by as much as 50 percent. Neighborhoods with plenty of trees can see daytime temperatures of 6 degrees less than treeless areas, too.
Shrubs and ground cover can cool air before it reaches the house, providing an even bigger break on bills.

Landscapes can also be designed to conserve water. Group plants with similar water requirements together, raise your lawn mower's cutting height, and water in the early morning to keep water from evaporating in the heat.
A landscape designed with these and other tips in mind can pay for itself in less than eight years, according to energy.gov. Source: "Slash Your Energy Bill With Smart Landscaping," Lifehacker.com (May 27, 2014)

The help you with getting that new home just call or write:
Rick Funk Century 21 Alpha C21Funk@aol.com
WWW.RickFunk.com (408)629-6099

When is a short sale the right decision?

4 Short-Sale Myths Dispelled:
Several myths persist about short sales. Tracy Mooney, senior vice president at Freddie Mac, dispels some of the following common myths on the mortgage giant’s blog, i...ncluding:

Myth 1: “A short sale is not an option for me because I’m current on my mortgage payments.”

Freddie Mac Fact: Even if home owners are current on their mortgage payments, they may still qualify for a short sale. They must meet general eligibility requirements, the home must be their primary residence, and their debt-to-income ratio must be more than 55 percent.

Myth 2: “I will be responsible for the entire amount owed on the mortgage.”

Freddie Mac Fact: Home owners won’t necessarily be responsible for the entire amount owed on the mortgage under the Freddie Mac Standard Short Sale program, Mooney notes. Borrowers who complete a short sale in good faith and are in compliance with all laws and Freddie Mac policies will not be pursued by Freddie Mac for the entire amount owed under the mortgage. However, home owners who have the financial means may be asked to make a one-time payment or sign a new promissory note for a portion of the unpaid balance after the short sale closes, Mooney says.

Myth 3: “I can’t get a short sale on an investment property or second home.”

Freddie Mac Fact: Mooney says that investment properties and second homes are eligible for a Freddie Mac short sale. However, borrowers must meet eligibility requirements.

Myth 4: “A short sale will affect my eligibility for a new mortgage.”

Freddie Mac Fact: Home owners who go through a short sale may be eligible for a new mortgage sooner if the short sale was caused from financial difficulties due to income loss, medical emergencies, or other extenuating circumstances beyond their control. Former home owners in those circumstances may be eligible for a new Freddie Mac mortgage once they’ve established acceptable credit for at least 24 months after completing the short sale. Former home owners who underwent a short sale due to “personal financial mismanagement,” however, will need to re-establish acceptable credit for at least 48 months to become eligible for a mortgage backed by Freddie Mac. “You should start speaking to a lender about a new mortgage two years after your short sale closed,” Mooney notes.

To answer all your Short sale questions and concerns about SHORT SALES, please feel free to call or write me: C21Funk@aol.com
(408)629-6099 WWW.RickFunk.com

Have you ever found yourself frustrated by the "Password" blues?

 10 Passwords You Don't Want to Use:
You undoubtedly have a lot of passwords you use to protect your private business information. But if you want to keep your information sa...fe, you’ll want to make sure your password isn’t on the list of the top 10 “worst passwords,” according to Imperva. Imperva analyzed 32 million passwords stolen from a hacked Web site called RockYou to reveal the most stolen passwords. They are:

1. 123456
2. 12345
3. 123456789
4. Password
5. iloveyou
6. princess
7. rockyou
8. 1234567
9. 12345678
10. abc123

To create safer passwords to protect your information against hackers, Imperva recommends having passwords that contain at least eight characters and that include a mix of at least four types of characters, such as upper case or lower case letters and special characters like “!” or “@”. Also, Imperva warns against having a password that is a word found in the dictionary or that includes any part of your name or e-mail address. Source: “25 ‘Worst Passwords’ of 2011 Revealed,” Forbes (Nov. 21, 2011)

Always here for you!
Rick Funk Century 21 Alpha (408)629-6099 C21Funk@aol.com
WWW.RickFunk.com

Smoke alarm laws for residential properties: (July 1, 2014)

 Where there’s smoke, there’s fire and, if you’re compliant with the law, a smoke detector, too! Read on to ensure you and your clients comply with new and existing rules control...ling smoke alarms in residential properties. Smoke alarms approved by the State Fire Marshal are required to be placed in all residential properties in California. The State Fire Marshal lists all approved smoke alarms. [Health & Safety Code §13113.7] Beginning July 1, 2014, the State Fire Marshal will require all battery-operated smoke alarms to contain a non- replaceable battery that lasts at least ten years. [Calif. Health & Safety Code §13114(b)] Beginning January 1, 2015, the State Fire Marshal will require all smoke alarms to:
display the date of manufacture; provide a place where the date of installation can be written; and incorporate a hush feature.
Does this mean all the existing smoke alarms need to be replaced to meet these new alarm requirements? No. Operable battery-operated smoke alarms which were approved and listed when they were installed don’t need to be re- placed immediately. [Health & S C §13113.7(a)(4)] NOTE: Local ordinance may require replacement sooner. [Health & S C §13113.7(a)(4)] When an existing smoke alarm no longer works, the replacement smoke alarm is to meet all new requirements. For example, a battery-powered smoke alarm installed on July 2, 2014 is required to have the non-replaceable ten-year battery, but is not re- quired to display the date of manufacture. NOTE: Smoke alarms do not need to adhere to new battery requirements if they are ordered or inventoried on or before July 1, 2014. However, this exception only applies until July 1, 2015. [Health & S C §13114(b)(2(B)] Smoke alarms are not required if a State Fire Marshal-approved fire alarm system with smoke detectors is installed on the property. An existing fire sprinkler system no longer exempts a residential property owner from smoke alarm installation re- quirements. [Health & S C §13113.7(a)(5)] Violations of smoke alarm rules incur a maximum fine of $200 for each offense. [Health & S C §13113.7(e)]
For all the latest laws and code enforcement requirements you can always call Rick Funk Century 21 Alpha C21Funk@aol.com
(408)629-6099 WWW.RickFunk.com

Aloha Friday My Friends......

 Only two more days to work this week.
Question: If you could live anywhere in the world.... where would that be?

Call me to find your place in this incredible world. Century 21 is Global.
Rick Funk Century 21 Alpha
C21Funk@aol.com
WWW.RickFunk.com
(408)629-6099