LAST-MINUTE CONFICKER SURVIVAL GUIDE

Tue Mar 31, 2009 1:42PM EDT

Buzz up!on Yahoo!

Tomorrow -- April 1 -- is D-Day for Conficker, as whatever nasty payload it's packing is currently set to activate. What happens come midnight is a mystery: Will it turn the millions of infected computers into spam-sending zombie robots? Or will it start capturing everything you type -- passwords, credit card numbers, etc. -- and send that information back to its masters?

No one knows, but we'll probably find out soon.

Or not. As Slate notes, Conficker is scheduled to go "live" on April 1, but whoever's controlling it could choose not to wreak havoc but instead do absolutely nothing, waiting for a time when there's less heat. They can do this because the way Conficker is designed is extremely clever: Rather than containing a list of specific, static instructions, Conficker reaches out to the web to receive updated marching orders via a huge list of websites it creates. Conficker.C -- the latest bad boy -- will start checking 50,000 different semi-randomly-generated sites a day looking for instructions, so there's no way to shut down all of them. If just one of those sites goes live with legitimate instructions, Conficker keeps on trucking.

Conficker's a nasty little worm that takes serious efforts to bypass your security defenses, but you aren't without some tools in your arsenal to protect yourself.

Your first step should be the tools you already have: Windows Update, to make sure your computer is fully patched, and your current antivirus software, to make sure anything that slips through the cracks is caught.

But if Conficker's already on your machine, it may bypass certain subsystems and updating Windows and your antivirus at this point may not work. If you are worried about anything being amiss -- try booting into Safe Mode, which Conficker prevents, to check -- you should run a specialized tool to get rid of Conficker.

Microsoft offers a web-based scanner (note that some users have reported it crashed their machines; I had no trouble with it), so you might try one of these downloadable options instead: Symantec's Conficker (aka Downadup) tool, Trend Micro's Cleanup Engine, or Malwarebytes. Conficker may prevent your machine from accessing any of these websites, so you may have to download these tools from a known non-infected computer if you need them. Follow the instructions given on each site to run them successfully. (Also note: None of these tools should harm your computer if you don't have Conficker.)

As a final safety note, all users -- whether they're worried about an infection or know for sure they're clean -- are also wise to make a full data backup today.

What won't work? Turning your PC off tonight and back on on April 2 will not protect you from the worm (sorry to the dozens of people who wrote me asking if this would do the trick). Changing the date on your PC will likely have no helpful effect, either. And yes, Macs are immune this time out.

If you have questions about the real estate market in the Greater Charleston, SC area please feel free to e-mail, Owen@OwenTyler.com or call 843.224.5398.

A LITTLE INSPIRATION FOR YOU

A client of mine sent this video to me yesterday evening. Sometimes we all need to be inspired!



If you are considering buyer or selling real estate in the Charleston area or just want to discuss the current real estate market, please feel free to call Owen Tyler at 843.224.5398 or e-mail Owen@OwenTyler.com.

AMERICAN RECOVERY AND REINVESTMENT ACT - $8,000 TAX CREDIT

"The new credit can get money in the pockets of first-time homebuyers quickly," said IRS Commissioner Doug Shulman. "For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they've already filed their tax return."

How the tax credit works
The bill provides up to an $8,000 refundable tax credit (or up to 10% of the purchase price). If the property is $75,000, the credit is only $7,500.

• The credit is available to first-time buyers of a principal residence on or after January 1, 2009 and before December 1, 2009. This is someone who did not own another main home at any time during the three years prior to the date of purchase.

• The credit does not require repayment. The credit will be claimed on a tax return to reduce the purchaser's income tax liability.

• If the buyer's tax liability in the given year is less than $8,000, the IRS will send a refund for the balance.

According to the 2008 IRS Tax Tables: A single filer would need $46,600 in taxable income to have $8,000 in tax liability. A couple would need $58,600 in taxable income to have $8,000 in tax liability.

• Taxpayers whose income is more than $75,000, or $150,000 for joint filers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

Exceptions
If any of these conditions exists, the credit will not be available.

• Income exceeds the phase-out range. $95,000 for individuals, $170,000 for couples.

• The home is purchased from a close relative. This includes spouse, parent, grandparent, child or grandchild.

• You stop using your home as your main home.

• If the home is sold prior to three years of ownership, the tax credit must be repaid.

• You are a nonresident alien.

How to file
(This information published by the Internal Revenue Service. IRS Newswire, March 18, 2009)

For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they've already filed their tax return.

The credit may be claimed on 2008 tax returns due April 15 or on 2009 tax returns next year.

The Treasury Department encourages taxpayers to explore these options to maximize their credit and get their money back as fast as possible.

The filing options to consider are:

• File an extension - Taxpayers who haven't yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15. This step would be faster than waiting until next year to claim it on the 2009 tax return. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.

• File now, amend later - Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.

• Amend the 2008 tax return - Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.

• Claim the credit in 2009 rather than 2008 -This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.

If you have questions about the $8,000 tax credit or are interested in buying or selling property in the Lowcountry, please don't hesitate to call Owen at 843.224.5398 or e-mail Owen@OwenTyler.com.

THIS IS A MUST SEE

SO YOUR PRE-APPROVED, WHAT DOES THAT MEAN

Everyone knows that getting a loan today is dramatically different than it was 12 months ago.

Today all prudent Buyers should be pre-approved by a reputable mortgage professional before stepping foot in any house. Of course that pre-approval is no guarantee that you will be given a loan to purchase your new home.

As a matter of fact banks are now waiting until the 11th hour to tell Buyers they don't qualify leaving them with out of pocket appraisal fees, application fees, attorney fees and homeless.

If you are a Buyer here are some handy tips when you decided to purchase a home:

1. If you are working with a REALTOR ask that professional who they would recommend, I can assure you no REALTOR in their right mind is going to spend time showing someone property that has an "iffy" pre-approval letter.

2. When you meet with the mortgage professional be completely honest, don't try to paint a better picture than reality. If you only have $500 in cash or have only been at your job for 1 year and 8 months, be honest.

3. Take a look at your credit report with the mortgage professional, most are prohibited from giving you the report, but you should know what it says.

4. Before you arrive at your appointment have two years W-2s, a fairly accurate estimate of cash on had and investments, and your most recent paycheck stub.

5. Understand that the interest rate you are quoted is a function of your credit score, income and expense, amount of down payment, and even work history. You are completely and totally responsible for your credit score. And if something on the report is incorrect it is your responsibility to correct it.

6. Get your pre-approval letter in WRITING, with a list of any remaining items needed to get your loan approved.

7. And don't be afraid to shop around not all banks and lenders are the same, all have different minimum credit scores and requirements for many of the same types of loan programs.

8. Once you have found a mortgage professional with a loan program you are happy with get a Good Faith Estimate in WRITING so that you know how much money you are expected to have at closing and what the fees will be for your loan.

9. And finally keep in touch with your mortgage professional on a weekly basis. Check-in to see the status of your loan, ask if additional information is needed, and when the mortgage professional asks for documentation get it over ASAP, that is key. And if things are starting to head south, let your REALTOR know immediately, he or she can step in and help you out.

If you are considering a purchase or just have questions about the market or mortgage process please give Owen a call at 843-224-5398. Owen is a preferred REALTOR with several reputable mortgage companies that offer discounts to his clients on purchases and refinances.

GREAT BUY ON JAMES ISLAND

If you have any questions regarding purchasing property in the greater Charleston area, or selling your property, please feel free to call or e-mail, 843-224-5398 or Owen@OwenTyler.com.

Property Tax Reform Upon Us?

Friday, 06 March 2009
By Mike Fitts
SCBIZ Daily Staff

COLUMBIA -- Real estate would stop being reassessed automatically when it sells, a practice Realtors say is crippling South Carolina’s market, under a bill passed Wednesday by a House subcommittee.

The bill would put off reassessments until the county’s regular five-year cycle, according to S.C. Realtors Association CEO Nick Kremydas. Those in the real estate business have complained that immediate reassessments based on the sale price have brought a huge jolt, since the actual price has often been far more than the most recent assessment on the books.

It also would change the reassessments of properties that were sold since the sweeping changes in tax law went into effect in January 2007. Any properties affected so far would see their assessments rolled back to 2006 levels, Kremydas said. The bill does not include a refund for taxes paid in the interim, he said.

The bill was passed by a subcommittee of House Ways and Means and is expected to go before the full committee at the end of March, Kremydas said.

Top executives in the real estate industry have complained that the 2007 changes created huge inequities and disincentives to buy. When a property sells, its assessment can jump to far more than that of a similar property that has not changed hands. In many commercial leases, these taxes are passed onto tenants, who sometimes flee to other properties that have not been recently sold, Kremydas said. Others complain that the resulting higher taxes are putting off deals entirely.

The bill would have “a substantial effect on local (governments’) revenue, and that concerns us,” said Reba Campbell, deputy executive director of the Municipal Association of South Carolina. Campbell said her group would prefer that tax issues be addressed in a coordinated program rather than in a piecemeal set of bills.

Kremydas acknowledges that this is a short-term fix for one of many problems in the tax code. He said the association supports Senate Finance Chairman Hugh Leatherman’s plan for a tax commission to craft a long-term solution.

He said he understands opposition will be substantial, but he said the faltering economy makes it imperative that legislators fix the tax problem this year. “They should be embracing every opportunity they can to stimulate the economy at the state level,” Kremydas said.

Published March 6, 2009