A Great Lender Helps From Start to Finish, Especially in a Short Sale
One of the very first steps in the home buying process is determining how a Buyer will pay for their new home. Not only must a Buyer determine much they can afford, but how an offer must be structured–whether closing costs must be paid by a Seller, gift funds will be used for a down payment, how much of a down payment will be paid, and so on. Having a great lender as part of the Buying team is critical, but especially so with short sale purchases. It can be difficult for a lender to help a Buyer determine exactly how much they might need to close the sale. A good faith estimate on the front... [Read more...]
Short Sales and 2012
By all indications, it appears that 2012 will be a year with even more short sale listings … and closings than 2011. Some of the major banks have embraced the idea that short sales can be a bit more profitable than letting houses sit for months on end and then ultimately end up in foreclosure. With the number of real estate transactions on the upswing here in the Auburn, WA, south King County, and Pierce County areas, it only makes sense that we’ll also see more short sale transactions. Around the water cooler, I’m hearing that some real estate brokers are fed up with the lengthy and time... [Read more...]
Okay, Should You Sell … and Buy in 2012?
Like many, you may have been sitting impatiently on the fence for the last three years hoping for a miracle that would allow you to sell your existing home without sacrificing too much more equity … and buy at today’s price and interest rate. At least once a week I get a call from a previous client or someone “just checking out the market,” wanting to do exactly that. And, who absolutely wouldn’t want to buy a house with the bargains out there??!! Let me try to help you make a bit of sense out of this type of scenario. The latest statistics from the Office of Federal Housing Economic... [Read more...]
Think Housing Prices Are Too High?
I have a client that loves to send me little jokes and ditties every now and then. He’s just slightly older than I am and loves to pontificate about how prices are outrageous and how he can’t imagine how people can afford to live any more. In some respects, of course, he’s absolutely right. But in others, it’s amazing how little prices have gone up. Today he sent me a list of a few things and their prices in 1955. Of note, of course, are prices like gasoline – 23 cents a gallon; milk – 85 cents a gallon; eggs – 61 cents a dozen. A bit of checking around and I see this list, thanks... [Read more...]
Mediation?–Yes, You’re Entitled!!
Yesterday I posted information about what to do as soon as you fall behind in your mortgage payments. As a second step in the foreclosure process in Washington State, the Foreclosure Fairness Act stipulates that if your loan is through one of the big banks, after receiving notice that a Notice of Default has been filed, you’re entitled to have your situation formally addressed through Mediation. The purpose of Mediation is to determine whether there is any alternative to bank foreclosure of your property. Ideally, the outcome of mediation might allow you to restructure your loan, save your home,... [Read more...]
Just Open the Mail!
In Washington State, folks that get behind on their house payments have options as described in the Foreclosure Fairness Act. The Act prescribes a series of steps to which a homeowner is entitled prior to any auction of their home. One of the first steps a lender must take for a home in Washington is to send a letter to the homeowner describing their options – the first of which is the right to request an informal meeting with the lender before a Notice of Default is filed. But here’s the thing … the homeowner has to make the request within 30 days from the date of the options letter. So... [Read more...]
Price Reduced — Start the New Year in a New House!
How about starting the New Year in a New House? One that’s beautifully kept, has a fantastic floor plan, sits at the end of a culdesac in a small neighborhood with no through traffic … and that backs to a greenbelt too!? AND was just reduced in price! Good grief, this is a better value than even most of the bank-owned properties in the area! Ready to move in, this is definitely not a rehab property! All of the rooms are generous in size in this home. In fact, the homeowner says that the large kitchen was one of the primary reasons she bought the house in 2004! Now updated with gorgeous... [Read more...]
Facing a Foreclosure or Short Sale?
The Washington State attorney general’s office recently released three videos that explain your rights and options should you be facing a foreclosure or short sale of your home. As an active Realtor®, I frequently receive phone calls from people that are already behind on their payments, or feel as though they will soon be in trouble with their mortgage. Sometimes, the call is from someone that is trying to get out from under a home that has lost significant value and is now worth far less than what they owe. Each of these types of calls requires a knowledgeable response and action. Sometimes... [Read more...]
The Value of Photos: It’s Good Seller Representation
Buyers are hooked on photos. I mean REALLY hooked on what they see when searching online for a home. They read a home’s description in the marketing remarks, then expect to see a visual confirmation of all of the features mentioned. From there they go to Google maps, or Bing, or wherever and pull up aerial photos. They look at birds-eye views; sometimes they try to get elevation views so they can get an idea of what can really be seen when looking out of the living room windows! Sellers are too! They want to see their home in all of its beauty up on the Web. Every feature. Every room. With... [Read more...]
Keeping Transactions on Course is a Bit Like Herding Chickens
My family is new to the world of chicken-keeping. Funny busy noisy creatures those chickens. But inclined to running all over the place when attempting to direct them from one place to another. Block one bird from running off course, then look around and another one has doubled back and is heading back to the pen … or off to dig up a worm in a totally different area of the yard. Kind of like keeping real estate transactions on course. Sometimes it takes a lot of arm waiving and shirt flapping to keep everyone moving in the same direction from start to finish. But persistence does pay off.... [Read more...]
4 Critical Facts When Selling Your Manufactured Home
Selling a manufactured home on land is a bit different than selling a stick-built home. There are a few more inspections and requirements, not to mention finding a lender that will lend! http://www.flickr.com/photos/afroswede/474602/ Here in the Auburn area of Western Washington, I’ve had the dubious pleasure of working through a few sticky manufactured home transactions over the last few months. Now, don’t get me wrong — working with the buyers and sellers was truly a pleasure! It’s just that there are so many different steps to be taken that sometimes clients can feel a bit overwhelmed... [Read more...]
What Kind of a Buyer are You?
Talking with prospective buyer clients every week involves having frank discussions about how they see themselves reaching their new house goals. Listening to them describe the sort of house they want along with how they see themselves living in the home, the neighborhood and location, helps set up a relationship that describes how a buying transaction will proceed. Some folks are emotional buyers. They drive into a neighborhood, walk into a house and instantly fall in love. THIS is the house. The sofa goes there. The kids can set up the WII there. The stand mixer fits perfectly into that corner... [Read more...]
So … What IS a Buyer Agency Agreement?
In a previous post, I wrote a bit about why a Buyer Agency Agreement is important and how a Buyer / Broker relationship might occur. I also indicated that, as a rule, I require a Buyer Agency Agreement to work with Buyers. So what, exactly, does a Buyer Agency Agreement obligate a Buyer to do? Likewise, what does it obligate the Broker to do? Here are the essentials of a typical Buyer Agency Agreement: Appoints a specific Broker (agent, salesperson—ME!) to work with you, but also creates an agency association with the Firm with whom the Broker works. It helps you understand that, not only are... [Read more...]
Working With Buyers — That Scary Buyer Agency Agreement
I love working with Buyers. The excitement of shopping for houses, seeing homes through their eyes, and the ultimate gratification everyone has when the transaction closes and move-in day occurs! It just doesn’t get much better than that!! But working with Buyers is a tremendous amount of work. There’s a lot of stress involved, a myriad of big and little steps, lots of time on the phone, on the computer, in the car. Sometimes several offers are written and negotiated before an offer is ever accepted by a seller. In today’s world of bank-owned homes, short sale properties, pre-foreclosures,... [Read more...]
Flood Maps Affect Home Sales and Purchases
One of the requirements to obtaining and maintaining a mortgage or loan on your home is that it be adequately insured against unexpected disasters. It’s important to know that damage from floods or landslides are not typically included in normal homeowner insurance policies. Evaluation of whether a home resides within a flood plain is part of the consideration in obtaining affordable homeowner’s insurance. This can affect the ability of a buyer to fulfill the terms of their purchase contract, as expensive insurance may negatively impact that buyer’s ability to qualify for the... [Read more...]
