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...]
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...]
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...]
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...]
Buy Now? … or Wait?
I bought my first home in the mid-’70′s, and then bought again in about 1983. Even though interest rates were “obscene,” (seems like ours was somewhere around 17.5%) somehow we managed to make it work. Builders and sellers routinely bought down rates and prices were considerably lower. I was reminded of this fact this morning when receiving a marketing piece by one of my favorite statistical companies, Estate of Mind. Simple little graphs like this one provide such a powerful visual guide of just how far interest rates have dropped and the resulting impact in purchasing... [Read more...]
15 Things Your Buyer’s Agent Should (Will!!) Do For You
My daughter is currently shopping for a house outside of Washington State, where I’m licensed and practice. Although I cautioned her and her husband against making sign calls and suggesting (strongly!) that she work with a Realtor I interviewed on her behalf and recommend, they decided to make a sign call and then moved forward with that agent. And not happily so. When I spoke with her by phone yesterday, her comment to me was “Oh Mom, the agent just opens the doors. We’re perfectly capable of finding houses on our own and we don’t need any other help.” Yikes! Now... [Read more...]
6 Tips for Buying a Home in a Short Sale
I was recently forwarded this article about buying short sales and thought it was good enough to share! Thanks to BuyAndSell.HouseLogic.com, By: G. M. Filisko, Published originally on March 19, 2010 Short sales can be lengthy and difficult, but if you know what you're doing, you can end up with a great deal. Image: fotog/Getty Images By preparing for a real estate short sale, you can emerge with a great home at a favorable price. When sellers need to sell their home for less than they owe on their mortgage, they’re shooting for a short sale. Short sale homes can sometimes be bargains,... [Read more...]
Welcome to Real Estate!
While driving between appointments a couple days ago, I called my daughter to check up on grandbaby Tyler. The car and traffic was quiet and it was a nice break in an otherwise hectic day. After learning about the latest baby accomplishments, inevitably we drifted into what my day had been like and what I was up to at the moment. To me, it was just another day … going to a vacant listing to meet with a plumber after water was found all over the kitchen floor. I was struck by her comment “Mom, you’re always out there taking care of other people’s houses. I can’t believe... [Read more...]
