Residential Real Estate in SW Washington State

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16 Tips to Prepare Your Home for Sale

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While buyers must shop within their financial qualifications, their decision to make an offer on a home is first, and foremost, an emotional response to the appearance of your home and property. The money and negotiation side to the actual purchase comes later.

In order to maximize the appearance of your property — thus eliciting more excited Buyers about your home, follow these 16 simple preparation tips.

1. Tidy up the grounds, porches and garage.

2. Keep the lawn trimmed and edged.

3. Make sure that your yard is clean.

4. Your front door adds to that first impression—be sure it is scrubbed or repainted if necessary.

5. Wash windows, window ledges and corners, and clean/dust window coverings. Grime is your enemy!

6. If any decorating or painting is needed (especially in the kitchen), do it now! Twenty dollars worth of paint will make a much larger difference in the sales price.

7. Bathrooms help sell homes. Make this room sparkle.

8. Illumination is like a welcome sign. Replace bulbs and turn on the lights.

9. Declutter the closets — pack away the clothes that are out of season during your sale period. Donate those that haven’t been used in a year or two. And don’t forget to also weed out the shoes and purses that are out of style and sitting on shelves or floors!

10. Declutter the kitchen cabinets and pantry areas. If your cereal boxes and chips are crammed into the cupboards, the buyer may think your kitchen is too small, requiring immediate remodeling on their part.

11. Clean up areas where your pets reside — that means making sure their kennels sparkle, the litter box area is neat and tidy (and smells good!).

12. If you have exotic pets like reptiles or even gerbils, mice, or hamsters, consider boarding them with friends during your sale period. Many people are allergic or even fearful! Remember that the idea is for people to concentrate on your house, not concerned about your pets (for whatever reason).

13. Walk around the outside of your house with a critical eye for signs of neglect or decay — this could be dry rot in deck boards, trim boards that should be powerwashed and repainted, roof shingles that are loose, and so on. Once a buyer spots something that strikes them as neglect, they’ll start looking for other signs. You want them to concentrate on the good features, not looking for things to pick apart at the time of the offer.

14. Walk through the inside of your home with that same critical eye. A running toilet, dripping faucet, carpet snags or just stained spots, all lead a buyer to question your upkeep. While homes are priced very low right now for a number of reasons, buyers still want to move into a home that won’t require tedious maintenance issues.

15. Pack away valuables, store extra furniture, knick-knacks, medicines, firearms, and personal information.

16. Pretend you are seeing your home for the first time through a buyer’s eyes. Call me for recommendations on how to stage the property for presentation to prospective buyers.

Finally, although the next two points don’t directly affect the appearance of your home and property, following them will greatly increase your chances of receiving a favorable offer:

  • Leave the showing to the agents. A buyer’s agent knows their client’s requirements and wants and can best emphasize the features of your home.
  • Don’t discuss anything about the sale with a potential customer. Let your agent discuss price, terms, possession and other items concerning the sale.

Remember that spending a little extra time getting your home ready for sale will result in a much higher selling price. Sometimes dramatically so!!

Added 9/5/10: This morning my Lowe’s newsletter arrived with a similar article, with even more specifics. To read that article, click HERE.

From a Realtor(r) — Online Mortgage Broker vs. Local Loan Officers

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From a Realtor(r) — Quicken Loans (online) vs. Local Loan Officers

In a recent press release, JD Powers ranked Quicken Loans as #1 with regard to customer satisfaction for home loan purchase and refinance origination. I wonder how they’d rank locally or if this is a national statistic?

Online handshakeWhile we increasingly become an online population with little or no face-to-face  communication, I’m not sure I agree that using online mortgage brokers vs. local loan officers is the best method of completing a home purchase. In all fairness, however, I haven’t had an opportunity of working with Quicken Loans with any buyer. I can tell you that clients of mine have worked with several of the other companies in the JD Powers rating list…and with mixed satisfaction. 

From my perspective, once financial qualification is determined, the most critical part of completing a mortgage loan is communication between all parties involved, not just the borrower and their loan company.

Working successfully through a transaction requires that a real estate broker also be kept informed. We’re out here trying to coordinate things from our side and knowing timelines and milestones on the loan side is critical. After all, we need to meet those deadlines as well.

Local Loan OfficerI always want to be sure to know exactly who to talk to (not just a voice in a department), but a real person that follows a mortgage application from start to finish. That said here’s a list of highly successful mortgage representatives with whom I work continually. They do what they say they will do, they know their loan products and they are masters at communication! I know, without a doubt, that they’d rank right up there with Quicken Loans, if not higher.

By the way, I’m all for making applications online, using email, texts, whatever. I regularly share info electronically and I absolutely love the convenience and security of using digital signatures. I just think it’s critical to have a single person with whom you’ve met and talked handle your transaction from start to finish. And be there later when you have questions or want to refinance. Your talented and qualified mortgage officer should be part of your suite of regularly used professionals, along with your real estate broker. We’re here for the long term, not just a single transaction.

Other articles you may find useful:

Questions to Ask a Loan Officer

 Mortgage Approval for Buyers “and” Sellers

 

May 1st = Garden Time in the Pacific NW!

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Hard to believe as I look out the window that today more or less marks the unofficial beginning of garden season here in the Pacific Northwest. It’s a heavy grey day outside and has been raining and blowing like nuts since yesterday afternoon. Oh wait. The sun’s out. Give it a few minutes. Now it’s hailing. Actually, that’s about right for our Spring weather.

imageIn our yard, May 1st has always been the earliest that baby vegetables go into the garden, flower pots get hung and planters dressed up for the summer. We’re fortunate to have a huge garden plot, which also means that lots of weeding, soil turning, and fertilizing also takes place about this time of the year.

Gardening is a huge part of our PNW lifestyle, especially here in the suburbs where I work to assist Buyers in their home purchases so that they have a little of their own garden heaven. As I tour homes with them, it’s interesting to hear comments about the garden areas of the houses they like.

Some Buyers are so excited about green lawns and summer barbeques, some look forward to having a few fragrant roses to bring indoors during the summer months, and some have grandiose plans (like me) for full-blown vegetable plots hoping to grow enough produce to can and freeze for the year.

imageBecause of Buyer fascination with gardens, Sellers should also strive hard, especially at this time of year, to be sure that yards and gardens are well trimmed and productive. Have a vegetable garden area as part of the yard? Go ahead and plant it even though the hope is to have your home sale completed well before harvest time. Buyers love the idea of picking fresh tomatoes!

10 Tips to Buying an REO Listing

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houseboarded10 Tips to Buying an REO Listing for first-time homebuyers

Working with first time homebuyers makes bank-owned (referred to as REO … Real Estate Owned) properties seem like an attractive purchase opportunity. These properties on which foreclosure has been completed are now owned by banks (think Wells Fargo, Chase, Bank of America, etc.), HUD, VA or government backed investors (GSEs) such as Fannie Mae or Freddie Mac. They’re attractive to homebuyers because transactions involving such properties typically close fast, unlike short sales that can drag on for months.

Some REO properties have had some “fixing up” completed — the grounds have often been cleaned up, sometimes critical missing appliances like the range have been replaced, carpets have been cleaned, and rooms and exteriors painted.

Other properties, however, require fixing and updating, meaning buyers must have funds to present all cash offers or financing with significant down payments. These properties, in particular, are attractive to investors who are looking for investment properties they can fix up and re-sell (flip) or rent.

In addition, often REO properties are priced aggressively, meaning they’re subject to multiple offers.

First time homebuyers, however, often come to the purchase table with a financing goal of asking for closing cost contributions from a seller while using a rehab loan to complete the purchase. That can be tough when buying an REO listing.

What’s a first time homebuyer to do? They often don’t have deep enough pockets to be tremendously aggressive in pricing offers, nor do the REO folks (the Seller) like to wait the additional 2-3 weeks needed to close a transaction where the buyer will use a rehab loan.

Here are 10 Tips to Buying an REO Listing:

  1. Absolutely be preapproved before writing an offer. You  need to know what you qualify for and you’ll need to prove it to the Seller.
  2. Shop below your top financing approval number.  Understand that you may be involved in a multiple offer situation. You may need to offer MORE than the list price in order to “win” the purchase.
  3. Cash is king. Use your available cash to increase your down payment, thus perhaps enabling you to use conventional financing rather than an FHA or VA loan. If you have a 20% down payment,      conventional loans won’t require mortgage insurance, which can save you a couple hundred dollars a month.
  4. Check with your lender to see if you can include your closing costs inside your purchase loan. Sometimes it can be done, although it may increase your interest rate slightly.
  5. Understand and be prepared to try for several homes and lose several before you’re the accepted offer in a transaction. It’s a learning process and the more houses you see and tries you make will enable you to move more quickly each time you see a desirable house.
  6. Experience counts: Work with a lender and an agent that both thoroughly understand and have experience with Rehab loans and purchases. You’ll need every advantage in order to close quickly.
    1. An experienced agent can eyeball a house and know whether or not it will qualify for standard financing or whether a Rehab loan will be required.
    2. An experienced lender should be able to close a streamline FHA rehab purchase within a 45-day window.
  7. REO properties often have a window or so where only owner-occupant offers will be considered. You need to present your best offer right away, and then be prepared (if multiple offers are received) to present your “highest and best” offer again.
  8. Move quickly. If an intriguing property is listed, you need to see it as soon as possible. Some REO properties receive multiple offers within hours.
  9. Remember that the holder of an REO property is looking at a combination of the NET number (your purchase price less any concessions you’ve asked for), a quick closing, and their assessment of      whether you qualify for the purchase.
  10. Finally, be sure your agent has evaluated the pricing structures commonly used by the various Sellers. For example, Fannie Mae tends to price homes a bit higher at first, and then reduce prices slightly if no offers are quickly forthcoming. However, Chase aggressively prices properties, gathers multiple offers, and ultimately closes sales for more than list price.

Auburn, Kent, Algona & Pacific REO sales 2/7/2013-4/8/2013

SOLD! Maple Valley

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More photos of this lovely home will come soon. For now, however, visit the virtual tour!

SOLD! Auburn WA Country Living! Barn, Shop, 5 Acres!

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East side of Barn
Iconic barn!

Five acres, 1,900 square feet, a huge shop and a barn make this solidly built home and property a real find for someone wanting to raise a few chickens, horses, or maybe even an alpaca or two.

On the market for the very first time since the family built the home in 1969, the owner’s children (and grandchildren … and great grandchildren) are saddened to see this home now being sold, but tell me that the memories contained within its walls will last a lifetime.

With generous spaces including a massive family room that was home to jigsaw puzzles and game playing, the home features a formal living/dining room combination with a wall-to-wall built-in china hutch, three bedrooms (could easily be four), plus two full baths.

Located inside the Auburn city limits and situated down a private lane, the home and land are just moments away from Highway 18 and Green River Community College and within a block or so walking distance to the newer Jacobsen Elementary and Auburn Mountainview High School. Live here and you’ll also be only five minutes from Covington with its Costco and extensive shopping areas.

Complete your own updates to the kitchen, baths, and amenities and then build your own memories within these cherished walls.

 

MLS # 711670 3+ bedrooms Shop approx 24′ x 40′
1900 sq ft (house) 2 bathrooms Barn approx 24′ x 32′
Built by Terhune in 1969 Formal living/dining room Electric Heat & Hot Water
Two, 2 1/2 acre parcels* Family room Propane Fireplace
    Private well & septic

*Bonneville Power & Tacoma Water easements limit development possibilities

Auburn WA Country Home with Barn Shop 5 Acres
Perfect 1-Story Home!

Want to see more? Visit the virtual tour,
then call your personal Broker … or me … to arrange a private showing!

 

 

SOLD! Rare Rambler Resale at The Lakes in Kent, WA

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Rare Resale Rambler Townhouse at The Lakes in Kent, WA
Rare Resale Rambler Townhouse at The Lakes in Kent, WA

There weren’t many rambler units built throughout the entire The Lakes community in Kent. They don’t come up for sale often and, when they do, they tend to sell quickly, especially when they’re as beautiful as this one.

Updated and meticulously maintained, pride of ownership is evident both inside and out of this stylish unit. Consider the designer paints, vaulted ceilings, gorgeous travertine tile baths, spacious kitchen, two bedrooms, and den/office.

There are newer windows providing loads of natural light throughout the home, a wood-burning fireplace for cool winter nights, and your own private, fenced back yard — perfect for BBQs, morning coffee, or growing your own tomatoes. Enhanced by miles of walking trails along the Green River (accessed through your back gate) and your own garage, this townhouse should be on your must-see list!

All on ONE level with no stairs and in a super commuting location just minutes from I-5, 167, and SeaTac!

  • MLS #679220
  • 1,345 Square Feet per County Records
  • Built in 1989
  • Living & Dining Rooms
  • Kitchen with Eating Space
  • 2 Bedrooms, plus Den/Study/Office
  • 2 Bathrooms: one full bath with tub/shower combo & one 3/4 bath off master with large walk-in shower
  • 1-car garage & 1 reserved parking space
  • Fully-fenced Back Yard with gate leading to Green River Trail
  • City of Kent/Levee Improvement scheduled for 2015

Visit the virtual tour, then call your Broker, or me, for a personal tour.

Graham, WA-5+ Bedrooms & USDA, Zero-Down Financeable!

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sold

 

LISTING DETAILS

Price $269,000 
MLS number 612338
Bedrooms 5-6
Bathrooms 3.5
Garage 3-Car Tandem
Size 2,985 Square Feet
Year Built 2009 (completed in January 2010)

Just relisted at $269,000, this amazing Michael’s Landing home sits within the USDA financing boundaries, which means you may be able to purchase it with a zero down payment. It’s priced well below new construction in the north Graham, south hill Puyallup area, along with being priced less than other homes in the neighborhood. The owners really want to move on!

Make no mistake — this isn’t a fixer-upper. It’s a beautiful home with an incredible floor plan. You can’t help but fall in love with this five-bedroom plus den youngster in Graham. Especially when you consider that this beautiful home features architectural details throughout — arched niches (perfect for those art collectibles you’re anxious to show off), arched doorways and walls, pan ceilings.

The home is just shy of 3,000 square feet and features five bedrooms, with a sixth room with closet on the main floor–perfect for a guest room, hobby room, or den. In addition, you’ll find a 1/2-bath, powder room on the main floor, plus three full bathrooms on the upper floor.

With five bedrooms, you might be tempted to think rooms are small and crowded; definitely not so in this amazing floor plan! All of the spaces here are generous and oh so livable! (As a broker side note: I’ve actually sold this same floor plan in various locations three times. All of the owners love the way this house lives!!)

Easy care floors lead you from the entry through to the dining room, powder room, and great room. The kitchen features an island sink layout with plenty of seating at its counter. Included is the walk-in pantry large enough for those Costco trips, too! The kitchen/great room is also accented by a gas fireplace, which you’ll love for toasting the toes on wet or cold winter nights.

Upstairs are the bedrooms and baths, of course, but also a bonus room entered through double doors. Home theater? Or maybe a pool table? It’s big enough! You’ll also find a good-sized laundry room with front-loading washer and dryer that stay with the home.

The master suite, nicely accented with a double-door entry and pan ceiling, can easily accommodate a king-sized bed. Through its interior arched doorway you’ll find two BIG walk-in closets, plus a nicely-appointed bath with double vanity, soaking tub, walk-in shower, and private commode room.

The outside of the home shows such pride of ownership. The fully-fenced back yard was refreshed with brand new hydroseeding last Fall. In front, the lush lawn and beds are carefully manicured and trimmed.

Visit the virtual tour for additional photos and information!

Don’t miss this one! Contact your own Realtor(r), or give me a call to see the home. I’m delighted to be of service to you!

 

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[mortgage price_of_home=”285,000″ interest_rate=”3.875″ mortgage_term=”30″]

 

Buying New Construction in south King County (Auburn, Kent, Renton, etc.)

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presaleAlthough pre-existing home sales were still in recovery mode over the last couple of years, new construction seemed to take on wings of its own, especially in our south King and Pierce County areas. From experience in working with several buyers of new construction in new communities, I can tell you that there are many things to consider. Here are just a few:

  • Can you tour model homes or previous construction by the builder? Especially in larger communities, builders often construct one or more model homes that display standard finishes and upgrades. Sometimes upgrades are a bit tricky to identify, so you’ll want to be sure you and your broker ask lots of questions about what is included in the base price.
  • Is there a HomeOwners Association and are there CC&Rs? If you anticipate buying new construction in south King County areas such as Auburn, Kent, Renton, or Federal Way, you’ll find that, typically, HOA administration is often retained by the builder until the majority of homes are completed. At that time, the Association will elect its own officers and be under its own control, typically still guided by a set of Covenants, Conditions & Restrictions (CC&Rs). CC&Rs are recorded document(s) that list what can and can’t be done as a resident of the community. You’ll want to be sure to review a copy to see if your lifestyle fits within its guidelines.
  • Can you choose both the lot and floor plan? You may find that the builder has already pre-permitted a specific home for each particular lot or may not be willing to build on a certain lot until other areas are completed. If you have your heart set on a specific floor plan, you may need to adjust your site preferences.
  • What sort of warranty is included? Most builders offer at least a one-year warranty, fixing anything that goes awry during that time period (other than normal wear and tear). Some builders, however, offer extended protection plans perhaps protecting you from foundation issues for 10 years, with peeling paint for maybe only 1-2 years.
  • Are there community playgrounds and events? As lot sizes have shrunk in many areas, builders and developers have often set aside areas for outside events. Can you see these by driving through the neighborhood? Does the number and size seem reasonable for the number of homes included in the community?
  • And finally, how long before you can move in? What a sticky question! Some of the most popular builders are completely sold out of current, standing inventory, while others have a few homes that are ready to go. Typically, if a builder can get started on your new house right away, you’ll find that it still takes 5-6 months or so to construct a new home. But be prepared for much longer time frames! If you anticipate buying new construction in south King County areas such as Auburn, Kent, Renton, or Federal Way, you’ll find that many of these jurisdictions seem to be painfully slow or just totally swamped in completing the permit process.

Questions? Please give me a call or send me a message about buying new construction. There’s a lot to learn!

King County Downpayment Assistance

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King County Downpayment Assistance

couple looking at house to buyWashington State’s Housing Finance Commission announced today that their House Key Plus ARCH downpayment assistance program has just received limited funding for borrowers purchasing in the Eastside Cities of King County, including areas extending from Bothell through about Issaquah.

This payment deferred program provides up to $30,000 in downpayment funds (depending on qualifications) for households earning 80% or less of the King County area median income. There are property purchase price limits involved and the buyer must still have about 2% of the purchase price (some gift funds can be used) to also contribute to the downpayment. There are also additional requirements relating to the property itself, whether the home is currently tenant occupied, and so on.

Documentation from House Key indicates that this time around funds are loaned at a 4% simple interest, with payment deferred until the time of resale of the property, when the property is refinanced, transferred to another owner, ceases to be the borrower’s primary residence, or at 30 years.

Additional information is available about the King County Downpayment Assistance program or through a Washington State Housing Finance Commission/House Key trained lender. In addition, because there are specific requirements for the home itself, you’ll also want to be sure to work with a House Key trained real estate broker.

From experience, I know that the amount of funds available go fast! If this is a program you feel might be beneficial to you, or if you have questions about the King County Downpayment Assistance program, please don’t hesitate to contact me.