Residential Real Estate in SW Washington State

Residential Real Estate Services with Passion, Integrity, Knowledge

Fall Has Fallen Around My House!

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Okay, so it’s just now coming into early Spring … but I ran across this old post from 2010 and figured I should update it before losing sight of it again. Besides, Fall seems to come around every year and the fall clean up tasks will arise again!

 

Our Pacific Northwest area has had an “almost – on again/off again” summer this year. Other than just a week or two of hot weather early in August, much of the rest of the summer has been wet, overcast, or just daggone cool! We didn’t really have much of a winter this last year either, now that I think of it. Leaves have been dropping steadily over the last week or so, although we really haven’t been hit with the onslaught from the big maple in the front yard. It’s coming soon though!

Yesterday was a gorgeous fall day — just hot enough to make you think about turning on the A/C … but not quite because “Hey! This may be the last of Summer!” Today … notsomuch. Overcast, cool, breezy, early 60-ish.

Around our house, this time of year signals frantic activity trying to get the house ready for winter. Sure enough … hubby got up this morning and said “We better get the stove cleaned before winter hits!” (We have a pellet stove that gets hauled outside, blown out, tuned up and touched up every fall.) … His first comment was quickly followed by “Shoot, I don’t have those doors re-weather stripped yet either!” Bless him — he really works hard around the house!

I know that most folks have a Fall house tune-up list, but thought I’d throw my list out there just to add a bit more to your own To-Do list! After all, I don’t want to suffer alone.

1. That pellet stove!

2. Scrub out re-caulk around the windows.

3. Winter-ize / weather strip the doors.

4. Knock off any bird nests that arrive every spring in that tantalizing overhang we have. … Oh and while we’re up there, doublecheck and repair any of the bird blocking that’s been vandalized.

5. Oh yeah. Speaking of bird blocking … we usually get under the house to repair any of the critter-screens in the foundation vents to be sure nothing’s gone awry there either. This is usually my job. It’s a lot of fun …. (not!)

6. The gutters’ll be cleaned after the leaves are finished — we can wait for a month or so for that event. It’s much more fun in the really pouring rain anyway.

7. Check all the connections for the Christmas lights. They’re definitely NOT fun to refurb when it’s pouring!

8. Touch up and seal the driveway. … Ours is asphalt. It’s a yearly thing.

9. Walk the roof to be sure that flashing looks good, shingles aren’t popping, or whatever.

10. Check the downspouts and water-runoff thingies at the bottom to be sure they’re in place and pointing the right direction … away from the house.

11. Scrub the deck and re-stain. (I think this one’s gonna have to wait this year. It’s looking like a BIG job–more like needing to replace the decking.)

13. Drain and scrub out the hot tub. (Done! Whoo hoo!)

14. Without getting too much into the garden thing … it’s time to get a weed and feed down soon so that I can still reseed those bare patches when it starts raining daily. (I’m avoiding the inevitable Fall yard work — it’s coming … but the daggone tomatoes aren’t even ripe yet! Gee whiz!)

15. Take a good hard look at the pantry … what’s still needed for my winter stock-up? I like to take an inventory this time of year and add to the staples so that I have at least a couple, two or three, month’s supply of things like rice, noodles, canned fruits, soy milk, that sort of thing.

16. Take the dogs and cat in for their yearly vaccinations. They’re due every September.

Okay, that’s enough. I’m tired just typing. What’ve I missed?

It’s ALL About ME!

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Whoo hoo! I just got notification that:

I was voted the Best Real Estate Agent in Auburn, WA by KOMO News 4!!

 and

I was a finalist in the Auburn Reporter’s “Best of” too!!

 

This is so cool! I’m so flattered and truly grateful to everyone who voted. What an honor to be recognized!

Thank you, thank you!

(and thanks for letting me puff up a bit! … My head’s now square back in place and I “think” it’ll fit through the door …)

Buy Now? … or Wait?

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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 power.

Now, granted, $1,500 was certainly a lot more money in the pocket in 1981 than it is now … and a home at just over $100,000 at least compared with the the $300,000 home in today’s market. (That cute little 3 bed/1.75 bath 1300 square foot house we bought at $89k is now worth about $250k.)

But what this graph does show is, on the short term, that $1,500 at today’s phenominal interest rates will buy more now than it will as interest rates rise. I wish this chart included an overlay that showed the average interest with reasonably comparable terms year by year … but the cart was free and helps get the point across — Buying at lower rates buys more house!

For a full size copy of this chart, click here.

Turtle Burgers

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This is totally off base as far as real estate goes, but just enough fun that I thought I’d share. I received this recipe this morning from a southern friend and am quoting it intact. I can tell you that as “bleagh” as this is to me, my husband thought this looked  fantastic! Must be a guy thing (sorry guys).

Cute though!!

If ya hain’t had yor furst heart attack, this’ll do it!!!

WOW!!! Only in the SOUTH!!

Here’s a new twist on how to serve burgers and if you don’t cook, give this handy little guide to someone that does and request them.

Handmade ground beef patties, topped with sharp cheddar cheese, wrapped in a bacon weave, then the next step, add hotdogs as the heads, legs with slits for toes and tail.

Next step. Place on an oven rack, covered loosely with foil and baked for 20-30 minutes at 400 degrees. A little crispy, not too crunchy…just how a turtle should be, right?

What is a Deed-in-Lieu?

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No foreclosure!

A Deed-in-Lieu of Foreclosure is a process where the lender agrees to take the deed to your home rather than pursue a foreclosure action against you for nonpayment of your loan. This option is easiest where there is only one mortgage, and where there are no other liens.

Depending on your lender, a payment might be offered to the holder of a second mortgage or home equity loan, but that lienholder must also agree. Further, if you have yet additional liens against your home, such as tax or utility liens, your bank will likely not even consider this option. Your bank wants your home with “marketable title” … i.e., a clean and clear title without other encumbrances.

While this seems as though it might be an easy and logical solution, what’s important to remember here is that a bank isn’t in the business of owning real estate. They don’t want your home, especially if there’s no equity to be gained in taking it.

While definitely a generalization, there’s certainly truth to the statement that where banks readily accept Deeds-In-Lieu is where a home has equity in the current market and can be quickly liquidated at a profit to the bank. Great if you’re behind in your payments and absolutely must leave the loan obligation and there’s equity in the house. However, if there IS equity, why not try to refinance or pursue a loan modification first?

It’s also important to know that some banks won’t even consider a Deed-In-Lieu of Foreclosure unless you’ve already been rejected for a Loan Modification and/or were also unsuccessful selling your home as a Short Sale.

The information presented on this Site should not be construed as legal or financial advice. You are advised to seek consultation with a qualified Attorney and Accountant. ©Gabrielle Nemes, 2010

Sometimes a Short Sale is Just NOT the Right Answer!

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I like to consider myself a resource for sellers who are considering their options. Should they pursue a short sale? Should they just walk away? Should they just try to hang on no matter what?

Recently I had an opportunity to meet with a wonderful couple that were truly truly trying to do “the right thing,” as they phrased it. We met for a couple of hours while they showed me around their home.

Their pride was obvious. This house was their baby. They’d improved and lovingly planted almost every inch of the yard … and the inside was eat off the floor clean. Every room was polished and tidy. They were devasted that life had taken an unfortunate turn and they just couldn’t figure out how to hang on any longer.

After talking through the options, I sent them to talk to the other necessary experts — the attorney and the accountant.

Yesterday the husband called me back with an apologetic voice: “The attorney said that it would make absolutely no difference whether we let the bank just have the house, or short sale it. We’ve decided to just walk away.” He was distraught, thinking he’d “wasted my time!”

Heavens. Sometimes a short sale is just NOT the right answer. I reassured him that I was so happy to have met him and his family and wished them well.

Is a Loan Modification for Me?

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A number of considerations should be made when you are either in trouble already with your current mortgage, or anticipate that you might be soon.

One excellent option might be a loan modification, which is designed to reduce the amount of your mortgage payment to no more than 31% of your gross income.

Unfortunately as of this time, it appears that most loan modifications are unsuccessful, with something less than 5% of all applicants successfully completing the loan modification program being reported by some analysts.

However, don’t be deterred! Perhaps you’ll be able to complete  a loan modification and be able to remain in your home. According to some reports, the biggest issue with unsuccessful loan modifications is that homeowners do not adequately complete the necessary application, or do not provide sufficient documentation as required by the lender. Of course, there are also reports that lenders don’t recognize that a homeowner has completely required with all requirements. In any event, it doesn’t appear to be an easy or guaranteed process.

The first step is to determine whether or not your lender will change your existing loan to more favorably meet your financial requirements. This process is formally termed “loan modification.” Under the terms of the federal program, HAMP (Home Affordability Modification Program), essentially lenders are encouraged to offer loan modifications to homeowners that are either already behind in their payments or who face the prospect of soon being so.  

Be sure to contact your lender and ask for their loan modification package. You should receive, at a minimum, a list of exactly what they require, and how to proceed and apply.

The information presented on this Site should not be construed as legal or financial advice. You are advised to seek consultation with a qualified Attorney and Accountant. ©Gabrielle Nemes, 2010

Thanks to Everyone — Another Sale Closed!

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Mission accomplished! The Seller of this little wonderful little house left a legacy for the new Buyer family — “Here’s a place where you can raise your own young children, with places to run and play and shout and sing. We loved it and know you will too.”

This transaction was simple and surprisingly quick! With particular thanks to Erik Reault of Cobalt Mortgage who put together a very fast and efficient FHA 203k rehab loan, and thanks to the cooperating agent on the transaction, Jeff Kissick. Thank you both for a job well done and your great communication.

And, of course, special thanks to the members of my valued team — Marilyn Brown (and Dawn Carlson, my local rep) and the staff at First American Title and Escrow in Kent — you guys rock! This one moved so fast that it caught us all scrambling at the end to get everything done in time. And thanks also to the staff at Stuth Septic for stepping up so quickly to complete the septic inspection and to Neighbors Septic for popping out at the last minute to pump the tank.

There were rocky moments as there are with every transaction, but the Seller and I definitely appreciated everyone’s efforts!

Thanks again to everyone involved!

Red Skelton’s Pledge of Allegiance

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One of my favorite gentle clowns (other than the humble clown I live with and married, of course!) is Red Skelton.

A few days ago while surfing the Web and looking for a gift for my hubby, I stumbled across Red’s recitation of the Pledge of Allegiance. Haven’t seen this in years! I hope you enjoy and appreciate this as much as I do. It’s so beautiful … and appropriate as we head into our 4th of July, Independence Day weekend. (Go to the bottom of the page for the video version.)\

Red Skelton Pledge of Allegiance

Another Transaction Closed!

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There are some transactions that are particularly satisfying when they finally close.

I have to say that this Listing is one that took exceptional effort, but after visiting the home to drop off keys to the new buyers, their palpable excitement and relief about being in their new home just left me with such a sense of fulfillment.

Now this was a transaction just overflowing with issues … big issues! Shortly after listing, there were difficulties with the weather, with leaks in the kitchen, with the estate auction (hmmmmmm, I’ll think twice, 3 times, about recommending that guy again), then with fielding call after call after call of low offers from agents informing me that the price was too high and that the place just wasn’t worth anything more than the land. And yet there were offers — eight of them. Most were close to the asking price. Others not so much. One was dreadfully low.

And then there were endless visits to the County and the City of Auburn trying to find appropriate records for permits, as-builts, well certifications, foundation requirements, and on and on. Meeting with contractors for bids and work to be done.

However, floating through all of this were these Buyers. They made three offers before the Seller felt secure that the offer was strong and solid enough to survive the remaining challenges of missing permits, foundation certification, title elimination, etc.

Finally, FINALLY, six weeks to the day after the contract scheduled closing date, it did. What a cause for celebration!

I remain grateful for my client, the Seller, who repeatedly listened to my advice and then took it. As with every client, we talked often. About how things were going, or not going, or just the general frustration of trying to get things done. At the end, about the frustration of the current lending climate where a Buyer’s approval could get challenged over the most mundane and ridiculous items. About the Department of Licensing who decided that they didn’t like the “appearance” of a notary’s stamp, and on and on.

The house sale closed! (whew)