February 7, 2010
BEST BANK OWNED PICK IN RENTON, WASHINGTON
February 3, 2010
FEBRUARY ONE-MINUTE REAL ESTATE MARKET
FEBRUARY-2010 Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click here to view the FEBRUARY-2010 Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.
February 1, 2010
JANUARY ONE MINUTE MARKET UPDATE
JANUARY-2010 Newsletter Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click here to view the JANUARY-2010 Newsletter Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.
October 22, 2009
Are you sure you want to be a short sale Buyer?
Did you happen to watch the Today Show today? If not; check out this video link (http://today.msnbc.msn.com/id/26184891/vp/33410884#33410884) from the Today Show covering the heartbreaks and hassels of short sales.
After watching this video one might ask themselves if it is worth it to wait eight months to move into their dream home? What address do you give the schools when getting ready to enroll your children?
The Today Show mentioned that only 40% of short sales close in the state of California. In the Pacific Northwest we have noticed only 30% of short sales closing. There are two reasons for this issue; first buyers get impatient and just walk away and second the package to the lender may not be presented properly by the listing agent due to lack of experience with the short sale process.
To qualify a short sale; as a buyer, you want to try to work with a realtor who is familar with the short sale process and time lines. Currently the short sale market is a moving target; there are too many files and not enough staff to handle most of them and the lender requirements and procedures in-house are constantly changing as they try to use what works and become more efficient at dealing with their case loads.
Questions you will want to ask the listing agent for a short sale in order to qualify the home as being a home you want to invest your time:
1) Ask who is the lender? Is there a second and third lien holder? If there is a 3rd, you might reconsider.
2) Ask if they have ever done a short sale?
3) Ask if they have ever sold a short sale, who was the lender on that deal and how long did it take?
4) Is there a Notice of Trustees Sale?
5) Who is doing the negotiating? If it is a 3rd party, make sure they are reputable.
6) What is your plan of action and how are you going to move forward?
7) What is your strategy for submitting offers to the lender?
The last question is really important when realizing that a lender is likely to have a stack of 250-350 files on their desk at any given time. It is likely they are sitting 500 miles away from the subject property and will look at an offer as just a number. Therefore, you will want to submit the highest and best offer.
For agents, you may consider; even if you have a pre-approved buyer; to make sure there is proof of funds for the downpayment and also consider getting a desktop underwriting approval. This software will tell you up to what interest rate the buyer will still qualify for, should loan rates rise while waiting for a short sale to close. Don’t forget to pull title updates along the way to make sure there are no liens being attached to the property while waiting to close.
As a buyer who wants to get into the short sale arena, you can get a good deal. However, I would recommend that you keep your eye on the prize (keep your goals in the forefront), make fair and educated offers, don’t get attached to any given home and work with an agent and lender that are knowlegable on the subject.
September 23, 2009
BECOME THE WINNER OF THE REO PROPERTY
Again, the deals are out there and they are here to stay. With a lot of mortgages resetting in 2010, we are expected to see a slough of REO properties hit the market over the next two years.
A life of an REO property in the Pacific Northwest, Greater Seattle Eastside looks like this; the property is listed on the NWMLS, the key box is put on the day after it hits the market and there are 7 offers within the week before a “for sale” sign is even posted. So, even though there is a deal on the table, how do you ensure you the buyer or as an agent, your buyer’s deal is the winner?
First and foremost, as a buyer you want to work with an agent who is familiar with REO properties. The agents who are listing these properties are so busy, they don’t have time to answer questions from agents that don’t know what they are doing in regard to bank-owned property. The REO listing agents usually have detailed instructions and attached forms or websites where these can be obtained.
Different from foreclosure properties, you can perform an inspection on an REO property, however you will likely want to tighten up the time frame for completing this inspection. For instance, instead of the ten default days; consider three days. You will also want to make sure you have a pre-approval letter or proof of funds for cash deals available with the purchase and sale just like any other transaction.
When the agent receives the offers; they do not fax them over to the asset manager, instead they login to a program and submit the details of the offer to the lender. You will not likely be putting an offer expiration date on your offer; until you reach mutual acceptance offers can still be submitted. When the bank receives multiple offers, they will likely have the agent call each buyer’s agent/buyer and ask for “highest and best” an industry term for the highest and best offer.
You will really want to make sure you know your values or at least your agent does. For instance, I just posted a deal in Seahurst on September 8th. The home was a 1948 brick home with a finished basement, 2020 SF, on a 9500 SF lot, 3 bedroom, 2 bath with a two-car garage listed at $244,900. The county had the property assessed at $355,000, which seemed like a great deal, however the new 2010 tax assessment was set at $286,000. So you do want to be the winner for a home you want to live in or at least decide to purchase as a long-term investment, but you don’t want to get caught up in being the winner of the war at too high a price.
In summary, in today’s market deals are everywhere. Short sales can have buyers in limbo for up to ten months; REO’s move faster but it can still be a nail bitting experience; foreclosures are purchased sight unseen and you cannot do an inspection. So make sure your goals align with what properties you want to consider; because of the distressed property market, those sellers who need to sell and are not distressed have a lot of competition so they will need to consider dealing at the negotiating table.
September 9, 2009
TOP REAL ESTATE PICKS FOR SEPTEMBER 8TH
Between September 6th and September 8th, there were 53 short sale properties that hit the King and Snohomish County markets. My top picks for today; a Bennett resale, 4 bedroom, 2.5 bath, 3-car garage, built in 2007 on a 1 acre lot listed for $495,000; currently assessed by the county at $667,000, located in Marysville. For someone who is looking in a lower price range you might also consider a 2280 SF, 4 bedroom, 2.5 bath, 2007 home with a 2-car garage also in Marysville for $267,500. Closer to Boeing; check out this 2-bedroom, 1-bath, 1536 SF home in Everett for just $180,000, complete with Bay views. For those wanting a location a little more South and in King County; a 3 bedroom, 2-bath Cape Cod home in Shoreline, 1360 SF on a 9982 SF lot for $299,950.
Six REO listings hit the market and I had two top picks for these deals. First, a 3-bedroom, 2-bath Edmonds home, 2284 SF on a 12,196 SF lot for $255,000; over $100,000 under the county assessment. The second a Kirkland home on a 10,340 SF lot for $360,000; a 3-bedroom, 2.75 bath with a 2-car garage at 1860 SF.
September 4, 2009
LOCAL INVENTORY IS GROWING
Today, Friday, September 4th; there were 65 short sales listed in King and Snohomish counties. My top picks; a four-bedroom, two-bath, 1760 SF home on a 6164 SF lot in Shoreline, built in 1951 for $190,000. A three-bedroom, one bath with two-car garage, 1269 SF on a 11,325 SF lot, built in 1945 in Edmonds for $259,000. A four-bedroom, 2.5 bath, 3-car garage, 2800 SF, 13,504 SF lot, built in 2007 in Mukilteo for $520,000; recently assessed by the county for $590,000.
There were 23 REO properties listed today with my top picks being a Burien home in the Seahurst neighborhood for $244,900, built in 1948, three-bedroom, 2.5 bath, 2020 SF, two-car garage on a 9500 SF lot. A four-bedroom Bellevue home in the Factoria neighborhood, 2 bath, 2600 SF, built in 1958 on a 8540 SF lot for $389,900.
September 1, 2009
Market of the Moment
Today, August 31st, in the Northwest Multiple Listing Service there were 15 short sale homes listed in King & Snohomish Counties and 28 condo listings. My top pick for the short sale homes would be a 3 bedroom, 3 bath at 1490 SF in West Queen Anne for $199,950; the investors dream. My second pick would be the 3 bedroom, 1 bath at 1210 SF, immaculate rambler in Bellevue for $349,950.
The REO property for the day is a Golfer’s Dream home with views of Newcastle Golf Course; 4 bedroom, 3.5 bath, two-stoy home with basement, 5720 SF, 14113 SF lot, 3 car garage and built in 1994 complete with City, Lake, Mountain and Territorial views for $849,900.
August 28, 2009
REO, Foreclosure and Short Sale Home Tour
REO-Foreclosure-Short Sale Home Tour
This Tour is Designed to Accomodate:
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REAL ESTATE INVESTORS
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HOME SELLERS LOOKING TO UPGRADE OR DOWNSIZE
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BUYERS THAT WANT A FIXER-UPPER OR A READY-TO-MOVE IN HOME
NEXT SCHEDULED HOME TOUR
Sept 12th, 2009
10:00AM-2:00PM
LUNCH WILL BE PROVIDED FOR THE TOUR GUESTS
**PLEASE ARRIVE AT 9:30AM FOR OVERVIEW OF AREAS AND PROPERTIES TO BE SHOWN FOR THE DAY**
For any questions about our Bank Owned / REO (Real Estate Owned / Foreclosed / and Short Sale Tours you can also call 425-390-4885 and speak to one of our team members.
Please call 206-686-5808 or email Helen@ChooseGreenRealty.com to register for this tour and to receive directions and location information.
August 28, 2009
REO World
They finally made it to the Northwest; REO’s are here and we will likely see more of them in the next two years. On May 4th, the Today show mentioned that Seattle, Washington was listed as the 4th city in the U.S. to recover from the housing mess stemmed by the mortgage mess. There were several factors and one of them was the prevelency of foreclosures.
The cycle begins when homes go into short sale; to foreclosure, to REO (bank-owned property). With lots of short sales, pre-forclosures, forclosures, bank-owned properties for sale; this inevidably brings down property values and makes it hard for the regular property owners and builder/developers to sell for a profit, which then starts the cycle again beginning with short sales…
Of course, many people are looking for deals in today’s buyers’ market and are focusing on these types of property, but they may not be educated to the fact that short sales can take up to five months just to get bank approval for the proposed sale price. In addition, REO property asks buyers for their highest and best offer (no escalation clauses here) and can receive up to 50 offers on just one property. A buyer for these properties is likely an investor without vested emotions or a potential homeowner with lots of patience and an affinity for competition.
