Join me in supporting the SW Medical Center. Last year Pink Power along with other donators raised enough money to ad another Breast Cancer wing to SW Medical Center. This year the support is going to the Neo Natal Cause. I am the presenting Sponsor.
Do you clench your jaw? I do! OUCH!
January 18, 2010…And wow..I have been suffering all week! I was resorting to wads of chewing gum, heat packs, wine, anything I could find; I have been in lots of pain. Acupuncture worked for a couple of days. I finally decided to google it today and after reading more than 50 tips, I tried one.: Put the tip of your tongue on the palette of your mouth between your front teeth and push hard and hold it. Do it every time you find yourself clenching.
I can’t tell you how painful my jaw was; I was in some serious pain. But this actually works! In the last hour my jaw has loosed up. Amazing. So if you find that you are clenching your jaw, you MUST try this!
Short Sale Educated Agent!
January 14, 2010As a Pacific Northwest Top producing Re/Max Agent I decided to get my CDPE designation. Good thing I did. Half my closings are short sales even some listings over $2 million. After one attorney tried and failed for my client, he finally quit fighting me and let me take control with the banks. I am looking to be close a $3 million dollar listing soon with all my CDPE training and short sale experience!
Is now a good time to buy a home?
January 8, 2010I get asked this all the time. And my answer is always the same, “Yes!” Here are just a few reasons why:
1. Buyers Market! Right now we are in a buyers market. The inventory of homes is high and prices have still not bottomed out. There is a lot to choose from which gives you more opportunity to find the house that best fits you and your family’s needs.
2. Low Interest Rates! Current interest rates are sitting right around 5%. This is a great time to jump on the lower interest rate as they are expected to start to climb again, soon. Lower interest rate means a lower payment or a bit more in a house!
3. Tax Credit! Whether you are a first time home buyer or a repeat buyer, there is a credit for you. This is not a tax decuction, it is FREE money!
4. Buyers agent is FREE! As your buyer agent, I will cost you NO money for my services! I am licened in Washington and Oregon and love to help clients find their next home! Consider me your personal home finder! Give me a call and put me to work for you.
360-607-4100
Pushy Real Estate Agent
January 7, 2010REOs, short sales aren’t always bargains
December 4, 2009Today’s buyers seem to have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you’re eyeing is a bargain or a money pit.
The buying public seems to think that “great deal” equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else’s problems. If you’re looking for a bargain property, here are some key issues to consider:
1. What is your time line for purchasing?
You may find the perfect short-sale property, and the seller may accept your offer. The challenge is that you don’t have a deal until the bank approves the short sale. At many large lenders a single processor may have up to 500 files on his or her desk at one time. Realtors are reporting that it can take six or more months to get an offer approved. The wait can be extremely frustrating. It can also be costly.
For example, if prices are still declining in your area and price range, the offer you made six months ago may be too high. Also, if you qualify for a loan now, will you still qualify six to eight months from now if mortgage interest rates have increased? More importantly, can you afford to make a higher monthly payment? If possible, search for a short sale or an REO where the bank has preapproved the sales price. It still may take a long time to close, but not as long as it would if the price was not preapproved.
2. Are you prepared to be in a multiple-offer situation?
Since so many buyers are searching for distressed properties and the approval process takes so long, multiple offers are common. The lender will not tell you about other offers. They may, in fact, tell you that your offer will “probably” be approved — but you cannot rely on this representation.
If another offer comes in at a higher price and at better terms, the bank is obligated to take the best offer. If the property is a short sale, the seller’s signature on the document merely opens the negotiation — it does not finalize it. Furthermore, the seller/lender may continue to market the property even after they have signed a contract with you. This is simply smart business, as so many borrowers are having trouble closing transactions due to appraisal issues.
3. Ask the agent if the seller participated in the “Cash for Keys” program
The best candidates for good bargains are those properties where the sellers are still occupying them. Many banks have a program called “Cash for Keys.” This program pays the owners of foreclosure and short-sale properties money to keep the owner from trashing the property when they move out. I have seen copper piping ripped out of properties, concrete poured down the plumbing, and appliances stolen or destroyed. Cash for Keys is designed to minimize these behaviors.
4. Beware of vacant properties
Never purchase any property without doing a physical inspection. Also, if it takes more than 90 days to negotiate the transaction or if the house has been vacant, have the property re-inspected prior to signing off on the final deal. The reason for this is that the longer a house stays vacant, the more likely it is to have problems.
For example, pack rats and mice are more likely to move into vacant properties. They can chew through the wiring and generally wreak havoc with the home’s electrical systems. Also, if the dishwasher is not run at least once a week, the seals can dry out. If you live in an area where the pipes are not winterized and there are freezing temperatures, a pipe may burst. You may not discover the problem until you turn the water back on after closing.
5. Is the deal more important than your lifestyle?
A property can be a great deal in terms of the price, but is it worth it if it’s in a poorly rated school district or if the commute is an hour from your workplace? What if the property has a terrible floor plan, is in the flight path for a major airport, or occasionally gets a whiff of the sewage treatment plant? When you purchase, it’s important that you take all of these issues into consideration rather than focusing exclusively on the price. A property with any of these types of problems will be harder to sell in the future.
It’s important to consider the price in conjunction with the quality and the convenience of your lifestyle once you move in. For example, an extra 30-minute commute over a number of years can easily chew through thousands of dollars in terms of your vehicle costs, not to mention the wear and tear from the additional stress of commuting.
There are good distressed property deals out there. Nevertheless, don’t limit your search. Have your agent show you seller-occupied homes that are not distressed properties. Thirty-five percent of all properties are owned free and clear. These properties are often lovingly maintained, in top-notch condition, and in more desirable locations. In the long run, they may be a much better bargain.
Source: Inman News. Bernice Ross, CEO of RealEstateCoach.com
One-Fourth of Borrowers Are Underwater
December 1, 2009More than 23 percent of people with mortgages owe more on their properties than they are worth, according to a report released Tuesday by research firm First American CoreLogic.
Another 2.3 million homeowners are within 5 percent of being underwater, bringing the total of those who are upside down or close to it to about 28 percent.
About 5.3 million U.S. households have mortgages that are at least 20 percent higher than their home’s value, the First American report says. Borrowers owing more than 120 percent of their home’s value are the most likely to default, First American calculates.
The majority of underwater mortgages are in the following states:
- Nevada: 65 percent of home owners are underwater
- Arizona: 48 percent
- Florida: 45 percent
- Michigan: 37 percent
- California: 35 percent
The report also notes that most U.S. homeowners have home equity, and nearly 24 million owner-occupied homes don’t have any mortgage at all, according to the U.S. Census Bureau.
Source: The Wall Street Journal, Ruth Simon and James R. Hagerty (11/24/2009)
Looking to make some home improvements?
November 25, 2009The bathroom is a great place to start if you’re considering making smart improvements to your home. This room affords many opportunities for simple yet effective changes that will not only add value to your home, but also make your bathroom safer and more environmentally sound.
Here are just a few ideas:
Water Conservation
Low-Flow Fixtures Cut down on the amount of water used in your bathroom by switching to a low-flow, aerating shower head and faucets. These fixtures can reduce your home’s water consumption by as much as 50 percent. Low-flow shower heads will use just 1.2 gallons of water per minute as opposed to the 2.5 gallon average, but the aerating feature makes the water flow seem just as strong.
Dual-flush Toilets Dual-flush toilets allow users to select the amount of water flushed to correspond to the task at hand. There are two options; for solid waste there is a handle for a full 1.6 gallon flush, and for liquid you can choose a 0.8-1.1 gallon flush. You could save your family as much as 1,500 gallons a year with a dual-flush toilet – that’s 60 percent to 80 percent less when compared with high volume toilets.
Safety First
Twenty-five percent of all household accidents occur in the bathroom. Take precautions and select nonslip materials for floors, tubs, and showers, and use bath mats with nonskid backing. Make sure your electrical outlets are protected with GFCI circuit interrupters, which cut off power immediately in the case of a current surge. These should be installed by a qualified electrician. Choose shatterproof or tempered materials when possible, and avoid installing wall fixtures at eye level. Finally, lower the setting of your water heater to avoid scalding and energy waste.
Solar Water Heaters
Water heating represents 15 percent of your home’s overall energy consumption. Reduce your household’s water heating costs with a solar water heater that utilizes the sun’s natural resources to give water temperature a head start. Putting a solar heater on your roof can offset 15 kilowatts of energy per day from other sources and could save you $450 a year.
Rivershore Drive Open Houses Sunday, November 15th, 2009!
November 13, 2009
Breaking News: Homebuyer Tax Credit Set to be Extended and Expanded!
November 6, 2009Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature, which could be as early as tomorrow!
Thank you all for helping mobilize REALTORS® in Oregon as the entire Oregon Congressional delegation voted in favor of this vital measure for the housing market.
Below is a summary of the new modifications in the extension and expansion of the tax credit:
1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.
2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
