We are a Full Service 1% Real Estate Listing company. This Blog is your resource for real estate and community news & information in Sammamish, Snoqualmie, Issaquah and The Greater Puget Sound area.
A few things to think about over the next few weeks if you or someone you know is looking to buy a home: - If you are buying, lenders will need to have your FHA case number registered prior to next Monday to avoid the pending increase. To learn more click here.
- The Federal Tax Credit will expire this April 30th,... if you'll need to have negotiated a signed around Purchase & Sale and opened Escrow by that day and have it close by 6/30/10.
- This Friday’s unemployment numbers are expected to improve due to many reasons, the cost for rates today will most definitely go up.
If you're not getting where you'd like with your lender, mine can help; they're prepared for what will be a busy next couple months.
After reaching a $3 billion settlement with the attorney general of Massachusetts, Bank of America will start reducing the principal mortgage amount owed by some underwater homeowners, according to The Boston Globe.
The bank announced yesterday that the program will affect borrowers who got subprime and option adjustable-rate mortgages through Countrywide before Jan. 1, 2009. The bank will eventually expand the program to include two-year hybrid adjustable-rate mortgages, according to B of A’s Web site. Countrywide is now owned by B of A.
The bank could lower the principal amount owed by some homeowners as much as 30 percent, according to the Globe.
This particular program will help about 45,000 people who, according to The Wall Street Journal, have a loan balance that is at least 120% of the estimated home value, are at least 60 days overdue and who can prove that they can’t make payments due to financial hardship.
According to Zillow’s Real Estate Market Reports, about one in five (21%) of single-family homeowners with mortgages were in negative equity at the end of 2009 — that’s upwards of 12 million homeowners.
B of A is the biggest mortgage servicer out there, according to the Journal, and the hope is this program will pave the way for others.
Demonstrating their desire to end a 15-year wait for a community center, the Snoqualmie City Council unanimously voted to cement a deal with the YMCA of Greater Seattle as the center's operator.
The council approved an operations agreement with the YMCA in a Monday, March 22, vote. About a dozen residents spoke prior to the decision, with most in favor of a center serving youth and adults. However, several Ridge residents and merchants renewed calls for a slower approach.
Early in the meeting, Snoqualmie Mayor Matt Larson revealed a miscalculation, caught last week, in the city's funding formula for the new center. For several years, going back as far as the initial bonds for the project, the city had calculated the full allotment of homes on the Ridge in its mitigation funding total from Weyerhaeuser. However, some 278 units do not count for mitigation, amounting to a $385,800 shortfall in the roughly $4 million that the city must set aside for the community center. Read More - Click Here.
Nice article written by Christopher Huber from Sammamish Review about local Chilean families efforts to help raise funds for the Chile Relief and Development cause.
When Vicente Varas, an Eastlake High School sophomore, heard about the massive 8.8 earthquake Feb. 27, he knew he had to do something to help.
Varas was born and raised in Chile until age 11 and has family who were affected. He and his brother, Inglewood Junior High student Santiago Varas, along with about 10 Chilean families in Sammamish, sprung into action to raise money for their family and for the Red Cross.
“We were kind of shocked … and we wanted to help in some way possible,” Vicente Varas said. “We wanted to use our talents.”
In all, local Chilean families have so far raised nearly $5,000 at school events and various workplace events, according to tallies from Nicole Eisenberg, of Sammamish.
Eisenberg and her children got the word out at Margaret Mead Elementary’s used book fair and pancake breakfast.
The Varas family held a collection at the Eastlake Fire and Safety Fair and raised more than $500 in all March 12 and 13, Eisenberg said.
“Everybody tried to help out with what their particular skills were,” she said. “Everyone’s kind of thinking, ‘what can I do,’ and ‘how can I help.’”
One of the first things the Varas brothers did was make a Facebook page and announce it at their respective schools, Vicente said. read more.
Has the real estate market had you second guessing a move? Has an outdated kitchen or bath had you feeling like it's too daunting a task to undertake just to get your house ready to sell? Will it yield the kind of return you want? These thoughts and questions are real and ones people mull over every day.
People often let their homes age without much thought until it comes time to sell and at that point it becomes too daunting a task to undertake. They instead opt to price in a 'non-updated' discount on their listing price. Often this approach leads to a seller leaving money on the table they otherwise might not have had to do if they had gotten the work done ahead of time.
If your house is 7-10 or more years older and it hasn't been updated, there is likely some sort of updating that needs to be done in order to present a 'sellable' property. Buyer's have an 'expectation level' when they walk into a house. Properties that don't have what a buyer is looking for will quickly be put on the 'pass' list.
If you're not looking to move then keeping your house updated has many benefits; none more important than the pride one feels from living in a space that looks and feels great. A remodel or upgrade doesn't have to be expensive; often times the basics will get your property to where it needs to be (i.e. granite counters, tile bathroom floors, cabinet pulls, or refinished appliances).
All these items can be addressed through the local company Trellis who is featured here. Click here or on their logo to view their site and get a better understanding of what they can do. Need help navigating through the process, contact me and I'll gladly help you determine what items will provide you the biggest bang for your buck. I also have great contacts in the interior/exterior paint, carpet and landscaping industries.
On Saturday 3/13, Race Director Sean Sundwall of Snoqualmie, WA put on his 2nd Annual St. Patty's Day Run that featured a 1k for the kids and 5k for the more serious runners. As 'luck' would have it, both races were spared from the rain that had been lingering around much of the previous week with cool early temps of 38 degrees with sun breaks making their way through.
It is really fantastic to have a local event like this that brings out so many youth and adults. The kids are eager for these kind of events and to be able to run with mum and dad makes it that much more exciting for them. Of the over 930 registrants (640 5K finishers), there were 408 Snoqualmie residents who participated. The popularity of Sean's other races (Turkey Trot in November and 10k Railroad Days Race in August) have drawn the attention of runners from all over Puget sound with more than 400 outside registrants part-taking in the local race. It was a really festive atmosphere that had something for everyone with many of the local businesses doing their part as active sponsors.
I enjoy participating in these races as it gives a real sense of community for a small area like Snoqualmie and we have Sean to thank for putting in the time he does to organize these events. In addition my 5.5 year old boy Mateo and 3.5 year old daughter Sabrina both were excited to be a part of the excitement with 'Mister' completing his 2nd St. Patty's Day Run that consisted of just a brief 5 second pause before he finished strong. The morning chill was a bit much for Sabrina but she started well and finished with a big smile!
Over $3,000 were raised for various charities in the area:
Snoqualmie Valley Track Club
Cascade View Elementary School PTSA
Snoqualmie Elementary School PTSA
Seattle Children's Hospital
Mt. Si High School Track and Field
Histiocytosis Association of America.
Race results can be found Here. Next up for Sean is the Cinco de Mayo 1/2 Marathon and 8k race in Snoqualmie Valley that he professes to be the fastest course in Western WA. More information on this and future races can be found at http://www.runsnoqualmie.com/.
For anyone who's spoken to me over the last 6-9 months, this Washington Post article speaks exactly to what I have been saying. While the Northwest is bit protected, there's no doubt that with the kind of numbers they are talking about that the impact will be felt here too.
The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.
About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners.
And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent and then, if they can't obtain mortgage relief, wade through the foreclosure process, which often takes more than a year to complete.
Up to 7 million homes are potentially eligible but haven’t been repossessed
As these foreclosed properties add to the supply of homes for sale, they could undercut housing prices, which have increased modestly through December, according to the most recent figures in the S&P/Case-Shiller home prices index. That rise partly reflected a slowdown in the flow of foreclosed homes onto the market.
The rate at which J.P. Morgan Chase seized properties, for example, peaked in the middle of 2008 and fell steadily last year, according to a February investor report. But the bank expects repossessions to increase this year, nearly doubling to 45,000 by the fourth quarter.
Backlog
"Some of the positive housing data may not be signaling a true turning point, as many servicers are holding back on foreclosures and the related houses are not yet being offered for sale," said Diane Westerback, a managing director at Standard & Poor's. Westerback said it could take 33 months to clear the backlog.
Data released Thursday by RealtyTrac illustrate the dynamic. While banks repossessed fewer homes in February than a month earlier, borrowers continued to fall behind on their payments, adding to the inventory of properties headed toward foreclosure that have yet to be put on the market, said Daren Blomquist, RealtyTrac's spokesman.
"Just looking at the numbers, we would expect there to be a bigger percentage of properties" repossessed by banks by now, he said.
This "shadow market" reflects the increasing lag between defaults and foreclosures. Many lenders are struggling to keep up with the overwhelming number of borrowers who can't make their payments, and they're reluctant to rush repossessed homes onto the market when prices are depressed.
Today's delinquent borrowers, for the most part, differ in a key regard from those who were caught up in the surge of defaults in 2008. That earlier wave, which precipitated the financial crisis, consisted largely of sub-prime borrowers who defaulted when their risky loans became unaffordable. Read more of the Washington Post article here.
Depending on an owner's situation; now may be the best time to sell even though it may feel like it isn't. If you or someone you know needs help navigating through this tricky market please contact me.
A group of Snoqualmie residents are asking City Council to take a closer look at a proposed agreement with the YMCA of Greater Seattle for operation of a future community center.
The group presented a range of concerns to the council at its March 8 meeting, including the cost of the project, safety issues and potential impacts on traffic and parking.
Based on these concerns, the council should more closely examine the agreement and its potential ramifications, several residents said. “If any of these concerns existed by themselves, they would not be enough to delay or derail this action. But when I see this much uncertainty and lack of details…it starts to smell to me,” said Marcus Morisette before the meeting.
The agreement would put the YMCA in charge of running and maintaining a community center on Snoqualmie Ridge.The center would be 9,500-13,000 square feet after its first phase, which is expected to cost around $4 million and include a meeting room, half-sized gymnasium, fitness facility and youth room. A future phase estimated to cost $10 million would include a pool.
The city’s plan is to have the YMCA build the facility, which Snoqualmie would then buy from the group and lease back to it. The YMCA would then operate the community center. Read More here.
Many people see huge dollar signs flash like neon lights whenever they hear the words "home improvement," but there are many things you can do to spiff up the old place without spending a fortune.
1. Make your kitchen really 'cook'
The kitchen is still considered the heart of the home. For a few hundred dollars, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones. If you have a slightly larger budget, you can give the cabinets themselves a makeover. Rather than spring for a whole new cabinet system, which can be expensive, look into refacing the ones you have. Many companies will remove cabinet doors and drawers, refinish the cabinet boxes and then add brand-new doors and drawers at a price considerably less than new cabinets. Unless the cabinets are mica, a fresh coat of paint can also do the trick.
2. Give appliances a face-lift
If your kitchen appliances don't match, try ordering new doors or face panels from the manufacturer. Many dishwasher panels are white on one side and black on the other. It can be as simple as removing a couple of screws, sliding the panel out and flipping it over.
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done. Read the full NY Times article HERE.
Need Help or know someone who does, contact me here.
Standing on your lawn three days ago you shook hands with the buyer. Everyone was smiling and laughing and you thought you had a deal. But now suddenly the buyer wants to re-negotiate the sale. Should you tell the buyer to go fly a kite or is it better to bite your tongue and try to still make a deal happen? As most veteran real estate brokers will tell you - it depends.
Even the simplest real estate transactions involve conditions and contingencies which can cause a buyer to reconsider the purchase of a home. For instance, a buyer may discover easements that allow neighbors to cross the backyard, or a nest of red ants under the front porch. Rather than let the buyer ride off into the sunset, prudent sellers would be wise to at least attempt to re-negotiate the sale. On the other hand, buyers who want to change the terms of the sale as a result of buyer's remorse may need to be shown the door.
To prepare for the times when a sale may be re-negotiated let's examine the key areas buyers will be most concerned with during escrow:
1) Disclosure statements
Generally buyers will have an opportunity to review and approve a sellers disclosure statement prior to closing as a condition of sale. A disclosure statement is a document that is designed to reveal any material defects known by the seller to the buyer. In many cases these forms will be delivered after the buyer has made an offer but before closing, giving the buyer an opportunity to reject items revealed on the report they weren't previously aware of. To minimize the risk of this occurring, consider delivering the disclosure statement to the buyer before they make an offer.
2) Preliminary title reports
Once escrow is opened the buyer will receive a copy of the preliminary report. This report will reveal all (or most) of the recorded documents that affect the title to the property. These will likely include easements, licenses, covenants, conditions, restrictions, and outstanding mortgages. If an item jumps up that a buyer wasn't expecting to see, it can be a problem. An example might be an expired access easement, a restriction on the number of vehicles a buyer can park on the property, or an unexpected tax assessment. To avoid surprises, consider requesting a preliminary title report from a local title company before you receive an offer.
3)Inspection reports
Inspectors are hired by buyers to ensure that the home they are purchasing doesn't have any hidden problems that even the seller may be unaware of at the time of sale. Once received, a negative inspection report can give a buyer a window of opportunity to either withdraw from the sale or attempt to renegotiate the sale. To avoid surprises, many sellers conduct a pre-inspection of the home by a licensed professional. By dealing with any negative issues in advance a savvy homeowner can deliver a "clean" report to the buyer. Be aware though that any issues discovered during a pre-inspection will likely need to be disclosed to a buyer whether you fix the issues or not.
4)Appraisals
As over 90% of buyers will utilize some type of financing to purchase their next home, it's highly likely that your home sale will involve an appraisal. As appraisers and banks have taken the brunt of criticism for the recent market meltdown, they are much more cautious when assigning fair market value to a home. The result is that an appraisal can often come in lower than both the buyer and seller have agreed to. If this happens, be prepared for the buyer to ask for the price to be adjusted downward to meet the appraisal price. To help avoid low appraisals, many sellers and seller's agents attempt to provide the appraiser with the comparable sales that were used as a basis for the listing price, as well as notes on any improvements that have been done to the home that would not necessarily be obvious.
The question to ask yourself if a buyer is attempting to renegotiate the terms of the sale is - Am I OK with this sale failing? If the answer is no, consider how far you will go to keep the sale together. What will you bend on? What won't you bend on? The best negotiators are those that see the big picture. They know their priorities and are willing to make small concessions to achieve bigger goals.
Snoqualmie, Sammamish, Issaquah, Seattle, United States
We're a small independent brokerage that specializes in Full Service Listing for 1%; we do what the other more expensive brokers do to sell a home and much more. That 2% savings to our clients can be very helpful in this market environment and gives them the flexibility to be a bit more aggressive with pricing their home for sale.
I love real estate and believe it should be a part of everyone's overall financial picture. There's a lot of layers to real estate and having someone you can trust is very important to ensuring they have your best interest and that they can work through the many twists and turns that arise during a transaction.
The group presented a range of concerns to the council at its March 8 meeting, including the cost of the project, safety issues and potential impacts on 
