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Thursday, June 17. 2010
The US Senate approved an amendment yesterday to extend the closing deadline for the Homebuyer Tax Credit to September 30th for contracts signed by April 30th. The tax credit provision is part of the aforementioned jobs and tax package that both chambers must still vote on before it becomes law. If passed, it would mean homebuyers in contract by April 30th, will now have until Sept 30th to close, instead of the prior deadline of June 30th.
The County Assessor revalues all property in their County each year, notifying property owners of their new value determinations by mail. These new valuations will be the basis for the amount of taxes due the following year. Property owners who believe the new assessed value of their property exceeds its fair market value have the opportunity to appeal by filling a petition to theirs county's Board of Equalization (BOE). Petitions must be received by the Board on or before July 1st of the assessement year or within sixty (60) calendar days after the date listed on the Assessor's value change notice- whichever date is later. Each county has slightly different forms and steps to their process. For more information visit each county assessor's website or contact your county's Board of Equalizations. King County - Board of Equalization www.kingcounty.gov/appeals 206-296-3496 Department of Assessments www.kingcounty.gov/assessor 206-296-7300 Snohomish County - Board of Equalization www.co.snohomish.wa.us 425-388-3407 Assessor's Office www.co.snohomish.wa.us 425-388-3433
Wednesday, June 16. 2010
Issue- Paid unreleased loans Solution- Research must be done to determine the circumstances surrounding the lack of release. Is the debtor or creditor/beneficary still holding the original note and deed of trust? Did the beneficiary ever prepare the request for reconveyance? Were the documents ever submitted to the Trustee of the Deed of Trust? Does the borrower have proof of payment? Issue- Seller not vested in title Solution- Depends on the vesting situation. Contact your title company to investigate further. Issue- Seller is deceased Solution- Obtain a death certificate for the deceased. Probate can be resolved using a copy of a community property agreement, copy of last will and testament, probate affidavit or, in some cases, deeds from potential heirs. Issue- Property over-encumbered Solution-Start with an escrow prepared estimated closing statement that shows a shortfall. If you have a buyer willing to wait through the process, in some cases, debtors will negotiate pay-offs to facilitate the transaction. Issue- Federal tax liens Solution- Pay-off and release must be obtained from the IRS. Issue- Judgement against seller or buyer Solution- If judgement is against the seller, it must be paid from proceeds or a release of judgement must be obtained from the creditor(s). If against the buyer, it must be addressed by the buyer with the lender. Issue- State warrant/state tax liens Solution- Pay-off and release must be obtained form the appropiate state agency. Issue- Pending lawsuits Solution- The lawsuits may need to be resolved before the transaction can close. Sometimes a monetary hold back can be arranged. Issue- Housing code violations Solution- Violation usually needs to be corrected and appropriate releases obtained from the building department. Issue- Mechanic's liens Solution- Lien paid to closing and/or release of lien obtained from the lien claimant's attorney. Sometimes a monetary hold back can be arranged. Issue- Numerous matters of record against people with similar name(s) Solution- Principles complete statement of identity/ID afficavit Issue- Seller is a partnership, LLC, corporation or trust Solution- Agreements creating legal entity must be reviewed by title and escrow. Bonus Issue- You need to sell your home or find a home to buy Solution- Contact me and ask me about my 45 days or less your home will be sold or I pay you $500.00 and my "Love or Leave it" for all buyers!!
Tuesday, June 15. 2010
 Stunning 2-story home that is replete with upgrades! Your new home features 2489 sqft that boast 3 large bdrms, 2.5 baths, 5 piece master bath, loft/bonus room, dining room, living room with a river rock gas fireplace, family room with gas fireplace, den/office with high tech cabling, utility room, Butler's pantry, large open bright kitchen with a large center island, granite counter tops with a full tile back splash, and hardwood flooring throughout. Did I mention the fully fenced backyard!
Wednesday, June 9. 2010
I am often asked- How is the market? When will we back to a "normal" market? My answers to these questions has not changed for the last year and will not change till I see a change in the job market. How is the market? The real estate market is still seeing a high number of distressed homes ( short sales/bank owned). This will continue for some time. When will this all end? Again, I will go back to jobs. Home owners will pay their mortgage(s) if they have the income to pay and buyer's will buy homes if they have a job with high enough wages to buy a home. Yes, there are other factors to the equation but in my opinion Jobs are the most pivotal. Here is a quote from the Seattle Times about the nations jobs- "Another worry is that hiring in the United States by private companies could stall. That fear was stoked by a government report last Friday, showing that job creation at private companies in May slowed sharply, with businesses adding only 41,000 new jobs, the fewest since the start of the year." (http://seattletimes.nwsource.com/html/businesstechnology/2012064372_apusbernanke.html)
Tuesday, June 1. 2010
| Residential Status | May | April | March | February | | Sold | 517 | 635 | 572 | 396 | | Pending | 1,096* | 1,201 | 1,100 | 927 | | Active | 4,254 | 4,158 | 4,220 | 4,057 |
This information is courtesy of the NWMLS. This does not include condos.*375 went pending in the month of May We are now one month removed from the $8,000 tax credit! From what I see in the numbers and in my own personal business, it wasn't a whole lot of help, and in my opinion, a very poor use of our tax money. I did notice a jump in April solds due to the tax credit, but honestly, wouldn't have these buyers also have bought in May or June if they couldn't find the home they wanted until then? The most noticeable statistic is the "pending" stat - not much change there at all in the month of May. This tells me the market still has buyers out there looking for a home regardless of the tax credit. In my personal listings I have not seen a drop in showings or interest since the end of April and I am seeing the same number of offers. Interesting to note, however: buyers still recognize that it is a buyer's market and many offers are coming in less than full price with buyer's concessions being paid by the seller. The percentage of "distressed" homes has remained constant since the beginning of 2010. This is good and bad - good that we have seen a large increase in "distressed" homes, bad because we have not seen an improvement either. We need to see this percentage go down on a consistent basis before we return back to a stable real estate market. Current interest rates are hovering around 5.05% with all indications leading to a rate increase in the near future.
Monday, May 17. 2010
 2005 built townhouse in an opportune location! This 1405 sqft townhouse boast 3 bedrooms with each bedroom having its own bath, living room, dining area, large open bright kitchen, and single car attached garage. The bonus features include granite counter tops, stainless appliances, hardwood floors, tile flooring, gas stove/range, gas heat/water, Maple cabinets, Slate entry and more. You will also enjoy your fully fenced backyard with patio and a fully fenced side entry for added privacy!
Monday, May 3. 2010
| Residential Status | April | March | February | January | | Sold | 635 | 572 | 396 | 319 | | Pending | 1,201* | 1,100 | 927 | 812 | | Active | 4,158 | 4,220 | 4,057 | 3,916 |
This information is courtesy of the NWMLS. This does not include condos.*604 went pending in the month of April The $8,000 tax credit is over (except for active military). Did it help? In my opinion, no. Looking at the number of pending sales compared to March, we only increased by small number (which is typical for this season). Let's see how the market responds to the tax credit going away and the even bigger news of the our government selling some of the mortgage backed securities. This can and will trigger an increase in interest rates. As in months past, I have been tracking the percentage of "distressed homes" in the Snohomish County market. These percentages have not changed drasticly in the last six months. A couple trends I have noticed is the percentage of sold distressed homes has been going down each month as non-distressed homes come on the market. One other trend is the percentage of short sales that actually sell compared to the amount of short sales available; this percentage is on the rise. I will keep watching the real estate market and informing you of the activity as we continue on into 2010, but once again, my opinion is that the most important stat to watch is the umemployement. Without good paying jobs, people will not be buying homes no matter how big a tax credit they get! Current interest rates are hovering around 5.05% with all indications leading to a rate increase in the near future.
Friday, April 23. 2010
Here is some great information courtesy of the Washington Realtors- Is The Rumor Fact or Fiction? 4/23/2010 A couple rumors are circulating that are causing unnecessary concern among our members (and here is a hint, both of these rumors are false) Rumor Number One FICTION!
There is no requirement in the law to license a home before your clients are allowed to sell their home. In addition, there is not a requirement to make a home more energy efficient before it can be sold.
Want Proof? Here you go... Rumor Number Two FICTION!
An article has been circulating that mischaracterizes and overstates what is actually in the legislation. Here are the facts. There is a new 3.8% Medicare tax for "High Income Filers" that goes into effect January 1, 2013 The tax is on unearned income and will apply ONLY to single filers with more than $200,000 of Adjusted Gross Income (AGI) and joint filers with more than AGI of $250,000. Unearned income includes interest, dividends, capital gains and net rents. Keeping in mind the income limitations above, real estate income that will be affected for high-income filers include: - Sale of a primary residence: If the gain from the sale of the property is below $250,000 (individual)/ $500,000 (couple) NO tax will have to be paid on the gain. The new Medicare tax would only apply to any gain realized over the $250K/$500K existing primary home exclusion that will bring the filers AGI over the $200K/$250K limits.
- Second Home/Investment property: The additional 3.8% tax will apply to the portion of the gain realized on the sale of a second home or investment property that will bring the filers AGI over the $200K/$250K limit.
- Rental Income: The portion of net rental income that exceeds the $200K/$250K AGI limits will be subject to the new 3.8% tax.
Want more info? Download NAR's Q&A Rumor Number Three Actually, we don't know for sure on this one, but we do know the top two are false rumors! Do your friends and co-workers a favor and pass this email along to them if you think they have received bad information. If you send $1,000 to this Nigerian banker, he will transfer $21 million dollars into your account. The recently-passed health care legislation imposes a 3.8% tax on homes sales. The new "Cap and Trade" Climate change bill in Congress requires a homeowner to license their home prior to selling it.
Thursday, April 22. 2010
 Great Opportunity awaits you in this quality home! Your home consist of over 2300 square feet including- dining room, family room with a gas fireplace, living room, open bright kitchen with eating area, den/office, utility room with large sink, 2.5 baths, large rec-room, and 3 large bedrooms. Master bedroom is on the main floor that features a 5 piece bath and large walk-in closet. Gas heat/water, tile and laminate flooring, trim package, and appliances are only some of the upgraded features. Priced just reduced to $284,950- Wow, that is a great value for this short sale!!
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