Joshua Koffler's Real Estate Blog

Remodeled Sequoyah Single Story Condo in Edmonds!

nospam@example.com (Joshua Koffler) — Wed, 28 Jul 2010 12:50:45 -0700

Attractive single story condominium located in the Sequoyah complex with views of the swimming pool in Edmonds. This 1 bedroom, 1 bath, 733 sqft. condo has been fully remodeled in 2007 with granite counter tops, tile backsplash, hardwood flooring, trim/door package, and much more. Washer and dryer are in the unit, private covered parking, and your own private storage space are all included. The Sequoyah offers an outdoor pool, club house, elevators, private lobby entrance, and exercise room. Call Joshua Koffler for more information or to schedule your own private showing!!

A Piece of Peace in Arlington!!

nospam@example.com (Joshua Koffler) — Wed, 28 Jul 2010 12:08:50 -0700

Two homes with a cumulative square footage of 1736 that includes 3 bdrms, 2.5 baths located on private 8.4 acre lot with a large detached carport. First unit- 1 bdrm, 1 full bath rambler that boast 896 square feet built in 1995 with a dining room, living room, open kitchen, and utility room. Second is a 1972 single wide manufactured home with 840sqft, 2 bdrms, 1.5 baths. Your lot features mountain views, gated driveway, 3+ acres of lawn/open space, creek frontage, Whitehorse trail, and more. For more information or to schedule your own private showing call Joshua Koffler at 425-876-8112!

How will a short sale affect my credit?

nospam@example.com (Joshua Koffler) — Fri, 09 Jul 2010 15:37:50 -0700

How will a short sale affect my credit? How will a short sale affect my ability to buy another home?

These are common questions with seller's these days and here are some answers-

Currently with conventional financing you will have a waiting periods-

2 years is allowed with 80% loan to value ratios.

4 years is allowed with 90% loan to value ratios.

7 years is allowed with Ratios per the Eligibility Matrix.

For more information or questions on the affect of a short sale call-

Earl Schmidt- 425-330-9021 or email Earl at earls@networkhomeloans.com

.37 acres with 90' feet of waterfront

nospam@example.com (Joshua Koffler) — Mon, 05 Jul 2010 12:59:34 -0700

Recreational property with over 90' feet of waterfront bordering Canyon Creek in Granite Falls. Your lot is level and lightly treed. Power in the street, paved access, buyer to verify all information and determine if buildable.

June Real Estate Update for Snohomish County

nospam@example.com (Joshua Koffler) — Fri, 02 Jul 2010 20:40:01 -0700

Residential Status	June	May	April	March
Sold	702	617	635	572
Pending	818*	1,096	1,201	1,100
Active	4,616	4,254	4,158	4,220

This information is courtesy of the NWMLS. This does not include condos.

*300 went pending in the month of June

As predicted from previous updates we did see a increase in solds for June due to the tax credit original deadline (which has now been extended to September 30th) and a large drop in pending's. Why a large drop in pending's? We used tomorrow's buyers yesterday! There were no significant changes in the percentage of "distressed" properties. Distressed properties still account for over 25% of the sold, pendings and active listings.

Vacant land - currently in Snohomish County we have 947 active vacant land listings. From January 1-June 30, 2010, the NWMLS recorded only 84 vacant land listings sold.

Current interest rates are hovering around 5.15% with all indications leading to a rate increase in the near future.

WAIT- The tax credit has been extended!!!

nospam@example.com (Joshua Koffler) — Thu, 01 Jul 2010 10:49:45 -0700

HOMEBUYER TAX CREDIT CLOSING DEADLINE EXTENDED

From CMLA: After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. CML America worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to the housing market across the nation. Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

How Wall Street Reform Will Change Things

nospam@example.com (Joshua Koffler) — Wed, 30 Jun 2010 14:05:54 -0700

Predatory lending is going to be a thing of the past if the proposed guideline changes are put into practice. Lenders warn these changes will bring costs to get a mortgage way up and will make it far more difficult to get borrowers approved.

The new rules, which Congress is expected to vote on this week, require that financial institutions ensure that borrowers can afford to repay the mortgages they are sold. Lenders would also have to tell borrowers the most they might pay on an adjustable rate mortgage and explain that payments will vary when the interest rate changes.

"These rules should help make sure people aren't put into mortgages they can't afford," said Julia Gordon, senior policy council for the Center for Responsible Lending.

Additionally, the comprehensive reform package would also ban banks from offering incentives to steer borrowers into costlier loans when they could qualify for cheaper ones, a controversial practice that fueled the subprime lending boom.

And it would prohibit prepayment penalties for adjustable rate, subprime and other risky loans and limits them to three years for traditional loans. This would help prevent borrowers from being locked into expensive loans.

More work to get a mortgage
While bankers and consumer advocates differ on the bill's impact on mortgage availability and cost, one thing is for certain: It would take more work to get a home loan.

While the bill doesn't specify downpayment size or creditworthiness, consumers would likely need some savings and a good credit score if they want to land a loan. This shouldn't be seen as a tightening of credit but as a return to prudent lending standards that existed before the recent housing bubble, experts said.

Gone would be the days of no-doc or stated income loans. Mimicking the current lending environment, borrowers would have to fully document their income with pay stubs, tax returns and the like.

This isn't to say that the self-employed or small business owners wouldn't be able to get home loans anymore. They'd just have to provide documentation that they can afford the mortgage.

"It's a little more work for the consumer but when they take out mortgage debt, there's a much higher degree of certainty that it's not disadvantageous to them," said Barry Zigas, director of housing policy for the Consumer Federation of America.

Other exotic loans, such as option adjustable rate mortgages, which allow borrowers to pay what they like but greatly inflates the principal balance, would be harder to come by. Lenders would be likely to stick with the more conservative fixed-rate or certain adjustable-rate loans.

Borrowers, however, would still have to be on their guard and thoroughly read through their paperwork and make sure they understand the terms of the loan, experts said.

Of course, many lenders are already putting these practices into place in the wake of the mortgage meltdown. But these rules are meant to codify them once the housing market picks up again.

"They are just basic, common sense rules of business and of fairness," Gordon said.

Standards: To be determined
If the bill passes, it may be another 18 to 24 months before lenders and consumers fully realize its impact. It will likely take the mortgage industry's proposed regulator, the Consumer Financial Protection Bureau, nine months to come up with the new rules and then more time for the industry to institute them, said John Courson, chief executive officer of the Mortgage Bankers Association.

The regulator also could decide to set standards on downpayment size, credit scores and total debt-to-income levels, Courson said. That would have a big impact on consumers.

Financial institutions warn that increased regulation -- and potentially greater legal liability -- could make it harder and more expensive to obtain a loan.

"The concern is there will be less choice for borrowers," Courson said.

This article was from Earl Schmidt at Network Home Loans. Phone-425-252-5757 or earl@networkhomeloans.com. www.networkhomeloans.com

Thanks Earl for the insight and keeping us informed!

June 30th 2010 $8,000 tax credit deadline is not extended!

nospam@example.com (Joshua Koffler) — Mon, 28 Jun 2010 12:28:54 -0700

Congress did not pass the extension of the Home Buyer Tax Credit. Note: This extension was only going to be for people who were under contract by the initial April 30th deadline, extending their June 30th closing deadline to September 30th. The extension was part of the larger Jobs Bill, which included State aid and an extension of unemployment benefits for people out of work more than six months ? and would have added $33B to the deficit. Meanwhile, the National Association of Realtors is saying that up to 30% of homes that went under contract by the April 30th deadline of the Homebuyer Tax Credit will likely not close by the current June 30th deadline.

There was other housing news last week, as both New Home Sales and Existing Home Sales were well below expectations. While a decline in sales was expected after people were racing to qualify for the April 30th Tax Credit deadline, the numbers are still a bit of a disappointment.

However ? home prices remain affordable, and home loan rates are far from disappointing at the moment...last week they reached all time low levels!

Why Seller Financing and Why Now?

nospam@example.com (Joshua Koffler) — Wed, 23 Jun 2010 13:23:08 -0700

Recently I had the opportunity to hear Jamie Jensen, Attorney at Law speak on mortgage "wraps". Jamie has given me permission to share this useful information-

Sellers have started to look to financing their own sales recently, in light of the refusal of lenders to extend loans to purchase homes, and the difficulty some good buyers find themselves in due to credit issues caused by the current market.

Why seller financing and why now?

1. Lenders are cutting back and becoming more picky: Traditional lenders are making fewer loans and are only making them to people with excellent credit, which leave out too many potential good buyers.

2. Buyers no longer qualify: Many good buyers had a bad streak of credit in the recent years and and may not qualify for a loan.

3. Some Sellers would prefer to hold the paper on their sale: There may be no better investment than in real estate. If the seller does not need money for a new purchase then seller financing is an easy and affordable way to invest in the real estate market with minimal investment risk.

Sale by Real Estate Contract- A real Estate Contract, also called a "Contract for Deed" or "Land Contract" is any written agreement for the sale of real property in which legal title to the property is retained by the seller as security to payment of the purchase price.

What is Good about the Real Estate Contract? As the continuing owner of the property you retain a great deal of control over the property and can declare, in the contract, whether any changes can be made to the property and how it can be used. You also have a much greater ability to get the property back in case of default. You would be able to get the property back in90 days, plus 10 days for the buyer to move out.

What is Bad about the Real Estate Contract? Compared to the other forms of seller financing, there are few pitfalls. There is some concern that the person in the property appears to have authority to hire work done, causing mechanic's lien against your property.

Sale by Note and Deed of Trust- Deeding of the property to the buyer, but taking back a note to evidence the amount owed, and a deed of trust which is the document that secures the note to the property.

What is Good about a Note and Deed of Trust? The best part of a sale of property by deeding the property to the seller and retaining the debt obligation is that the seller is no longer the owner of the property and cannot be held to any losses caused by the new owner.

What is Bad about by Note and Deed of Trust? It takes no less than 191 days to get a defaulting buyer out of the property. Even then, if the buyer had a tenant in the property the foreclosing seller will have to allow the tenant to stay for a minimun of 60 days, rent free, and maybe the term of the lease if the tenant pays rent. Additionally, the buyer can use the property as he wants. He can paint the house his choice of colors, make additions or subtractions to the house, and maintain if has he chooses.

Sale by Note and Mortgage- This form of sale and financing is very similar to a Note and Deed of Trust, with the exception that there is no Trust concept application. The transaction is strictly between the parties.

What is good about Sale and Mortgage? This is a publicly recognizable way to finance a purchase of property. It has the same benefits of a sale by Note and Deed of Trust.

What is Bad about a Sale and Mortgage? This is the worst form of sale for an individual seller. The reason is that a mortgage must be foreclosed judicially, which means that a judge has to be involved and the seller has to sue the buyer and go to court. The time necessary to regain ownership and possession of a property that is sold by Note and Mortgage is no less than 14 months, during which no mortgage or rental payments are made. Also, the property is owned by the buyer, which means he can take the sink, water heater, and doors when he leaves, as well as anything else he can carry.

The above information was provided to you-

Jamie Jensen, attorney at law

Mukilteo Law Office, 4605 116th Street SW Suite 101 Phone- 425-212-2100

Three Basic Ways to Hold Title Together

nospam@example.com (Joshua Koffler) — Sat, 19 Jun 2010 23:14:26 -0700

1. Community Property

Parties- Community property is presumed by any deed to married persons or to registered domestic partners
Division- Ownership interest is equal
Creation- The grantee language should indicate "married person", "husband and wife" or "registered domestic partner"
Title- Title is in the "community". There is one estate, not two halfs
Conveyance by One Owner- Both co-0wners must convey real property jointly. One co-owner cannot convey separately.
Death- The decedent's half may be given by Will, or it passes to decendants by laws of succession. The spouse or domestic partner is the primary heir.
Creditors' Rights- Co-owners interest cannot be seized and sold separately for most separate debts.

Tenancy in Common

Parties- any number of persons. (Married persons or registered domestic partners.)
Division- Ownership can be divided into any number of different percentages.
Creation- The deed should state "as tenants in common". The shares are presumed to be equal if not stated.
Title- Each co-owner has a seperate legal title to their undivided interest.
Conveyance by One Owner- Each co-owner's interest may be conveyed separately.
Death- The decendant's interest may be given by Will, or it passes to decendants by laws of succession. No right of survivorship.
Creditors' rights- Co-owner's interest may be sold on execution sale to satisfy creditors.

Joint Tenancy with Right of Survivorship

Parties- Any number of persons. (Married persons or registered domestic partners)
Division- All owners must have equal interests and equal rights of possession.
Creation- All owners must acquire in one deed stating "as joint tenancy." The grantees should also sign to confirm their intention to hold title with survivorship rights.
Title-Each co-owner has a separate legal title to their undivided interest.
Conveyance by One Owner- A conveyance by one co-owner without the others breaks the joint tenancy. The Grantee is a tenant in common with the other owners and the interest does not pass to survivors.
Death- The decedent's interest terminates. All survivors own equal shares of the decedent's interest by right of survivorship.
Creditors' rights- Co-owner's interest may be sold on execution sale to satisfy creditors. The joint tenancy is then broken.

Tax Credit Extened!!

nospam@example.com (Joshua Koffler) — Thu, 17 Jun 2010 14:34:42 -0700

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.

Did your Property Taxes Go up?

nospam@example.com (Joshua Koffler) — Thu, 17 Jun 2010 13:35:53 -0700

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

12 common issues to overcome to Sell your Home!

nospam@example.com (Joshua Koffler) — Wed, 16 Jun 2010 08:24:28 -0700

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!!

Stunning 2-Story Harbor Homes resale in Marysville!

nospam@example.com (Joshua Koffler) — Tue, 15 Jun 2010 13:40:59 -0700

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!

Snohomish County housing Market

nospam@example.com (Joshua Koffler) — Wed, 09 Jun 2010 13:39:49 -0700

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)

Real Estate Opportunity in Lynnwood!

nospam@example.com (Joshua Koffler) — Thu, 22 Apr 2010 14:30:22 -0700

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!!

Warm Beach 4 Bedroom home on .42 acres

nospam@example.com (Joshua Koffler) — Fri, 13 Nov 2009 14:18:26 -0800

Welcome home to your 2005 built home that boast 1960 square feet on a .42 acre lot! Your manufactured home includes- 4 large bedrooms, 2 full baths, 5 piece masterbath, dining room, living room, large bright kitchen with center island, utility room, family room with fireplace that has French doors leading to your covered porch, new laminate floors, and much more. Your .42 acre lot has a fully fenced backyard with a large play-yard, motorcycle track, fire pit, and storage shed. This is an exceptional value at $167,000!!

May Real Estate Update for Snohomish County

nospam@example.com (Joshua Koffler) — Tue, 01 Jun 2010 19:56:12 -0700

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.

Seattle Area Townhome in Columbia City!

nospam@example.com (Joshua Koffler) — Mon, 17 May 2010 20:14:56 -0700

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!

April Real Estate Update for Snohomish County

nospam@example.com (Joshua Koffler) — Mon, 03 May 2010 12:54:50 -0700

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.

Great Information

nospam@example.com (Joshua Koffler) — Fri, 23 Apr 2010 15:54:05 -0700

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.

Quality Remodeled Rambler in Lynnwood!

nospam@example.com (Joshua Koffler) — Thu, 01 Apr 2010 15:05:15 -0700

1440 sqft remodeled 3 bedroom rambler that features den/office, master bath, living room with fireplace, utility room, and 2 car garage. Included in the remodel is new- tile flooring, tile showers, door/trim package, carpet, granite countertops, kitchen and bath cabinets, double pane windows, paint interior/exterior, garage doors, forced air heat, and more. Your lot includes a fully fenced backyard, large deck, RV/ boat parking, and large private back yard. Great home with a Quality remodel!

March Real Estate Update for Snohomish County

nospam@example.com (Joshua Koffler) — Thu, 01 Apr 2010 07:18:37 -0700

Residential Status	March	February	January	December
Sold	572	396	319	522
Pending	1,100*	927	812	769
Active	4,220	4,057	3,916	3,459

This information is courtesy of the NWMLS. This does not include condos.

*562 went pending in the month of March

Even in this market, historical trends continue! As I predicted in the last update, in spite of the current market conditions, the stats are showing an increase in real estate activity over the past month. Unfortunately, when it comes to change in "distressed properties", we haven't seen any movement. As of the time these stats where pulled, 26% of the active homes, 28% of the homes pending, and a full 35% of homes sold are either bank owned or short sales. Breaking the sold number down even further: according to the NWMLS stats, last year in March only 398 homes sold. We are doing much better in 2010 with 572 homes sold in March! Of those homes, 521 were below $500K, 417 were below $350K and 223 were below $250K.

Continue to watch the job market in the next few months. My opinion is that this is a key indicator for the recovery of the housing market. Without jobs or job security, we will not see "first time home buyers" enter the real estate market, and "first time home buyers" are the heartbeat of the market. Another key element is the anouncement that our government will not longer be buying mortgage back securities, let's see how this play's out in the next few months. On a final note - the $8,000 tax credit will end April 30th.

Current interest rates are hovering around 5.05% with all indications leading to a rate increase in the near future.

Impeccable Master Bedroom on main floor in Marysville!

nospam@example.com (Joshua Koffler) — Mon, 08 Mar 2010 13:13:29 -0800

Rare Find! You will not find many homes like this 2-story home that features 1409 SqFt with the master on the main floor. From your master bedroom are French doors leading to your private covered patio and fully fenced backyard. You will also find high vaulted ceilings in the living room, updated kitchen with center island and eating area, utility room, and dining room. The gas heat, water, and stove help with efficiency along with the gas fireplace. This home was recently painted inside and out.