Team Reba Real Estate

Ok, I’ll admit that when I first learned about ActiveRain I had some healthy skepticism for it. With so many programs within the REALTOR(R) Association where a designation gave you access to a pool of agents nationally, or a broker affiliation might provide it, or some kind of combination thereof - I thought, “what does this site have to offer me?”  Or, as it used to be put when I was in corporate work - the WIIFM factor - “what’s in it for me?”

So, I finally decided after having a relatively bare agent profile on the site for several months to go ahead and start networking on it.  I’ll say right now that so far I am relatively pleased with the results.  It seems a lot of people do read the stuff that gets written on there and now I must say my competitive side of me is kicking in and I want to be number one in the Seattle spot.  I’m pretty sure if I converted my location to Renton (where my home office is) I’d be number one at this point based on the scoring system they use.

Anyhow, another *sort of* benefit is that a new business opportunity listing we’re co-brokering with another agent in our office (Robin Tomazic) got picked up by a local blogger for the area where it is located - Georgetown. You can see the blog post here.  Hey, buddy, thanks for helping us advertise!  We’d like to find a wonderful new owner for the restaurant and bar who will be as supportive of the community as you are.

This fantastic Chancellor home has incredible space for the price. With 3220 sqft of space encompassing 5+ bedrooms, an office, bonus room, and extra finished room you’ll love it.  Thoughtful built-ins help maximize the space you get and keep clutter at bay. Easy access to transit and commuting options make this a fantastic place to call home. (Metro buses 236 to downtown Kirkland and 257 to downtown Seattle come by within a half block.) 

Relax in the large back yard on the deck, or shoot some hoops and then ease your muscles in the hottub. You can’t go wrong with this home!  To make it even more relaxing, there is a 1-year basic American Home Shield home warranty that is available to the buyer at closing to help cover the appliances and systems in the home.

A slideshow of all the photos is available here.  A total of 17 photos to be exact showing all the rooms of the house except for the garage interior and laundry room.  There is an eat-in kitchen with space for a couple of barstools and/or a kitchen table for more informal dining.

The home is located near Totem Lake, where Evergreen Hospital is growing by leaps and bounds and it is also near one of the first Trader Joe’s in Washington.  Lots of local amenities and there is a community pool you’ll have access to as well.  Better get busy before Labor Day weekend if you want to enjoy it this year!  Local park & ride nearby makes the possibilities of reducing your carbon footprint easier.  Easy access to Eastside companies and employment centers(Bothell, Bellevue, Redmond) such as Microsoft, Expedia, and Overlake Hospital.

We’ve even got a great offering from Eric Aasness (one of our co-contributors) that if you use his office for the financing portion, they’ll offer 1% of the loan amount toward your closing costs!  With 10% down, the loan amount will still be under the new, temporary increased level of conforming loan limits - which is $567,500.

Come swing by and take a look for yourself!

Recently, I was able to confirm my belief in the notion of there being only 2 degrees of separation between any one of us and another person.  Even though the more commonly held viewpoint is that there are 6 degrees of separation, or in the case of a fun game, known to many, “six degrees of Kevin Bacon.”  I started my belief in 2 degrees after Michael and I first met 7 years ago shortly after which I held a party called the Mix & Match. The intent was to bring my friends together and some new people into our circle by asking each couple and single invited to bring a single person I personally didn’t know to the party.  What we found was that there were roughly 2 degrees of separation between a large number of people at the party once people started asking how they knew me or Michael.  Leap forward to this year and how I’m even more solidied in my view…

So, a client I’ve been working with for over a year by email comes into the USA for a monthlong trip.  The couple lives overseas in South Africa where the husband works for a government run organization.  He’ll be retiring in the next 1-3 years and, since they have family here, will be moving back to the Pacific NW to be close to their daughters who live up this way. 

Now, I’ll say, these folks were referred to me by an agent in Idaho so I really didn’t think much about who else they might know.  I did get them introduced to an agent in Vancouver and one in the Portland, OR area since these are some of the locales they are considering outside of the Greater Seattle area.

It turned out that with my client’s price point requirements we didn’t really find much for them in King County that was interesting, so we ventured down to Pierce County and focused on the City of Tacoma for the most part since it had commuter services to Seattle and a pretty decent housing stock that met our requirements list.  The house hunting crew consisted of me, the couple, and one of their daughters.  The first day we all went but on the 2nd day their local host offered to take the daughter mall shopping, something she (at 22 yrs old) was more interested in.

While out driving around on our 2nd day of home hunting I got a phone call from a friend and colleague of mine in escrow, Jamie Kondo (yes, one of our co-contributors to this blog).  I told her I couldn’t really talk and asked if I could call her back.  She asked, “are you with your out of town clients?”  Yes.  And she then said, “I think I just met their daughter.”

Huh?

It turns out that the host couple who my clients were staying with in Newcastle, WA are related to Jamie.  In fact, the lady she was telling me about, who brought my client’s daughter to where she was, is her aunt.  That’s 2 degrees of separation to me.  So, from Idaho, to South Africa, to Seattle/Newcastle to Pierce County (Jamie’s stomping grounds) and Oregon (where the daughter lives). 

Jamie and I have worked together on many real estate transactions over the 5+ years we’ve known each other (through 2008) so it’s pretty funny to have this connection work itself out with neither of us having generated it.

What really cracked me up was to hear my clients say that I’d just proven a point to their daughter.  They’d always stressed to their kids that you should always watch your actions in public because you just never know who knows who in the room and where information about any bad behavior might go.  A good lesson for agents too as bad service may travel farther and wider than you can imagine.

Kevin Bacon… I may just have you beat.

A local mortgage professional who we sometimes work with sent out a notice today.  See the comments below in Italics. 

Most of you are aware that Down Payment Assistance programs like Nehemiah, etc. are history effective October 1st. Lenders are requiring that loans using DPA’s fund by September 30th. Therefore, some lenders are requiring locking and submissions by August 15th and others by September 12th.  

If you have any clients that need this program, now is the time to do it. While there is a movement to get the programs reinstated, it’s anybody’s guess as to how that will turn out. Let me know if I can help you in any way. 

Jerry Rutherford 

Professional Mortgage, Inc.
22659 Pacific Hwy So Suite 101
Des Moines, WA 98198
Phone: (206) 870-5050 Cell: (206) 356-1711
Toll Free: 1-800 764-5626
Email: jrutherford@pmiloans.com
www.pmiloans.com
WA Lic. # 510-LO-35158

I’d been receiving some other industry requests asking for feedback to be sent to legislative members who were responsible for voting.  It seems that even with support from the NAR and mortgage professionals who see the daily need for programs like Nehemiah, the folks in government decided to act rashly anyway.  I guess it’s typical politics as usual because government frequently seem like a massive pendulum going to extremes and only after protracted battles and lawsuits will it go to the center and make sense.

A new pamphlet has been started for licensees within WA State to receive semi-annual updates of legislation affecting our industry.  I’m a fan of it so far and the very first story on the front page of the pamphlet tells us about the new licensing law for RCW18.85 coming into effect on July 1, 2010.

Not only will there be higher initial education standards for new agents, but there will be other fun updates to the requirements such as fingerprinting and background checks with WSP and FBI.  This is not new for other states such as Kansas (where my mom, Myrna Haas, does business) as they’ve implemented this kind of procedure as well.  And, I for one, am happy to see it happen.  Hopefully we’ll be able to better monitor the quality of those getting into the industry and hold higher standards overall.

Want another reason for those kinds of background checks to be done?  One of the noted disciplinary actions in the document revealed that an agent had a level II sex offender background and he’d failed to register and provide that information to the department. There are others who may have convictions in drugs, theft, larceny or fraud that the public might want to have screened out from the business as well.

Oh, and one other thing.  The titles of agents will change too.  People who are currently labeled Sales Associates, Real Estate Agents, or some similar name will become “brokers”.  And those folks that had broker licenses before will become “managing brokers”.  Happy licensing……

To get all the details you need with regard to septic systems and what’s necessary for you to do when selling your home, go to this handy website set up by King County and their Wastewater Management and Public Health Services Dept.  There is also a section that will provide details on how to use and care for a septic system as well. 

As a seller, you have responsibilities and paperwork that is required.  As a buyer, you should be prepared to look for these details during your inspection process.

Agents should be familiar with this process as well, and if you (Mr. or Ms. Agent) aren’t, then you should do a little reading too. 

Most septic (aka onsite sewage) systems are found in outlying areas of Puget Sound or in County controlled areas.  If you aren’t in King County then you should check with your local county government website or contact the local county office for the info you need for your area.

Team Reba presents a new listing of a classic 1950’s style home in the Seward Park neighborhood of Seattle.  It’s modern neighbor was featured in this past week’s Pacific Northwest Magazine in the Seattle Times which was built on land formerly a part of this dwelling’s land parcel.

Our listing has many sought after, yet hard to find, features such as: Two (2) Master bedrooms, Universal Design features, 2 kitchens (actually what could be 2 full living quarters and was previously used in this fashion), expansive views of Lake Washington in a serene setting, large lot, and environmentally conscious features such as broad overhangs for passive cooling, ceramic tile roof, and large windows for wonderful natural lighting.  In addition to these features you’ll find numerous outdoor sitting areas, ample parking space besides a 2-car garage, and an elevator between the 2 floors.

See some of photos of this wonderful property below or check out all the photos at our slideshow:

Front of home with circular driveway which supplies excellent additional parking for guests. Here you can see the tile roof which is original to the structure.  Roof products of this kind typically require a substantial structure to support their weight - this is a very solid home!

This view from the northeast corner of the home shows the layout of the walk-out daylight basement - the slope of the site allows for a very open and bright lower living area along with providing fantastic views of Lake Washington and Seward Park from both levels of the home.  It also represents the true size of the home with its 4410 square feet of space.

Gleaming oak hardwoods flow throughout the main level spaces including the dining area, sunken living room, office, family room, kitchen, hall and the 3/4 bath. Deck and patio areas off each level allow for many entertaining opportunities.

Wood cabinetry, stainless appliances including double wall Viking ovens, 2 Miele dishwashers (for the serious entertainer) and tile countertop with a new cooktop in the main level kitchen. The large stainless refrigerator is just out of view to the left of the photo. Space is available for an eat-in kitchen and there are bountiful cabinets and pantry spaces. Note the glass case ahead for displaying favorite art pieces. Upper halogen lighting casts a beautiful glow on glass artworks.

The family room adjacent to the kitchen area enjoys the same magical views as the rest of the living areas and provides secondary access to the deck. This is also the area for entry to the 2-car garage. An alternate staircase passes between the garage and the lower level of the home to provide covered parking for each living space, if necessary.

To see the two master bedrooms, 2nd kitchen and other spaces of the home, please visit the slideshow which will have additional details about the house and its amenities.

Proudly offered at $1,410,000

Serious inquiries by pre-approved or qualified buyers only.  NWMLS# 28131238.

This is a coverage that has become near and dear to my heart as I am now a newly minted condo owner (Thank you Rebecca Haas and Eric Aasness).  As an insurance agent I have always been amazed at how people would take all of this time, money and effort to buy the condo of their dreams and expect someone else to protect (i.e. the Master Policy) it.  Let’s face it, the Master Policy’s the last thing you’d want to read.  It’s boring and full of insurance misto-babel.  Some master policies cover more than others but in a nut shell it is designed to protect the building and common areas and its purpose is to make sure the structure and common areas can and will be rebuilt in the event of a loss. 

There is no coverage for your personal property such as your clothes, flat screen TV or the new sofa you just purchased.  So everything from the walls in are your responsibility.  Items like fixtures, cabinets or appliances maybe covered by the master policy but often are not especially if you’ve remodeled your place in any way. 

This is where I, your friendly insurance agent, enter the picture and ask you if you feel safe knowing your neighbor has a candle fetish and another can’t even boil water to make tea.  I believe condo insurance should be thought of the same as  home insurance.  All too often it has been looked at like renters insurance and considered optional and it also doesn’t help that it is not a required condition for closing your loan.  Thankfully, the new construction condo I just purchased DID require proof of individual unit coverage prior to closing any sales.

To get an idea of what condo coverage costs I always recommend you start where you have your auto insurance coverage.  Most companies give a discount for having more than one policy with the same company.  I also think this might be the right time to review all of your insurance coverage and make sure you are maximizing discounts and coverage. 

Thanks for listening to your favorite online and blogging insurance agent.  Feel free to call or email me with any questions about this or any other type of coverage.  I wanted to share some of my thoughts about condo coverage in the hope that it might help all of us condo owners out here.  Take care and be well.     

So, recently I have had a client interested in a house that has a major problem with an attached garage and den - added after the original house was built. The problem with the garage and den is that it is impacted by a steep slope that has eroded part of the foundation beneath it and it is slowly beginning to slide down the hill.  A geotech engineer’s report is included with the seller’s disclosure statement that spells out all the problems with this site and gives the engineer’s recommendations which include removing this portion of the structure completely.

Now, let’s take a look at what is the most likely scenario for a buyer wanting to purchase this house and the financing they might need to procure - if they don’t have all cash to buy it.  My personal opinion is that since the garage and den are recommended for demolition and either rebuilding or just plain extinction that it is encumbent on the new borrower to give all this detail to a lender.  Chances are, in today’s more risk averse lending climate, the building would qualify only for a construction or a rehab loan (perhaps the FHA 203(k) program) with the lender being given a detailed list of the problems and the plans for reconstruction - typically a timeline for completion is necessary for these and are limited to 6 months to 1 year.

My interested buyers currently have only looked at conventional loan packages so I directed them to inquire from their lender about these other options.  I also emailed the listing agent to ask him if he had a lender that was aware of the problems and if they perhaps had a loan package that might suffice for purchase of the property. 

Here is his reply with details of individuals/firms redacted:

Greetings,

I spoke with my lender, XXXXXX, at XXXXXX XXXXXXXX  and she talked with

her underwriter who told her that as long as the appraiser didn’t mention

it, the lender would not be concerned about it.

We should have the cities approval on the new permit for the garage in the

next week or so if your clients are interested in building the new garage.

My clients have lived with it as it is since 1994 with no problems.

Let me know your thoughts.

This same agent told me that his clients had never lived in the property and that it had been a rental the entire time they owned it.  So, yeah, I’ll bet they never had any problems with it.

Now, let’s take a look at the language that just came out from the NWMLS regarding the new law enacted in June 2008.

“Under some circumstances, omitting information about the property may be considered mortgage fraud. House Bill 2770, which became effective June 12, 2008, makes mortgage fraud a class B felony, punishable by confinement not to exceed ten years, or by a fine in an amount not to exceed $20,000, or by both confinement and a fine. Mortgage fraud has always been illegal, but the new law makes it clear that Washington lawmakers are increasing their efforts to punish those who perpetuate fraud.

What is considered mortgage fraud under House Bill 2770?

Section 9 of House Bill 2770 states that it is unlawful for any person, in connection with obtaining a residential mortgage loan to directly or indirectly: (1) defraud or materially mislead any lender or borrower; (2) knowingly make any misstatement, misrepresentation, or omission during the mortgage lending process knowing that it may be relied upon by a mortgage lender or borrower; or (3) use or facilitate the use of any misstatement, misrepresentation, or omission during the mortgage lending process with the intent that it be relied upon by a mortgage lender or borrower.

Section 10 of House Bill 2770 provides that any person who knowingly violates section 9 or who knowingly aids and abets in the violation of section 9 is guilty of a class B felony. ”

I don’t know about you - but I think that this might qualify if everyone just hopes that the appraiser misses the problem.  Anyone else got a comment on what they think of the situation?  I’ve told my clients to run, not walk, away from this one.