Team Reba Real Estate

More details to keep you on track for the 1st time homebuyer tax credit of 2009

Filed under: title/escrow, King County, South Park, Central District, Madison, Phinney Ridge, market activity, Beacon Hill, townhouse, Kirkland, Tukwila, Auburn, Kenmore, Kent, Issaquah, single family, FHA/VA, Conventional loans, Greenlake, Ballard, Bellevue, Puget Sound, mortgage/loan, Seattle, buyer, legal issues, economic issues, seller, Bryn Mawr, Lakeridge, real estate, Renton, tax issues, condo, West Seattle, disclosure, Redmond, Washington — Reba Haas @ 12:54 pm

A couple of days ago, I wrote an article that highlighted issues in King County, WA regarding closings in November 2009 that could impact a buyer’s ability to get the $8,000 tax credit for 1st time buyers. More news is coming out that impacts this as well and buyers should be prepared that lenders are wary of the volume that will hit at the end of this month as well and they’re putting up barriers for any legal action that may come from a rush of paperwork and deadlines culminating at the end of the month during one of our Nation’s biggest holidays.

See below for a warning sent out by one of my lending contacts with regard to news they’re being given of banks trying to reduce liability for missing the deadline. Be sure to be talking to your lender about their policies and volume that is expected for this month. The last day of the month is a Monday:

One major lender has reminded us that, for the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the homeowner. This must take place before December 1, 2009. This lender is also suggesting that a disclaimer be signed absolving them of any liability should the mortgage loan not get closed in time for the credit. There is a movement to extend the deadline at least 6 months, and even to drop the first time buyer requirement. Who knows what the future of that is. Good Luck 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 Fax: (206) 870-5051
Email: jrutherford@pmiloans.com
www.pmiloans.com
WA Lic. # 510-LO-35158

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Furlough days for King County Recorder’s Office to affect November sales and possibly your opportunity for $8,000 1st-time homebuyer credits. Be prepared in your offer!

Filed under: King County, South Park, townhouse, title/escrow, Central District, Beacon Hill, Madison, Kirkland, single family, Kent, Tukwila, Auburn, Woodinville, Issaquah, FHA/VA, Conventional loans, Phinney Ridge, Greenlake, Bellevue, Puget Sound, mortgage/loan, Seattle, buyer, economic issues, seller, Bryn Mawr, Lakeridge, Renton, tax issues, Ballard, real estate, condo, Redmond, West Seattle, Washington — Reba Haas @ 12:16 pm

Many people know that local governments and municipalities have been cash strapped and have implemented budget cuts in various departments as of late, but not everyone who is in the process of home shopping realizes that this could impact them directly. In King County, there were forced furlough days implemented throughout the 2009 calendar year so all cities lying within this county area will be affected. See the note below that I received from a local title & escrow firm to know which dates in November and December are affected. The 28th and 29th of November are on a weekend, when NO closings can occur anyway so don’t schedule yours for the 30th thinking that there will be plenty of time. As a first time home buyer you might find yourself out of luck with the $8,000 tax credit if you miss the timing and have your sale bumped past the November 30th cut-off date for that benefit.

Many people are expecting a last minute rush of activity this week for those that are hoping to utilize the tax credit as it usually takes 30-45 days to get through the underwriting process for lending so most contracts are written to close within that period of time. The next week or two will be interesting for everyone involved in the real estate and lending industry as we wait to see what buyers will do. If you’re in that camp of people trying to take advantage of the credit, then you better get crackin’ this weekend and narrow down your choices fast.

We also wanted to provide you a reminder that the King County Courthouse has scheduled the following furlough days and holidays between now and the end of the year. These courthouse closures will impact your closing date selection as well. King County Furlough Days and Holidays

November 11th, 25th, 26th and 27th.

December 24th and 25th

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June stats for the Puget Sound MLS show some encouraging news… and mixed results

Filed under: Renton, Ballard, real estate, condo, West Seattle, Greenlake, Phinney Ridge, Central District, NWMLS, Madison, Beacon Hill, market activity, Redmond, Lakeridge, Seattle, Bellevue, buyer, seller, economic issues, Puget Sound, interest rates, Bryn Mawr, mortgage/loan, foreclosure, short sale, Washington — Reba Haas @ 7:59 pm

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2000	3706	4778	5903	5116	5490	5079	4928	5432	4569	4675	4126	3166
2001	4334	5056	5722	5399	5631	5568	5434	5544	4040	4387	4155	3430
2002	4293	4735	5569	5436	6131	5212	5525	6215	5394	5777	4966	4153
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498	5963

It would be easy to look at this and with a broad stroke look at it and think, “Whew, I’m glad we’re done with that real estate downturn!” but it’s not that simple. Other news that came out in June’s numbers shows that in real estate it still is the same story of “location, location, location” plus there is a bit of a chicken and egg issue. Is the lower inventory level because there are picked up sales, or because people who would have sold aren’t doing so now and are instead holding on till later? Either way, it’s probably just as well given that it will be a little while before appreciation picks up to make up for the loss of value of the past 2 years.

Statistical Summary by Counties: Market Activity Summary - June 2009

June 2009 Single Family Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
June 2009 Single Family Homes + Condos	New Listings	Total Active	# Pending Sales	# Closings	Average Price	Median Price
King	4373	13351	3042	2083	$446,044	$363,116
Pierce	1668	5953	1341	798	$258,761	$230,000

Some of the news released talks about the decline in the number of condo units being sold in downtown Seattle but what has affected that sector has been the financing market as almost all lenders have required larger down payments (minimum 10%) which many buyers don’t have available. When 5% purchase options were available more people were able to save those kinds of funds, but when the median price $449,450 you can see why a change from 5% to 10% can put a dent in sales.

We’ll keep putting out information on the local market areas so that you can keep up to speed on market changes. If there is a specific market area you’d like to see highlighted or reviewed, feel free to comment or email us with your request.

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It's dry in the summer now, but when the rains come do you know how to handle a flooded basement?

Filed under: West Seattle, Redmond, real estate, Renton, Phinney Ridge, health, disclosure, landlord, seller, legal issues, buyer, Seattle, Lakeridge, Puget Sound, Washington — Reba Haas @ 12:23 pm

I am doing a little research on well testing for a client and, while cruising around the King County Department of Health website, I came across this interesting article on recommendations for how to handle and clean a flooded basement. Considering how frequently various areas of Washington State have problems with flooding because of the snow runoff in the mountain ranges as well as because of our, oh, so famous rains, I thought this would be good information to share.

Making sure that water that infiltrates a house is taken care of properly is a big deal. Mold and mildew can cause health problems, not to mention insurance issues, and disclosure requirements for sellers depending on if, when and how a flooding issue was handled. Insurance companies want to know that ANY water related damage to a property is handled properly and if it hasn’t been, then a buyer trying to buy a home may be denied coverage, thus making it hard to sell the home. CLUE (comprehensive loss underwriting exchange) reports, similar to the more well-known CarFax system, from the past 15 or so years should help determine if a claim has been made when a buyer is calling around getting insurance quotes in the early phase of a purchase. Be sure to ask if your insurance agent will be pulling a CLUE report as part of your quote/binder request. Most people don’t realize that insurance underwriting takes longer than loan/financing underwriting processes so it is possible to lose coverage after the purchase of your home completes.

If a seller didn’t make a claim, but did have a water problem, then it’s important that they disclose issues in the WA State required Seller’s Disclosure Form when selling. And even more important, lay out what was done to mitigate the problem and prevent it from happening again, if possible. This can mean plumbing issues, or natural disasters.

Not only does this website tell you how to handle pumping out water in the event of a flood, but it also gives tips on how to deal with issues of clean up. This is useful for both large flooding problems and the occasional water seepage that many older homes in Seattle experience when we have long period of wet weather. I also loved the idea of the use of a piece of dry charcoal to absorb odors. I wonder if this also works for cat pee smells. We had a house recently that we were in where I’d suggested to the agent that perhaps bringing in large bowls of baking soda might help. Perhaps this would have worked better. Anyone know if either of these might do the trick?

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Team Reba open houses June 14, 2009

Filed under: Bryn Mawr, Lakeridge, open house, mortgage/loan, interest rates, seller, buyer, Seattle, Washington — Reba Haas @ 12:06 pm

We’ve got 2 open houses going back to back this weekend in the South Seattle neighborhoods of Lakeridge and Bryn Mawr:

Lakeridge/Bryn Mawr - Very private location, 2550 sqft home w/ open floor plan on main level, on top of ravine to Lakeridge Park, and with a 2nd kitchen on lower level. $399,950 Open from 11am to 1pm.

Link to photos in slideshow

Bryn Mawr - Powell Homes resale with Lake WA view, 4bd/2.5ba home at $379,950. Open house from 1:30pm to 4pm

Link to photos in slideshow

Special financing available on the Powell Homes resale. Use Washington Federal for your loan and pay only $500 loan fee, and these rates are available to qualifying home buyers: 4.99% with 20% down payment or 5.5% with 10% down payment.

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Team Reba Real Estate

October 20, 2009

More details to keep you on track for the 1st time homebuyer tax credit of 2009

October 16, 2009

Furlough days for King County Recorder’s Office to affect November sales and possibly your opportunity for $8,000 1st-time homebuyer credits. Be prepared in your offer!

July 28, 2009

June stats for the Puget Sound MLS show some encouraging news… and mixed results

July 17, 2009

It's dry in the summer now, but when the rains come do you know how to handle a flooded basement?

June 11, 2009

Team Reba open houses June 14, 2009

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