Team Reba’s No Fluff level 1 home buying class in Seattle, January 21st 10am-12pm!

Posted on January 3, 2012 by Reba Haas

Cancelled due to weather….No Fluff Savvy Home Buying – Level I January 21st, 2012 01/21/2012

10:00 am – 12:00 pm RE/MAX Metro Realty office at 2312 Eastlake Ave E, Seattle WA 98102

RSVP to Classes@TeamReba.com by 01/19/2011

If you’ve been wondering what the state of the real estate market is like in Seattle and the general King/Snohomish/Pierce County area, now is your chance to get a No Fluff reality check. We’ll have Team Reba real estate brokers and a 30+ year veteran local mortgage lender (Eric Aasness of Wells Fargo) on hand to help you learn how to navigate today’s new realities of buying real estate.

On the agenda will be 3 major topics:

1) Credit repair processes, how credit is scored, what to look for in your credit report,

2) Lending products and options for buyers/refinances in today’s marketplace, including loans that allow for modifications to a property (FHA 203k loans) for those “less than perfect” purchases like cosmetic fixers, bank owned or short sales, and

3) An explanation of the real estate purchase process as well as an overview of today’s marketplace and the types of transactions most commonly seen. Including, short sales, bank owned and “traditional” real estate sales.

We hope you can join us and we look forward to seeing you there! If you can’t make it, or this class might be better suited for someone you know (friends, family, or colleagues), again, please feel free to forward the invite – all are welcome.

Coffee/Tea available onsite.

REMAX Office Address: 2312 Eastlake Ave E Seattle WA 98102

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JUMBO loans seem to be splitting lenders focus in 2009 market

Posted on April 13, 2009 by Reba Haas

For the last half of 2007 and all of 2008 the hardest to sell market in the Puget Sound area was homes that were in the roughly $650,000 to $1.5M range. Why? Because most of those properties required JUMBO loans for the buyers to secure the purchase and this was the first and hardest hit segment of the credit market for residential sales. Most of these loans were held in portfolio programs at banks because they weren’t easily bundled into the other securitized packages that were being sold on to Wall Street because of their perceived higher level of risk because of the dollar sizes involved.

For those uninitiated to the world of JUMBO loans these are the ones that are just above the conforming limit, which has been at $417,000. There is a temporary bump up in higher priced areas (of which the Seattle/Bellevue area qualifies) to $567.5k and $506k but those still have a slightly higher rate associated of around a half point (.5%) above the rates available at $417k.

What’s interesting right now is that there is a mixed bag of news regarding JUMBO loans and their availability. One report shows a lender that specialized in these type loans filing Chapter 11 and getting out of the market. But another report says that some of the bigger players have decided it’s an underserved market and they’ll be moving back into that realm. Two of the lenders looking to provide JUMBO loans are Bank of America and ING.

I’m hoping that if these bigger players do get into that lending niche it will help open up some of the buyer activity for homes in that price range in our area. We’ve got a client or two that could use it right now and we’d like to see that part of our market get moving in a positive direction again. Cities like Bellevue, Newcastle, Medina, Mercer Island, Redmond, and Woodinville as well as higher priced areas of Seattle could really benefit.

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Team Reba adds Certified Distressed Property Expert designations to its ranks

Posted on April 13, 2009 by Reba Haas

Earlier this week a couple of days were spent sitting on less than comfortable chairs in the local Renton Holiday Inn just off of Grady Way. Why were we willing to spend numerous hours of butt-numbing time in a jam-packed meeting room? For the benefit of getting the Certified Distressed Property Expert designation.

All of us at Team Reba have been working in the realm of short sales for many months and years so the large influx of short sale and distressed homeowner status is not new to us, but this designation is and it’s one of the fastest growing designations in the USA. With default rates climbing along with the unemployment rate (thankfully not in direct relation) it’s worth it to know the proper way to handle a short sale if a client needs assistance in doing it to close on a sale of a property that they can no longer afford.

In many cases a short sale can be better than a foreclosure or deed-in-lieu of foreclosure, as I’ve mentioned in prior posts. Plus there are other good reasons not to allow a foreclosure to be completed on the courthouse steps – and that is the long term employment picture. The 2 biggest reasons that someone loses their home, or the ability to keep paying at the same level, is because of either job loss or medical bills – or both of them combined. If unemployment is the reason then the last thing you’ll want to add to this is a foreclosure since many companies do credit checks prior to hiring new employees. A short sale is not reported in the same manner as a foreclosure and the timeline of impact on a credit report is much shorter in time. Foreclosures can show up on a credit report from 7 to 10 years later. For people whose jobs include security clearances or access to financial records, a foreclosure can mean the loss of a job or of position.

If you are a homeowner who is getting behind on payments and you don’t qualify for a loan modification program, please contact us to see if perhaps we can help you with your situation.

If you’re a buyer who wants to look at purchasing short sale, foreclosure, or bank owned homes it helps to work with an agent who understands the way these specialized sales work, including the potential pitfalls and delays that may occur.

We’ve got experience on both ends of the spectrum and can provide excellent guidance throughout the process.

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Definition of business relationship between inspectors and real estate agents is overly broad

Posted on March 16, 2009 by Reba Haas

Back on Jan 31, 2009 I submitted a post that let everyone know that WA State would be requiring real estate agents to disclose if they had a familial or business relationship with a home inspector. In the other post I noted that it’s not uncommon for this kind of requirement to also impact title, escrow or other types of ancillary businesses to our industry. What’s different here is that the definition of “business relationship” is meant to include whether or not an agent and an inspector worked together – even if it didn’t include property inspection.

“308-124C-050 Home inspector referrals. Each licensed designated broker will establish a written office policy that includes a procedure for referring home inspectors to buyers or sellers. The policy will address the consumer’s right to freely pick a home inspector of the buyer’s or seller’s choice and prevent any collusion between the home inspector and a real estate licensee.

If a licensee refers a home inspector to a buyer or seller with whom they have or have had a relationship including, but not limited to, a business or familial relationship, then full disclosure of the relations must be provided in writing prior to the buyer or seller using the services of the home inspector.”

Let me give you an example of what this means and how it compares and contrasts with other disclosures of business arrangements. I have several inspectors that I have referred over the years and they can be found on my Team Reba website. Two of these inspectors are people I’ve done business with over the years. One of them, Norm Gosslee of Seattle Eastside Building Inspection, was the inspector I used for 3 home purchases of my own prior to me becoming a real estate agent. I liked his work enough based on those experiences that I decided to use him as a referral resource for my own clients when I started in the business 6 years ago. Another fellow, John Lasswell of Lasswell Home Inspection, is someone that I met as I worked with an investor client since he was her inspector of choice. We ended up hitting it off and I really liked his reporting tools and methods so we started recommending him as well. Several years later, since he liked how I worked, he hired me to help him buy an investment property and I’ve done 2 transactions with him as a result. Even though those occurred a few years ago I will now have to disclose my “business relationship” with him.

The thing that gets me from all of this is that in other affiliated arrangements there is a specific financial interest involved such as an ownership interest or perhaps a referral fee (aka kickback) paid for new clients (not the agent or inspector themselves) which is why RESPA requires that these relationships be disclosed. But, if someone is using your services (or vice versa) for your own personal property transactions, I’m not sure why that is being considered the same. In those instances there is no requirement of me using one or the other inspector for my own personal transactions and the same is true of the other side.

What was also a bit perplexing to me was that the news of this requirement was announced to the real estate world locally via our MLS. When I went to my inspector contacts and asked if they were aware of the change, none of them knew the change had happened and that a disclosure requirement existed. Interesting….

Anyone else have a comment on this new law?

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How to get your utility company to pay YOU for energy!

Posted on March 12, 2009 by Reba Haas

Do you pay attention to the flyers that come with your utility bills? If you have Puget Sound Energy as a vendor you should read them because there are all manner of special offers for upgrading the energy efficiency of your home. In prior month’s bills the flyer had the following offers and ideas:

Windows – replacement windows in today R-values have exponentially better efficiency than even those double pane windows from the 1980′s and most certainly better than old aluminum framed or single paned windows.

Siding – updated siding has the potential of saving upwards of 20% on energy bills.

Solar! - Ah, the crux of the post…. Puget Sound Energy is now offering hot water and electrical systems for both residential and commercial customers. By adding solar it is possible to get credits back from the local utilities and provide power that can be used elsewhere in your grid. All the while you’ll be reducing your carbon footprint and producing a clean, renewable energy.

Go to washingtonenergy.com for estimates.

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Distressed Property Consultant law gets modified…. finally!

Posted on February 23, 2009 by Reba Haas

A lot of people got bent out of shape back in June of 2008 when a new law aimed at stopping equity skimming on foreclosures went into effect. The initial premise of stopping others from scamming people in financial distress was good, in theory, but the actual law that went into effect was a far cry from what the Attorney General’s office had put forward.

Today, we learn that the law has been modified via HB 1132 to better qualify what constitutes a distressed property under the law, and what specific elements must be present in the transaction to make it fit, or not fit, the definition. It’s even nicer that the update will go into effect immediately and there is no waiting period.

I don’t want to get too excited just yet as this only just passed the House and it will be going to the Senate soon under SB 5221. Let’s hope the same unanimous vote occurs within the state Senate!

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Need a copy of an oil tank decommissioning report?

Posted on February 23, 2009 by Reba Haas

Since there is an abundance of older housing stock in the City of Seattle, it’s not uncommon to have the question of whether or not an oil tank is on a property. To determine if a tank has been decommissioned it is possible to contact the local Fire Department and have them look up the address to the property and see if one has been filed. In this case I called the Fire Marshall’s office for the City of Seattle.

The Seattle Fire Marshal’s Office is located at:

220 3rd Avenue South
Seattle, WA 98104-2608

Phone: 206-386-1450
fax: 206-386-1348

Business hours are:

Monday through Friday
8:00 AM to 4:30 PM.

Most decommissioning reports have only been in place for roughly the past 10 years so if it was done earlier you may not have a record available to you. I’ve found that most municipalities are similar in process to this method of investigation so depending on where you live, you’ll want to contact the fire department responsible for your area whether in city limits or in an unincorporated area.

Most reports are faxed and not emailed, so be sure you can provide a fax number to whomever you speak to. Some lenders require a copy of decommissioning reports so be prepared to give a copy to your mortgage company/broker/lender, escrow and other parties as necessary.

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Washington institutes another disclosure policy for agents and those they do business with – this time it’s property inspectors

Posted on January 31, 2009 by Reba Haas

It’s been common for a while that real estate agents and brokers must disclose if they have any affiliated business arrangements with title, escrow, or financial institutions involved in a transaction. Also, agents are required to disclose if any other service they provide or refer gives compensation to the agent in return for the business. Examples would be cleaning services, staging companies, etc.

Now, this has spread to familial or business relationships with property inspectors. Typically I would think that this would be normal if there was some ownership of family relationship but it has spread to include if the home inspector has ever used the agent’s services in the past. I find that part a bit odd.

I’ve got many property inspectors who I know, having met them over the years we’ve been in business, and we list several on our website that our clients can choose from if they don’t have a preferred person of their own. One of those inspectors who we met originally via a client, and then again through the Seattle Chamber of Commerce, has used our services in the past but only because he saw over the years how we treated our clients and the level of professionalism that we offered. So far we have only done a couple of transactions together and none of these have had any sway over how we might do business with one of my own clients. But, we’ll create the disclosure form nonetheless and abide by the new rules.

What are your thoughts on this new rule?

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Burn ban in King, Kitsap, Snohomish and Pierce County has been cancelled

Posted on January 25, 2009 by Reba Haas

A notice came out yesterday with news that the burn ban has been cancelled for King, Kitsap, Snohomish, and Pierce Counties. Details direct from PSCAA below:

Message from the Puget Sound Clean Air Agency

FOR IMMEDIATE RELEASE: January 24, 2009

WEEKEND MEDIA CONTACT: 206-618-9734

Stage 2 burn ban cancelled for King, Kitsap, Pierce and Snohomish counties

January 24, 2009 – The Stage 2 burn ban for King, Kitsap, Pierce and Snohomish counties is terminated, effective at 12:00 p.m., January 24, 2009. The stagnant weather pattern of this past week is finally eroding, bringing improved mixing and dispersion of the fine particle pollution – and ultimately, cleaner, healthier air.

We appreciate the public’s cooperation with the burn ban, and encourage people to check current air quality conditions and air quality forecasts at our Web site http://m1e.net/c?89487606-bMCZxSv.0mp/g%403924828-ZrxerqCoeRvSg before they burn. Conditions can change quickly this time of year.

For those who heat with wood, please remember that it is always illegal to emit excess chimney smoke and to smoke out your neighbor. You know you are burning properly when you do not see any smoke coming from your chimney. To learn more about the most efficient and cleanest burning techniques, visit http://m1e.net/c?89487606-HgGIbBSbvFxSQ%403924829-5j11WlO7tuLr%2e .

For additional information regarding burn bans or other air quality topics visit http://m1e.net/c?89487606-U47stkp7gBrhU%403924830-.WDqVDR102WEc .

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Burn ban raised to level 2 for King, Kitsap, Pierce and Snohomish counties

Posted on January 19, 2009 by Reba Haas

Message from the Puget Sound Clean Air Agency

Stage 2 burn ban called for King, Kitsap, Pierce and Snohomish counties

January 19, 2009 – Due to stagnant weather conditions and elevated air pollution levels, the Puget Sound Clean Air Agency is issuing a Stage 2 burn ban for King, Kitsap, Pierce and Snohomish counties, effective at 12:00 p.m. January 19, 2009.

Stagnant conditions in the lowlands of the Puget Sound area continue with no relief expected during the next 48 to 72 hours. Air pollution levels have risen sharply in some areas. Offshore winds are expected to weaken today, enhancing the impact of pollution being emitted into the air. This Stage 2 ban is expected to remain in place until Thursday.

During a Stage 2 burn ban:

• NO burning is allowed in ANY wood-burning fireplaces, wood stoves or fireplace inserts (certified or uncertified) or pellet stoves, unless this is your only adequate source of heat. Residents should rely instead on their home’s other, cleaner source of heat (such as their furnace or electric baseboard heaters) for a few days until air quality improves, the public health risk diminishes and the ban is cancelled.

• Natural gas, propane and pellet stoves or inserts ARE allowed.

• Regulations prohibit the emission of any visible smoke, even if your fireplace, pellet stove, or wood stove is your only adequate source of heat.

• All outdoor burning is prohibited, even in areas where outdoor burning is not permanently banned. This includes recreational fires such as bonfires, campfires and the use of fire pits and chimineas.

• If our agency inspectors see any smoke being emitted from a chimney during a Stage 2 burn ban, they can assume a fireplace, wood or pellet stove is in use and a penalty is warranted.

• Burn ban violations are subject to a $1,000 penalty.

(Note: The Seattle Parks Department prohibits beach fires at Alki and Golden Gardens during the burn ban.)

This ban is in effect until further notice.

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Team Reba Real Estate

Seattle real estate and related wealth management topics

Category Archives: Snohomish County

Team Reba’s No Fluff level 1 home buying class in Seattle, January 21st 10am-12pm!

JUMBO loans seem to be splitting lenders focus in 2009 market

Team Reba adds Certified Distressed Property Expert designations to its ranks

Definition of business relationship between inspectors and real estate agents is overly broad

How to get your utility company to pay YOU for energy!

Distressed Property Consultant law gets modified…. finally!

Need a copy of an oil tank decommissioning report?

Washington institutes another disclosure policy for agents and those they do business with – this time it’s property inspectors

Burn ban in King, Kitsap, Snohomish and Pierce County has been cancelled

Burn ban raised to level 2 for King, Kitsap, Pierce and Snohomish counties