Short Sale Process on YouTube

Wednesday, September 8, 2010
10:00 to 11:00 a.m.
Mercer Street and Westlake Ave N

It’s the beginning of the end of the Mercer Mess! Join us for the for the Mercer Corridor Project groundbreaking and celebrate with honored speakers US Senator Patty Murray, Governor Christine Gregoire, US Congressman Jim McDermott, local business owners, and Seattle Mayor Mike McGinn as Master of Ceremonies.

For more than 40 years the Mercer Corridor has been one the city’s most significant transportation challenges. Today, due to the support of Seattle businesses, residents, and state and local elected officials, Seattle Department of Transportation is fixing the Mercer Mess. Thanks to a $30 million federal grant, more than $30 million in private contributions, and a host of other local and federal funding sources, Phase 1 construction has begun. The project is expected to create more than 1,200 construction jobs during its three year construction duration.

When complete, the Mercer Corridor Project will keep people, goods and services moving in Seattle and throughout our region; create safe pedestrian and bike connections; improve freight and transit connections; and reconnect Seattle neighborhoods.

http://www.seattle.gov/Transportation/ppmp_mercer.htm#sub

Email: mercerinfo@seattle.gov

http://realestate.yahoo.com/promo/housing-markets-that-will-be-strongest-by-2014

Real Estate prices in the Seattle area are expected to grow 25.5 percent by 2014 according to this Bloomberg Businessweek story.  Many real estate reporters are writing about gloom & doom and this article states a 25.5 percent increase by 2014. I think Seattle will do very good between now and 2014 in the City of Seattle & Major Eastside Cities.  I also think that 25.5 is quite optimistic!

What do you think?

Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your finances. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead to unsound financial decisions with devastating results.

Bankruptcy becomes a viable option for someone who is “upside down” in terms of cash flow. In other words, when a person has more money going out each month than coming in, bankruptcy should be considered if no reversal of this negative cash flow is within sight. The longer someone waits to explore the various options available, the more serious his or her situation may become.

One of the worst things people can do in this situation is to borrow more money to try and pay off their debts. On paper, this is clearly an unwise financial decision. In the real world, however, it is very common for individuals to pursue this strategy in an attempt to buy time and hold off on filing for bankruptcy. On the surface, this is certainly a noble notion; however it can often compound the problem and serves only to delay the inevitable.

For many homeowners in the midst of this upside down cash flow, speaking to a qualified mortgage professional is a much better option. An experienced loan officer can objectively look at your finances and help you determine if restructuring your mortgage would not only help, but possibly even alleviate any need for bankruptcy.

If bankruptcy is the only option, seek out a reputable bankruptcy attorney and credit counselor. A qualified mortgage specialist can provide references for you as well, as he or she works with these professionals on a regular basis. Reliable references are essential in this case because experienced professionals greatly increase the odds of a successful bankruptcy experience. It’s that simple.

When filing for bankruptcy, be completely honest and accurate regarding every aspect of your financial situation. This includes any changes to your income which may occur throughout the process. Bankruptcy is a federal procedure, adjudicated by real judges, and scrutinized by representatives who coordinate with the Department of Justice, the FBI, and the IRS.

Here are some additional steps you can take to make the bankruptcy process as painless as possible:

• Save all paperwork regarding your bankruptcy, and keep it organized. This will prove beneficial after your bankruptcy as you now have all of the pertinent information in one place. Also, be sure to write down your discharge date. It’s surprising how many people forget to do this.
• Establish a household budget. This can be accomplished in many ways, but there are several inexpensive computer programs available which do an excellent job
• Throughout the bankruptcy, do your best to not only live below your means, but to save as much cash as possible. You never know what you may need it for once the process is completed
• Be prepared for a barrage of junk mail. There will be sharks on the loose who are hoping to capitalize on your need for credit. 

Tips for Rebuilding Credit:

• If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It’s a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.
• Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card. (Be wary of offers of “easy credit” or any card which asks you to call a 900 number. You will be charged for the call.)
• Meet with a credit repair specialist. Not only can they help you clean up the damage to your credit report, they can advise you on specific ways to rebuild the credit you lost as well.

While it does take time, there is definitely life (and credit) after bankruptcy. Some mortgage lenders will even lend to you within a year after a bankruptcy. If you’re in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.

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Olive 8 Condo Auction will happen on September 19th, 2010.

We can help you with the auction process at Urban Abode Group.

Want to know more about the home buying process in Washington State?  Interested in buying a property, but don’t know where to start?  The home buying process at times can feel overwhelming and confusing, but this class will help make it all clear.  This free class requires registration.  The class will be taught by local real estate, mortgage, escrow and inspection experts.

Seattle First Time Home Buyer Class

Price : Free

Date :  September 21st, 2010

Time : 7PM to 10PM

Registration : RSVP Required to team@urbanabodegroup.com- 20 spots available

Location : Keller Williams Greater Seattle, 1307 N. 45th Street – 3rd Floor – Wallingford Neighborhood @ 45th & Stone - Seattle, WA 98103

Course Agenda

Introductions & Class Overview

• Introductions
• What you want to learn in the class?

Home Ownership vs Renting

• Responsibility
• How long do I need to own a house?
• Tax Benefits of home ownership
• Reason for purchasing

Home Finance

• How much can you afford?
• Credit Score & Credit Repair
• Loan Programs
• Down Payment & Closing Costs
• Appraisal Process : What you need to know

What to look for in a Real Estate and Mortgage Professional

• How do you find a great realtor & mortgage professional?
• What to look for in an agent
• Questions to ask

Finding your right home 

• House, townhome or condo?
• Home Owners Associations
• You can’t have everything – what are you top “Must Haves”
• Neighborhood decision

End to End Process in Washington State 

• Making an offer through getting your keys

Closing Documents

• Key documents to know such as Truth In Lending and HUD

Title & Escrow

• What is the duty of the title and escrow company
• How to ensure a successful closing
• What to expect at escrow

Home Inspection Process

• Home inspection process overview
• What is & is not in a home inspection
• Overview of various home inspections

Maintain Your Home

• What do you need to know to maintain your home

I was interviewed for the cover story article in Seattle Weekly that is out this week.

http://www.seattleweekly.com/2010-07-21/news/lush-lie-eastsiders-have-refused-to-splurge-at-bellevue-s-luxurious-bravern/

Conforming
(< $ 417,000)
Conv. 30 Year Fixed  4.375%/4.557 APR
Conv. 15 Year Fixed  3.875%/4.190 APR
Conv. 5 Year ARM  3.250%/3.420 APR
FHA 30 Year Fixed  4.500%/4.842 APR
FHA 5 Year ARM  3.500%/3.937 APR
 
High Balance
(> $ 417,000 – $567,500**)
Conv. 30 Year Fixed  4.500%/4.653 APR
Conv. 15 Year Fixed  4.250%/4.961 APR
Conv. 5 Year ARM  4.375%/4.594 APR
FHA 30 Year Fixed 4.750%/5.238 APR
FHA 5 Year ARM   3.875%/4.225 APR

 
Jumbo
(> $ 567,500)
Conv. 30 Year Fixed 5.250%/5.480 APR
Conv. 15 Year Fixed 4.875%/5.146 APR
Conv. 5 Year ARM 3.875%/4.022 APR
    
Super Jumbo Option
$1,250,000 Purchase Price
$1,000,000 Loan Amount
5/1 ARM = 3.875% / 4.022 APR
7/1 ARM = 4.250% / 4.467 APR

A perfect summer day is when the sun is shining, the breeze is blowing, the birds are singing, and the lawn mower is broken.  ~James Dent

 
Please let me know if I can be of any assistance. 
It is an honor and pleasure to serve you.  

 
Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, Conventional 80% Loan To Value, Conventional 80% Combined Loan To Value, FHA Purchase 96.5% Loan to Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. **County Limits Apply, Max for King, Pierce & Snohomish = $567,500.

Real Estate Photography drives all of the marketing activities of a property.  Good professional photography needs to happen days if not a week or two prior to a home being listed for sale.  A majority of buyers prefer professional photography and the way it showcases a house or condo – but a small minority of buyers think it’s a trick and makes the property look better than reality.  Great photography on a sub-par house or condo can cause someone to tour a property that isn’t worth their time.  Poor photography on an amazing property can cause it to not sell in the property amount of time or at the appropriate asking price.  Photography is very important to getting a house or condo sold in the Seattle area.

The Internet is the main showcase for a property in 2010 – where most searches start online – making photography ultra important when marketing and selling a house.  Urban Abode Group uses some great photographers and finds great value in marketing properties with professional photography.  One of our listings was recently featured in Seattle Met Magazine due mainly in having great photography to showcase the listing in the glossy magazine.  The exposure in the magazine created more exposure for our sellers.

I’ve recently had both buyers and sellers complain that the use of Ultra Wide lenses.  The use of proper photos and equipment can allow you to see the whole bathroom that can’t be accomplished without wide angle lenses.  I think Ultra Wide shots can be overdone, but professional photography is a must for getting the right exposure to a property listing.

The New York Times has recently published a few articles on Real Estate photography:
http://www.nytimes.com/2010/06/22/nyregion/22appraisal.html?hp
http://cityroom.blogs.nytimes.com/2010/06/21/how-would-you-make-an-apartment-photo-ready/?ref=nyregion

What are your thoughts on real estate photography?

Seattle Real Estate Market Update

King County Washington Real Estate is witnessing stronger sales than we have in the past two years – but these have been a horrible past two years which makes it easy to have a 54% increase for our Year over Year sales. (http://housingquarterly.com/) 

Bottom line – houses & condos are selling again – so it’s a good sign for people that need to sell their property.  It’s great to see people being able to get on with their lives without being tied down by the real estate market.  In the past two years it’s been a difficult decision to short sell, rent it or even worse options for people wanting to sell their home.  With the market improving – things are selling again.  It’s all very local and Urban Abode Group has access to many statistics software packages if you want to discuss in person.  It’s eye opening to see your price point and your zip code inside of TrendGraphix.  http://trendgraphix.com/ We can show you the zip code you live in with TrendGraphix.

What is selling?  Updated and attractively priced houses, townhomes and condos in desirable neighborhoods are selling in less than 60 days.  If you are looking for a well maintained and updated house in a desirable Seattle & Eastside neighborhood – it’s not unusual to have multiple offers or sell at full price in the current market.  If you are looking to sell your property – it’s improved drastically compared with 2008 & 2009 – you finally have some great options.  If you price it right & it looks/smells great – it will sell fast.  Condo lending is tougher than house lending right now.

We do have negative issues in the Seattle housing market.  We still have a high amount of distressed properties and homeowners that are underwater on their values. Until these factors change we are not ‘out of the woods’.  King County has a balanced amount of inventory on the market right now, but there is still a lot of ‘shadow inventory’ of people that would like to sell but have decided to rent their unit until the market rebounds.  There is also a ton of bank owed inventory that has yet to hit the King County market.  This inventory is not counted right now because it’s not on the market for sale with the MLS.

King County is back to selling approximately 4,000 units a month– which is an improvement over 2008 & 2009 sales that witnessed sales or almost half that amount.  http://alanpope.com/charts.htm has all of the charts for you to see this improvement in King County sales.  The tax credit and delayed transactions are fueling the transactions during Spring 2010.  Summer already has a good amount of pending sales.

“But what is going to happen now that the tax credit has stopped” is a question we have been getting quite a bit.  Time will tell but based on our personal transactions and talking with agents around Seattle – we are even busier now that the tax credit has ended.  There is still a built up demand of buyers and people needing to sell homes that have rented or delayed moving during 2008/2009.  Interest rates are still historically low, which makes it a great time to buy!  Cheap money fuels a lot of home buying.