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Doggie Days in Real Estate

Larry Loves Doggie Days!

Larry and I always seem to attract animals and small children.  Cats, Dogs, babies…they have their similarities–a blatant lack of judgment, I suppose!

Here’s a link to photos of some of the doggies we’ve encountered!  One was an interesting breed we had not yet heard of, good for allergy sufferers, (but not for children), called Coton de Tulear.  One shows up in the pictures, linked above. Apparently they have a cottony coat — hence the “Coton” in the name.  And they don’t shed much.

These photos are from an encounter in front of Vivace Espresso in South Lake Union.

Other notable animal encounters include the sweet doggies that an agent told us were very friendly, would make lots of noise but not hurt us.  However, we were glad that day not to have any small children touring with us–Larry got bit by one of the “friendly” dogs.  This kind of encounter is very rare, thankfully!

Yesterday we met two very lovely cats with luxurious Siamese markings and long fur. They seemed to be related–almost blending into one another on the bed in the master suite.  The dog of the house just loved Larry.  I think he was about the same size as the cats and wore a long gray mustache and beard.  Very cute like a little bearded man.

One of our faves though, is Whitty, Jane’s dog who now lives in West Seattle.  Whitty spent long hours with us, looking for the best home for Jane.  Whitty’s a purse sized dog who just loved to stand on Larry’s forearm and look out the front window to see just where we were going next.  From time to time he would sneak a lick on to Larry’s face.  In return, Whitty took it all in stride when Larry sniffed his little fringed black ears.

And then there’s the Cathie’s, our friends from South Africa, who have three animals–all with the same color hair as dad, and wonderful compatible temperaments, AND a fantastic kidlet.  Lovely.

Dogventures.

What fun!

Lynette Hensley
Associate Broker

First Time Homebuyer Tax Credit

Realtors are working hard to make it possible for first time homebuyers who are eligible for the tax credit to be able to use that $8000 at closing.   As of right now, it’s simply a tax credit, which you can take while filing your 2009 taxes, or you can revise your 2008 taxes, or if you haven’t yet filed for 2008, you can take the credit there.

There are income limitations, and you must live in the home for three years or pay the credit back.  But all in all, it’s a great deal!  I’ve included a link to a PowerPoint presentation with loads of details.  Do you qualify?

Link to an explanation of the credit

Link to the IRS form to take the credit

Lynette Hensley
Associate Broker

Fremont — A state of mind

Fremont.
Any trip to Seattle deserves an excursion to Fremont The self proclaimed Center Of The Universe(vers,ers,rs). Just thumb through these pictures or follow these links to get only a glimpse of this funky, eclectic, eccentric borough of Seattle or just use a map and find your own way to and through.

Fremont The Chamber of commerce site
A map of (note the intersection of N 36th and N 34th which in some galaxies would be im-possible … Not here!

(ok so a closer view shows N 36th merges into Fremont Ave N, but where more appropriate for a tesseract than here) in Fremont!

View Larger Map

View Larger Map

Dusty strings–
Along Fremont avenue you will find a stairwell and signs pointing to Dusty Strings, if you like American folk instruments Do Not miss this. In business since the 1970s they are manufacturers of fine folk harps, hammer and mountain dulcimers, and they have one of the most playable guitar walls I have ever seen Martin, Taylor, and Collings, to name a few
Dusty strings http://www.dustystrings.com/

The solstice parade –
Every year on the Saturday of the solstice week a mini Mardis Gras takes place. Inventive irreverent, (body painted bicyclers are a regular attraction), expression for the eccentric, happens here.

Fantastic eclectic food–
Some of the great grubb in town is found here also, Jai Tai, Costas Opa, Café Lladro, to the south across the bridge to the Nickerson Street Saloon or Ponti (bring your gold card) or venture north up the hill to Swingside Café (a quaint name for one of the Finest Rotating menus in Seattle)

 

 

 

Antiques and Arts–
Fremont is Funky Urban Art, and many artists and galleries flourish here and intermix with the charm of a settlement grown from an 1880s milltown to an artists enclave in the 1920s to the present, reflected in the antique shops scattered about. Monuments from Rocketships to Trolls and Karl Marx in-between, the sign post to the Center Of The Universe, and stainless steel vines climb a building at the corner of 34th and Fremont.
I think my favorite link to Fremont is this last , an historical document of great civic importance, its Declaration of Independence.

Larry Baumgartner
Realtor

Foreclosures in Washington State

More and more we are seeing short sale, foreclosures, REO homes for sale.  It helps to understand the laws regarding foreclosures as well as the time lines.

Each state has it’s own regulations for foreclosures.  These are links to the Washington State Foreclosure Laws as well as a good basic explanation:

Washington Foreclosure Law

Washington Foreclosure Law Explanation

Lynette Hensley
Associate Broker

April 2009 Seattle Market Updates

KING COUNTY
In King County, number of sales increased by 3.7% over March showing a seasonal rise, and also favorable market changes with some tax help for first time homebuyers.  From April ‘08 to April ‘09 average prices are down 15.27%.

SNOHOMISH COUNTY
In Snohomish County, the number of sales rose 13.6% from March ‘09.  The average price of a residence is 14.29% lower than April ‘08.

Please remember that these numbers are county wide trends, and that real estate pricing is very localized and can also be affected by the owner’s situation.
Please call us for a closer look at properties that interest you.

Lynette Hensley

Here are downloadable PDF’s:
Real Estate Market updates for King, Snohomish Counties:
King County

Snohomish County

Compiled by our title partner, from MLS statistics.

Lynette Hensley, Associate Broker, Realtor
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Tags: Seattle Area Market Updates

Short Sale Perspective

I asked if I could publish this article about short sales by Danette, because she has a unique view of the process as an escrow closer. –Lynette

Short Sales

By Danette Johnson, of Ballard Escrow

A short sale is when a seller doesn’t have enough equity in their property to fully pay off the underlying mortgage debt and negotiates a reduced payoff with one or more lenders holding a security interest in the property.  So long as the lender agrees to accept less than the amount needed to pay the debt in full, the seller is able to proceed with the sale of their property — shorting the lender or lenders the full balance due under the terms of the original loan.

With real estate values declining, sellers may consider a short sale as the answer to avoid foreclosure.  Anyone considering a short sale — sellers and listing agents and perhaps more significantly buyers and selling agents – should be educated in the world of short sales to formulate their plan of attack.

It is important to understand that a short sale does NOT protect a seller’s credit rating.  Once a payment is late or missed, the lender may report the late payment to the credit agencies. Upon completion of the sale, it may appear as a “charge off” or a “pre-foreclosure” on their credit rating.  Hence, short sales not only adversely affect the seller’s credit rating, but sellers need also be aware that they remain liable for the unpaid balance of the loan or loans being paid short unless the lender(s) agree in writing to excuse payment and confirm in writing that the debt is paid in full. Without something in writing from the lender confirming that all further payment of debt is excused, sellers may find that one or more of their lenders, post closing, will pursue payment of any unpaid loan balances by obtaining a judgement or a lien. Short sale approvals are also frequently conditioned upon the seller’s agreement to pay some portion of the remaining debt after closing.

Buyers need to be educated about the process of a short sale transaction.  Buyers may see a property advertised as a “short sale” and believe that property will be sold at bargain basement pricing, and therefore a wonderful opportunity for them.  However, buyers beware,  as short sales are plagued with delays and seemingly endless extensions of closing dates.  We find that more often than not, buyers end up extremely frustrated with the constant delay and re-negotiations by the lenders and finanlly just walk away from the transaction.  And, because of the fluctuating closing date, even buyers with the patience to wait the process out should be wary when locking in their financing until absolutely certain that their closing date will accommodate their lock-in deadlines. With interest rates again predicted to fall to record lows, short sales could cause a buyer to miss out on a very low interest rate while waiting out the lender’s approval of the short sale.  Interest rate fluctuations can mean the difference in qualifying for a buyer’s dream home or losing the opportunity to take advantage of the low rates anticipated for 2009. These frustrations should give pause and lead selling agents to question the wisdom of subjecting buyers to a short sale.

It would be helpful if our industry had a list of specific requirements that lenders consider when approving a short sale transaction.  If such a list existed, more certainty in the process would exist, and it would be easier to evaluate the property up front. To date we have found the approval process to be riddled with tentative approvals, then new conditions, and out of nowhere a new department or supervisor steps in to review what was believed to have been a pre-approved short sale. Unfortunately the work-out departments within the lending institutions are currently overwhelmed and appear to be under-trained, underpaid and under-valued by the lending institutions as a whole.   With lending regulations in turmoil and lenders continuing layoffs, short sales with preliminary approval may never reach final approval. Our experience over the last couple of years at Ballard Escrow tells us that short sales require a minimum of six months to close.  We are also finding that short sale transactions are closing with very low success rates of five to ten percent.  That means 90-95 percent are rescinded, often as a result of the buyers simply giving up and perhaps taking themselves out of the market altogether as a result of the negative experience of dealing with a short sale.

All of these issues combined should cause everyone to question the wisdom of dealing with properties that are subject to a short sale.  Be ready for a fight, or run for your life.  The choice is yours.

Tags: closing, Escrow, Lender, Short Sale

Entrance to 1-5 at Mercer Street

This entry to I-5 going North from Mercer Street has two lanes, or so it seems. The I-5 freeway is set up through Seattle to accommodate rush hour traffic with an express lane that changes direction depending on the time of day. There are barriers at the entry of the express lanes that open and close, and when the traffic is going south, this particular entrance to the freeway merges down to one lane pretty quickly around a blind corner. There are signs, but folks still get the surprise from time to time.

Entrance to I-5 at Mercer

Lynette Hensley
Associate Broker

Traffic light Photo by Edy Kizaki