ComeBuyAHouse.com

Loan Modifications

Has your income dropped since you first bought your home?  Are you having trouble making your payments? Is your interest rate about to reset? Could you keep your home if you could lower your interest rate or change your interest only payment into a fully amortized loan that won’t reset? By significantly reducing your monthly payments, what if you could transform your problem payment into a property worth keeping?

Our loan modification specialists have negotiated and closed many transactions like these.  They are 100% professional, ethical and DFI (Department of Financial Institutions) compliant, boasting a phenomenal track record helping homeowners who have reduced income yet still wish to keep their home.  It’s time to take action and find out whether you are qualified! 

Fill out the form HERE and you will be connected with a real person who will give you real results.

Heading Towards Foreclosure?

Do you know someone who is fretting over how to make their mortgage payments?

Call Today . . . 425 772 7231

As short sale listing agent specialists, we have the expertise to save their credit, focus on a plan of action which will relieve worry and, most of all, help a family. Through the process of a short sale, we can save most people from going into foreclosure.

Unfortunately, we do not have a free get-out-of-your-mortgage card.  Nobody does.  Please do not fall prey to those false promises.

Take action now! Time is not your friend.

Call us today at 425-772-7231 for a private and confidential consultation to get you started on the path to recovery.

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Larry and Lynette are dedicated to assisting property owners with loan modifications & short sale solutions.

We have developed a far-reaching network of  mortgage companies, lenders and Realtors®, loan modification and debt .  The strength of our business is based on experience, knowledge and relationships and is invaluable.

Larry and Lynette are here to help you move forward. Regardless of your circumstances, we have powerful solutions available for you.  Call 425-772-7231 to get started today.  

Lynette Hensley
Associate Broker
Larry Baumgartner
Real Estate Professional, CNE
425.772.7231 Lynette | 206.291.4117 Larry
ComeBuyAHouse.com
L2@comebuyahouse.com
Asset Realty Group

Home Affordable Foreclosure Alternatives (HAFA) Program

Here is Obama’s program that we may be able to utilize in your short sale.  Call me and let’s see. –Lynette 425 772 7231

Home Affordable Foreclosure Alternatives (HAFA) Program

Short Sales Focus

Our local Seattle real estate market is continuing to require agents who know how to handle short sales. To that end, Larry and I now have systems in place to handle short sale listings and purchases. This is a new additional niche for our business.  This kind of listing or purchase requires a special focus and knowledge about short sales because, to be clear—it’s the Wild Wild West out there. The guidelines and rules can be very different from lender to lender.

To begin, here’s a definition of “short sale”.

Watch for more updates and information right here.We’ll keep you informed as issues develop.

Best to you!

Wild West Gunslingers……Lynette & Larry

203K Loans Expand Possibilities

Renovation and Remodeling loan programs can offer you some options when buying a home, particularly a home that needs updates or repairs where the seller is unable or unwilling to make the repairs before closing. There are so many bank owned properties on the market that are great deals, but banks don’t typically fix anything during the sale process. This has put a speedbump in more than one transaction in the recent past.

To overcome this obstacle, you might consider a renovation or rehab loan, otherwise known as a 203K loan. David Hatlen at Homestreet Bank offers four products:

• FHA 203K
• Fannie Mae
• Portfolio Owner Occupant
• Portfolio Investor

The easiest one to use, and the one that is used most often is the FHA 203K streamlined loan. This is what I’m going to cover in this post.

Here’s a brief explanation of how this works:

• The cost of work must not exceed $35,000, and must be at least $5000
• A final inspection is only required for repairs exceeding $15,000
• Work must be completed by 6 months after closing
• Changes can be for improved function and modernization
• Health and safety issues can be included
• Repair or replace plumbing, heating, AC and/or electrical
• Roofing, gutters, downspouts may be included
• Floor coverings
• Energy conservation and weatherization
• Handicapped accessibility
• New kitchen appliances
• Interior and exterior paint
• Repair/replace or add exterior decks, patios, porches
• Basement finishing and remodeling which does not involve structural repairs
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement

Here are a few interesting uses for a 203K you might not have thought about:

• Use on 1-4 dwelling units
• Convert a one unit dwelling to 2-3-4 units or vice versa
• Convert non-residential to residential use
• Move an existing home to another site
• Place a detached garage or an ADU onto the site
• and more….

Does this get your ideas goin’?

Here’s how it goes: You come to an agreement with the owner of the house you’d like to buy. You have the inspection and get all your bids (we can help with that) and put your bids together into a proposal for the 203K loan. Once they are approved the rest of the loan process is very similar to a regular sale. After closing all the work needs to be done within 6 months. Any unused money will be applied to the loan balance.  In a streamlined 203K you may also do some of the work yourself.

Contact us for more information or David Hatlen for inquiries

Side Sewers and You

From Seattle Utilities: Good info for Homeowners

Homeowners and building owners are responsible for maintaining and repairing this section of pipe that carries wastewater from your home or building’s plumbing system to the public sewer main (usually located under the street). As the property owner, you are responsible for replacing any sidewalks and roadway removed during the repair, potentially costing thousands of dollars. Maintenance is important. The primary problem associated with side sewers is sewer backups into homes or businesses. Some causes and solutions include:

• Tree root penetrating pipes, especially older ones made of clay. Rooter services
can unclog a side sewer.
• Fats, oils and grease improperly disposed of down drains also cause blockages.
Instead, they should be properly disposed of in a sealed container in your trash.

When there is a problem it is best to call a private company first, such as a rooter service or plumber, because the problem is likely in your private side sewer line and critical time may be wasted contacting the city. However, if sewage is coming into your home when you are not using water, you should call for a Seattle Public Utilities’ maintenance crew immediately at (206) 386-1800.

You can also learn more by visiting www.seattle.gov/util/sidesewer. Some Seattle residents may qualify for a low-interest loan from the Seattle Office of Housing’s HomeWise program to help fix their side sewer problem. For information about program guidelines or to request an application, email homewise@seattle.gov or call
(206) 684-0244.

Residents may qualify for a low-interest loan from the Seattle Office of Housing’s HomeWise program to help fix their side sewer problem. For information about program guidelines or to request an application, email (206) 684-0244.

When the Feds Stop Buying Mortgage Backed Securities

Why should you care about this?  Well, the fact is that the government has been buying these loans that were all bundled into investments that turned out to be poor risks. This influx of $1.25 trillion in government $$ has propped up the housing market, kept banks solvent and allowed market interest rates to remain low, between 5% and 5.25% for much of 2009. By about the second quarter of 2010, this activity is scheduled to discontinue.

So we do expect that the government will indeed close the program down in an attempt to return to more normal market conditions.  This is what they are telling us.  This will leave private investors to pick up the slack, which they may or may not do at a rate necessary to keep interest rates low.

Brian O’Connell of BankingMyWay.com says,

“If the economy doesn’t cooperate, and sends private investors into the mortgage marketplace to plug the gap (a good bet right now), then look for interest rates to rise next March. [2010]

The Fed may not do deadlines, but it’s not above firing a warning shot to the American consumer. If you want to buy a home, do it in the next three or four months. After all, the difference in monthly mortgage payments of 5% or 6% can be measured in tens of thousands of dollars over the life of the loan.”

Brian’s right. Every 1%  of interest rate increases your costs over the life of the loan, and it also reduces the price of the house you can qualify to buy. For instance if you qualify to buy a $400,000 home now at 5%, you will qualify for $358,000 at 6%.

Maximum buying power comes with low rates. We have the triple benefit of low interest rates and low prices right now, (some REO’s are ridiculously low) and government tax credits. It really is an incredibly inexpensive moment to buy.

Lynette Hensley
Associate Broker

4 Reasons to Sell Now

Source: Realtor Magazine Online — [Annotated by Lynette]

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

1. Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.

 [We will compare many factors, including how much you bought for, what you owe, if this would cause a short sale, etc. Many factors go into these decisions.]

2. Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.

[While this may not help you directly, it can help to sell your home. We are associated with a few lenders who have certifications with the House Key program and other down payment assistance programs that can be specific to a city.]

3. Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.

[These include Federal Tax Credits as well as county specific rebates that run for specified time frames.]

4. Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

[Us for instance!]
Source: McClatchy Tribune, Kate Forgach (02/07/2010)

Open House coming up on Saturday, January 30, 2010

Rainier View from Roof Top Deck of Legendary Homes

We were holding open house a week or so ago, and the sky was just right to take these photos of Mt. Rainier from the roof top deck. The mountain can be seen from at least three levels of the home. Hm, I’ll have to check out the lower level when we are there on Saturday.

Come visit!  They are stellar homes, and the views are fabulous!

Feel free to call with questions

Lynette Hensley
Associate Broker
425 772 7231

Homebuyer Tax Credit

This is one of those things you should take advantage of if you were going to buy a house anyway sometime soon.

First time homebuyers:

• The $8000 tax credit is for first time homebuyers only. For the tax credit program, the IRS defines a first time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8000.
• The tax credit applies only to homes priced at $800,000 or less.

Repeat Home Buyers:

• To be eligible to claim the tax credit, buyers must have owned and lived in their home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6500.
• The tax credit applies only to homes priced $800,000 or less.

This info is not intended as legal or tax advice. I just wanted you to know the basics to see if you might be qualified and to find out more. Here is a link to the current info: Tax Credit

Let me know if I can help in any way!

Lynette Hensley
Associate Broker