Short Sale Facts

Short Sale Facts  – Are they worth it?

I get a lot of questions on Short Sales and currently I am dealing with three of them right now that are difficult, a lot of my time and more work than any other transaction by far. So are they such good deals?

 They can be but each deal is different and if there is a second mortgage on the home it’s even harder to get approval. Also, there is now a trend to charge the buyer a negotiation fee for the privilege of making a bid on a short sale! This really makes my job more difficult when the question comes from my buyer wanting to know why they should pay the fee. Shouldnt the seller pay it? It is complicated to say the least and recently I had the highest negotiation fee I have ever seen. My buyer is being hit with a $6675 negotiation fee for the privilege of making an offer. This is just getting out of hand and it will be interesting to see in the future how this plays out. I for one think there needs to be some sort of cap put into place on what these guys can charge and how they charge it. So with that I would like to share this report for those that are considering a short sale and a video that I think speaks clearly and sheds light on this new era of home selling that we all find ourselves in.

They seem like such a great deal but the truth is that after the negotiator fees that are usually charged and the waiting for months on the chance that the bank will accept that low listing price you might become so frustrated with the process that you walk away. Do you know that 80% of all prospective home buyers that put an offer on a short sale end up rescinding the contract due to waiting?

The below report shows statistics from the NWMLS for Realtors on how many are waiting for bank approval. As you can see 132 of these cancelled their offer. If you really want a great deal than look at Bank owned or the traditional owner occupied. They go quicker and sellers are more willing to negotiate with you.

Total Short Sale Activity Snohomish County last 90 Days

Pending BU – (no lender approval)                                        91 Units
Pending (lender approved)                                                        89 Units
Sold                                                                                                81 Units
Cancelled                                                                                     132 Units
Expired                                                                                          99 Units
Total Units                                                                                   492    

    Failed Transactions:                       46.9%

Comparative Values – Snohomish County Solds last 180 Days priced between $180-$325,000
          
                                               Average       Median          Price per SF

Retail Sales                             $259,936     $260,000           $160.49
Short Sales                              $249,319     $255,000            $145.21
Bank Owned                           $239,595     $239,250            $134.11

Home Price Extrapolated based on Average Price per SF (1600 avg)

Retail:                          $256,784
Short Sale:                  $232,336
Bank:                           $214,576

www.snohomishcountyhomes4u.com

Get Ready for Fall Washington

  

FALL HOME MAINTENANCE

Get your home and family ready for the fall months ahead with these tips!

  • Drain hot water heater and remove any sediment from the bottom.
  • Replace the furnace filter.
  • Have your heating system serviced.
  • Replace all summer screens with storm windows and doors.
  • Be sure all doors latch properly to protect against high winds.
  • Have your chimney serviced and cleaned. Check for any missing mortar or for de­bris (i.e. bird nests).
  • Clean your gutters and downspouts throughout the fall season.
  • Repair any window cracks or holes in weather stripping or caulking.
  • Clean your ducts.
  • Check to make sure your thermostat works properly.
  • Check crawlspace for flooding after the first long rainfall.
  • Make sure you have new batteries in all your flashlights and that they are easily found around the house.
  • Stock up on bottled water and snacks in case of a power outage.
  • Turn ON gas furnace pilot light.
  • Make sure you have adequate insulation in attic and crawlspace.
  • Continually check your air vents to make sure they aren’t blocked.
  • Clean out the bathroom fan/filter.
  • Test all smoke detectors and carbon monoxide detectors.
  • Make sure you have at least one fire extinguisher on each floor and in the garage.
  • Make a fire escape plan for your house and make sure you review it with all family members.

 

 

Have a safe and Happy Fall!

www.snohomishcountyhomes4u.com

 

 

Open House this weekend in Mukilteo

September 17- 18 from 1-4 come and see me in this beautiful Mukilteo Home! With a great view of Whidbey Island and the Puget Sound you just cant go wrong plus Mukilteo was ranked the ninth best place to live in the United States by Money Magazine. That rank is up from two years ago. In 2009, Mukilteo was ranked 10th best by the same survey.
 
 
Here’s some stats on this great town

  City stats Best places avg.
Median family income
(per year)
$104,939 $99,975
Job growth %
(2000-2010)*
13.58% 1.38%
See jobs near Mukilteo
Median home price $379,950 $265,929
See Mukilteo homes for sale
Test scores reading
(% above/below state average)
20.7% 24.82%
Test scores math
(% above/below average)
32.2% 24.45%
Personal crime incidents (per 1,000)             1 1
Property crime incidents (per 1,000) 
          
26 16
Restaurants
(within 15 miles)
2,348 2,758
High temp in July ° F 73.0° 84.1°
Low temp in Jan ° F 33.6° 20.9°
Median age 38.5 36.35

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Financial City stats Best places avg.
Median family income
(per year)
$104,939 $99,975
Family purchasing power
(annual, cost-of-living adjusted)
$92,866 $95,706
State sales tax 6.50% 5.75%
State income tax rate
(highest bracket)
N.A. 7.37%
State income tax rate
(lowest bracket)
N.A. 3.13%
Auto insurance premiums
(Average price quotes, for the state)
$1,744 $1,687
Job growth %
(2000-2010)*
13.58% 24.63%
See jobs near Mukilteo
Housing
Median home price $379,950 $265,929
Average property taxes
(2010)
$3,322 $4,083
See Mukilteo homes for sale
Education
Colleges, universities and
professional schools (within 30 miles)
13 28
Test scores reading
(% above/below state average)
20.7% 25.1%
Test scores math
(% above/below average)
32.2% 24.7%
% students attending public/private
schools (located within town limits)
100.0/0.0 92.1/7.9
Quality of life
Air quality index*
(% of days AQI ranked as good)
89.0% 78.5%
Personal crime incidents (per 1,000) 1 1
Property crime incidents (per 1,000) 26 16
Median commute time (in minutes) 22.3 23.3
% population with commute
45 mins. or longer
22.3% 15.4%
% population walk or bike to work 2.1% 2.6%
Leisure and culture
Movie theaters
(within 15 miles)
28 30
Restaurants
(within 15 miles)
2,348 2,758
Bars
(within 15 miles)
158 208
Public golf courses
(within 30 miles)
96 165
Libraries
(within 15 miles)
38 74
Museums (accredited by AAM;
within 30 miles)
7 10
Ski resorts (within 100 miles) 9 16
Arts funding (Dollars per person of state funds spent on arts) 0.3 1.2
Weather
Annual rainfall
(inches)
37.54 39.07
% clear days in the area 16 27
Snowfall
(average in inches)
11.40 xxxx°
High temp in July ° F 73.0° 84.1°
Low temp in Jan ° F 33.6° 20.9°
Meet the neighbors
Median age 38.5 36.35
Completed at least some college
(% of residents)
80.9% 74.5%
Married % 64.7% 61.5%
Divorced % 9.2% 7.6%
Racial diversity index
(100 is national average; higher numbers indicate greater diversity)
108.9 71.0

Cash to Close Issues Number One Cause of Delay’s

Are you considering buying a home or are already in the process? House prices are down, interest rates have never been lower but lending standards have changed and this video is a great reminder to document everything so your transaction runs smoothly.

Cash to Close Issues Number One Cause of Delay’s

Open House this weekend in Mukilteo

September 17- 18 from 1-4 come and see me in this beautiful Mukilteo Home! With a great view of Whidbey Island and the Puget Sound you just cant go wrong plus Mukilteo was ranked the ninth best place to live in the United States by Money Magazine. That rank is up from two years ago. In 2009, Mukilteo was ranked 10th best by the same survey.
 
 
Here’s some stats on this great town

  City stats Best places avg.
Median family income
(per year)
$104,939 $99,975
Job growth %
(2000-2010)*
13.58% 1.38%
See jobs near Mukilteo
Median home price $379,950 $265,929
See Mukilteo homes for sale
Test scores reading
(% above/below state average)
20.7% 24.82%
Test scores math
(% above/below average)
32.2% 24.45%
Personal crime incidents (per 1,000)             1 1
Property crime incidents (per 1,000) 
          
26 16
Restaurants
(within 15 miles)
2,348 2,758
High temp in July ° F 73.0° 84.1°
Low temp in Jan ° F 33.6° 20.9°
Median age 38.5 36.35

<!–

–>

Financial City stats Best places avg.
Median family income
(per year)
$104,939 $99,975
Family purchasing power
(annual, cost-of-living adjusted)
$92,866 $95,706
State sales tax 6.50% 5.75%
State income tax rate
(highest bracket)
N.A. 7.37%
State income tax rate
(lowest bracket)
N.A. 3.13%
Auto insurance premiums
(Average price quotes, for the state)
$1,744 $1,687
Job growth %
(2000-2010)*
13.58% 24.63%
See jobs near Mukilteo
Housing
Median home price $379,950 $265,929
Average property taxes
(2010)
$3,322 $4,083
See Mukilteo homes for sale
Education
Colleges, universities and
professional schools (within 30 miles)
13 28
Test scores reading
(% above/below state average)
20.7% 25.1%
Test scores math
(% above/below average)
32.2% 24.7%
% students attending public/private
schools (located within town limits)
100.0/0.0 92.1/7.9
Quality of life
Air quality index*
(% of days AQI ranked as good)
89.0% 78.5%
Personal crime incidents (per 1,000) 1 1
Property crime incidents (per 1,000) 26 16
Median commute time (in minutes) 22.3 23.3
% population with commute
45 mins. or longer
22.3% 15.4%
% population walk or bike to work 2.1% 2.6%
Leisure and culture
Movie theaters
(within 15 miles)
28 30
Restaurants
(within 15 miles)
2,348 2,758
Bars
(within 15 miles)
158 208
Public golf courses
(within 30 miles)
96 165
Libraries
(within 15 miles)
38 74
Museums (accredited by AAM;
within 30 miles)
7 10
Ski resorts (within 100 miles) 9 16
Arts funding (Dollars per person of state funds spent on arts) 0.3 1.2
Weather
Annual rainfall
(inches)
37.54 39.07
% clear days in the area 16 27
Snowfall
(average in inches)
11.40 xxxx°
High temp in July ° F 73.0° 84.1°
Low temp in Jan ° F 33.6° 20.9°
Median age 38.5 36.35
Completed at least some college
(% of residents)
80.9% 74.5%
Married % 64.7% 61.5%
Divorced % 9.2% 7.6%
Racial diversity index
(100 is national average; higher numbers indicate greater diversity)
108.9 71.0

Cash to Close Issues Number One Cause of Delay’s

Are you considering buying a home or are already in the process? House prices are down, interest rates have never been lower but lending standards have changed and this video is a great reminder to document everything so your transaction runs smoothly.

Cash to Close Issues Number One Cause of Delay’s

Snohomish County Realtors Give Back to the community

I am very excited to be part of giving

back to my community!

In the last few years more and more families are struggling and I feel its our responsibility to help our communities as much as we can. I am proud to participate and hope I can get more people to do so.

However, we need to hurry time is running out!

Now until September 30, 2011 agents all over Snohomish County are collecting food for the Volunteers of America.

100 Tons of Fun!
2011 SCCAR Food Drive

Our office in the Mill Creek Town Center is a smaller office but that didn’t stop us last year from collecting 2000 tons of food! Plus this year we are also participating in Clothes for Kids and collecting children’s gently used clothing and toiletries to be donated to the local public schools!

Financial contributions are also welcome and may be made easily on-line at www.clothesforkids.org

Please help us in reaching our goal and helping those in our community that need it the most. Any donations can be dropped off at our office at 15129 Main Street #C101 Mill Creek- 98012.

What’s going on this weekend?

FREE document Shredding event Saturday September 17- 10-2 at the Mill Creek City Hall Annex parking lot.

Pirate Day at Country Village in Bothell. Saturday September 17- 11-2. Your sure to have some swashbuckling fun! www.countryvillagebothell.com. Dont forget to grab some FREE pirate booty at participating stores while it lasts. 

Not your kind of event? Well go on Friday to the Farmers Market at Country Village from 12-6. Get fresh-cut flowers, organic produce, pasta, Baklava, bread and much more. Or find some great hand-made gifts from local crafters.

The 4rth annual Snohomish Pumpkin hurl and Medieval Faire. Saturday, September 17-10-4.  With a medieval village, mock battles, archer tournaments and watch the Trebuchets hurl pumpkins over 1800 feet! www.festivalofpumkins.org

Now in its 50th Year the Seattle Greek Festivals tantalizing flavors will make your taste buds only wanting more. Kids and parents alike will love the authentic flavors of gyros, barbecued lamb, and dolmathes (grape leaves stuffed with rice and spices) served as la carte portions big enough to share. The food is definitely a major highlight. Located in the Montlake neighborhood between Capitol Hill and the University District. http://www.seattlegreekfestival.com/  Friday September 16, 2011 -Noon-9:00 PM  Saturday, September 17, 2011 -10:30 AM – 9:00 PM.  Sunday, September 18, 2011 -Noon-7:00 PM

Good Fest at the Redmond Town Center this Saturday, September 17; 10-6. Featuring performances by: Rhythm Village (11am), The Not-Its (1pm), Brian Vogan & His Good Buddies (3pm), and Caspar Babypants (5pm).  Plus, free train rides, a Center-wide monster search, temporary tattoo stations, balloon animals and much more! It’s fun, it’s free and you’re sure to have a GOOD time!  http://www.redmondtowncenter.com/Events/Details/39437

And of course the Puyallup fair is still going on till the 25th. http://www.thefair.com/puyallup-fair/

 Have some great food and fun this weekend!
 

 

Lighthouse Festival in Mukilteo

If you looking for something to do on this hot weekend but dont feel like “doing the Puyallup” why not check out the Lighthouse Festival in Mukilteo? There will be Family Entertainment, Art booths, Food, Parade, Fireworks, Microbrew/wine garden, Lighthouse tours, Fly over show, Salmon bake,  children’s activities, Fudge carving contest and more all weekend.

For the festival there is no parking and shuttle buses are required for entry to festival grounds.  Parking is at Kamiak High and Olympic View middle school today the busses run from 3:00 – Midnight and tomorrow noon to -3:00. Today is the big day with the fly over and grand parade so go check it out.

more info www.mukilteolighthousefestival.com