Curious on bank owned properties?

Here is a current list of just listed bank owned in the Snohomish County area. If you would like more information or to see one of these feel free to reach out to me.

Click Link to View Property 23115 ALDER DR
GRANITE FALLS, WA 98252

2.0 br, 2.0 ba | 1380 sq. ft.
MLS ID: 1058850
$251,450
Just Listed

 

Click Link to View Property 2931 NEWBERG RD
SNOHOMISH, WA 98290

2.0 br, 2.0 ba | 1504 sq. ft.
MLS ID: 1058443
$379,900
Just Listed

 

Click Link to View Property 25 E BEECH ST
EVERETT, WA 98203

2.0 br, 1.0 ba | 771 sq. ft.
MLS ID: 1056881
$262,500
Just Listed

 

Click Link to View Property 3431 159TH PL NW
STANWOOD, WA 98292

3.0 br, 2.0 ba | 1062 sq. ft.
MLS ID: 1037488
$264,900
Back on Market

 

Click Link to View Property 11220 180TH ST SE
SNOHOMISH, WA 98296

3.0 br, 2.5 ba | 1330 sq. ft.
MLS ID: 1036137
$450,000
Price Reduced

 

Click Link to View Property 19231 SOUNDVIEW DR NW
STANWOOD, WA 98292

2.0 br, 2.0 ba | 0 sq. ft.
MLS ID: 1040470
$329,900
Price Reduced

 

Click Link to View Property 9620 54TH AVE NE
MARYSVILLE, WA 98270

3.0 br, 2.0 ba | 1211 sq. ft.
MLS ID: 1027039
$229,900
Active

 

Click Link to View Property 6811 74TH DR NE
MARYSVILLE, WA 98270

3.0 br, 2.5 ba | 1354 sq. ft.
MLS ID: 1026982
$324,000
Active

 

Click Link to View Property 14423 368TH AVE SE
SULTAN, WA 98294

2.0 br, 1.0 ba | 880 sq. ft.
MLS ID: 1013263
$74,900
Active

 

Click Link to View Property 7513 HERMOSA BEACH RD
MARYSVILLE, WA 98271

3.0 br, 1.0 ba | 620 sq. ft.
MLS ID: 1024843
$119,900
Active

 

Click Link to View Property 13516 131ST AVE NE
LAKE STEVENS, WA 98258

3.0 br, 3.0 ba | 2058 sq. ft.
MLS ID: 1027729
$474,900
Active
Click Link to View Property 4404 106TH PL NE
MARYSVILLE, WA 98271

4.0 br, 3.0 ba | 1512 sq. ft.
MLS ID: 1057708
$289,500
Active

National Real Estate News

Posted: 24 Jul 2014 09:31 AM PDT

The new home sales report for June – combined with the downward revisions for previous months – was very weak.

The Census Bureau reported that new home sales this year, through June, were 225,000, Not seasonally adjusted (NSA). That is down 4.3% from 235,000 during the first half of 2013 (NSA).

Maybe sales will move sideways for a little longer, but remember early 2013 was a difficult comparison period. Annual sales in 2013 were up 16.3% from 2012, but sales in the first four months of 2013 were up 26% from the same period in 2012!

New Home Sales 2013 2014

Click on graph for larger image.

This graph shows new home sales for 2013 and 2014 by month (Seasonally Adjusted Annual Rate).

The comparisons to last year will be a little easier in Q3, and I still expect to see year-over-year growth later this year.

And here is another update to the “distressing gap” graph that I first started posting several years ago to show the emerging gap caused by distressed sales.  Now I’m looking for the gap to close over the next few years.

Distressing Gap

The “distressing gap” graph shows existing home sales (left axis) and new home sales (right axis) through June 2014. This graph starts in 1994, but the relationship has been fairly steady back to the ’60s.

Following the housing bubble and bust, the “distressing gap” appeared mostly because of distressed sales.

I expect existing home sales to decline or move sideways (distressed sales will slowly decline and be partially offset by more conventional / equity sales).  And I expect this gap to slowly close, mostly from an increase in new home sales.

Note: Existing home sales are counted when transactions are closed, and new home sales are counted when contracts are signed. So the timing of sales is different.

 
New Home Sales decrease to 406,000 Annual Rate in June

Posted: 24 Jul 2014 07:13 AM PDT

The Census Bureau reports New Home Sales in June were at a seasonally adjusted annual rate (SAAR) of 406 thousand.

May sales were revised down from 504 thousand to 442 thousand, and April sales were revised down from 425 thousand to 408 thousand.

Sales of new single-family houses in June 2014 were at a seasonally adjusted annual rate of 406,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.1 percent below the revised May rate of 442,000 and is 11.5 percent below the June 2013 estimate of 459,000.

New Home Sales

Click on graph for larger image.

The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate.

Even with the increase in sales over the previous two years, new home sales are still close to the bottom for previous recessions.

The second graph shows New Home Months of Supply.

New Home Sales, Months of Supply

The months of supply increased in June to 5.8 months from 5.2 months in May.

The all time record was 12.1 months of supply in January 2009.

This is now in the normal range (less than 6 months supply is normal).

“The seasonally adjusted estimate of new houses for sale at the end of June was 197,000. This represents a supply of 5.8 months at the current sales rate.”

New Home Sales, Inventory

On inventory, according to the Census Bureau:

“A house is considered for sale when a permit to build has been issued in permit-issuing places or work has begun on the footings or foundation in nonpermit areas and a sales contract has not been signed nor a deposit accepted.”

Starting in 1973 the Census Bureau broke this down into three categories: Not Started, Under Construction, and Completed.

The third graph shows the three categories of inventory starting in 1973.

The inventory of completed homes for sale is still low, and the combined total of completed and under construction is also low.

New Home Sales, NSA

The last graph shows sales NSA (monthly sales, not seasonally adjusted annual rate).

In June 2014 (red column), 38 thousand new homes were sold (NSA). Last year 43 thousand homes were also sold in June. The high for June was 115 thousand in 2005, and the low for June was 28 thousand in 2010 and 2011.

This was well below expectations of 475,000 sales in June, and sales were down 11.5% year-over-year.

#nationalrealestatenews  #snohomishcountyhomesrealestate
Information obtained from http://www.calculatedriskblog.com

 

 

 
 

Know of anyone thinking of a Short Sale?? Important changes coming.

I am a Short Sale negotiator but I am not a lawyer and cannot give legal advice so for my short sales I team up with a law firm which has worked out great for my sellers. I thought I would share one of their most recent law updates with you as so many people do not realize the changes that are coming their way.  If you, or you know of someone, that is thinking of a short sale send them this information and tell them to get in touch with me so we can help.  Its a long read but remember from a Law firm and great info!

WE ARE AT THE TIME OF YEAR THAT WE REALLY NEED TO FOCUS ON THE ISSUE OF FORGIVENESS OF DEBT TAX

I am not convinced that Real Estate Professionals are taking this type of tax into enough consideration as we progress through the rest of 2013. Heck it’s almost over as far as a typical short sale is concerned.

This is a real tax and a tax that needs to be analyzed with each and every seller with whom you encounter. I am concerned as I hear real estate professionals consistently talk of the end of the year as a deadline for the special law that eliminates the tax for many taxpayers, but not for everybody.

I DON’T THINK WE HAVE BEEN SERIOUS ENOUGH IN BRINGING THIS ISSUE TO SELLERS’ ATTENTION

This is a tax law that has allowed many homeowners to escape thousands of dollars of tax liability based upon their meeting certain criteria.

In my practice of dealing with distressed homeowners, THIS IS A HUGE MATTER each time I meet with a seller. It is an important matter handled in each and every consultation. Not all sellers qualify for the exception. I am concerned as some are Brokers are sloppy and have it apply to almost everybody. It was not designed to protect everybody or even benefit everybody.

THIS SPECIAL TAX BENEFIT HAS A HIGH LIKELIHOOD OF ENDING THIS DECEMBER 31ST!!!

I don’t like to always bring up fear, but if I am advising clients that may qualify for this rule I am advising them to take advantage and SELL SHORT RIGHT NOW as it becomes more dangerous as we get closer and closer to the end of December. As we often say: “There is nothing short about a short sale”.

I am not convinced that it will be extended. Frankly, I fear that it won’t  and I think, as a result, that I would encourage taking short sale action NOW as opposed to waiting until later on this year. A word to the wise.

I ALWAYS TALK TAX WITH EVERY DISTRESED HOMEOWNER I MEET

Now as we are already almost into September, this whole subject takes on new importance. I am writing this message today to make sure that you Brokers out there are taking this tax matter seriously. TODAY…….NOT FOUR MONTHS FROM NOW!!!!!

Why worry, you say, about something happening four (4) months from now? You should worry. You should plan now and change your methodology dramatically for the rest of this year.

I AM ENCOURAGING SELLERS TO ENGAGE “NOW” IN THEIR SHORT SALE… NOW IS A TIME NOT TO WAIT

So we are suggesting that sellers really engage and start moving forward and listing and selling. It makes good sense if they want to take advantage of the forgiveness of debt tax before the end of the year. You have to get going now to make sure the deal gets closed before the end of the year. In fact, that is asking for a lot to happen in a very short time. As we all know, there is nothing short about a short sale.

A SHORT “CLIFF NOTES VERSION” OF THIS TAX RULE

Every real estate licensee out there that is talking with any distressed homeowner about doing anything for those folks has to at least know that this tax exists. It’s simple really, but most sellers have no clue about it and, frankly, don’t understand it at all.

I see their eyes glazing over every time I bring it up to a typical client, but I get their attention when I tell them the tax is easily over $28,000.00 unless they pay close attention. They wake up immediately. You see that is the tax on $100,000.00 of debt forgiveness, which is a pretty typical amount in our practice. That is a serious tax consequence. Have you thought about that in relation to that listing you just took?

I tell short sale sellers that in most cases we are able to have an exception because of special rules that assist homeowners who have lived in their primary residence property for a prescribed period of time. There are exceptions, but in many cases THEY CAN TOTALLY AVOID THAT TAX AND DO A SHORT SALE!!

EVERY SHORT SALE ALWAYS PRODUCES SOME DEBT FOREGIVENESS [YOU CAN COUNT ON THAT!!]

You can count on debt forgiveness in every short sale. It comes with the territory. The key factor is whether it will adversely affect your seller or not. In many cases it won’t. However, one has to go through that tax law with a fine tooth comb and account for each and every refinance that your sellers did on their home during their time of ownership. Many used their property as cash registers!!! We do all those calculations in our consultation.

I have to tell all of you that tax advice is not part of your license as a real estate professional and I am happy to give you information in this outline of the tax law. I am NOT suggesting that you all go out and apply it to your sellers’ situation. There are a lot of traps for the unwary here folks.

EVERY CONSULTATION MY ATTORNEYS CONDUCT INCLUDES TAX ADVICE…REMEMBER NOT ALL ATTORNEYS INCLUDE TAX ADVICE

It’s part of what we do. We discuss tax matters in everyone on of our $150.00 Consultations. So you don’t have to send your seller to their CPA. We can handle that AND include all the law and credit aspects as well.

An integral part of our practice is tax. We attorneys are happy to talk tax. Be cautious as many attorneys do NOT include tax as part of their consultations, and as a result, your client has to also see a CPA or tax accountant. We are a one stop shop.

NOW IS THE TIME TO PLAN…WHAT HAPPENS IF THE CONGRESS DOES NOT FURTHER EXTEND THIS FAVORABLE TAX TREATMENT?

This favorable tax law that allows your clients to avoid this tax on debt forgiveness expires in about four (4) months on December 31st. I monitor this daily through our Bar Association Committee on Taxation back in Washington, D.C. Very little is happening on that front and conventional wisdom indicates that there is a likelihood of this tax law NOT being extended!!

We need to prepare now. We need to change the “talk track” you have with your sellers. Sellers are coming in to me now with this issue on their mind as many have been informed by others about the adverse consequences if the tax law goes out of existence at the end of the year.

HECK….WE ARE ALREADY DOING IT!!!! WE ARE PREPARED ALREADY

You see, F.H.A. deals take a long time. For us they typically are about a year from the first meeting with the seller and the day of closing. They are government deals and they take a long time in most cases. So I am talking tax to folks who are asking what is going to happen if they don’t pass that law.

WE HAVE ANOTHER TAX LAW…THIS ONE WILL NOT EXPIRE ON DEC. 31ST!!!

Some of you have heard about it. Most haven’t. Don’t feel bad. It is kind of the domain of attorneys and CPA’s. It can get a bit complicated and it requires some credentials that are really beyond the scope of your license out there my friends, but I want you all to be aware that it exists and then get your seller in for a consultation with one of our attorneys and we are happy to go over all their tax issues.

THE INSOLVENCY EXEMPTION FROM THE INTERNAL REVENUE SERVICE IS AN INTEGRAL PART OF OUR TAX PRACTICE

This exemption has been a part of the tax code for a long time. This exemption does NOT expire on December 31st. This exemption is useful even if your seller is not occupying the subject short sale property.

We ALWAYS go over the insolvency exemption when it applies in each of our consultations. We have a whole raft of literature including worksheets and the like to allow sellers to feel comfortable EVEN IF the Congress sits on its hands and does nothing.

Thanks as always to McFerran Burns and Stoval for the great info!

1 Million Foreclosures Delayed until 2010

Daily Real Estate News  |  July 14, 2011  |  

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1 Million Foreclosures Delayed Until 2012
An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year, according to the latest report by RealtyTrac.

While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market even longer.

“The best-case scenario is we don’t get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year,” says Rick Sharga, a senior vice president at RealtyTrac.

Foreclosure Notices Drop, Threat Still Looms
Overall, the number of homes repossessed by lenders in the first half of this year dropped 30 percent compared to the same period in 2010. But foreclosure processing delayswith lenders taking longer to take action against delinquent borrowersis stalling the housing recovery, experts note.

About 1.2 million homes received a foreclosure-related notice in the first six months of this yearin other words, one in every 111 U.S. households, RealtyTrac reports.

Nevada continues to face the most foreclosures; one in every 21 households in that state received a foreclosure notice in the first half of the year.

The foreclosure process continues to lengthen too. From April and June, homes took 318 days on average to go from the first stage of foreclosure to ultimately where it was repossessed by the lenderthat’s up from 298 days in the first three months of the year. (In New York, the foreclosure process took the longest at an average of 966 days or 2.6 years; Texas boasted the shortest at 92 days.)

Source: “Delays in Bank Processing Push Likely U.S. Foreclosures Until 2012, Stalling Recovery,” Associated Press (July 14, 2011)