Daryl Datus's Blog

Prepare you home exterior decks during winter

Daryl Datus (Reid Real Estate Belfair) — Fri, 13 Jan 2012 13:37:56 -0800

Deck manufacturers suggest using a plastic or rubber-tipped shovel, never a metal shovel, to remove snow from a wooden deck. Choose a sturdy plastic snow shovel with rounded corners to effectively remove heavy snow and debris. Do not shovel across the decking but instead shovel in the direction of the wood grain, to prevent scratching or denting the decking.

Use the same plastic or rubber-tipped shovel to remove loose pieces of ice from the deck. Shovel gently and don't try to dislodge any pieces to avoid scratching or denting the wood pieces. If your deck wood is older or pressure-treated, take even more precautions when shoveling the decking, as the wood is more fragile.

Wooden deck manufacturers sometimes recommend using a pet-safe ice melt to get ice off your decking. It's less corrosive than other products and it's eco friendly. For an even gentler approach, pour a bucket of hot water and a little dish-washing detergent on your wooden deck. This not only will remove the ice, but also should keep ice from forming for up to a week.

Do not use rock salt on a wooden deck. Rock salt is corrosive and causes the wood to dry out. It will permanently stain your deck. To protect your wooden deck through the winter months, apply a sealer in the fall before it snows. Wash the decking first with a commercial deck cleaner or a detergent and water solution

www.daryldatus.com

Reminders for the interior of home when selling your Home & you want the most for your MONEY!

Daryl Datus (Reid Real Estate Belfair) — Tue, 06 Dec 2011 14:03:50 -0800

From experience, We all know know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. In readying your house for sale, consider:

How much should you spend
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. Daryl who is familiar with buyers' expectations in your neighborhood, can advise you specifically on what improvements need to be made. Don't hesitate to ask for advice.

Maximizing interior appeal
Enhance your home’s interior by:

Giving every room in the house a thorough cleaning, as well as removing all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms have actually rented storage garages and moved half their furniture out, creating a sleeker, more spacious look.
Hiring a professional cleaning service, once every few weeks while the house is on the market. This may be a good investment for owners who are busy elsewhere.
Removing the less frequently used, even daily used items from kitchen counters, closets, and attics, making these areas much more inviting. Since you're anticipating a move anyhow, holding a garage sale at this point is a great idea.
If necessary, repainting dingy, soiled or strongly colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
Checking for cracks, leaks and signs of dampness in the attic and basement.
Repairing cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
Replacing broken or cracked windowpanes, moldings, and other woodwork. Inspecting and repairing the plumbing, heating , cooling, and alarm systems.
Repairing dripping faucets and showerheads. Buying showy new towels for the bathroom, to be brought out only when prospective buyers are on the way.
Sprucing up a kitchen in need of more major remodeling by investing in new cabinet knobs, new curtains, or a coat of neutral paint.
see more @ www.daryldatus.com

Things to consider when getting your home ready to sell

Daryl Datus (Reid Real Estate Belfair) — Tue, 06 Dec 2011 13:55:52 -0800

Keep the lawn edged, cut and watered regularly.
Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
Check the foundation, steps, walkways, walls and patios for cracks and crumbling.
Inspect doors and windows for peeling paint.
Clean and align gutters.
Inspect and clean the chimney.
Repair and replace loose or damaged roof shingles.
Repair and repaint loose siding and caulking.
In Northern winters, keep walks neatly cleared of snow and ice.
During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance.
Re-seal an asphalt driveway.
Keep your garage door closed.
Store RVs or old and beaten up cars elsewhere while the house is on the market.
Apply a fresh coat of paint to the front door
see more @ www.daryldatus.com

Flopping homes is it for you?

Daryl Datus (Reid Real Estate Belfair) — Thu, 03 Nov 2011 12:53:12 -0700

As more houses in Seattle go on the market for short sales, some investors have begun buying and reselling them quickly for a profit, using strategies that some in the housing industry say could be unethical or worse.

The deals work in a variety of ways, but all involve the same basic strategy. An investor persuades a lender to agree to a short sale, buying a house for less than what the lender is owed. But the investor has another buyer lined up who is willing to pay more.

The bank, usually unaware of the other waiting buyer, accepts a lower price from the investor, who then quickly resells the home - for a higher price - to the waiting buyer.

The deals, which have become more common as short sales have increased, are now drawing the attention of real-estate and finacial regulators.

Most lenders object to such deal-making because, had they been aware of the other waiting buyer, they would have taken the higher price. Banks take a loss on short sales, and the deals can make their losses greater.

Real-estate professionals disagree over the nature of the deals. Some insist they are a smart way to make a profit in a tough market. Others call them unethical at best and question whether investors violate the law if they conceal information from a lender.

What do you think?

Many real-estate market watchers agree that the deals have negative impacts. Neighborhood housing values suffer because, while the second sale might be for the home's true market value, the first sale represents an artificially low price.

In the industry, the deals have been dubbed "flops."

In a rising market, investors "flip" houses, buying them and then reselling for a profit as overall values rise.

Flopping is the opposite of flipping,It is the art of profiting off the devaluation of property rather than an increase in value of a property.

It is impossible to know how many homes have been "flopped" since short sales began to be widely accepted by lenders in the past year.

But a key indicator is how quickly short-sale homes are resold. An owner who buys in a short sale and sells the home again within a few days most likely had the second buyer lined up in advance.

The mortgage giants Fannie Mae and Freddie Mac and the FBI are all investigating flopping deals.

The art of the deal

Short sales slowly have grown more common as more homeowners in the region face losing their homes to foreclosure.

In some ways they are more attractive to lenders and sellers. A short sale does less damage to the seller's credit record than a foreclosure. And a lender typically is paid more money in a short sale than it could make on the home after foreclosing, partly because it has to incur costs related to taking back the home before reselling it.

But as short sales have expanded, so have the strategies some investors appear to use to make a profit. Investigators and industry professionals describe several common approaches.

- Price high, then sell low: A real-estate agent lists a home for a short sale but knowingly prices the house too high so it sits on the market for several months. As the homeowner edges closer to foreclosure, the agent recommends reducing the offering price. A buyer appears who is willing to pay less than the reduced price. The lender is persuaded to accept the deal, arguing that the home has been on the market for so long because it is overpriced and that foreclosure is imminent. The lender agrees, and the short sale is completed.

But the new buyer already has a plan to resell the house and often already has a second buyer lined up ready to pay more. The key to the arrangement is the price-setting. The high price keeps other potential buyers away and sets the lender up to be more agreeable to a low offer at the end.

The agent can receive a quick two commissions on the same property.

The lender gets less for the house than it otherwise might, and the seller may be damaged, too. The more time that passes before the sale, the more damage is done to the seller's credit from missing monthly payments.

- Steering the deal: A third party working with the seller to help facilitate the deal or a real-estate agent representing the seller ignores higher offers for a short sale. An investor buys the property without the lender ever knowing what other offers the home might have drawn. The investor then quickly resells the property for a higher price.

If a third party was in on the flop to steer the deal away from the open market and to the investor, the agent often doesn't know. If the agent was in on the flop, the agent may have received an additional payment from the investor.

The deals rely on finding a second buyer, usually another investor, willing to pay more after the short sale. In some cases, the second buyer doesn't even know that an investor is orchestrating a short sale before reselling. In other cases, buyers are looking for deals but are reluctant to deal with the paperwork hassle and uncertainty of a short sale. A flop allows them to pay a low price for the home, while the interim buyer deals with the short-sale technicalities.

The deals also require people to coordinate the arrangement and sometimes conceal information. Regulators are concerned that loan officers, appraisers and real-estate and escrow agents could be acting unethically and even illegally, and some may be getting caught up in these deals without realizing it.

What are your thoughts on "Flopping"

Investigators also are watching for another type of short-sale deal that is a short-sale version of a fraud scheme used in boom times.

A buyer or buyers use a "straw buyer" to purchase a home. The buyer uses fake identification and financial information to obtain a mortgage and then never makes payments, triggering foreclosure proceedings. Immediately before foreclosure, the people running the scheme offer to buy the home in a short sale. The lender isn't aware of the connection between the original buyer and the short-sale buyer. The people in on the deal buy the house for a low price and can resell it.

Industry concerns

Homes listed for short sale are at a record high in Seattle, so the potential for more flops is significant.

In an effort to stop potential short-sale fraud, Fannie Mae and Freddie Mac recently issued warnings that homes it approves for short sale can't be resold within at least 30 days.

Mortgage research firm CoreLogic estimates that lenders will lose at least $50 million from the deals nationally this year.

The FBI has identified the deals as one of the nation's top mortgage scams now, but they are difficult to investigate and prove.

Though many attorneys say flopping is completely legal as long as it's disclosed, it's still a growing problem for the real-estate market and lenders, Some deals may skirt the law, but that doesn't make them ethical. We as professionals in the industry have to watch out for our clients, whether they are homeowners, buyers or lenders."

Some groups involved in the deals say they disclose the planned resale up front so they aren't defrauding the lender or acting unethically. Some mortgage servicers may be agreeing to the deals to avoid a foreclosure. But big lenders say they are opposed to flopping.

If banks don't know about all the deals involved, then a flopper is committing fraud. That's the bottom line.

Even if deals do take advantage of lenders, public sentiment is not necessarily on the banks' side. With banks awash in criticism of how they have handled foreclosures and refused to modify loans for many needy homeowners, consumers are less likely to be outraged at a deal that takes advantage of a lender.

But in some deals, taxpayers - not lenders - may be the ones taking a loss.

For mortgages that are federally backed, lenders can seek some federal funds to cover their losses on short sales.

So if a flopping deal drives down the selling price, the lender may seek more money from the federal backer to cover the loss. It is unclear how much money lenders have been paid to recover losses in short sales.

So on the flip side beware of the deals we make.

www.daryldatus.com

Better than tressury bonds Buy Real Etsate

Daryl Datus (Reid Real Estate Belfair) — Thu, 22 Sep 2011 16:48:36 -0700

Todays market is another reason why clients can buy real estate and have something to show for the purchase!

The news today went something like this--

The Dow Jones industrial average fell as much as 527 points, the second consecutive rout since the Federal Reserve announced a change in strategy for fighting the economic slowdown.

At the close of trading, the Dow was down 391.01 points, or 3.5 percent, at 10,733.83. The Standard & Poor's 500 index fell 37.18, or 3.2 percent, to 1,129.58. The Nasdaq composite fell 82.52, or 3.3 percent, to 2,455.67.

Nineteen stocks fell for every one that rose. Trading volume was high on the New York Stock Exchange, at 6.9 billion.

Oil and metals prices, which rely on economic demand, sank. Traders sought the safety of Treasury bonds

Keep in mind the positive results of why real estate is the better purchase or investment!

www.daryldatus.com

Crazy erics Belfair ! Sign of the times closes.

Daryl Datus (Reid Real Estate Belfair) — Tue, 20 Sep 2011 14:37:13 -0700

Its a sad to to see this place close, we will miss this great place to hang out.

The food that my family and I have received there has always been very tasty ( somewhat greasy at times, but hey – that’s part of the charm). The french fries are the best (I love the natural skins on and floppiness of them). The onion rings are hand dipped and we love them as well. And the milkshakes are made from hand-dipped ice cream the old-fashioned way.

Your flavor in town will be missed.

Thanks for the time you were here!

www.daryldatus.com

love to hear of your memorys of a favorite place!

Hot cars drives me to hot sales!

Daryl Datus (Reid Real Estate Belfair) — Sun, 05 Jun 2011 19:26:00 -0700

In the moments of Sunday sales, I had this car drive into the parking lot, for no other reason than just good old classic fun, I wanted to share this picture.

Many times over the sales drives me to get another classic, if you have a favorite send me a picture.

Or if you have another love send it with your thoughts.

Have a great 2nd quarter end!

Daryl

www.daryldatus.com

Wine / Dine then get it closed!

Daryl Datus (Reid Real Estate Belfair) — Tue, 31 May 2011 13:01:53 -0700

This Bakery is the best, if you have never been you got to try it out, info below is on wine tasting dinner,

    great for clients and or you best friend, or wanting to have a great meeting place for the Shelton area when signing that offer check this place out!

     Trying to make points with your broker/ banker client/ new date its a must!!

   Many times I have been here, weither its for coffee pastree, sandwich, its all so good!

     Let me know what you think.

Summer Is Coming and We Are Ready !!

Come Join Us for a Relaxing Evening

With Good Friends

Fine Wine and Fun Foods

Date: June 11th,2011 Olympic Bakery

Time: 6:30pm 591 E Pickering Rd

$35 per person

Menu

Fresh Guacamole w/homemade tortilla chips ~ Charles & Charles Rose

Jicama Salad ~ J Pinot Gris

Mushroom Barley Soup ~ Novelty Hill Merlot

Eggplant Rollatini ~ Fattoria di Bibbiani Poggia Vignoso Chianti

Olympic Bakery's Apple Tart ~ Adami Prosecco

Have fun

www.daryldatus.com

Oyster fest mason county

Daryl Datus (Reid Real Estate Belfair) — Wed, 25 May 2011 20:19:38 -0700

This year we are looking forward to oyster fest, below is some info to help guide you to the PLACE!

With the help of nearly 100 community organizations, Skookum Rotary stages it's annual small town, BIG event! The Pacific Rim Oyster Open Speed & Half-Shell Oyster Shucking Contests are the centerpiece of the festival. Two other Open events are the Art and Photography Competition and the Seafood Cook-Off. Free entertainment is on-going. Wine tasting is provided by several Washington State Wineries and the Microbreweries certainly know how to do their thing. Not to mention the food venders--none of whom may duplicate another's delicacy. Our advice-Come Hungry! The Fairground is located on Sanderson Field, 1/2 mile north of Shelton, west of US Highway 101. Many folks with private aircraft fly in for the event, park their planes and walk or ride to the Fairground. Skookum Rotary Club contracts for the Free Shuttle Service with Mason County Transportation Authority. Free parking areas and pick-up points are located at the Shelton Civic Center, Shelton Yacht Club, Olympic College, Shelton High School, the Port of Shelton property adjacent to the Olympic Air facility. We recommend the Port of Shelton satellite parking area which is reached through the Main Entrance to the Port of Shelton. (The Port entrance is about 3/4 of a mile north of the Fairground Entrance, both of which are on US Highway 101. Also, the Port Entrance has a 'left turn lane in this stretch of the highway for Northbound traffic.)

Have a good time!

www.daryldatus.com

Geoduck festival Allyn, Wa

Daryl Datus (Reid Real Estate Belfair) — Tue, 24 May 2011 17:28:18 -0700

Geoduck Festival

The 1st Annual Geoduck Festival is an action filled day in Allyn, on Saturday June 4, 2011. This all day event will include food, festivites, live bands all day, free Geoduck Explorer Kits for the kids, vendors, oyster shucking, wood carving, beer garden and of course digging for the largest geoduck. Off - Site parking and shuttle service available. Take a day and enjoy this with your family!

Auction to follow the wood carving exhibit.

Great with a beer too!

www.daryldatus.com

Allyn Days !

Daryl Datus (Reid Real Estate Belfair) — Mon, 23 May 2011 16:16:16 -0700

Come to the Allyn Waterfront Park to enjoy a great weekend of live music and entertainment, over 80 vendor booths and attractions and oh, so much more! This annual event is sponsored by the Allyn Community Association.

On Saturday, a complete dinner of fresh alder-smoked salmon will be served from noon to 6pm. On Sunday, Taylor Shellfish and Xinh's Clam & Oyster House will be serving local oysters and clams ... there's even an All-You-Can-Eat Oyster Roast on Sunday from noon to 4pm. yum!

Local crafters and art booths, beer and wine garden, Saturday dance under the gazebo (5pm), face painting, model boats, an Art Show, Hole-in-One and Oyster Shucking Contests and a special Chalk Art Tournament - it's all happening within the green grass and gardens of the beautiful Allyn Waterfront Park. Show up on your boat - there's a saltwater beach and public boat ramp, plus 600-foot-long public dock.

Its all happening July17 thru 17 2011 hope to see you there!

Need a home, want to sell or buy waterfront,

give me a call!

360-277-5104

www.daryldatus.com

Tahuya days coming soon!

Daryl Datus (Reid Real Estate Belfair) — Mon, 23 May 2011 15:58:27 -0700

Along the north beach at the southern-most part of hood canal, is the tiny town of Tahuya. Every year, people gather on the first Saturday of July for Tahuya Days and celebrate the town's rich history. It's easy to relax in the laid-back surroundings, meet some warm and eclectic small town friends, perhaps try and win a raffle or maybe enjoy a World Famous Tahuya Big Dog. The annual parade seems to get longer and longer every year, with other groups from other small towns around the area coming together to throw their hat in the proverbial "Parade" ring. From show cars to tractor pulling pirate ships, and candy to water cannons, the parade never fails to make me feel like a kid. It seems that adventure is had by everyone in this perfect example of why we should take the time to "get away from it all" and just have a simple day in a simple place.

Come out and enjoy the fun.

Hope to see you there!

www.daryldatus.com

Taste of hood canal

Daryl Datus (Reid Real Estate Belfair) — Mon, 23 May 2011 15:53:40 -0700

North Mason Rotary Club is the proud sponsor of the 9th Annual "Taste of Hood Canal" summer event on Saturday, August 13, 2011, 10:00 a.m. to 6:00 p.m. in Downtown Belfair on Clifton Lane. Admission is free!

The "Taste" will feature a larger and expanded custom and classic car show, beer, wine tasting by Riverhill Winery, featuring specialties from local restaurants, family entertainment throughout the day, live music all day, food booths including North Mason Chamber of Commerce world-famous grilled oysters, seafood salads, and a variety of wonderful treats, informational displays, art and craft booths, fire engines, local artists and lots of fun for all!

Come early for the 4th Annual Mason County Fire District 2 Pancake Breakfast- Served from 8:00a.m. to 11:30 am- Menu includes pancakes, sausage, eggs, juice and coffee. Served at Station 21 - 460 NE Old Belfair Highway. A shuttle will run from the Taste to the Firehall during the morning.

Parking will be available on Old Belfair Highway 500 feet from the event and a free shuttle will be provided for event parking at Sand Hill Elementary School. Just follow the signs!

Hope to see you there!

www.daryldatus.com

Spring cleaning befor you list your home

Daryl Datus (Reid Real Estate Belfair) — Mon, 23 May 2011 15:19:20 -0700

Putting your house on the market? Before the "For Sale" sign goes up, give your property the ultimate spring cleaning. When it comes to showcasing your home for sale, there's no such thing as a house that's too clean.

Here's what I recomend as an expert you do to clean before holding an open house.
Prior to your first open house, review each room for grime and clutter, including the garage, basement or attic, as there are multiple steps to a polished look. And beware the too corny maneuver: apples baking in the oven are definitely out; the aromas of essentials oils, however, are in.

Give yourself time to prep for an open house as every surface needs to be cleaned. And just like when company comes, clean and de-clutter to impress, clean windows and screens, clean doors and finger-marked walls, move the refrigerator and vacuum the coils, and dust everything-from baseboards to the tops of doors.

"You get one first impression," reminds Young. If need be rent a storage area and not only clean out closets (buyers need to visualize where their stuff will go) but also remove everything from the garage (dust and sweep it too). You might be able to de-clutter for cash: Bathroom (s) and kitchen must be spotless. He points to a recent success where clients followed his spit-shine clean regime.Dusty doesn't sell -- at least not for a good amount of money!

These days, buyers are positively impressed by green kept homes (as in no toxic and chemically-laden cleaning products used). -- a blend of natural soaps and fresh smelling citrus and mint essential oils.

Consider avoiding highly scented cleaning products prior to your open house, People think that there is something to cover up, I advise, noting that many people are sensitive to synthetic fragrances found in common household cleaning and air freshening products. And for continued clean and healthy living after your open house, don't forget to wipe down high-touch spots, such as light switches and doorknobs, when you return home !

Contact Daryl for more info.

www.daryldatus.com

Race track Mason county breaking ground!

Daryl Datus (Reid Real Estate Belfair) — Wed, 18 May 2011 13:22:40 -0700

For those of us wanting more business we now have added an attraction for all of us to draw from!

The Economic Development Council of Mason County has announced the major progress of the Ridge Motorsports Group plan to build a 2.5 mile road course and drag strip. This complex will be about four miles outside of Shelton and be the home to non-professional race events. Car clubs and individuals will be the main user of this facility. The direct economic impact outside of the track will be $12 million to the local community. This project is projected to put "Heads in beds" and be a boon to restaurateurs.

The developers of the facility have already received approvals to clear and grade the 170 acre site. Grading and preliminary development is underway. its anticipated that enthusiasts will travel from as far away as Vancouver B.C. and Northern California to participate racing events.

It is anticipated that the track will be paved late this summer and the other developments such as buildings will follow.

We should the hundreds of supports that have turned out to make this project possible through their overwhelming enthusiasm.

Raedy to sell mason County?

www.daryldatus.com

For additional information about the project, go to: www.ridgemotorsportspark.com

credit requirements for buying homes after filing chapter 7&13

Daryl Datus (Reid Real Estate Belfair) — Mon, 18 Apr 2011 14:37:17 -0700

FHA
Credit requirements are covered in FHA Handbook 4155.1, Chapter 4,
Section C
Chapter 7: Borrowers are eligible 2 years from discharge with no new adverse credit. Less than 2 years but not less than 12 months from discharge may be allowed when:

extenuating circumstances beyond the borrower's control can be documented, and

the borrower has since demonstrated an ability to manage his/her financial affairs in a responsible manner
Chapter 13: Eligible after 12 months acceptable payments, with permission of the court
Financial mismanagement ‐ 3 years from completion date
Extenuating circumstances ‐ If the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has reestablished good credit since the foreclosure, the lender may grant an exception to the three‐year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.
Same as Foreclosure requirements
A borrower is not eligible for a new FHA‐insured mortgage if s/he pursued a short sale agreement on his or her principal residence simply to

Take advantage of declining market conditions, and

Purchase at a reduced price a similar or superior property within a reasonable commuting distance.
Borrowers Current at the time of Short Sale: A borrower is considered eligible for a new FHA‐insured mortgage if, from the date of loan application for the new mortgage

www.daryldatus.com

all mortgage payments due on the prior mortgage were made within the month due for the 12 month 10/26/10 SSB-HLD 1
Credit Requirements by Program
Guidelines are subject to change and investor‐specific overlays. So keep this in mind!
Bankruptcy Foreclosure Deed-in-Lieu Short Sale or Short Refi
period preceding the short sale, and

All installment debt payments for the same time period were also made within the month due.
Borrowers in Default at the time of Short sale: A borrower in default on his or her mortgage at the time of the short sale (or pre‐foreclosure sale) is not eligible for a new FHA‐insured mortgage for three years from the date of the pre‐foreclosure sale.
Note: A borrower who sold his or her property under FHA's pre‐foreclosure sale program is not eligible for a new FHA mortgage from the date that FHA paid the claim associated with the pre‐foreclosure sale.
10/26/10 SSB-HLD 2
Credit Requirements by Program
Guidelines are subject to change and investor‐specific overlays. Please keep this in mind as time goes by!
Bankruptcy Foreclosure Deed-in-Lieu Short Sale or Short Refi
Fannie Mae
(updated to reflect SEL-2010-08)
Credit requirements are covered in FNMA Selling Guide section
B3-5.3-07
Multiple BK's (any type) in last 7 years - 5 years from most recent dismissal or discharge date
Chapter 7
Extenuating Circumstances -
2 years from discharge
Financial Mismanagement - 4 years from discharge
Chapter 13
Extenuating Circumstances - 2 years from discharge or dismissal
Financial Mismanagement -
2 years from discharge or 4 years from dismissal
Extenuating Circumstances - 3 years from completion date.
Additional requirements apply after 3 years, up to 7 years following completion date:
 The purchase price of a principal residence is permitted with a minimum 10% down payment 680 credit score
 Purchase of a second home or investment property is not permitted

Limited cash‐out refinances are permitted for all occupancy types

Cash‐out refinances are not permitted for any occupancy type
F
inancial Mismanagement ‐ 5 year time period from completion date.
Extenuating Circumstances ‐2 year time period from completion date and 90% maximum LTV
Additional requirements apply after 2 years up to 7 years following the completion date:
 Borrower may purchase a property secured by a principal residence second home or investment property with the greater of 10% minimum down payment or the minimum down payment required for the transaction
 Limited cash out and cash out refinance transactions secured by a principal residence, second home or investment property are permitted pursuant to the eligibility
Extenuating Circumstances ‐2 year waiting period and 90% maximum LTV*
Financial Mismanagement, all occupancy types -
 2 years ‐ 80% max LTV*
 4 years - 90% max LTV*

7 years - LTV ratios per Eligibility Matrix are allowed.
*
or the maximum LTV per the eligibility matrix, whichever is less 10/26/10 SSB-HLD 3
Credit Requirements by Program
Guidelines are subject to change and investor‐specific overlays. Refer to http://www.allregsloanlibrary.com/ for details.
Bankruptcy Foreclosure Deed-in-Lieu Short Sale or Short Refi
Additional requirements apply after 5 years up to 7 years following completion date:
 Same as above but a primary residence purchase with a 10% down payment requires a 680 score.
P
re‐Foreclosure Sale - 2 year waiting time from completion date. Same for extenuating circumstances and financial mismanagement.
requirements in effect at that time.
F
inancial Mismanagement -
4 year time period from completion date (date deed‐in‐lieu was executed).
 Additional requirements listed above apply after 4 years up to 7 years from the completion date.
Freddie Mac
(updated to reflect bulletin 2010-23)
Credit requirements are covered in FHLMC Selling Guide Chapter 37
Multiple BK's (any type) in last 7 years - 60 months from the most recent discharge or dismissal
Chapter 7
Extenuating Circumstances: 24 months from discharge or dismissal date
Financial Mismanagement: 4 years from discharge or dismissal date
Chapter 13
Extenuating Circumstances:
36 months from the completion date
Financial Mismanagement - 7 years (2/11) from completion date, and the transaction is limited to:
 primary residence purchase, max 90% LTV (or product maximum, if lower)
E
xtenuating Circumstances - 24 months from execution date, all occupancy types
Financial Mismanagement - 48 months from execution date and the transaction is limited to:
 primary residence purchase, max 90% LTV (or product maximum, if lower)
E
xtenuating Circumstances - 24 months, all occupancy types
Financial Mismanagement - 48 months and the transaction is limited to:
 primary residence purchase, max 90% LTV (or product maximum, if lower)
 no cash out 10/26/10 SSB-HLD 4
Credit Requirements by Program
Guidelines are subject to change and investor‐specific overlays. Refer to http://www.allregsloanlibrary.com/ for details.
Bankruptcy Foreclosure Deed-in-Lieu Short Sale or Short Refi
Extenuating Circumstances: 2 years from discharge or dismissal date
Financial Mismanagement: 2 years from discharge or 48 months from dismissal date
 no cash out refinance

Cash out refinances are not allowed.
 no cash out refinance

Cash‐out refinances are not allowed.
refinance

Cash‐out refis are not allowed.
U
SDA
Credit requirements are covered in RHS Policies and Procedures Part 1980-D, subpart 1980.302
All types of BK: 36 months from discharge
Extenuating circumstances - considered case‐by‐case with waiver by USDA.
36 months from the completion date
Extenuating circumstances - considered case‐by‐case with waiver by USDA.
Pre‐foreclosure sale - 12 months seasoning at application
Same as Foreclosure requirements
May be eligible after 3 years. Waiver required from USDA.
VA
Credit requirements are covered in the VA Lender's Handbook,
Chapter 4
Chapter 7: 2 years from discharge is required.
Exceptions: If the bankruptcy was discharged within the last 1 to 2 years, we can consider case‐by‐case provided that:

the applicant or spouse has obtained consumer items on credit subsequent to the
2 years from the completion date

Develop complete information on the facts and circumstances of the foreclosure.

Apply the guidelines provided for bankruptcies filed
Same as Foreclosure requirements
Short sale or refi - not VA property: If the veteran's credit was good before the short sale or short refi, the VA will not hold it against the veteran. If there were credit issues in the 12 months before the short sale or short refi, scenarios must be considered case‐by‐case. VA has not received clear 10/26/10 SSB-HLD 5
Credit Requirements by Program
Guidelines are subject to change and investor‐specific overlays. referr to your bank or loan officer for details.
Bankruptcy Foreclosure Deed-in-Lieu Short Sale or Short Refi
bankruptcy and has satisfactorily made the payments over a continued period, and

The bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified. Divorce is not generally viewed as beyond the control of the borrower and/or spouse.
If the bankruptcy was caused by failure of the business of a self‐employed applicant, it may be possible to determine that the applicant is a satisfactory credit risk if
-
the applicant obtained a permanent position after the business failed,
-
there is no derogatory credit information prior to self‐employment,
under the straight liquidation (chapter 7) and discharge provisions of the bankruptcy law.
If the foreclosure was on a VA loan, the applicant may not have full entitlement available for the new loan. Ensure that the applicant's Certificate of Eligibility reflects sufficient entitlement to meet any secondary marketing requirements of the lender.
From: VA Lender's Handbook Chapter 4, 7‐f
direction on this yet.
Short sale or refi - VA property: In addition to above, check the VA Certificate of Eligibility for any restrictions or adjustments. 10/26/10 SSB-HLD 6
Credit Requirements by Program can change so check with your lender for updates!
10/26/10 SSB-HLD 7
Bankruptcy Foreclosure Deed-in-Lieu Short Sale or Short Refi
-
there is no derogatory credit information subsequent to the bankruptcy, and
-
Failure of the business was not due to the applicant's misconduct.
Chapter 13: Allowed after 12 months of satisfactory payments with the permission of the Trustee or the Bankruptcy Judge

www.daryldatus.com

April showers bring may flowers/ is your Home & garden ready?

Daryl Datus (Reid Real Estate Belfair) — Fri, 01 Apr 2011 20:20:00 -0700

Spring Home Checkup

April showers may

bring May flowers,

but they can also

bring leaky

basements, moldy

walls and costly

cleanup.

Regular maintenance

on the outside of

your home could save

you thousands of

dollars. You can take a few hours to do a

Spring maintenance check-or you can

wait for a storm to come along and show

you where your home's weaknesses are.

You might take the

following steps:

l Make sure gutters are clean and stable.

This ensures proper drainage and lessens

the chance they will become flying debris

in high wind.

l While you're there, examine fascia or soffit

boards. If they are rotting or soft, they may

allow rain into your attic or atop interior walls.

l Make sure downspouts are sloping away

from the house and carrying water at least

five feet away from foundation walls.

l Lawn sprinkler heads should not spray

the walls of the house. This moisture can

lead to unwanted growths, wall failure and

Is your garden ready for spring? Tips to help!

Daryl Datus (Reid Real Estate Belfair) — Thu, 31 Mar 2011 19:28:08 -0700

What you do in your vegetable garden right now can have a huge influence on how well it does next year. This is the time to get your soil in shape. Start by doing a good clean-up. What crops in your garden have finished production? Get those broccoli stumps and bolted lettuce onto the compost pile. You can work around the tomatoes, squash and beans that are still bearing.

How often have you seen a vegetable garden in winter that was abandoned in October? You can picture it...dry bean vines still on the netting, rotten tomatoes on soggy vines hanging on their stakes, bolted spinach and seedpods on radishes. Resolve right now that your garden won't suffer that fate and start with sanitation.

Sanitation simply means keeping the garden clean. Don't leave old pots, stakes, plastic bags, etc. in the garden. Cleanup plant wastes as soon as the crop is harvested. Keep weeds pulled. Remember not to compost perennial weeds or tomato or potato vines that have late blight.

Why is this so important? Slugs and bugs over-winter in plant wastes and weeds. Crop disease organisms will also survive, ready to infect your next crop. Weeds will seed themselves and be a much worse problem the next year. And a good clean-up helps your yard look tidier all winter.

When most of your soil is clear, you can start your fall soil improvement. Three soil amendments are needed in a productive garden, lime, organic matter and fertilizer. This is the best time of the year to work on the first two.

Most of our Western Washington soils are naturally acidic, needing lime to "sweeten" it or make it more neutral. Add lime about every other year or every third year for heavy soils. For every 100 square feet: use 4 pounds of lime on a sandy soil, 6 pounds on a loamy soil and 8 pounds on a clayey soil. Blend it into the top 8 - 10 inches of soil.

Lime is powdery. It mixes best with a dry soil, so adding it in the late fall during a dry spell is perfect. (It's kind of like mixing up a cake recipe. If you mix the dry ingredients before adding them to the wet ones, they will blend more thoroughly.) Lime takes about 3 months to fully change the soil chemistry, so, if you put it on in fall, the soil will be ready to go in early spring.

Organic matter can be added to your soil at any time in the form of compost. There are two kinds of organic matter additions that are commonly done in fall. At the end of the season you can mix in organic mulch like straw that has been used to keep the soil moist and to prevent weeds. Also, once the garden area is empty, you can till in fresh manure.

The best thing to do with fresh manure is to add it to the compost pile and then use the resultant compost when ready. Uncomposted manure may contain disease organisms that could contaminate produce, so must never be spread on the soil when crops are present. Applied now, however, it will break down and harmful organisms will die, before the area is planted again next spring.

If fertilizer is added in fall, it will often get washed down through the soil to contaminate groundwater or washed off with surface run-off to contaminate streams. Nitrogen and phosphorous are good for plants, but bad for salmon! (Even if the fertilizer doesn't move that far, winter rain may leach it down below the root zone.) There may be leftover nutrients in your soil right now. In order not to waste them, you can plant a crop to absorb them. The crop will cover the soil and protect it from the beating winter rains.

Such crops are called cover crops or green manure. Several different kinds of plants can be used including vetch, field peas, crimson clover and fava beans. Annual grasses can also be used. I favor the legumes, since they add extra nitrogen to the soil when you turn them under in the spring. Some green manures need to be planted earlier than others and some will take poor soil better. You can scatter the seed around and under the foliage of the crops that you are not quite ready to take out yet.

Last but not least, let me say a few words about record keeping. Each year we want to improve upon what we did the year before. That is how we grow as gardeners. But will you remember next year or the year after what you did and learned this year? While it's fresh in your mind, start writing notes. If you don't already have one, do a sketch of your garden. Record what soil amendments you used and what crops you grew in each area. That will help plan your crop rotations.

Let have some fun with our gardens and enjoy the fruits of our labor!

www.daryldatus.com

wastewater & water reclamation facility info for Belfair ,Wa

Daryl Datus (Reid Real Estate Belfair) — Sat, 26 Mar 2011 17:37:10 -0700

RE: Belfair Wastewater and Water Reclamation Facilities Project announces Side Sewer Drop-In

Session to assist property owners with side sewer construction

The Belfair Wastewater and Water Reclamation Facilities Project will host a Side Sewer Drop-In Session

for property owners to talk one-on-one with county staff and consultants about the equivalent residential

unit (ERU) estimate for their property and ask questions about their side sewer connection. The meeting

will be held:

Tuesday, March 29, 2011

4 to 6 p.m.

North Mason School District Headquarters (71 E. Campus Dr, Belfair, WA 98528)

The drop-in session precedes the regularly scheduled 5th Tuesday Commissioners Meeting, which will

include a presentation on the project.

Businesses are encouraged to attend and provide their 2010 water usage data to facilitate finalization of

ERU designation for their property, either in person at this event, or via email at

info@masoncountywastewater.com. Twelve months of water data is requested for verification purposes.

With construction making significant progress, and most remaining work centralized at the water

reclamation facility site, side sewer connections for property owners is now a primary focus. Side sewer

stubs have been installed from the main conveyance line and property owners will begin to construct their

side sewer from their buildings to the stub in the street in late spring/summer this year. Mason County has

developed a qualified contractors list, and will offer a county-led hookup program to make the hook up

process easier for property owners. The project team will continue to coordinate with property owners to

ensure that information is available regarding connection requirements and that they are aware of the

connection process. This detailed information will be made available to property owners through a

mailing in late March.

New project funding awarded

The project was recently awarded an additional State Revolving Fund grant to extend the sewer down side

streets along SR 3 was awarded in February to make connections easier for property owners who are not

adjacent to the main sewer line. The county continues to pursue additional grants and loans to support

property owner costs of connecting to the system.

Project funding

Through State Legislature appropriation, this project has received funding from Washington State

Departments of Ecology and Commerce. In addition, the project received funding from the U.S.

Environmental Protection Agency and the American Recovery and Reinvestment Act by the Washington

State Department of Ecology. This state and federal funding has been combined to cover a very large

portion of the project costs, including more than $30 million in grants that do not need to be repaid.

The Belfair Wastewater and Water Reclamation Facilities

Since 2001, Mason County has been working with local constituents and stakeholders to develop the

project vision, produce the facilities plan, develop policy for the new wastewater system, and secure

funding for the facilities, as required to maintain compliance with the Growth Management Act (GMA).

The Belfair system will use flat plate membrane technology, a sustainable approach to water management

that protects Hood Canal and meets Class A standards for future water reuse. The treatment plant has been

designed so it can be expanded as the community grows within the Belfair Urban Grown Area (UGA).

The project will build a safe, efficient and environmentally-friendly sewer system that will be the

backbone of infrastructure for the Belfair UGA. Substantive construction of the system has been

underway since early 2010. Completion of the system and full start-up is expected by the end of 2011.

www.daryldatus.com

tuff get tuffer!

Daryl Datus (Reid Real Estate Belfair) — Fri, 25 Mar 2011 15:31:17 -0700

"Anyone can give up, it's the easiest thing in the world to do. But to hold it together when everyone else would understand if you fell apart, that's true strength."

www.daryldatus.com

Veiw of the forcast home sales in our area !

Daryl Datus (Reid Real Estate Belfair) — Thu, 10 Mar 2011 15:27:40 -0800

INFO THAT HITS US WHERE WE LIVE...We should be especially careful to not erect barriers to our progress just because of a minor setback, like the one we had with last week's Pending Home Sales. The National Association of Realtors (NAR) index of signed contracts on existing homes slipped in January for the second month in a row. But the drop wasn't as bad as expected and, as the NAR's chief economist said: "We should not expect the recovery to be in a straight upward path--it will zig-zag at times."

The latest NAR overall forecast gave an interesting picture of that recovery. Existing home sales should grow 8.1% this year and another 5.2% in 2012, with the median price essentially flat in 2011 before gaining over 3% next year. New home sales are forecast up about 5% this year, then up over 55% for 2012, with the median price up a bit in 2011, then up 3.5% next year. Fannie Mae's latest National Housing Survey reported that the vast majority of people believe housing prices will hold firm in 2011 and that Hispanics, African-Americans and Generation Y (18-34 years old) are more positive than other Americans about homeownership.

www.daryldatus.com

Your time!

Daryl Datus (Reid Real Estate Belfair) — Thu, 10 Mar 2011 15:22:15 -0800

Do you know what's the most precious commodity in business? Time!

www.daryldatus.com

Spring cleaning your home- before you sell!

Daryl Datus (Reid Real Estate Belfair) — Tue, 08 Mar 2011 09:20:23 -0800

Contact Daryl for more info.

www.daryldatus.com

Is your home ready to sell for this spring? Tips for you to help get your home sold!

Daryl Datus (Reid Real Estate Belfair) — Sun, 06 Mar 2011 23:06:52 -0800

Spring Cleaning Your Home

1
Make a list of the tasks you want to accomplish. Of course you know you want to do the main things you would do each day, like the dishes and the laundry. Once you get those down, you will need to add the tasks that you do monthly and semi-yearly. These are tasks like cleaning out closets, cleaning the windows and the oven.
2
Inventory your supplies. Now that you know exactly what you are going to do, you need to take stock of the supplies you have on hand, and consider what else you may need to get the job done. Yes, you have a broom, mop and vacuum, but do you have the oven cleaner you will need to clean the oven? Do you have bins and things to help you organize the closet, and other things that will help you storage wise?
3
With the list in hand, go to the store and get what you need. Now that you have everything you need, and you see how long this list is, you may want to consider dividing the list into days, or delegating a set number of tasks to other members of the family for help. Try to divide the cleaning tasks up by room, and attacking one room each time you set out to clean if your schedule does not allow for you to do too much at one time!
4
Start with the cleaning duties that you do normally to keep your house clean, like dishes, laundry, and floor cleaning. From there, or while the dishes and laundry are running, you can clean and organize the cabinets, drawers, etc. You can always multi-task while you clean, which means that you can get more done faster.
5
As you move through each room getting everything done, determine what you are going to throw away, and what you can donate. Separate these things and at the end of the day, drop your donations off and get the trash out of the house so that you can start fresh with the next portion of the home.

www.daryldatus.com

I will not be deterred!!

Daryl Datus (Reid Real Estate Belfair) — Wed, 02 Mar 2011 15:59:10 -0800

I know my strength, I know my ability, I know my determination, I WILL NOT BE DETERRED.

Dont let anybody shake you of your goals!

Have a great end of the 1st quarter!

Daryl Datus's Blog

Prepare you home exterior decks during winter

Preparation

Loose Ice

Melting Ice

Warnings and Suggestions

Reminders for the interior of home when selling your Home & you want the most for your MONEY!

Things to consider when getting your home ready to sell

Flopping homes is it for you?

The art of the deal

Industry concerns

Better than tressury bonds Buy Real Etsate

Crazy erics Belfair ! Sign of the times closes.

Hot cars drives me to hot sales!

Wine / Dine then get it closed!

Oyster fest mason county

Geoduck festival Allyn, Wa

Allyn Days !

Tahuya days coming soon!

Taste of hood canal

Spring cleaning befor you list your home

Race track Mason county breaking ground!

credit requirements for buying homes after filing chapter 7&13

April showers bring may flowers/ is your Home & garden ready?

Is your garden ready for spring? Tips to help!

wastewater & water reclamation facility info for Belfair ,Wa

tuff get tuffer!

Veiw of the forcast home sales in our area !

Your time!

Spring cleaning your home- before you sell!

Is your home ready to sell for this spring? Tips for you to help get your home sold!

Spring Cleaning Your Home

I will not be deterred!!