Where do I get a downpayment?

For first-time buyers, often the first thought that comes to mind is, "I need a down payment." This is often followed by the question, "Now, where do I get that down payment?"

Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you're set. But what if you don't?  What if you're renting? You can afford a mortgage within your means, but coming up with the down payment money needed to begin the transaction can be challenging. So, where can you turn?

One of the most overlooked sources of down payment funds is likely right under your nose-in the form of government bonds and local grant programs.

These programs either provide outright monetary grants for down payment or money to buyers in the form of a forgivable loan. In essence, the government will help you buy your home and you typically only have to pay back the money if and when you sell that same property.

In the past it was challenging to find these special programs, but now all you need is your agent, a computer, an Internet connection, and a search portal such as Google or Yahoo.  Enter the search terms "down payment assistance (followed by your city, state or province)" and see what pops up! It might just be the answer to helping you buy your first home.

For more information on buying a home in the Spokane area, give me a call or check out my website for a free MLS mapping search  www.DonnaHenryHomes.com

Right now couldn't be a better time to invest in a home in Spokane!

In 2007, Spokane was one of only a few cities nationwide where the median price of a 

home increased in value.  Contrary to many major markets, "Most of Spokane's 

speculative builders dramatically reduced the number homes they will build in 

2008," said Robert Henry, President of R&D Construction and board member of 

the Spokane Home Builders Association.  The result of declining home starts 

means that at the current rate of market absorption (the rate at which new 

homes are currently selling), the current inventory of new homes will have 

been purchased by the first quarter of 2009.  Production builders are likely 

to continue with far fewer home starts well into 2009.  Many builders have 

dramatically reduced the pricing of homes that have been completed for

 several months.   Now is the time to find and negotiate great deals on new 

homes.  Buyers who have a decent credit rating and are pre-approved are in 

excellent position to negotiate with motivated sellers.  For a complete 

search of homes for sale in Spokane, visit www.DonnaHenryHomes.com

Jury Says Realtor Not to Blame for Purchase Price

Interesting story for y'all!

Friday, April 11, 2008 | A jury sided Thursday with Carlsbad real estate broker Mike Little in a closely watched lawsuit that pitted a local couple against the agent that helped them buy a home. The couple, Vern and Marty Ummel, claimed that Little neglected to mention recent sales in their neighborhood, leading them to overpay by about $150,000 for their home in July 2005.

The case attracted national attention as it posed a hot question: What are the responsibilities of a real estate agent? The real estate camp was concerned that if the plaintiffs won Thursday, it would catalyze and focus a growing urge around the country to find someone to blame -- and to hold financially responsible -- when houses aren't worth as much as their buyers once paid. Those who sided with the Ummels worried their case would be chalked up to rich people problems, a matter of a measly $150,000 in the scope of a million-dollar tract home near a golf course in North County.

With an enthusiastic and unanimous response, the jury found that Little had executed a reasonable standard of care when he showed his clients, Vern and Marty Ummel, more than 80 homes in a house hunt that began in May 2005, ultimately leaving them to their decision to pay $1.2 million for their house two months later.

In arguments delivered Thursday morning to conclude the jury trial that began last week, attorney David Bright said his client, Little, was being unfairly blamed for the Ummels' house dropping in value.

"The Ummels want to own the most desirable house and pay for the least desirable house and have Mr. Little make up the difference," he told the jury.

At a time when housing market trouble has rocked the global economy, the individual roles of people involved in the basic housing transaction have come under fire. A soaring market this decade hid a multitude of mistakes, a plethora of cut corners and fudged appraisals, because buyers could sell for a profit, nearly no matter what.

Related Links Couple, Feeling They've Been Wronged, Picket Re/Max (Feb. 12, 2007) Survival: Buyers v. Agent (April 1, 2008)

But now that the value of housing has come unhitched from what once propelled it upward by double-digit percentages year after year, a spotlight has become trained on the topic of ethics in real estate. Scores of fraud cases, underpinned by inflated appraisals and collusion between buyers' and sellers' agents, have landed in national headlines and aggravated bank losses in a major nationwide housing slump.

And arguments in this two-week trial attempted to answer some of those questions: What right did the Ummels have to expect Little to know and tell them about all of the other nearby homes? What duty do buyers have to do their own research, to challenge what their agents and appraisers and mortgage brokers tell them?

At least in this specific case, the Realtor was found to have exercised sufficient care in helping the Ummels find their house, including helping them negotiate other offers they made on houses before they settled on this one. That made an important part of the case Vern Ummel's admission on the stand that after looking at so many homes, he had a good sense of value in the neighborhood.

As for the buyers' responsibilities, juror after juror gushed praise for Little and heaped criticism on the Ummels' failure to research the comparable sales themselves.

Bright argued the trial had illuminated the hard work that responsible real estate professionals, those that have been in the industry for a while, do for their clients.

"I think Realtors are scapegoats for a declining market," Bright said after the verdict was reached Thursday afternoon. "There are always people out there who will blame someone for something that is beyond their control."

But Marty Ummel, "devastated" by the conclusion of the case, said the jury's decision enables real estate agents to skimp on information they provide to their clients.

"I think it sends a bad message to people about the real estate industry," she said. "Evidently there is not the relationship of trust that I would've expected."

The verdict marked an end of a battle that began soon after the Ummels bought a house on Amante Court in Carlsbad for $1.2 million in late July 2005. They were still unpacking when Marty found on their doorstep one day a flyer from another real estate agent, touting a recent sale of a similar-sized home down the street from the Ummels'. What caught Marty's eye: that house sold six weeks earlier for $105,000 less than they'd paid.

When they received a paper copy of their appraisal after they bought their house, the Ummels noticed the comparable sales in the neighborhood had not just lower prices, but, in their view, better amenities and larger lot sizes. A few months later, they saw another flier for a house down the street that sold for $175,000 less.

The Ummels contended their agent had misrepresented a reasonable value to pay for their house and had breached his fiduciary duty to them, acting to protect his commission instead of their best interest. They filed suits in July 2006 to that effect against their agent, Mike Little, and Re/Max Associates, the parent franchise of 14 affiliated offices in San Diego County.

The Ummels picketed, carrying signs that exclaimed "Caution, Beware: All Re/Max offices are independently owned," and "It's our money; we want justice" to Re/Max offices around the county and even to the Greenwood Hills, Colo., national headquarters of Re/Max.

The original lawsuit named the appraiser and the mortgage broker, who each settled with the Ummels for $10,000.

And though the case was decided in his favor Thursday, the impact of the picketing and the media attention over the last 18 months was significant for Little, Bright said.

"It's been extremely hard," Bright said. "Now, when he looks at a client, he's got to wonder, what's going to happen? Are these people going to second-guess me?"

Marty Ummel said her efforts weren't in vain. The jury spoke and the Ummels lost, but she said she was proud of herself for "doing what I thought was right."

"The fact that there's dialogue on what Realtors need to do, the fact that it looks like the Realtors don't need to do as much," she named as aspects she was happy the case brought to the public consciousness.

And Todd Lackner, a real estate appraiser not associated with the case, said the Ummels had "lost the battle but won the war" when it came to raising questions and delivering a hit to the reputation of real estate agents.

"I think it's scaring Realtors more than anything else," he said. "[Little] won the court case, but there's a lot of other Realtors out there that are very concerned. Not just in San Diego. It's got to be nationwide.

"I think people are a little bit more skeptical, more concerned, and rightly so," he said. "If you don't think this is the right value, don't do it."

Please contact Kelly Bennett directly with your thoughts, ideas, personal stories

Voter Fraud finally being prosecuted

On June 26, BIAW's two year odyssey of working tirelessly to uncover vote fraud in Washington State finally paid off when the King County Prosecutor announced seven employees of the union-backed organization know as ACORN would be prosecuted for vote fraud for submitting thousands of fake and forged voter registrations last year. read more here

BIAW first began calling for an investigation into possible vote fraud by ACORN workers back in November 2006, one month after ACORN workers attempted to dump thousands of last minute voter registration cards in King and Pierce Counties. Given ACORN's history of submitting piles of fraudulent registrations at the eleventh hour in other states BIAW correctly surmised that ACORN's dropping of stacks of voter registration forms in King and Pierce Counties on the last day of the registration deadline was suspect.

King County's announcement that it would prosecute what Secretary of State Sam Reed dubbed the worst case of vote fraud in Washington State history, was followed by an outstanding editorial on vote fraud by Wall Street Journal columist John Fund. The editorial acknowledged the role BIAW played in uncovering the rampant vote fraud in Washington State, as well as validated BIAW's long-standing contention that former U.S. Attorney John McKay should have investigated vote fraud in the 2004 election. Fund noted other U.S. attorneys have successfully prosecuted vote fraud based on much less evidence than has been uncovered in Washington State read WSJ column. The Olympian also issued an editorial praising BIAW's role in uncovering vote fraud. read the Olympian editorial

While initially dismissive of BIAW's allegations of possible vote fraud by ACORN, Pierce County has announced it is now investigating registration cards submitted by ACORN.   

BIAW Renews $100,000 reward for capture of Eco-Terrorists

Over the years, the Earth liberation Front (ELF), an environmental extremist movement has claimed responsibility for numerous acts of arson and sabotage targeting housing developments under construction inWashington State causing substantial monetary loss.   

In 2005 the Building Industry Association of Washington partnered with the Federal Bureau of Investigation to offer a $100,000 reward for the arrest and conviction of Earth Liberation Front (ELF) terrorists burning down homes in Washington State. After the devastating arsons claimed by ELF early this morning in Snohomish County, BIAW is renewing the $100,000 reward.

ELF is a radical environmental terrorist organization whose members utilize economic sabotage and property destruction as a means to call attention to suburban "sprawl." In recent years, the radical terrorists of ELF's militia have started burning down new homes in subdivisions in Washington State, causing millions of dollars in property damages.

"While ELF used to spike trees and sabotage logging equipment, they're now burning down homes," said BIAW President Brad Spears. "ELF's increasingly brazen attacks on urban targets have BIAW and law enforcement worried that it is only a matter of time before someone is hurt or killed by ELF terrorists," said Spears.

The FBI has made capturing ELF terrorists in the Pacific Northwest one of their top priorities. BIAW hopes offering a financial incentive will provide the motivation for someone with knowledge of these criminal acts to contact authorities.

BIAW is offering up to $100,000 for the identification of and information leading to the arrest and conviction of individuals responsible for arsons on homes in Washington State claimed by ELF.

"BIAW hopes providing the $100,000 reward for the arrest and conviction of ELF terrorists will assist the FBI in capturing these criminals," said Spears.

BIAW has reward posters available. Call Erin Shannon at 800-228-4229 to obtain a reward poster. Anyone who has information regarding possible ELF related activities should contact the FBI's Joint Terrorism Task Force at 206-622-0460, or e-mail fbise@leo.gov.

Known as the "voice of the housing industry," the Building Industry Association of Washington is the largest trade association in Washington State, representing over 350,000 families and 13,500 member companies involved in the homebuilding business.

Spokane Realtor, Donna Henry raising the bar in the Spokane Real Estate World!

Builders, REALTORS® Speak Out at the Spokane Planning Commission

These impact fees are crazy and it was nice to see such a good turnout to change the direction that the city is trying to impose.  I'm not sure if people really understand the impact that these fees will have on the building industry.  The city is trying to saddled builders with 95% of the cost of the new roads. 

Builders, developers, and real estate professionals turned out in force on Wednesday at a Spokane Plan Commission public hearing regarding the proposed transportation impact fee.  The message was clear: Don't impose the fee before completing the baseline traffic study, and don't saddle development with 95% of the cost for new road capacity.

The vast majority of oral and written testimony on impact fees has been provided by the development and real estate communities, and Wednesday evening proved no different.  George Paras, of Paras Homes, distributed eye-popping numbers illustrating that a home built in Spokane without impact fees is already assessed over $30,000 in building fees and related taxes.  The same home built in Post Falls, ID, which includes impact fees, has only $19,000 in fees and taxes.  Clearly the addition of an impact fee in Spokane will affect housing affordability and regional competitiveness.

Only one no-growth activist showed up to speak, calling for emergency adoption of the ordinance and threatening to shut down development through a building moratorium if impact fees aren't enacted. 

First of all, threatening moratoria over the lack of impact fees is a red herring at best, but it's laughable to say that sitting through an additional stop light cycle during rush hour constitutes an emergency.  It's also significant to point out that prior to the impact fee hearing, several dozen citizens showed up to oppose a comprehensive plan amendment that would allow a multi-family housing development to be built in the Lincoln Heights neighborhood center.  Not one of these individuals stuck around to speak on behalf of the impact fee.  Some emergency.

We have to stick together in this fight, not just for our businesses but for every homeowner out there...the result will be even less affordable housing than we have now and more people not being able to enjoy the benefits of owning their own home. 

(information courtesy of the Spokane Home Builders Association weekly newsletter)

Spokane's Home Show is next weekend!

Don't miss the 2008 Premier Home Improvement Show where Association Members and Sponsors alike are gearing up for a show you won't soon forget! 

As a Spokane Realtor and the wife of a builder (http://www.rdspokane.com/) and an active member of the Spokane Home Builders Association (http://www.shba.com/), I'm immersed in the local Real Estate market in so many ways.  I particularly enjoy these large events that bring us all together and up to date with the latest technology and home ideas.

The Premier Home Improvement Show is Spokane's premier show for connecting the public with the industry pros that will make their home improvement dream a reality.

A rich history of success and innovation sets our show's foundation. Over 50 years ago, the Spokane Home Builders Association kicked off home shows in Spokane with a show in the old "Boone Street Barn" Spokane Coliseum (at the time brand new) with none other than a live performance by Lawrence Welk and his orchestra.

That rich tradition continues to this day, offering the public the most easily accessible, best organized, and most professional show in the Inland Northwest. Before you begin your next home improvement project, pay us a visit and find the right PRO to help you with your next PROject.

I love this years theme...."Put the PRO Back in your PROject!"  The Home improvement show is held at the Spokane County Fair & Expo Center, 404 N Havana in Spokane Valley.  It will be held April 18th to the 20th from noon to 7pm on Friday, Saturday 10am to 7pm then Sunday 10am to 4pm. 

We'd love to see you there!

for more info check out www.Spokanespremiershow.com 

Spokane Fun!

I took my Mother out last night for some Fancy Fiddlin at our Fox Theatre here in downtown Spokane and we had the pleasure of seeing Eileen Ivers perform.  All that I can say is WOW!  That girl gets down on the violin!  I've never seen anyone play like that! 

Eileen Ivers has it all -- Nine Time All-Ireland Fiddle Champion,  National Symphony at The Kennedy Center, Boston Pops, London Symphony Orchestra, musical star of Riverdance, The Chieftains, Hall and Oates, founding member of Cherish the Ladies, Fiddler Eileen Ivers has established herself as the pre-eminent exponent of the Irish fiddle in the world today.

"...the Jimi Hendrix of the violin." -- The New York Times

"Nobody does it better than Eileen Ivers. Not only does the orchestra savor her musicianship and professionalism, but, she never misses to bring a pops audience to its feet with thunderous ovations." - Marvin Hamlisch, National Symphony and Pittsburgh Symphony Pops Conductor

"Ivers plays with such genius that she surpasses genre. It was an invigorating, highly energetic evening." - Nancy Stetson, Naples Daily News

If you ever get a chance to see this gal, check her out.  There is always something fun going on here in Spokane, for all of he fun stuff happening this weekend, check out www.accessspokane.com 

Realtor robbed during fake appointment

Another crazy story for us to highten the awareness and hopefully prevent things like this from happening in the future...

LAKELAND -- Walking through an unlocked door, the victim thought the man already inside was a legit customer.

But within minutes, the client she had talked to on the phone hours before revealed he was part of a dangerous duo.

"She had been tied up and had a knife to her throat," said Bethany Barlow, the victim's daughter.

Barlow told us the attack came as soon as her mother turned her back.  She says the two men threatened the realtor's life, then tied her up and locked her in the laundry room of the home on South Boulevard Tuesday afternoon.

After waiting for her attackers to leave, the victim escaped through the back door.

"They're dangerous people," said Ryan Barlow, the victim's son.  "No matter what they looked like or what they used, they were definitely threatening.  They need to be caught."

Lakeland Police are now tracking the bad guys by tracking the times they've tried to use credit cards they stole from the victim.  Investigators are now warning other realtors to be wary of supposed clients who could be crooks.

"They should let people in their offices know when they go on calls, it's better to be safe than be sorry," Lakeland Police spokesperson Jack Gillen said.

It's a crazy world out there.....be careful friends!!