Our voices in the real estate industry have been heard and we have reason to celebrate!...
Not only was the $8,000 first time home buyer tax credit extended, we also have a NEW $6,500 tax credit for homeowner who have been in their homes for a consecutive 5 of the last 8 years....
Both of our tax credits will be available through June 30, 2010, but you'll need to plan ahead. In order to qualify for the new tax credits, both buyers will need to be under contract no later than April 30, 2010 and have the sale closed no later than June 30, 2010. Sounds simple enough, right? If you're a first time buyer who is considering any sort of financing, you'll need to give yourself more than enough time....
We also have wonderful news as the income limits were increased...
To help even more, this particular bill also provides an additional 20 weeks unemployment benefits...
Here's some of the details:...
...Thinking about buying? Now's the time! Give me a call at (206) 293-1005 or send an email tojen@jenhudsonhomes.com.
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...Too many condominium owners and board members believe that story of what happens to the business of condominiums; that the property managers fix/ repair/ adjust/ moderate/ mediate/ pay/ collect and so forth, and pay themselves out of your assessments. All based on the contents of a box of documents.
Start With The Board
Finding or changing a condominium property manager takes several steps and the board takes the first step....
The age of the association is also a consideration. A twenty-five year old association where the same six or seven people serve as board members faces a different set of requirements for a property manager from an association still within or fresh out of the declarant control period. Most associations exist with ages in between.
No two condominium associations are exactly the same....
Seek Candidates with Condominium Expertise, Experience and Competency
In Whatcom County, a board can find many property managers with experience managing real estate. This means they know how to order services -- municipal and aesthetic -- and pay bills....
Unless these managers have educated themselves about condominiums and condominium property management, they cannot effectively partner with you as a condominium board....
CAI establishes best practices which effectively set the bar in several function-specific areas. For example, you can find (free) best practice reports on community harmony and spirit, community security, energy efficiency, financial operations, governance, green communities, reserve studies/management, strategic planning and transition on their Web site.
...The above information is courtesy http://wacondominiumreference.blogspot.com. To read the complete article and download any attachments, please http://wacondominiumreference.blogspot.com/2009/10/changing-starting-out-with-condominuim.html
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Foreclosures, Mortgages & Boundary Line Adjustments.. oh my! ... Question:
Property owner owned two adjoining lots. Each lot was separately mortgaged. Owner completed a boundary line adjustment through the county, effecting an equal land trade between the two lots, but never notified either mortgage holder of the BLA. Subsequently, one mortgage holder foreclosed and took title to one of the lots. What was the effect of that foreclosure on the BLA?
Answer:
The BLA is still effective, meaning that it is still recorded and the county still acknowledges each parcel as having the property boundaries established by the BLA. However, the foreclosing lender could only foreclose on the property covered by the legal description set forth on the deed of trust, in other words, the property boundaries that existed prior to the BLA.
As a result, the foreclosing lender now owns the parcel that was foreclosed and a portion of the adjoining parcel, the portion that was connected to the adjoining parcel through the BLA. However, the bank does not own the portion of the foreclosed parcel that was added to the foreclosed parcel by the BLA....
The preceding is an opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline.For additional questions or information, please contact Jen at (206) 293-1005 or send me an email tojen@jenhudsonhomes.com.
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This summer brought two monumental changes to the lending industry. First, the HVCC eliminated a mortgage broker's or lender's ability to deal directly with an appraiser. Second, the Regulation Z was modified effective July 30, 2009.
So, what does this mean and why should you care?
For the HVCC rules, when your lender can't communicate directly with an appraiser, it drastically slows down the process. This new rule has made it virtually impossible for mortgage brokers or lenders to order the appraisal at the time necessitated by the circumstances of the transaction. In addition a mortgage professional is now going to get whatever appraiser is assigned to the transaction through a new, unnecessary third party....
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Puget Sound Business Journal (Seattle) - by Jeff Clabaugh Washington, D.C. Business Journal
The government's first time homebuyer $8,000 tax credit has helped stimulate home sales, but buyers still hoping to take advantage of it will have to beat the clock.
The tax credit expires Nov. 30, giving buyers about 12 weeks to find, contract and settle on their purchase....
"... first-time homebuyers starting today can close on time and quality for the $8,000 federal tax credit,"...
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First-time buyers rushed to take advantage of tax credit
The Associated Press
updated 7:59 a.m. PT, Fri., Aug 21, 2009
WASHINGTON - The U.S. housing market is improving quicker than expected, with home resales in July posting the largest monthly increase in at least 10 years, as first-time buyers rushed to take advantage of a tax credit that expires this fall. The National Association of Realtors said Friday that home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the highest level of sales since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters....
...Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Mortgage applications rise as refinancing demand jumps
08:47 AM EDT 8-26-09
By Julie Haviv
NEW YORK (Reuters) - U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June, data from an industry group showed on Wednesday.
Applications for loans to buy a home, an early indicator of sales, rose slightly, but nevertheless gained for a fourth consecutive week. The trend bodes well for the hard-hit U.S. housing market, which has been showing signs of stabilization.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Aug 21 increased 7.5 percent to 566.4.
Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC, in an interview with Reuters, said that while recent data on home sales and prices point to stabilization, certain consumers are missing from the market....
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Below is today's opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline. If you or someone you know is facing a hardship with their property, please talk to an expert to determine the best way to proceed forward. For additional questions or information, please contact Jen at (206) 293-1005 or send me an email to jen@jenhudsonhomes.com.
Question:
Property is listed and the owner just filed for bankruptcy. Can listing agents continue to list the property and try to find a buyer?
Answer:
When a bankruptcy case is filed, ALL property comes under the immediate control of the appointed trustee. What happens to the further disposition of that property depends on a number of things.
First, if there is equity in the listed real property, i.e., meaning that there is enough to pay all recorded mortgages or liens in full, costs of sale and the debtor's homestead exemption amount, then the trustee will likely assert control over the real property. The trustee literally steps into the shoes of the debtor and has sole discretion to sell the property and handle its marketing. The trustee can choose to retain the current listing agent or appoint one of trustee's own choosing....
...Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. The Legal Hotline lawyer does not represent Washington Association of REALTORS® members or their clients and customers.
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After months of bad news, real estate agents got some good news last week with word that home sales had risen by 19 percent in July in comparison with the same month a year ago. It was the second straight month that sales had risen after a two-year skid. Prices continued to fall, which helped the sales hike, agents said. Interest rates also have stayed low....
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Property Management Q&A.... repairs by your tenant?
p r o p e r t y m a n a g e m e n t q & a
This question seems to arise more and more frequently and came from the Washington Realtor News May/June 2009.
Q: A tenant gave notice on 2/25 to repair a leaking toilet, saying that the handle was broken and it needed internal repairs. I know that I had three days to perform this kind of repair, but I didn't respond in time. Although the initial repair request did not include an estimate, she went on to request that a plumber replace both toilets in the house. I estimate the repair she original called about would cost $100 - $200, but replacing both toilets was $868. She has now withheld this amount from her March rent.
I issued her a three day notice. She has now hired and attorney. I don't want to escalate this into an expensive legal battle, but I need to know where I stand legally, before I decide what to do.
A: When a question like this arises, I follow this "checklist" to analyze the situation.
1. Does a repair duty exist on the part of the landlord? The only relevant duties are in RCW 59.18.060, in this case subsection (7) which states: "[the landlord shall]... (7) Maintain all electrical, plumbing, heating, and other facilities and appliances supplied by him in reasonable good working order;" Thus, as long as the toilet was in "reasonably good working order", you don't have a duty to perform a repair. The statute does not require that a device be in "perfect working order" or some such thing. Obviously, there is a lot of gray area here, but it should be noted that an older but still functional piece of equipment may not necessarily require repair.
2. Did the tenant cause the problem?...
...Christopher T. Benis an attorney with Harrison, Benis, and Spence, LLP, with offices in Seattle. The information contained herein is not legal advice. You are encouraged to consult with your attorney before relying on anything contained herein.
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