Property Management q & a

Q: A tenant of mine was the victim of a "home invasion" break-in (it was a co-worker who was mad at him for some reason that broke in). He says he is breaking his lease (he is in the first month of a 12 month lease) and moving out. Does he have the legal right to break his lease? If not, what do I do now?

A: The legislature has identified certain circumstances where a tenant has a legal right to break a lease. For example, where the landlord fails to perform a repair obligation, one of the tenant's alternatives is to terminate the lease and vacate )see RCW 59.18.090(1)).

Even where the landlord has not defaulted in his or her obligations, some tenants still have the right to termination of their lease without penalty....

In your case, the tenant was a victim of criminal conduct.... Actually, merely being victimized by criminal conduct does not constitute a legal ground to terminate a lease, whether or not the tenant is acquainted with the perpetrator....

...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.

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/1021. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

FHA announced that it will put new requirements into effect for condominium financing. As of the writing of this article, the new requirements were schedules to take effect October 1, 2009. However, there was talk of delaying enactment until November 2009 to facilitate closing of first time home buyer tax credit transactions. Buyers should consult with their lender to determine whether the regulations will impact their purchase efforts.

In some cases, the new requirements will eliminate FHA loans to entire condo projects while for others, it will make the process of obtaining an FHA loan considerably more difficult and time consuming.

FHA financing will still be available for condo projects that are existing, conversion, under construction and manufactured housing condominium projects....

With the new requirements, the SPOT loan approval process was eliminated....

The following conditions are among those that must be avoided or mitigated. It is unclear how these conditions can be mitigated so if any of these conditions exist in a condo project, the parties should understand that these conditions will likely affect the availability of FHA financing.

· The project is located in Special Flood Hazard Area.

· Potential noise issues if the condo project is located within 1000 feet of a heavily travelled road, 3000 feet of a railroad, one mile of an airport or five miles of a military airfield....

These new and revised regulations will have a dramatic affect on the availability of FHA financing for condominiums. Condo buyers who are relying on the availability of FHA financing must be certain to build sufficient time into their closing dates to insure project approval for the condo project....

...The preceding is an opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline. The Legal Hotline lawyer does not represent Washington Association of REALTORS® members or their clients and customers. For additional questions or information, please contact Jen at (206) 293-1005 or send me an email to jen@jenhudsonhomes.com.

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/1020. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

Question:
Can a buyer  claim the first-time homebuyer tax credit if buyer purchases using seller financing?

Answer:
Yes. So  long as the buyer obtains the "benefits and burdens" of ownership of the property, then the buyer can claim the credit. This is true even if the seller retains legal title as seller would if the financing document used was a real estate contract instead of a note with deed of trust. Factors that indicate that a buyer has the "benefits and burdens" of ownership include:...

...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 to jen@jenhudsonhomes.com.

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/1001. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

Question:
First time tax credit buyer entered a purchase agreement several weeks ago, intending to close by November 30 to take advantage of the first tax credit program. Closing will not happen by November 30, but should happen in December. Do buyer and seller need to rewrite their purchase agreement to reflect a different date or do anything else to allow buyer to take advantage of the extended tax credit program?

...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 to jen@jenhudsonhomes.com.

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/1000. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

It's official!

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.

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/999. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

Changing/ Starting Out With Condominuim Property Managers

Once Upon a Time...

"All your condominium documents are in a box -- somewhere. Someone passes the box to another person. The box ends up somewhere else.

"Everything gets taken care of. Everybody lives happily ever after."

The End.

__________________________________________________

...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.

http://www.cairf.org/research/best_practices.aspx...

Check References...

...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

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/998. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

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 to jen@jenhudsonhomes.com.

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/949. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

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.... 

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/938. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

Thursday, September 10, 2009, 11:19am PDT

First-time home buyers face deadline

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,"...

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/938. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

Home sales soar 7.2 percent in July

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.

URL: http://www.msnbc.msn.com/id/32505389/ns/business-stocks_and_economy/

MSN Privacy. Legal © 2009 MSNBC.com

---

Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/931. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com