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short sale: Home Values - Consumers believe home values dropping - 05/15/11 02:35 PM
One in four Americans says their home is worth less than what they paid, says CNBC Jane Wells. The same number believes their home value will drop even more in the next year.
More double dip? Will home values continue down? Read more
This is a very real feeling that most home owners are realizing says Jane Wells.
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short sale: A Tale of Two Tales – Loving Home to Foreclosure in Seattle - 04/26/11 03:28 AM
Just a quick story on a recent home I listed -
Homeowners that have contacted the bank(s) and they have a true factual hardship - a young daughter becomes terminal, they go through all this difficult process of going to specialists, doctor after doctor, bills are mounting, hubby working day and night, they do everything they can trying not to have a late payment on their bills, mortgage and car loans, they are exhausted, struggling, calling in favors from family, friends and even local community support.
Well they make the dreaded call - they tell the bank what is happening and … (3 comments)
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short sale: Short Sale or Foreclosure? - 04/24/11 07:01 PM
Success doesn't matter! What matters is how you deal with the events that surround your situation when you own a home and a mortgage. Life Happens!
There is a huge difference between these two. Read more
Foreclosure
Short Sale
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short sale: Home in Foreclosure - need help with money? Adzookie - What? - 04/21/11 02:41 PM
Homeowner's that are having a hard time in this tough economy and are not able to meet paying their mortgage payments - well, we came across a very interesting idea and article called Adzookie. We at the Seattle Real Estate News and Seattle Margo wanted to get this out ASAP! Get to their website and fill out their form! They will assist you with help on your mortgage payment. Read more - CLICK HERE
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short sale: Mountlake Terrace - Deal of the Week! - 03/27/11 02:27 PM
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short sale: Mountlake Terrace Condo - Seattle WA Area - 03/14/11 05:13 PM
Mountlake Terrace Short Sale … (0 comments)
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short sale: More Trouble for Foreclosures Banks in Trouble- Short Sales Way to Go! - 01/07/11 06:19 PM
With the new ruling that has happened in Massachusetts, the banks, Wells Fargo & US Bank will have their hands full as 2 specific cases were ruled in favor of the home owner as the banks needed to prove they were the owners of the mortgage and not just the servicer at the time of foreclosure.
Wells Fargo and U.S. Bancorp lacked authority to foreclose after having "failed to make the required showing that they were the holders of the mortgages at the time of foreclosure," Justice Ralph Gants wrote for the Massachusetts court. In a concurring opinion, Justice Robert Cordy … (0 comments)
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short sale: BPO's - Property Valuation's - 11/21/10 03:08 PM
To All
Has any other BPO active agents seen a reduced order volume over the last 30- 60 days?
I was receiving over 60 orders per month from several services but as of yet for the month of November I have ( 0 ) Zero orders.
I am aware that HUD is changing mangement companies and they are currently in a transition phase, has anyone heard different?
Would love to hear other feed back.
On the other hand we have had an increase of approvals on our short sales in the last 3 weeks - How about you?
Thank you,
Margo
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short sale: Short Sale - FHA Reverse Mortgage - Lack of Probate and 4 heirs through estate Just Funded - 08/25/10 02:11 PM
Short Sale in Seattle! This one is a must read to the end!!! We just funded one of our listings that was a Reverse FHA Mortgage Short Sale! Wow this one was a fascinating real estate transaction, having to do with an estate of the family, with lack of probate and everyone having to do a quit claim deed to give the executor the power to honor the final closing documents to record. We have found many items to be aware of working on this transaction, such as when a deceased person has a reverse mortgage the heirs have a limited … (0 comments)
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short sale: Mukilteo WA - Puget Sound View Home just listed! - Short Sale - 08/14/10 04:43 PM
Short Sale - Mukilteo Sound Views! … (0 comments)
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short sale: Lynnwood Short Sale - Like New Home - 08/03/10 10:08 PM
Lynnwood Short Sale … (3 comments)
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short sale: Short Sales - Why do some agents submit muliple offers to the bank? - 07/03/10 11:15 PM
Big question....Why do some agents list a home 100,000.00 dollars under market from what is showing that the average home in the neighborhood is comping out at?They then have a home seriously under everyone elses and keep home on the market as active when they recieve multiple offers and send to the bank / lien holder?I just ran into this today they have 6 offers on a home that was submitted to the bank - this is crazy!Attending many REO, BPO, and short sale training events, classes and webinars that are hosted by FNMA, FREDDIE MAC & large 3rd party providers … (5 comments)
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short sale: Real Estate Sales Tax to increase in 2013 - 06/17/10 06:18 PM
Have you read the news lately? Looking at the new health care bill that has passed did you read the 2700 pages inside that bill?
If you took the time to read it then good for those who could stand reading all the fine points of this bill...
Here is a big one - For real estate transaction there will be an increase of tax being paid of 3.8% click link to see the highlights
http://www.spokesman.com/stories/2010/mar/28/health-laws-heavy-impact/
Tax on Home Sales. Imposes a 3.8 percent tax on home sales and other real estate transactions. Middle-income people must pay the full tax even … (0 comments)
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short sale: Short Sale & Closing Costs - 06/06/10 03:15 PM
Having done many short sales and alot of training, I am finding that only on certain types of loans will the lender pay closing costs. For example if the short sale is a FHA loan and the new buyer is using conventional financing then there will be no closing cost paid, but if new buyer is using FHA financing then they will allow only 1% to be paid for closing costs per HUD. Live near South Lake Stevens … (0 comments)
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short sale: Short Sale & Contacting Mortgage Servicer - 05/05/10 08:51 PM
Hello All,
Well I am sure by now everyone is fimilar with the new updated program out there that is suppose to speed up the process for a Short Sale known as HAFA.
I just came across a link that I want to share with everyone that could help out. Link Below
http://makinghomeaffordable.gov/contact_servicer.html
I have a fantastic team of negotiators that assist me on my Short Sale Deals so I can focus my attention on them and my team can focus on working with the banks.
I also have a home that is now going to have to become a Short … (1 comments)
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short sale: One West Bank - Short Sale with a happy story ending! - 04/26/10 05:40 PM
Well Folks,Believe it or not - One West Bank actually allowed a Short Sale on one of our transactions! Amazing thing is that Bank of America moved rather quickly and One West Bank dragged their feet so long that it was right down to the wire for auction time..... but they finally came through. At the end of the deal they ( One West ) were out alot of money on the short payoff.The Seller was happy this did not go to foreclosure and the buyer was so thankful... they waited for almost 6 months for them to finally approve it … (3 comments)
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short sale: Short Sale - Success Story and why I love taking them on! - 04/19/10 08:19 PM
In most cases people hear the word short sale and they run in the other direction. Not me I take them on and make things happen.
What an opening statement....I just wanted to get every ones attention.
I hear different things from agents all the time. It takes too long to get paid, they never close, banks are hard to deal with. When agents call me and they are not interseted in taking them on they ask if I will call their client, friend, or family member and help them through this emotional time, by referring their clientele they can receive a … (2 comments)
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short sale: IRS 982 Ruling for Insolvency - HELP! - 04/15/10 01:55 AM
I was asked a question recently about if a property goes to foreclosure and it is an investment property, as the property was owned for over a 1 year period and the seller tried to do a short sale. The seller sent in the offer to the bank and the bank actually took it to foreclosure.Our offer was 13,000.00 over minimum opening bid... confused why they took it to foreclosure because they sold it for 85,000.00 less than opening bid as an REO.Sellers question to me was now that I have received a 1099A and it is showing a 135,000.00 1099 … (0 comments)
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Margo Christophilis
Seattle,
WA
More about me…
SeattleMargo.com - Horizon Real Estate
Address: 7900 Green Lake Drive North Suite # 212, Short Sale in Seattle, Seattle, WA, 98103
Office Phone: (206) 963-5525
Cell Phone: (206) 963-5525
Email Me
Seattle home value, buy now before you are priced out. Inventory is being snapped up quickly - here is why!
Want to Buy a House? It's Like 1995 all Over Again!
Why is this such a great time to own a home? This is the perfect storm if you are currently renting, what makes the perfect storm for a renter – home values have declined to a price point that is close to 2003, and with the mortgage rates at serious historical lows the buying power you have to own a home is like you just purchased in 1995.
Home values in the Green Lake – Seattle, WA area for a home that is of a normal 3 bedroom 1.5 bath home with roughly 1600 square feet in 1995 depending on the exact location you would have paid 165,000.00 – 205,000.00. In today’s market of Jan. 2012 you will spend around 285,000.00 – 435,000.00, again depending on exact locations.
So if you are a renter – this is the perfect storm:
1.Home Values Down
2.Mortgage Rates at all-time lows
3.Housing Supply – lots to choose from
4.Buyer’s Market – so you now can shop around and sellers will negotiate terms, price and incentives.
See Historical Chart for Mortgages for the Year 1995:
1995
30 Year
FRM
15 Year
FRM
1 Year
ARM
January
9.15
8.80
6.82
February
8.83
8.46
6.67
March
8.46
8.06
6.45
April
8.32
7.88
6.35
May
7.96
7.51
6.13
June
7.57
7.06
5.87
July
7.61
7.09
5.83
August
7.86
7.36
5.93
September
7.64
7.16
5.81
October
7.48
7.01
5.74
November
7.38
6.89
5.64
December
7.20
6.74
5.57
Based on the buying power of today’s interest rates you effectively are able to purchase your home as if it was 1995! Answer these questions!
•·What was the popular song in Jan. 1995?
•·Who won the Super Bowl on Jan. 29th 1995?
•·What Bombshell Beauty Married on Feb. 18th to a motley Rocker?
See how time goes fast and looking forward where will you be in 17 years?
Here is a great artical from Paul Muolo who wrote a post about buying a home like it was 2003.
•Mortgage Rates
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