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Both Redmond and Bellevue on CNN’s top 100 list. Read on here… http://money.cnn.com/magazines/moneymag/best-places/2012/top100/
A rock climber at Redmond Derby Days Kids Zone/Kids Activity area
Home Mortgages •
September 1, 2012
Tips to get the best mortgage rate
Wonder how you can take advantage of today's historically low mortgage interest rates? Start with these expert tips. Read more here… http://homes.yahoo.com/news/how-to-score-the-best-rate-on-your-mortgage.html
Real Estate Taxes •
September 1, 2012
Tax Implications of Selling Your Home
If you are considering selling your home, there are a few things to keep in mind in order to minimize your tax risk. Read on here… http://www.foxbusiness.com/personal-finance/2012/08/30/tax-implications-selling-your-home/
Uncategorized •
September 1, 2012
10 Green Improvements for Under $100 Each
Think going green will cost a lot of green? Think again! Eco-friendly home improvements won’t cost a lot of cashola, and they’ll keep saving you money, too. Read on here…http://www.houselogic.com/home-advice/green-living/green-home-improvements-under-100/
Uncategorized •
August 24, 2012
Broadview Garage Sale Weekend!
Please come and explore the many garage sales going on in Broadview this weekend. You never know what treasure you may find. Here is a list:
1. 120th & 2nd – furniture, misc. items
2. 13057 8th Ave. NW. – Household items, decorations, games, etc.
3. 12245 9th Ave. NW – Sat. only
4. 12209 8th N.W. – Linens, Costume Jewelry, Household items, Rubber Stamps
5. 12515 10th Ave. NW yard and garden accessories, bike, misc. household goods
6. 12723 10th Ave NW, – dishware, kitchen items, dog crates (2) and equipment, walkers, backpacks, NIB Faltzgraf collectible items, sports equipment, comic books, etc
7. 127th & 3rd ave. – Surround Sound Speakers, 15 Watt guitar amplifier, Electronics, Tv, Clothes, Water Skies, Inflat, Table, Yamaha keyboard, Christmas decorations, Drum kit, Kids skies/boots, Large mirror, Dog kennel
8. 12748 3rd Ave. NW – Plants and oil paintings
9. 11720 4th Ave NW – Household items
10. 605 NW 132nd st – Vintage doll collection, knick knacks, kitchen items, TV, women's clothes, VCR
11. 1211 NW 118th
12. 13044 4th Ave NW – Furniture, house goods, children's toys and clothes
13. 12023 4th Ave. NW – Household items, Carpeting, Power lawn tools, Art work, Furniture, Doors, House plants, Exercise equipment, Camping gear, Drapery material
14. 12501 11th Ave. NW – kitchen items, clothes, vases, Japanese dishes, Japanese dolls, Japanese items etc
15. 12515 7th Ave NW – Sat. Only – Baby, women’s & men’s clothing, Books, children's books , Old electronics, lots of misc.
16. 12552 10th NW. – Barbecue, kids stuff, chop saw, saw horses
17. 12258 7th Avenue NW – Antique furniture and glassware, couch, home decor, jewelry, Pilates machine, clothes and misc.
18. 13546 Sherman Rd NW
19. 120th & Evanston – Mini block sale at this location!
Uncategorized •
August 17, 2012
Sources of Down Payment After a Divorce
For most individual coming up with a down payment will generally be the biggest challenge when buying a home after a divorce. A good place to look for a source of funds for a down payment would be your 401k, IRA or Roth IRA. You will have to check with your 401k plan to see if you can borrow or withdraw money from the plan. If you are allowed to withdraw the money there will be a 10% penalty and taxes due on it. The 10% penalty also applies to your IRA and Roth IRA except that no taxes will be due on the Roth IRA. If you are 591/2 and older there is no penalty.
Another source of funds would be gift funds from family members. When you accept a cash gift for a down payment on a home, there's a 3-step process to follow. The process is the same whether your home loan will be Fannie Mae, Freddie Mac, FHA, VA, or the USDA loan.
First, write a gift letter that follows the includes the following information :
- The amount of the gift
- The subject property address
- The relationship of the gifter to the giftee
- A note that the gift is actually a gift and not a loan
Second, transfer the funds to your bank account or to escrow office handling the closing. Be sure that the transfer amount is the same as the amount on the gift letter.
Third, the giver(s) will need to provide proof of funds transfer to the lender. You or the escrow office will need to provide proof of receipt of the funds. Check with your loan officer for exactly what documentation will be needed for proof of funds transfer. Also, your loan officer can provide a blank form gift letter for your convenience.
George Runnels
Washington First Mortgage
Mortgage Specialist
206-604-4545
License # MLO-89761
Divorce, Seattle Real Estate, Short Sale, Foreclosure, Windermere •
August 3, 2012
Short Sale or Foreclosure?
Couples facing divorce often have a big decision to make regarding the family home. It is not unusual for either spouse to be able to afford the mortgage payment on their own. With the economic situation, the home may also not be worth what is owed. This forces the couple to make another decision – do they sell the property short, through a short sale, or let the home go back to the bank via foreclosure. Either decision requires carefully deliberation and the right information from an expert.
If the homeowner is participating in the federal government's Home Affordable Foreclosure Alternatives (HAFA) Program, there are definite credit benefits to choosing a short sale over foreclosure. Recent changes to the HAFA Program dictate what the lender can state on the borrower's credit report after a short sale, and lessens the impact on the borrower's credit rating. Credit bureau reporting of HAFA transactions where the deficiency is forgiven is now to be reported as "Paid or closed account/zero balance" or "Account paid in full/a foreclosure was started", as applicable. A short sale is usually reported as "Account paid for less than the full balance", or similar statements which have a negative effect on their FICO scores.
A short sale will obviously have a negative effect on your credit, however short sales by their very nature actually have a lesser effect on credit than foreclosures. For instance, a completed foreclosure means the borrower has, at a very minimum, missed six months of payments (often considerably more). The property has also gone through a completed foreclosure sale. So while a short sale negatively impacts credit, the effect has been shown to be less than a full blown foreclosure which followed months, if not years, of missed payments.
Some people feel there is a much stronger social stigma attached to foreclosure as compared to a short sale. With a short sale, the homeowner is in control of the sale, not the bank. In fact, today cash incentives may be available to homeowners who decide to do a short sale instead of foreclosure. When the consumer wants to obtain a loan to purchase a property in the future, more opportunities will be available to them sooner if they do a short sale. For example, contrary to popular belief, one can be current on their payments and still do a short sale. And if a homeowner is current on their mortgage through a short sale, they can qualify for an FHA loan afterwards without ay waiting periods. The same option is not available following a foreclosure.
Because each homeowner’s situation is different, we always recommend that you consult with a real estate attorney regarding your options and the ramifications. We also recommend that you do not use the same attorney for a short sale consultation and your short sale negotiating. A short sale negotiator is the company that deals directly with your lenders to try and get your short sale approved. We work with a couple of different short sale negotiators. We often have this fee included as part of the closing costs of the entire transaction. This means that if the sale does not go through, the short sale negotiator does not get paid.
Please call either Steve Hill or myself if you have any questions on the short sale process or if you need a referral for a real estate attorney to discuss your options and the solution that best fits your circumstances.
Sandra Brenner | CRS | Managing Broker
Ph: 206.781.1842 | sbrenner@windermere.com
Steve Hill, Realtor
Ph: 206.679.9577 | stevehill@windermere.com
www.BrennerHill.com
Windermere Real Estate NW Inc., Seattle WA 98133
Seattle Area Homes for Sale •
August 2, 2012
Home values rise for first time in 5 years!
NEW YORK (CNNMoney) — Home prices hit a bottom and are finally bouncing back, according to an industry report released Tuesday.
Nationwide, home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1% from the first quarter. Read on…
Uncategorized •
June 30, 2012
Home Prices Rise and Inventory Drops In Snohomish County
With under three months of inventory for sale, the Snohomish County real estate market may have hit bottom. Check out the most recent sales statistics here.
