Seattle Real Estate Blog by David Monroe: March 2010

Silver Firs Townhomes - The Best Value In Everett, Washington

Would you think I'm crazy if I told you that you could find a 12-year old, 1700 square foot, 3 bedroom, 2 1/2 bath home for sale in a nice area for under $200,000?  Well, you can... And I'm not crazy.  Welcome to Silver Firs Townhomes.

Silver Firs Townhomes is an extension of the Silver Firs Neighborhood in south Everett just off Puget Park Drive.  The community is made up of 190 townhomes ranging from around 1300 square feet to over 1700 square feet, built between 1995 and 1998. 

Recent short sales and bank owned properties have made Silver Firs Townhomes a bargain hunter's dream.  However, strolling through the neighborhood, it probably wouldn't strike you as a distressed property neighborhood.  Properties look well maintained, neighbors are friendly, and people hit the sidewalks on sunny days for some extra exercise.  These properties are quietly sold to buyers looking for a great deal.

With property prices in Silver Firs Townhomes so affordable, you would probably expect high homeowners association dues, right?  Well, not here.  For dues of only $100 per month, the Silver Firs Townhomes Homeowners Association does a great job of maintaining common areas, as well as handling exterior tasks such as pressure washing buildings and gutter cleaning.

Approximately a mile from Silver Firs Townhomes is Willis Tucker Park, an 84-acre park with an activity center, amphitheater, baseball fields, basketball court, 4.5 acre off-leash dog area, picnic shelters, playground, water park, and walking trails.  During the summer, the park hosts a movie night at the amphitheater each week, and on sunny summer days, the water park and the playground are bustling with children.  For those of you with dogs, the off-leash dog area at Willis Tucker Park is the best in the area.  There's even a "shy dog" area separated from the main dog park for dogs that are bit more timid.

Just across Puget Park Drive from Silver Firs Townhomes is the newly renovated Mill Creek Family YMCA.  With over 39,000 square feet of state-of-the-art facility space and all new equipment, this YMCA branch is one of the nicest in the area.

If you're a first-time buyer, the Silver Firs Townhomes community offers an opportunity to buy a great home with room to stretch out without breaking the bank.

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Authored by David Monroe, Realtor and Pre-Foreclosure and Short Sale Specialist.
Considering a short sale?  Check out this Short Sale FAQ first.

Copyright (c) 2010 by David Monroe (Home4Investment Team at Keller Williams Seattle Metro West).

Gold Creek - Quality Homes Near Mill Creek - Snohomish, Washington

Just a few minutes east of Mill Creek is a neighborhood called Gold Creek, where pride of ownership is probably an understatement.  Manicured yards, well-kept houses, and friendly neighbors all contribute to Gold Creek's upscale character.  Gold Creek provides a nice suburban environment that's still close to amenities.  This well-planned community offers a high quality living experience and home prices to fit a large range of budgets, with selling prices ranging from the mid $300's to the high $500's.

Throughout Gold Creek you'll find wide roads, sidewalks, walking trails, parks with baseball fields, basketball courts and tennis courts, and landscaped common areas.  Gold Creek is made up of two sectors:  The "older" sector on the west side with 453 homes built in the early 90's, and the "newer" sector on the east side with 247 homes built in the late 90's through the early 2000's.  The lots are fairly large, averaging around 10,000 square feet.  Several acres of the Gold Creek neighborhood are set aside as native growth and wildlife protected areas and 50-foot wide green belt buffer areas. 

Bordering part of Gold Creek on the north is Willis Tucker Park, an 84-acre park with an activity center, amphitheater, baseball fields, basketball court, 4.5 acre off-leash dog area, picnic shelters, playground, water park, and walking trails.  During the summer, the park hosts a movie night at the amphitheater each week.  On sunny summer days, the water park and the playground are bustling with children.  If you have a dog, the off-leash dog park is the best in the area.  There's even a "shy dog" area separated from the main dog park for dogs that are bit more timid.

Approximately a mile away is the newly renovated Mill Creek Family YMCA.  With over 39,000 square feet of state-of-the-art facility space and all new equipment, this YMCA branch is one of the nicest in the area.

Gold Creek is managed by two separate homeowner associations.  The older west sector is managed by Gold Creek Homeowner's Association and the newer east sector is managed by Sector 2A at Snohomish Cascade Association.  Gold Creek is bordered by The Falls, Silver Firs, and Willis Tucker Park on the north, Silver Firs on the west, multi-acre lots separated by a vegetation buffer on the south, and multi-acre lots of City Farms and Alderwood Water District property on the east.

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Authored by David Monroe, Realtor and Pre-Foreclosure and Short Sale Specialist.
Considering a short sale?  Check out this Short Sale FAQ first.

Copyright (c) 2010 by David Monroe (Home4Investment Team at Keller Williams Seattle Metro West).

Living in The Falls at Snohomish Cascade - Snohomish, Washington

Just a couple miles east of Mill Creek, many people are discovering The Falls at Snohomish Cascade--A neighborhood with that outside-the-city feel, yet still close to amenities.  This well-planned community offers a high quality living experience without the price tag that usually goes along with this quality of living.

The Falls has the feel of an upscale neighborhood without the upscale price.  Wide roads, sidewalks, walking trails, parks, and landscaped common areas are all features of The Falls.  Most of the homes in The Falls were built between 1990 and 1993, and most of the homeowners have kept their homes well maintained.  The lots are fairly large, averaging around 10,000 square feet.

Within walking distance from The Falls is Willis Tucker Park, an 84-acre park with an activity center, amphitheater, baseball fields, basketball court, 4.5 acre off-leash dog area, picnic shelters, playground, water park, and walking trails.  During the summer, the park hosts a movie night at the amphitheater each week.  On sunny summer days, you'll find the water park and the playground buzzing with children.  If you have a dog, the off-leash dog park is the best in the area.  There's even a "shy dog" area separated from the main dog park for dogs that are bit more timid.

Less than a mile away is the newly renovated Mill Creek Family YMCA.  With over 39,000 square feet of state-of-the-art facility space and all new equipment, this YMCA branch is one of the nicest in the area.

The Falls is represented by the Snohomish Cascade Homeowners Association.  Annual homeowner dues are fairly reasonable at $325 per year.  The Falls neighborhood is bordered by Cathcart Way on the north, Glen View/Silver Firs on the west, Puget Park Drive and Gold Creek on the south, and Willis Tucker Park and The Highlands on the east.

 

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Authored by David Monroe, Realtor and Pre-Foreclosure and Short Sale Specialist.
Considering a short sale?  Check out this Short Sale FAQ first.

Copyright (c) 2010 by David Monroe (Home4Investment Team at Keller Williams Seattle Metro West).

Townhouse For Sale in Silver Firs - Everett, Washington

13629 56th Ave SE, Everett, WA     MLS # 29062518  $175,000

For more information, contact me at 206-905-8590, or visit my website at www.sellnorthwesthomes.com.

Townhouse for Sale in Everett, Washington - Silver Firs - 3 Bedrooms, 2.5 Baths, 1,738 Square Feet

Great townhouse for sale featuring over 1700 square feet of living space in the desirable Silver Firs community, walking distance to the newly renovated YMCA. Two oversize bedrooms, plus a large master bedroom with walk-in closet and double-sink vanity in the master bath. One bedroom has a slider to a covered balcony overlooking the fenced back yard. Attached one-car garage with additional off-street parking.

This townhouse for sale is in a terrific location, near Willis Tucker Park and walking trails.  Willis Tucker Park features a playground, splash park, dog park, baseball fields, amphitheater, covered picnic area, and community center.

Just east of Mill Creek, many people are discovering the Silver Firs neighborhood, which provides affordable housing in an area surrounded by more expensive neighborhoods.  Silver Firs combines the comfort of being outside the city, with the convenience of being close to amenities.  Silver Firs is a well-planned community, offering a high quality living experience without the price tag that usually goes along with this quality of living.

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Year Built:	1997	Style:	2-Story Townhome
Square Footage:	1,728	Parking:	1-Car Garage
Bedrooms:	3	Lot Size:	2,178 Sq Ft
Bathrooms:	2 Full, 1 Half	HOA Dues:	$100/month

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PROPERTY FEATURES:

Interior Features:  Carpet, Laundry Room, Skylights
Heating:  Forced Air Natural Gas
Exterior Finish:  Vinyl
Sewer/Water Systems:  Public
Roof:  Composition
Lot Features:  Fenced Yard, Landscaped, Patio, Trees / Shrubs, Patio
Appliances:  Refrigerator, Dishwasher, Oven Range, Stove, Washer, Dryer, Garbage Disposal
Extra Features:  Cable Available, Balcony, Close to Public Transportation

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Additional information on this Silver Firs townhouse for sale and its surroundings can be found at:  13629 56th Ave SE.

Did you find this property using a search engine or a link from another website?

If so, consider this:

• In addition to you, many other buyers are also seeing this property online.
• If you have a home to sell, I will use the same marketing strategies to give your home the best exposure to potential buyers, helping your home sell quickly at the highest possible price.

David Monroe
Home4Investment Team at Keller Williams Seattle Metro West
Website:  www.sellnorthwesthomes.com
Phone:  (206) 905-8590

Should you stop making your mortgage payments?

As short sales are becoming more common, I’m finding that a higher percentage of people who contact me regarding a short sale are still current on their mortgage(s).  Many of them have just made the last mortgage payment that they can afford to make, while others are trying to develop a strategy that will produce the best results for their situation.

While I typically recommend paying for basic necessities like food, shelter, utilities, clothing, and basic transportation first, sometimes it’s just not possible to continue paying a mortgage payment that is well above an affordable level.  While I cannot advise anyone on whether or not they should stop making their mortgage payments, here are ten things to consider:

1. If your mortgage is FHA insured, you’ll typically need to be at least 31 days behind on your mortgage before they’ll consider a short sale.
   
   
2. For other types of loans, some lenders will approve a short sale if your payments are current, and some will not.  It depends on the underlying investor, and some banks service loans for many different investors.
   
   
3. The short sale process may take longer if you’re current on your mortgage payments.  The bank usually won’t feel that there’s a risk of getting the house back if you’re current on your payments, so they may not be as motivated to work on a reasonable timeline.  A good real estate agent with short sale experience may be able to assist you with the wording in a hardship letter so the bank understands that even though your mortgage is current now, default is imminent.
   
   
4. If you stop making your mortgage payments, it will have a negative effect on your credit.  Therefore, you should make sure you handle anything that would be impacted by negative credit before you stop making payments--And that doesn't mean going out and buying a new car or furniture on credit then not make your mortgage payment.  Securing a place to rent could be impacted by negative credit, but this is usually done much later, and you may be able to explain the circumstances to a prospective landlord.
   
   
5. If you have significant liquid assets (cash in the bank, CDs, whole life insurance policies, or other investments), the bank may require you to put up some cash at closing or sign a promissory note as a condition of approving a short sale, regardless of your mortgage payment status.  IRAs and other retirement plans are typically exempt, but that won’t necessarily stop the bank from trying to ask for these funds.  I’ve heard of situations where sellers were tricked into borrowing from their IRAs to pay back mortgage payments or cover deficiencies on a short sale.
   
   
6. If you stop making your mortgage payments, the bank will attempt to collect the back payments.  If you have two mortgages, the second mortgage lender will probably harass you much more than the first mortgage lender will.  The second mortgage lender is also much more likely to use unscrupulous and unethical collection tactics.  Be prepared.  It’s a lot easier to deal with if you know what to expect.
   
   
7. If you have a second mortgage and stop making your mortgage payments, the second mortgage lender may tell you that they won’t approve a short sale if the second mortgage is delinquent.  This is a collection tactic and is not true.  In fact, the exact opposite is often the case.
   
   
8. Borrowing from a credit card to make your mortgage payment is not recommended.  I have yet to come across a situation where this actually ended with a positive outcome.
   
   
9. If you stop making your mortgage payments, it could eventually lead to foreclosure if you are not able work out something with the bank or have a short sale approved.
   
   
10. If the bank determines that you have enough income to make the mortgage payments, they may not approve a loan modification or a short sale.  However, the bank may make an exception in special circumstances like divorce or an out of area job transfer, where staying in the house may not be an option.

If you also have credit card debt, here are some things to keep in mind:

• If you’re unable to continue making your mortgage payments and intend to do a short sale, staying current on other debt outside your mortgage (car payments, credit cards, etc.) will typically make it easier to secure a place to rent after the short sale is complete.  It will show a prospective landlord that although you had stopped making your mortgage payments because the payments were more than you could afford, you are able to make lower rent payments, and the mortgage situation was an isolated incident.  Many people in short sale situations would have sold their house before they fell behind on their mortgage payments if they would have been able to sell their house for enough to pay off their mortgage.
  
  
• Some banks may check your credit before approving a short sale.  If they find out that you stopped making your mortgage payments but have stayed current on your credit card payments, they may reject the short sale offer.  I’ve only heard of this happening once, and it was with Bank of America.  It’s unclear whether it was just a threat or if the underlying investor actually required that.  However, consider this a warning—It could happen.
  

Make sure you understand the foreclosure timelines.  See my blog post, Foreclosure Process and Timelines in Washington State for timelines in Washington State.

In the end, the decision is up to you.  There may be risks and consequences regardless of your decision.  Just make sure you have all the facts so you’re making an educated decision.


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Authored by David Monroe, Realtor and Pre-Foreclosure and Short Sale Specialist.
Access Seattle area short sale help and foreclosure resources including selling in foreclosure, and 8 Ways to Avoid or Stop Foreclosure.

Considering a short sale?  Check out this Short Sale FAQ first.

Copyright (c) 2010 by David Monroe (Home4Investment Team at Keller Williams Seattle Metro West).