Seattle Real Estate Blog by David Monroe

The Stats Are Out--The Market Is Dead. Or Is It?

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Thu, 26 Aug 2010 20:23:42 -0400

The Stats Are Out--The Market Is Dead. Or is it?

Yesterday, everywhere I turned, I was either looking at or hearing a news story about how homes sales plunged 27% nationwide to the lowest number on record. Wait, weren’t we in a housing recovery just a couple months ago? Weren’t we officially out of the recession? Is the media not telling the whole story?

Well, before you go jump off a cliff, let’s see what that really means:

Homes sales fell 27% nationwide… From June to July. There are two problems here:

Because real estate is seasonal, comparing sales levels with the previous month is statistically unreliable. The proper comparison should between July 2010 and July 2009.
- In King County, closed sales fell 15% compared to July 2009. However, the median home price is up 4% from last July.
- In Snohomish County, closed sales fell 11% compared to July 2009. The median home price fell 5% since last July.
Real estate is local. When have national real estate trends reflected the Seattle market? While the Seattle area isn’t immune to economic challenges experienced by the rest of the nation, national statistics have never been a reliable indicator of the Seattle real estate market.
Sales fell to the lowest number on record? What exactly does this mean? How far do the records go back—To the Great Depression? Farther? Nope. The records they’re referring to are from the National Association of Realtors, tracking market activity since waaaaay back in 1999. Yes, that’s just over 10 years. Also, they’re comparing the month of July to July of previous years, so it’s really the lowest July sales level since they began tracking in 1999. July sales were actually higher than sales from January and February of this year, and several months last year.

So why the big real estate market “crash” last month? IT’S THE TAX CREDIT, pure and simple. Take large numbers of buyers who would have purchased in July and August, and convince them to purchase a couple months earlier to benefit from the $8,000 tax credit. This causes May and June sales to spike. What would you expect for July?

Now cheer up and go buy a house before everyone figures out that the market isn’t dead.

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Authored by David Monroe, Real Estate Agent and Short Sale Specialist
The Home4Investment Team at Keller Williams Seattle Metro West
Phone: (206) 905-8590

Bank of America Short Sales Improving

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Thu, 15 Jul 2010 19:59:19 -0400

At this time last year, Bank of America was on my black list for short sales. I would still work with short sale clients that had Bank of America loans, but I had to make an extra effort to mentally and emotionally prepare sellers for a process that could take six months to a year from signing the listing to signing closing papers.

Several months ago, Bank of America started using the Equator system (formerly REOTrans). Equator is the technology platform used by many of the top lenders nationwide for handling bank-owned property transactions. Equator built a short sale portal to be used by Bank of America (and eventually other lenders) to help streamline the short sale process.

While the transition to the Equator system had its challenges, Bank of America’s implementation of this online system for processing short sales has been one of the biggest steps in the right direction that I’ve seen from a large bank in the short sale industry. That doesn’t mean there aren’t still a lot of problems with Bank of America short sales, but it is a massive improvement from where they were a year ago.

Short sales that would have previously taken 6-8 months to negotiate with Bank of America can usually be completed within 60-90 days now when processed through the Equator system. It can still be a painful experience at times, but it’s kind of like pulling a bandage off your arm: It’s going to hurt whether you pull it off slowly or quickly, but isn’t it better to get the pain over with quicker?

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Authored by David Monroe, Real Estate Agent 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 (Keller Williams Seattle Metro West)

So You Stopped Making Your Mortgage Payments -- Now What?

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Tue, 13 Jul 2010 14:53:39 -0400

Have you stopped making your mortgage payments? Are you considering it? If you’re just considering it and haven’t already stopped, read the post, Should You Stop Making Your Mortgage Payments?

If you have stopped making your mortgage payments, either because you can no longer afford to pay or for some other reason, here’s what you can expect:

First Mortgage
First mortgage lenders are typically much easier to deal with if you fall behind on your payments. They typically won’t harass you by phone, but they’re likely to fill up your mailbox with letters reminding you that have haven’t made your payment.

If you speak to your first mortgage lender on the phone, they usually won’t use high-pressure collection tactics. That doesn’t mean they won’t ask for a payment, but the collection effort over the phone is not likely to go past that level. They will make a lot of effort to determine if there’s a way to bring the loan out of default status by offering a loan modification, payment moratorium, or some other workout solution. However, these workout solutions are rarely successful, since most borrowers just get lost in the system.

This low-pressure collection strategy may not apply if your loan was sold off to someone that specializes in purchasing loans that are in default for pennies on the dollar.

Second Mortgage
If you stop making payments on your second mortgage, this can create a bit more of a challenge. Not only will the second mortgage lender fill up your mailbox with threatening letters, your phone is likely to ring off the hook as well.

I put second mortgage lenders in the same collection category as credit card collectors. Second mortgage lenders have a lot more to lose, especially if the first mortgage lender forecloses. Therefore, they tend to use high-pressure, threatening, and sometimes unethical collection practices. They may try to contact you at work or they may try to contact your relatives, although you can request in writing that they not do this.

They may lie to you. They may tell you that they won’t approve a short sale or loan modification if you’re behind on your payments. This is not true. If you challenge something that they tell you and they offer to have you talk to their supervisor to confirm, don’t take the bait. Their “supervisor” is most likely just the collector in the cubicle next to them.

Letters In The Mail
During the first 90 days or so, your mailbox is going to fill up with letters from your lender. They may start out friendly, offering lots of options and telling you how much they want to help you, then they will start getting more threatening. Usually around the 60 day mark, they’ll send letters by certified mail as well. They’ll use terms like “Acceleration Warning”, “Notice of Intent to Foreclose”, “accelerate the maturity of the loan”, “declare all sums immediately due and payable”, “commence foreclosure proceedings”, “take legal action”, etc. They're trying to get your attention. Just remember that no matter what they say, there are specific procedures and timelines that they must follow (see Foreclosure Process and Timelines in Washington State).

Two Notices To Take Seriously
If you’re receiving so much correspondence from your lender that you’ve given up even opening your mail, there are two letters (or notices) that you should pay particular attention to. The first one is the “Notice of Default”. This will usually be sent by regular mail, certified mail, as well as a hand-delivered copy (usually taped to your front door if you’re not home). This notice warns you that the bank may start the foreclosure process if you don’t cure the default within 30 days.

The second notice is the “Notice of Trustee's Sale”, which is sent 30 days or more after the Notice of Default. Like the Notice of Default, this notice is also sent by regular mail, certified mail, and hand-delivered. This notice means the bank has scheduled the foreclosure auction for your property. The foreclosure auction will be at least 90 days from the date of the notice. The bank has the ability to postpone the auction at their discretion if you’re in the process of a short sale, loan modification, or some other workout option.

As always, if you’re concerned about your legal rights or legal implications, you should consult with an attorney.

This is just a brief overview of what to expect, and it may differ slightly from lender to lender. Feel free to share your experiences.

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Authored by David Monroe, Real Estate Agent 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 (Keller Williams Seattle Metro West)

Home For Sale With Shop And Acreage In Auburn, Washington

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Thu, 17 Jun 2010 22:04:01 -0400

Home for Sale with Shop and Acreage in Auburn, Washington - Horse Property Potential!

31516 176th Ave SE, Auburn, WA 98092 MLS # 87687 $515,000
Pre-Approved Short Sale!

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

(More photos below.)

Home for Sale in Auburn, Washington on 4.8 Acres with a Large Shop - 4 Bedrooms, 3.25 Baths, 3,250 Square Feet

Pre-Approved short sale! Looking for a home with flat, usable acreage with a large shop? This quality-built home for sale sits on a private 4.8 acre lot. Approximately two acres are enclosed by wrought iron fencing and an automatic gate. The huge 40x48 shop can hold your RV, boat, or other large toys, plus there's plenty of additional parking outside. This home for sale features 4 bedrooms (one is large enough to be a bonus room), a 5-piece master bath with jetted tub, formal living & dining rooms with extensive millwork, security system, and central vacuum. This home is located on a dead-end street, close to Black Diamond, Covington, and Highway 18.

Do you have horses? How about turning this into a horse property? The seller also owns the adjacent five acre parcel which can be purchased separately and combined with this one for a total of 10 acres.

Year Built: 1996
Style: 2-Story
Square Footage: 3,250
Parking: 3 Car Attached Garage, 3 Car Detached Garage
Bedrooms: 4 Lot Size: 4.8 Acres Bathrooms: 3.25 (two full, one 3/4, and one half)
HOA Dues: $0

PROPERTY FEATURES:

Interior Features: Alarm System, Carpeted Floors, Fireplace, Hardwood Floors, Laundry Room, Vaulted Ceiling, Skylights
Heating: Forced Air Gas
Exterior Finish: Brick, Wood
Sewer/Water Systems: Septic, Well
Roof: Cedar Shake
Lot Features: Acreage, Dead End Street, Fenced Yard, Landscaped, Lawn, Garden Area, Trees / Shrubs, Shop, Patio, RV Parking
Appliances: Dishwasher, Microwave, Oven Range, Refrigerator, Stove, Washer/Dryer Hookup
Extra Features: Cable Available, High Speed Internet Available
View: Woods

View Larger Map

Additional information on this home for sale can be found at: 31516 176th 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
The Home4Investment Team at Keller Williams Seattle Metro West
Website: www.sellnorthwesthomes.com
Phone: (206) 905-8590

Will Google’s Marketing Blunder Cause Them To Lose Market Share?

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Fri, 21 May 2010 14:16:17 -0400

Will Google’s Marketing Blunder Cause Them To Lose Market Share?

Google just made a huge marketing blunder today, in my opinion. In celebration of the 30th anniversary of Pac-Man’s release, Google replaced the “doodle” on its search page with an interactive, playable Pac-Man game. I think the general idea was very creative and a good move overall.

Where they dropped the ball was by adding the Pac Man theme music and sound effects to their search page. The sound effects also run continuously as long as you’re on Google’s homepage. While this may seem fun to many, it was such an annoyance to me that I removed Google as my default home page and started using Bing as my primary search engine for the day. I had never really used Bing for searches before, but I’m pretty impressed so far. Maybe I should allocate some of my pay-per-click marketing budget to Bing as well.

My primary browser is Firefox, and for some reason the Pac-Man theme now plays on my laptop every time I open my browser, even when none of my browser tabs are on Google’s homepage. I even removed the Google search box from my browser toolbar and turned off Google Desktop to see if that would get rid of the sound effects. It still won’t go away. I must have some Firefox plug-in that’s accessing Google’s homepage in the background.

Some people may say that this annoyance was a great marketing strategy by Google, because everyone is talking about it. However, that really is only a benefit if you don’t already have most of the market share. For example, if Microsoft did something like this on their Bing search homepage, I think the strategy would have worked for them, because all the talk from the press and social networks would have driven more people to Bing who had never tried it before. I think it will have the opposite effect for Google.

So, what does all of this have to do with real estate? A while back, my real estate team did a marketing test with virtual home tours and found that visitors stayed on the virtual tour page significantly longer on average when there was no background music. A lot of people surf the web at work, and the quickest way to get them to leave a web page is to have music or other sound effects playing. Of course, this doesn't apply to media like videos, since website visitors expect sound on videos.

I suppose with the marketing expertise and resources that Google has, there may have been some incredibly sophisticated marketing strategy behind this. However, if there is, I must be missing it.

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Authored by David Monroe, Real Estate Associate and Short Sale Specialist
The Home4Investment Team at Keller Williams Seattle Metro West
Phone: (206) 905-8590

Is Your Real Estate Agent Breaking The Law?

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Wed, 25 Mar 2009 18:23:34 -0400

Has a real estate agent offered to negotiate a loan modification or a short sale for you, or are you a real estate agent that has offered these services to your client? The purpose of a loan modification is to get the bank to modify the mortgage terms to reduce the interest rate and/or monthly payments on an existing mortgage. On a successful short sale, the bank agrees to take a payoff that is less than what is owed.

As a real estate agent in Washington State, I specialize in short sales. I’m not an attorney and I can’t give legal advice, so if you have any legal questions about the information provided here, I recommend that you seek independent legal counsel.

If a real estate agent uses a third party company to negotiate a loan modification or short sale, and that company isn't properly licensed to negotiate on behalf of a borrower, they may be practicing law without a license according to Washington State law. The Washington State Supreme Court adopted General Rule (GR) 24 in 2001, defining the practice of law, which includes negotiation of legal rights or responsibilities on behalf of another entity or person(s). Anyone negotiating with the borrower’s lender on their behalf is negotiating the legal rights and responsibilities on the borrower’s original loan agreement with the bank, which would fall under the Supreme Court definition of the practice of law.

Some real estate agents use third-party short sale services to negotiate short sales on behalf of their clients. Under the same rules, the third-party short sale service would need to use negotiators with real estate licenses or who are appropriately licensed by the Washington Department of Financial Institutions. Many don't.

I know there may be some real estate agents that are furious as they’re reading this, thinking that this cannot be true, since they’ve been using unlicensed third-party negotiators for their short sales for months or years and they’ve never heard of this. However, just because you aren’t aware of it doesn’t mean it doesn’t exist and that it cannot affect you. Also, if you’re not in Washington State, you may not be off the hook. Other states most likely have similar laws, so I would encourage you to check your own state laws.

Attorneys are currently using the Washington State Supreme Court General Rule 24 mentioned above as a primary argument against real estate agents and investors using unlicensed short sale negotiators in lawsuits when a short sale client is unhappy with the results of a short sale. In one case I’m aware of, an agent outsourced short sale negotiations to an unlicensed third-party short sale service. The short sale was approved, but after the transaction was complete, the seller claimed that they weren’t aware that they were still liable for the deficiency-- the difference between what the bank was owed and what they received from the short sale. (Short sale negotiators will usually request that the bank forgive any deficiency.) The seller sued the real estate brokerage and named the third-party negotiation service in the lawsuit. The settlement ended up being paid by the broker’s errors and omissions insurance. This is an example of a case where there may have been failure to properly disclose all material facts, but you could potentially be a target of a lawsuit even if you did everything correctly but weren’t able to produce the desired results for the seller. The seller’s attorney playing the “unauthorized practice of law” card could kill your case regardless of whether there was any wrongdoing on your part.

I know there are a lot of real estate agents negotiating their own short sales, and in my opinion, this carries less risk than outsourcing to a short sale negotiation service that’s not appropriately licensed. It’s not my place to tell other agents what they can and can’t do. However, I think it’s important for agents to understand their risks, and to make their own decisions based on the level of risk they feel comfortable with. I tend to have a low risk tolerance, so my business model reflects that.

*******************************************
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.

Copyright (c) 2009 by David Monroe (Home4Investment Team at Keller Williams Seattle Metro West).
Is Your Real Estate Agent Breaking The Law?

Home for Sale in Seattle, Washington - Broadview Near Carkeek Park

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Sun, 20 Dec 2009 20:50:12 -0500

Home for Sale in Seattle, Washington - Broadview near Carkeek Park

1202 NW 119th St, Seattle, WA 98177 MLS # 29163823 $435,000

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

(More photos below.)

Home for Sale in Seattle, Washington - Broadview near Carkeek Park - 4 Bedrooms, 2.25 Baths, 2,280 Square Feet

Charming mid-century home for sale in the Broadview neighborhood near Carkeek Park in Seattle, Washington situated on a corner lot and quiet dead-end street, walking distance from the beach. This home for sale has an open, airy floor plan featuring hardwood floors, large living room with access to the deck, two fireplaces, updated kitchen, and plenty of room to stretch out. Three bedrooms on the main floor with a full bath and private master 3/4 bath. The daylight basement has a large family room, one bedroom and/or office, and a half bath. The newer furnace is convertible to gas.

The yard of this home is well-kept and no pesticides have been used by the current owner. The back yard is fully fenced, and the yard is populated with apple trees and ornamental cherry trees. This home for sale is close to Carkeek Park, walking trails, beach, library, bus lines, and amenities. Enjoy the convenience of being only 10 miles from downtown Seattle, with the feel of secluded suburban living.

Broadview is home of the historic E.B. Dunn Gardens designed by the legendary Olmsted brothers, and the Llandover Trail. Llandover Woods is home to many native animal and plant species. Limited residential development in this area have preserved the habitat for old-growth trees, owls, eagles and mountain beavers.

Year Built: 1958 Style: 1-Story w/Basement
Square Footage: 2,280 Parking: 1 Car Garage Bedrooms: 4 Lot Size: 6,800 Sq Ft Bathrooms: 2.25 (one full, one 3/4, and one half)
HOA Dues: $0

PROPERTY FEATURES:

Interior Features: Carpeted Floors, Two Fireplaces, Hardwood Floors, Laundry Room
Heating: Forced Air Oil
Exterior Finish: Stone, Wood
Sewer/Water Systems: Public
Roof: Composition
Lot Features: Corner Lot, Dead End Street, Deck/Balcony, Fenced Yard, Landscaped, Lawn, Garden Area, Trees / Shrubs
Appliances: Dishwasher, Microwave, Oven Range, Refrigerator, Stove, Washer/Dryer Hookup
Extra Features: Cable Available, High Speed Internet Available, Public Transportation, Storage, Underground Sprinklers
View: Woods

View Larger Map

Additional information on this home for sale and its surroundings can be found at: 1202 NW 119th St.

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

Historic Queen Anne Condo For Sale, Seattle, WA

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Thu, 08 Oct 2009 13:57:16 -0400

David Monroe | Masterpiece Properties, LLC | 206-905-8590

124 Warren Ave N, Seattle, WA

Historic Condo in a Superb Queen Anne Location

1BR/1BA Condo

offered at $164,500

Year Built 1930 Sq Footage 711 Bedrooms 1 Bathrooms 1 full, 0 partial Floors 3 Parking Unspecified Lot Size Unspecified HOA/Maint $316 per month

DESCRIPTION

Superb Queen Anne location 2 blocks from Key Arena and Pacific Science Center, and a short walk to Seattle Center. Classic brick architecture, inviting courtyard entry, and a quiet low-traffic tree-lined street. This is one of the larger units in the building, tastefully updated over the years while retaining the classic 1930's charm. Building includes a furnished community den and rec room, laundry room, and additional storage.
see additional photos below

PROPERTY FEATURES

- Hardwood floor - Dishwasher - Refrigerator - Stove/Oven - Microwave

COMMUNITY FEATURES

- Laundry on-site

OTHER SPECIAL FEATURES

- Walking distance to Seattle Center.

ADDITIONAL PHOTOS

Building Entry

Kitchen

Bathroom

Bedroom

Interior Entry and Hall

Exterior Landscape

Front Landscape-Pond

Exterior Landscape-Front

Contact info:

David Monroe

Masterpiece Properties, LLC

206-905-8590

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 12, 2009, 12:23pm PST

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.

Posted 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.

Copyright (c) 2009 by David Monroe (Home4Investment Team at Keller Williams Seattle Metro West).
Historic Queen Anne Condo For Sale, Seattle, WA

Townhouse For Sale In Silver Firs - Everett, Washington

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Wed, 24 Mar 2010 22:54:57 -0400

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.

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

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

View Larger Map

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

Spacious South Everett Townhouse For Sale In Silver Firs Neighborhood

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Wed, 21 Oct 2009 16:34:09 -0400

David Monroe | Masterpiece Properties, LLC | 206-905-8590

13629 56th Ave SE, Everett, WA

Spacious South Everett Townhouse For Sale in Silver Firs Neighborhood

3BR/2+1BA Townhouse

offered at $175,000

Year Built 1997 Sq Footage 1,728 Bedrooms 3 Bathrooms 2 full, 1 partial Floors 2 Parking 1 Car garage Lot Size 2,178 sqft HOA/Maint $100 per month

DESCRIPTION

Great South Everett townhouse featuring over 1700 square feet in the desirable Silver Firs community, walking distance to the YMCA. Two oversize bedrooms, plus a large master bedroom with walk-in closet and double-sink vanity in the master bath. One bedroom has slider to covered balcony overlooking fenced back yard. Attached one-car garage with additional off-street parking. This townhouse is truly a great value!
see additional photos below

PROPERTY FEATURES

- Central heat - Walk-in closet - Living room - Dining room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Washer - Dryer - Laundry area - inside - Balcony, Deck, or Patio

COMMUNITY FEATURES

- Garage parking

ADDITIONAL PHOTOS

Exterior Front

Contact info:

David Monroe

Masterpiece Properties, LLC

206-905-8590

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 23, 2010, 7:32am PDT

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.

Will HAFA Improve The Short Sale Process?

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Wed, 07 Apr 2010 21:59:16 -0400

Will HAFA Improve The Short Sale Process?

On April 5th, the government implemented the Home Affordable Foreclosure Alternatives (HAFA) program, designed to standardize and streamline the short sale process. I'll give a brief overview of the program, along with some additional comments (and opinions). The information here includes revisions to the program that were released on March 26th.

HAFA is an extension of HAMP (Home Affordable Modification Program). The HAMP program was a major failure, helping only a very small percentage of eligible borrowers. Out of 4 million eligible borrowers, the HAMP program has produced less than 70,000 permanent loan modifications to date. The problem with HAMP is that it was loosely written, so many banks made little effort to implement the program as it was designed. After reading and studying the 45-page HAFA Supplemental Directive, I think we're likely to see many of the same problems that people experienced with the HAMP program.

The HAFA program provides voluntary guidelines for lenders to streamline the short sale and deed-in-lieu of foreclosure process by offering financial incentives to loan servicers, investors, and borrowers. It establishes an acceptable sale price for the property prior to listing it for sale, allows up to 120 days to sell the property, sends the borrower off with $3,000 at closing, and pays the loan servicer $1,500 for processing the short sale. Sounds like a great deal, right? Well, don't get too excited yet.

Loans that Qualify

To qualify, the loan must be a first lien mortgage originated before January 1, 2009 from a participating lender NOT owned or guaranteed by Fannie Mae or Freddie Mac. VA and FHA loans are also excluded. It is estimated that well over 50% of loans will not qualify for the HAFA program.

Effective Dates

The HAFA program is effective from April 5, 2010 through December 31, 2012.

Borrower Eligibility

The borrower must meet the following eligibility requirements:

The property is the borrower's principal residence;
The mortgage is delinquent or default is reasonably foreseeable;
The current unpaid principal balance is equal to or less than $729,750;
The borrower's total monthly payment exceeds 31% of the borrower's gross income;
If there is mortgage insurance on the loan, the mortgage insurer must approve;
The borrower must be evaluated for a HAMP modification prior to being considered for HAFA. (In other words, you'll have to spend several months running in circles trying to get the bank to respond to a loan modification request, even if you know you'll be turned down.)

Short Sale

Prior to approving a borrower to participate in a HAFA short sale, the loan servicer will determine the minimum net sale proceeds that they'll accept. What's interesting is that there is nothing in the 45-page document that would prevent a loan servicer from establishing an unreasonable amount for the minimum sale proceeds. For example, the loan servicer can require the property to sell for 10% more than the estimated value and the borrower can't dispute it. While that is a bit extreme, the minimum sale proceeds through the HAFA program could be higher than what they would accept on a traditional non-HAFA short sale.

Once a minimum amount is set by the loan servicer, the borrower signs a Short Sale Agreement (SSA), and a real estate agent markets the property and procures a buyer.

A Request for Approval of a Short Sale (RASS) is submitted with the buyer's offer, and within 10 days, the loan servicer must approve or reject the proposed sale. However, while 10 days may seem like a great timeframe for short sale approval, it could take up to three or four months to get to this point. Also, if the loan servicer is unable to comply with the 10 day timeline, they can just reject the offer and make up a reason like "insufficient information available". They're supposed to approve the sale if it meets the minimum net sale proceeds that they had previously set, but they'll find loopholes to get around it. Trust me, they will.

During the term of the SSA, the borrower may be required to make monthly payments of up to 31% of their gross monthly income. Since this would be less than the full payment amount, the loan servicer can still report the payments as late on your credit report.

Deed-In-Lieu Of Foreclosure

If a short sale cannot be completed within 120 days, the borrower will be required to transfer the property to the bank via a deed-in-lieu of foreclosure (DIL). So if the buyer's financing falls through at the last minute and there's not enough time to procure a new buyer, the bank could require the borrower to sign the property over to them without the additional time and legal fees necessary for the standard foreclosure process. Sounds like a great deal for the bank.

Second Mortgages And Other Lienholders

Things start to get complicated is when there is more lienholder involved. For a short sale to be approved, any subordinate lienholders (like a second mortgage) must agree to a payoff of no more than 6% of the unpaid principal balance (up to an aggregate of $6,000 for all subordinate lienholders) in exchange for a lien release and full release of borrower liability. In other words, if there's a $30,000 second mortgage, the second lienholder will have to agree to a payoff of $1800 and forgive the borrower of the remaining deficiency according to HAFA. This could kill a lot of HAFA short sales with second mortgages, as many second lienholders won't agree to those terms. The HAFA program only applies to first mortgages, so second mortgage lenders are not required to comply with the HAFA guidelines.

Final Thoughts

While some of the intentions behind the HAFA program may be good, the program is not likely to see much success. Some borrowers may benefit from doing a short sale through the HAFA program, but most borrowers are likely to see better results through a traditional (non-HAFA) short sale. The HAFA program doesn't necessarily change the way short sales are done--It just offers another option for those who may qualify.

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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).

The Highlands - Quality Suburban Living In Snohomish, Washington

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Tue, 06 Apr 2010 23:37:32 -0400

The Highlands - Quality Suburban Living In Snohomish, Washington

Just 10 minutes northeast of downtown Mill Creek is a master planned community called The Highlands, with nearly 400 homes spread throughout rolling hills--many with views of the North Cascades. Seven community parks, a soccer field, and walking trails are scattered throughout The Highlands, creating an exceptional suburban living experience.

The Highlands went from concept to construction in 1998, with the final homes completed in 2001. House sizes range from approximately 1,300 square feet to over 3,100 square feet, and most of the lots range from around 3,500 square feet to over 10,000 square feet. Over the last year, selling prices for houses in The Highlands have ranged from the mid $200's to the upper $400's, although short sales in the neighborhood have been putting some slight downward pressure on prices.

A half mile south of The Highlands is Willis Tucker Park, an 84-acre park with an activity center, basketball court, baseball fields, amphitheater, 4.5 acre off-leash dog area, picnic shelters, playground, water park, and walking trails. During the summer, local residents gather at the amphitheater on Thursday nights for a park-hosted movie night, and on sunny summer days, the water park is buzzing with activity as children experience the cooling effects of the Tricky Soaker, Silverflow Cannon, Aqua Dome, Water Jelly, Aqua Jumper, Power Spinner, Power Volcano, Water Domes, and Splash Palace. If you have a dog, the off-leash dog park is a great place to exercise your dog, and there's even a separate "shy dog" area for dogs that are bit more timid.

A half mile from The Highlands 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 Highlands is also within a mile of the new Glacier Peak High School, Valley View Middle School, and Little Cedars Elementary School.

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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).

MonteVista Community in Snohomish, Washington

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Mon, 05 Apr 2010 15:43:08 -0400

MonteVista Community in Snohomish, Washington

Five miles east of Mill Creek, you'll find MonteVista, a 97-home subdivision bordering Cathcart Way in South Snohomish. MonteVista offers the offers the amenities of modern suburban living coupled with a peaceful country living feel.

The homes in MonteVistawere built between 2002 and 2004. There's a wide range of home sizes, from approximately 2,100 square feet to over 4,000 square feet. A wide variety of lot sizes are available as well, starting at around 6,500 square feet, and topping out at over 13,000 square feet, although most lots are around 7,000-9,000 square feet. Few houses in this neighborhood come up for sale, so if you're looking to live here, you need to watch the market closely.

Less than a mile from MonteVista 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 is buzzing with activity as children experience the Tricky Soaker, Silverflow Cannon, Aqua Dome, Water Jelly, Aqua Jumper, Power Spinner, Power Volcano, Water Domes, and Splash Palace. If you have a dog, the off-leash dog park is a great place to exercise your dog. There's even a "shy dog" area separated from the main dog park for dogs that are bit more timid.

MonteVista is bordered by Cathcart Way on the north, Willow Creek subdivision on the west, 83rd Avenue SE on the east, and 152nd St SE on the south. MonteVista is also walking distance from the new Glacier Peak High School, Valley View Middle School, and Little Cedars Elementary School.

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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).

Exceptional Homes In Willow Creek - Snohomish, Washington

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Fri, 02 Apr 2010 19:34:28 -0400

Exceptional Homes In Willow Creek - Snohomish, Washington

Just off Cathcart Way with easy access to Highway 9, the Willow Creek neighborhood approximately five miles east of Mill Creek offers upscale living without the high price tag. The slightly sloped land layout provides several houses in Willow Creek with mountain views, while many others are backed by greenbelts. The neighborhood has a suburban feel, but is still close to amenities.

The 176 homes in Willow Creek were built between 2003 and 2005. House sizes range from approximately 2,200 square feet to over 3,300 square feet, and the lots are larger than most newer construction in the area, averaging around 8,000 square feet. Over the last year, selling prices for houses in Willow Creek have ranged from the mid $300's to the upper $400's, although short sales in the neighborhood are putting downward pressure on prices.

Adjacent to Willow Creek 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.

Willow Creek is bordered by Cathcart Way on the north, Gold Creek and Willis Tucker Park on the west, MonteVista neighborhood on the east, and City Farms undeveloped land on the south. Willow Creek is also walking distance from the new Glacier Peak High School, Valley View Middle School, and Little Cedars Elementary School.

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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 Silver Firs Community - Everett, Washington

David Monroe - Short Sale Real Estate Agent (Keller Williams Seattle Metro West) — Thu, 01 Apr 2010 16:44:13 -0400

Living In The Silver Firs Community - Everett, Washington

Silver Firs is a well-planned housing community in South Everett, a few minutes east of Mill Creek. It is made up of two large subdivisions referred to as Silver Firs 1 and Silver Firs Phase II. Silver Firs 1 consists of 720 homes and 60 acres of common area including several green belts. Some of the smaller divisions in Silver Firs 1 are commonly known as Glenview at Silver Firs, Highland Park at Silver Firs, and The Village at Silver Firs.

The newer Silver Firs Phase II neighborhood consists of 880 homes and 86 acres of common area including sport courts, tot lots, tennis court, and a youth soccer field. Silver Firs Phase II includes several smaller communities, including Canterbury, Canterbury Heights, Hillcrest, Pembridge, Scarborough, Sherwood, The Cottages, Thornbury, and Vintage.

Most of the homes in the Silver Firs community are within a mile of 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.

Silver Firs is managed by two separate homeowner associations. The older section, Silver Firs 1, is managed by Silver Firs 1 Home Owners Association and the newer section, Silver Firs Phase II, is managed by Silver Firs II Home Owners Association. 2010 annual homeowner dues are $122.57 for Silver Firs 1, and $303.00 for Silver Firs II.

Most of the smaller communities within Silver Firs border Puget Park Drive, while the Canterbury, Pembridge, and Hillcrest communities border 148th Street SE.

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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).