Edmonds, WA

Yesterday I viewed the 24 hour sales figures as reported by the Nortwest Multiple Listing Service and it demonstrated a trend that started one year ago and continues. Here are the sales figures from yesterday (includes all of western Washington)

Sales--595 new listings. 367 pending sales. But the amazing stat is that 124 properties came back on the market.

What this report says is that 34% of pending sales do not close. The sales failed, That is a staggering figure. In most markets maybe 5% of sales will fail. But in this market we have over 1/3 of sales failing to close escrow. What causes this phenomenon? Some of the sales fail because the buyer does not get approved for the loan due to tough lending standard. Another reason for sales failing to close is low appraisals due to tough appraisal standards. However, the biggest reason for sale failures is the lenders not agreeing to short sales. The underlying lender on short sale properties has to agree to sell for a loss and in many sales the listing agent and the seller do not provide the correct package to the lender to convince them to allow the sale. That is why-in my opinion- it is so important to list your property with a "Certified Distressed Property Expert". I have earned the designation of CDPE (Certified Distressed Property Expert)

To search all short sales and REO properties in the Seattle metropolitan area visit my website at www.seattle2edmonds.com Just set up your search parameters and you will be notified when new properties come on the market. You can also check my website www.davidsundquist.com to see the buyer bonuses my clients receive. There has never been a better time to buy residential real estate in the Seattle metropolitan area.

I know there are many benefits to having a condo but recently the problems have become more prevalent than ever. Where do I begin. As a condo owner, one of the biggest problems that I am coming to grips with is a financially uninlightened board. If you have board that cannot adopt to current changes and the does not understand that raising dues is not a cure all and that it can become a detriment for buyers is a huge problem. I am to the point since prices have come down enough that buying a starter cottage can be a great option. I think that this can be another great option for older clients. I have reviewed many condo's in the area and some are paying as much as $550 per mo in downtown areas in Snohomish.
Unless you have money to burn, I think that this is $6600 that I can go in vacation or put in a high risk investment. What have you got to loose since your just giving it away.
Allot if the issue I see ertains to finance. We have issues with conversions being built to low standards and the association has no budget resulting in escalating montly dues, in addition, you have a property management that you never see and do nothing.
Buying a condo has many benefits but just be aware of pitfalls and look at options. If you can get a small yard and a small home on it, you can always pay someone to take care of the yard.

MORTGAGE MODIFICATION HELP WASHINGTON

Most Washington homeowners are currently surfing through their options during the mounting mortgage crisis and current economic troubles. Amidst the fears and uncertainties, homeowners are most frequently going to come across the possibility of a home loan modification. A mortgage modification program allows a borrower’s home loan to be adjusted to new binding terms, and commonly include:

• Lowered interest rates;
• Reduced principle balance;
• Swapping adjustable rates to lower fixed-rates;
• Altering the term of the loan;
• Forgiveness of payment defaults and fees;
• Or a combination of these.

The government has allocated $75 billion to subsidize some payment reduction, in addition to providing thousands of dollars in incentives for servicers and borrowers to participate. These incentives aim at helping stimulate the foreclosure-prevention business, ultimately saving the homes of millions of Americans and providing some stability for the current crisis.

Three of the nation’s largest banks are included in the participants of President Obama’s mortgage rescue plan. JP Morgan Chase, Wells Fargo and Citigroup (CitiMortgage) began processing modifications under the government initiative in April.

“We view this modification program as yet another incremental opportunity for thousands of homeowners to preserve and maintain the dream of homeownership,” Wells Fargo noted in a statement. [CNN, 4/16/09]

Loan Modification is the fastest growing industry in America right now, and this is because it may just be the best alternative to foreclosure. More importantly, mortgage modification has now been mandated by the Government. Servicers are now called to reduce interest rates so that the homeowner’s monthly obligation is no more than 31% of their gross income. Because most borrowers are paying more than this, the majority of homeowners now qualify for hundreds in monthly savings.

Those seeking to do a modification on their own will unfortunately fail about 8 out of 10 times, as the intense process and negotiation skills commonly require competent legal representation. Homeowners looking to modify their mortgage should be certain to find a company that works with a professional legal team or law firm on their case. In these times of scrupulous business practices and loan scams abound it is more important now than ever to assure you have professional legal advice on your side.

By simply filling out a free loan modification evaluation, homeowners can immediately see the savings now available to them under various new government programs, and start the process of determining which government plans and savings you best qualify for.

Under President Obama's "Making Home Affordable" plan, Washington homeowners can save hundreds a month by getting a home loan modification or mortgage refinance. All distressed homeowners now facing foreclosure, and those who are about to be, should immediately start exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.

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LOAN MODIFICATION HELP, WASHINGTON

Loan modification is now the greatest hope for distressed Washington homeowners, as refinancing seem no longer beneficial. With an increasing amount of borrowers now "underwater," owing more than their home is worth in the competitive market of foreclosed homes, refinancing and other options once available to customers are no longer a financial benefit for most.

With foreclosures through the roof, housing prices crashing, and interest rates rising, any homeowner that is currently late on their monthly house payments, or about to be late, now must decide between saving and losing their home. Those faced with foreclosure and the loss of their home are left with fewer and fewer options, making the awareness of their legal rights more essential than ever before. Not to mention, with all of the mortgage loan companies out there, a growing number of distressed homeowners seeking reliable help often become victim to fraudulant and predatory outfits.

Neighborhoods across Washington will never be the same due to the expanding wave of foreclosures. Millions of homeowners facing the loss of their home are now unable to afford their payments due to rising interest rates, home value deflation, loss of income, and other hardships, and are now trying to get a home loan modification. Homeowners who had kept up with their loan payments for years are now suddenly unable to afford their mortgage payments, while newly-created suburbs built up around America before the recent collapse of the housing market have provided an additional surplus of foreclosures.

Recently, the Obama administration announced an adjustment to their Making Home Affordable program. Since its start, the new government programs have been unavailable for the majority of homeowners trying to refinance due to the failing housing market and plummeting value of homes. As time is running out for more and more homeowners, it has become crucial for many to contact a mortgage servicer as soon as possible in order to determine whether they can modify their home loan.

Due to foreclosures and a falling housing market, higher interest rates are assured to follow course, making refinancing a fixed-mortgage far more difficult and much less beneficial. As a result of the rising interest rates demanded by banks looking to make up losses from defaulted loans, and with the number of foreclosures symbiotically escalating, refinancing has declined. As options are becoming scarcer and less beneficial, loan modification may very well be the help distressed homeowners are looking for.

With a loan modification, Washington homeowners are able to refinance the debt and/or extend the term of your original mortgage loan, making the monthly payments affordable and build any missed payments into a new 30 year loan. With help from new government regulations, modifying your mortgage loan is easier and more beneficial than ever before. Loan modification makes it affordable for you to make your monthly payments, and also allows you to catch up on your missed payments.

Though not every single loan is fixable and some homeowners are still being denied, under new modified regulations, lenders must now accept applications from every homeowner seeking loan modification help. Even those borrowers who have been denied a loan modification in the past will now be able to reapply for a loan modification. About 37,000 loans were modified by Fannie Mae and Freddie Mac in the first quarter of 2009 alone, 57 percent higher than the fourth quarter of the previous year. Assuring an affordable payment for most homeowners, the new regulations do demand that all modified loans must not exceed 31 percent of the borrower's monthly gross income.

Washington homeowners can save hundreds a month by getting a home loan modification or mortgage refinance under President Obama's "Making Home Affordable" plan. Every homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modify.

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Free Washington Loan Modification Evaluation
Loan Modification Scams in Washington

LOAN MODIFICATION SCAMS IN WASHINGTON

Numerous Washington state residents have fallen victim to the mounting housing market crisis, with the majority of these homeowners undergoing hardships, including medical bills, divorce, loss of job, and unaffordable home loans. Avoiding loan modification scams should be the least of these borrowers' troubles. However, with a rise of dishonest and fraudulent operations, as well as increasing mortgage loan modification fraud, many homeowners do not know where to turn! [MSNBC, 5/28/2009]

Unfair or deceptive loan modification scams have plagued the mortgage industry, and deterred countless homeowners from seeking help. In lieu of such scandalous practices, the Federal Trade Commission is contemplating whether it should ban such for-profit companies from charging fees in advance of loan modifications and helping homeowners avoid foreclosure.

Federal and state government and the private sector are now targeting loan modification scams and foreclosure rescue fraud, which will allow for reputable loan modification companies to assist those who need it. While not every loan is fixable, the majority of homeowners can indeed find options to greatly improve their financial situation.

Options include interest rate reduction, foreclosure prevention, or acquiring a more affordable payment, as well as converting high variable rates to low fixed rates. Moreover, borrowers who found themselves in a worse position after refinancing or loan modification may be refunded the excessive fees charged by unscrupulous lenders and mortgage companies.

Free information and evaluation is available online, and in just a few seconds you can confirm whether or not you qualify for the Obama plan.

Most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification under the Obama administration's "Making Home Affordable" plan. Thanks to the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income, and because most home loans exceed 31%, the majority of borrowers are eligible for assistance.

Washington homeowners facing foreclosure, or about to be, should immediately begin exploring all the options available to them.

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification Fraud in Washington