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Boe Lindgren

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What is your fear?

02-19-09
Boe Lindgren

"Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that most frightens us. We ask ourselves, who am I to be brilliant, gorgeous, talented, and fabulous? Actually, who are you not to be? You are a child of God. Your playing small doesn't serve the world. There is nothing enlightened about shrinking so that other people won't feel insecure around you." Nelson Mandela

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Boe Lindgren's Solution to the Economy

02-14-09
Boe Lindgren

Boe Lindgren's solution to the economy

Here is the solution to:

•· Saving the United States Banking system

•· Keeping the American homeowner in their home

•· Boosting the U.S. economy

•· Establishing better neighborhoods

•· Keeping rents down

•· Fixing the housing market

I know that is a lot of stuff to solve, but here you go. Instead of the U.S. government bailing out banks by giving them cash, the government should give it to the people. The homeowners in America would be able to refinance their mortgage loan with the government, regardless of their situation.

How would this work?

The government would let anyone who owns a home (or many homes) refinance at 1%, 40 year fixed. It is strictly rate and term (no cash out). Whatever is owed on the property gets paid off with this new mortgage (late fees, penalties, etc...). Now there is one lien on the property, and the owner cannot get a second behind it (or use the home for any type of collateral). The interest paid on this loan is NOT tax deductible. This is a onetime deal. Rental properties are fine too, let's keep the rents down.

Who wins?

•1) Banks - they get all their bad debt off the books and are solvent (government refinanced them out of it, instead of handing over cash).

•2) Homeowners - they get a lower payment and can stay in their home.

•3) Government - they make tax dollars by getting rid of the single largest deduction & they make 0.5% margin on the money (borrow from the fed at .5%). Oh yea, they also get paid back over the next 40 years.

•4) The economy - there will be an increase in consumer confidence and people will begin to buy things again. Homeowners will also have more disposable income (lower house payment).

•5) Renters - the rents can stay lower because landlords have a smaller mortgage payment.

•6) The housing market - less people will want to sell their home and give up the 1% mortgage. There will then be less supply. Prices will then stabilize.

•7) Neighborhoods - with more homeownership and less population mobility (no one wants to give up their 1% mortgage) neighborhoods will get established and people will begin to know their neighbors and take more pride in where they live since they will plan on being there longer.

This could all be implemented by the hundreds of loan officers that are struggling. With no underwriting & no appraisal, just title, escrow, and record. This could be accomplished for under $1,500 a home.

By Boe Lindgren, Owner / Broker Ashlar Realty & Licensed Loan Originator, Seattle, WA

boe@lindgren.com www.boeanddebbie.com

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King county median home price is in recovery and looking up.

05-13-08
Boe Lindgren

Things are looking up for King County. The average median price is looking better. With interest rates low and inventory up, there has never been a better time to buy a home since the early 1970's. As some in the industy are saying, "it is the opportuinty of this generation".

King County Median price

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Eat at Dave's

04-11-08
Boe Lindgren

Part of being a great real estate broker is knowing about the hole in the wall places to bring clients that lets them know that you know the neighborhood. A great little place is Barney's Pastrami. It is located at:

Barney's Pastrami
5130 Evergreen Way # 103, Everett, WA 98203

Dave the owner will hook you up with the best sandwich in the northwest. Enjoy!

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Declining value neighborhoods in the Seattle Area?

04-10-08
Boe Lindgren

I met with the Wells Fargo wholesale mortgage rep today and there were a few things that I thought I would (should) share with the real estate community. For those that do not know the Seattle area very well there are three main counties. Pierce County is to the south of Seattle and the big city is Tacoma. King County is where Seattle is located. Then there is Snohomish County to the North and the big city is Everett. Statistics in the Puget Sound region are usually divided up between the three counties.

Pierce county has been classified (for awhile now) as a declining market, so Wells Fargo cuts the ltv of high ltv loans my 5% automatically. So, if your buyer is qualified at 95%, well in Pierce County they are only getting 90% ltv. This is not new news, just FYI.

Now King and Snohomish County are not classified as declining markets, but some neighborhoods are and there is no black and white answer. The rep said if a house has been on the market for more than six months (which the appraiser will note) then you are in a declining market and the ltv will be cut. Or, if the area the house is located has a lot of long listings then the ltv will be cut. It is up to the bank.

What does this mean? You better price the house right the first time, because it gets more difficult to find financing the longer the home is on the market. Are you (or are you working with) the agent that actually tells the seller what the home is worth? Do you walk away from the listing if the sellers want to overprice the home? Does the listing agent carry any judiciary responsibility if he/she prices a home wrong and it gets on the Wells Fargo list and impacts the neighborhood?

I wonder where all this is going....

Boe Lindgren

Broker / Owner Ashlar Realty

Lynnwood, Washington

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