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Dan Edwards, REALTOR® Your NW Home reSource.™

Top ten Real Estate Questions, Chill Out, and Crummy Photos....

Many of my readers have asked me about some of news articles that they hear/read about during the week.  Here are some great articles/blogs reported and relevant for home buyers, sellers and borrowers(mortgage news.)  I hope you find it useful.

The WSJ had a great article today by James R. Hagerty - Ten Questions on the Volatile Housing Market.

James makes some great points on the length of the recovery, what renters should do, to getting in touch with your local agent.

The deals will stop you cold if your looking for winter resort homes as Troy McMullen of ABCNews in his article today called Ski Homes Fell the Real Estate Chill. Savings could be 15-30% True that is most real estate these days, but it does sound nice to enjoy the new ski cabin!

For more carnage you can look at the commercial real estate implosion it looks to be a tough couple of years in this sector, as foreshadowed in a recent article on Bloomberg.com by Jamie McGee about the major insurers Metlife and Prudential Financial forecasting to loose $23 billion.

On a lighter side, in my search around Troy's article I came across a blog that I spent way too much time on.  If you ever look at a home for sale and ask yourself....why??? Check out http://www.lovelylisting.com

Be careful you may be tempted to submit way too many photos.

Your comments on this post are most welcome. If you find this helpful, or interesting please pass this along via the various outlets below.

Holiday Tips: They say "it's the thought that counts"...think twice about gift cards!

Stop STOP - Don't Get Ripped off!Gift cards hold their first-place position as the top gift for the sixth year in a row; 55% of adults surveyed would like to receive a gift card this holiday season and 64% of consumers plan to buy them as presents. Gift cards seem like a perfect solution to the problem of what to give this holiday season. But gift-givers and recipients need to be aware of the details and make sure that measures are taken so that the recipient gets the gift and not the retailers.


Best practices when it comes to buying gift cards:
  • Buy from known and trusted sources. Exercise caution when considering purchasing gift cards from online auction sites; fraud is not uncommon. Also evaluate the financial condition of the business and whether it has filed for bankruptcy.
  • Read the fine print. Consider expiration dates, restrictions and fees when selecting a card. Give the original receipt and the terms of the conditions to the recipient along with the card.
  • If you purchase online and allow the merchant to email a gift certificate to someone else, make sure you alert that person to be sure your good intentions are not deleted as junk mail.

Almost half (47%) of consumers have unused gift cards. On average, these consumers have 5.9 cards.

Keep all the value on the cards you receive by doing the following:8bill


  • Use it right away! Some issuers may replace lost cards or honor cards that have expired, although they may charge a fee.
  • If your card is lost or stolen, report it to the issuer immediately.
  • Sell, trade or re-gift unwanted gift cards; talk to friends and family or check out the many options available online.

I hope you fine these tips helpful. I wish you an yours a very Happy Holidays!

Home Buyers Tips: Choosing a REALTOR(R)

As you begin your home search it is now, more than ever, important that you begin your home search with a Realtor(r). You can be sure of getting the best advice, information and experience by picking your Realtor(r) carefully. A good Realtor can make the home buying experience smooth and enjoyable, while a bad one can add stress. Here is my short list for home buyers on how to choose a real estate professional.
  1. Start with a Realtor(r) Not all agents are....
  2. Choose an agent that has experience representing buyers.
  3. Choose an agent that is familiar with the area your looking in.
  4. Choose an agent that understands financing.
  5. Choose an agent that is serious about their craft.
  6. Choose an agent you like.
  7. Choose an agent that understands today's market conditions.

Start with a Realtor(r) I know this may surprise many of you but not all real estate professionals are Realtors(r). For years now clients, agents and the public have thrown around the "REALTOR" term as if it is interchangable with "real estate professional" . The fact is a REALTOR(R) is bound to a Code to Clients and Customers, the Public and other REALTORS(R)

Choose an agent that has experience representing buyers. Some of you may be saying "duh.. don't you all? Truth is while we can handle all aspects of real estate transactions, some agents specialize. Just like doctors are specialists, some agents are just listing agents while others work with only investment clients. I personally enjoy working with both sellers and buyers. I have found that representing buyers helps me remind my sellers where the buyers are coming from.

Choose an agent that is familiar with the area your looking in. I am licensed to practice real estate all over the state of Washington, but I couldn't tell you the first thing about Lacey, WA. I can tell you I have a great Realtor(r) friend that lives down there. The point is there are a fair amount of real estate professionals out there, so for your home purchase find one that lives, works, plays in the area your looking to live.

Choose an agent that understands financing. Imagine a buyers agent that works closely with lenders and ensures that the contract is written in a way to give you(the buyer) the best possible advantage from a lending point of view. That is what having a real estate agent that understands financing is all about. I am a licensed loan officer in the State of Washington. This gives me a clear understanding of what is to be expected from underwriters and processors. I am able to help my buyers wade through the mass of misrepresentations that are out there in the marketplace.

Choose an agent that is serious about their craft. I don't want to knock on part-time agents. I do think that even a part-time agent can provide their clients 5 star service. The emphasis is commitment to providing their client with great service. Often times clients choose an agent out of obligation(i.e family member, friend). I would ask that my friends choose to work with me. It's not because of my friendship, rather it's because I take my job seriously. I believe the best thing for my friends in choosing representation is someone that will ensure their interests are held above mine in the transaction.

Choose an agent you like. Nothing is worse that riding around in a car with someone you have nothing in common with. Of course your not going to be BFF's, but it is worth it that you enjoy the personality of the agent that is representing you. Of course, the other points will take higher priority, but if you don't like the agent, no amount of professionalism will improve the enjoyment of the relationship. Personality goes a long way!

Choose an agent that understands the market. Again another duh!! The fact is if you have answered yes to the above 6 items. Chances are you are working with someone that understands the market. It doesn't hurt to ask questions like; "Where do you see the market headed in the next 6 months, 2 years, 10 years etc." A exceptional agent has this information at their fingertips.

In conclusion home buyers need to begin their search with a REALTOR(R) Take some time to identify the best agent for the job.

Sammamish WA Bank Owned Homes Stats for October 2009

Sammamish WA Bank Owned homes stats for October 2009

Active: 6  Pending: 0  Sold: 1  Other: 0  Total: 7

   Bedrooms  Bathrooms  Square Feet  List Price  Selling Price  DOM
 Minimum  3   2.50   2,110   $329,900   $320,000   14 
 Average  4   2.93   3,196   $596,214   $320,000   43 
 Median  4   2.75   2,740   $495,000   $320,000   30 
 Maximum  5   3.75   5,320   $924,950   $320,000   80 
 Total Dollar Value           $320,000   
 
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
   0-30 Days   31-60 Days   61-90 Days   91-120 Days   120+ Days 
 No. of Listings   1    0    0    0    0 
 Breakdown %  100.00    0.00    0.00    0.00    0.00 
 Avg SP % LP   97.00    0.00    0.00    0.00    0.00 
Some of the best deals in Real Estate are REO or Bank Owned Real Estate.  Banks are in a hurry to sell a home and they intentionally price it 20% below the market.  A Bank Owned home is property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

If your looking for a detailed list of REO(Bank owned real estate) Properties Simply sign up to receive Sammamish WA Bank Owned Properties updates.