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Reba Haas

Don't let the $#!T hit the fan!

08-05-09
Reba Haas

I am currently working on a short sale where the seller has a septic system on site, or, as they are often known by agents, an on-site sewage system. The rules around these and how they are handled in a property sale changes on a somewhat regular basis of every few years and usually it's to make sure that people are using their systems correctly, buyers aren't stuck with malfunctioning systems, and generally in place to educate the public. Hence, the $40 fee that buyers started getting charged a few years ago (2002) to receive a "welcome kit for their $#!t", so to speak. I'm all for it. Backed up septic systems are nasty.

So, back to my current situation... I've got this sale in mid-transaction and I've been following up with the listing agent to make sure that he gets the 22U completed in time and the copy I just got from the folks at title is for the owner before him. They're trying to tell me that this only needs to be recorded once and that's it.

I believe that this is incorrect on their part. Is there anyone else out there who's with me? I've pulled info from the NWMLS which states requirements by King County site at this link: http://www.nwmls.com/discover/library/forms_manual/Man21-43/Man22SKC.pdf Section G in specific.

I've never heard that this is a one time recording issue before and I've sold several homes with septic.

Anyone else got a thought?

Landlord 101 Class offered for FREE on Aug 11 in Lynnwood, Tamara Simon of Koss Property Management

08-03-09
Reba Haas

Tamara Simon reveals what you need to know in her
"Ten Commandments of Property Management."

These are lessons for success you can put to use in any economy. Tamara taps her 25 years experience as a licensed real estate broker, property manager and owner of Koss Property Management to cover the basics, so you can learn to confidently:

  • Attract and keep qualified tenants
  • Determine market rent
  • Understand Landlord Tenant Law
  • Run your property like a business.

Lynnwood Convention Center3711 - 196th St. S.W.Lynnwood, WA 98036

Tuesday : 6:00 PM to 9:00 PM

August 11, 2009

Tamara has taught this class in the past 6 years for our Team Reba sponsored classes but she goes all out and has rented the Lynnwood Convention Center for this event. A lot of sellers who couldn't sell their homes in today's market have become landlords, less by choice than by necessity. This class should NOT be missed by anyone who owns rental property and who could use help in figuring out the right way to manage a property and avoid being sued by a tenant or run afoul of a government rule (with fine) that you didn't realize existed.

Well worth the time to attend and highly recommended!

Koss Property Management, Inc.

206-729-3630

rentals@kosspm.com Visit our website: www.kosspm.com 5232 University Way NESeattle, WA 98105

Upcoming real estate related classes sponsored by Team Reba at Renton Technical College

08-01-09
Reba Haas

Getting A Loan Today

Saturday, September 26th, 10am - Noon

Media coverage today leads us to believe no one can qualify for a home loan. Nothing could be further from the truth. Learn how you can prepare yourself to get the best loan for your situation and how to identify when a loan product fits your purchasing goals, plus identifying "junk fees" and more:

•· The importance of credit scoring, how it is determined, and what you can do about it

•· The loan approval process-from start to finish including qualifying factors

•· New and renewed loan programs:

•o Low down-payment options (FHA, grants, gov't bond)

•o Energy efficient (Green Loans)

•o Conventional and non-conventional financing

Instructors: Paul McFadden of The Legacy Group and Reba Haas of Team Reba/REMAX Metro Realty

Short Sales & Foreclosure - Demystifying the Process

Saturday, October 10th , 10am - Noon

The financing and housing crisis has hit Washington residents with 1 in 10 homeowners owing more than their home is worth. What does this mean to you as a homeowner, seller, or potential investor buyer? Learn what a Short Sale is and how it relates to and differs from a foreclosure? How do Short Sales work? What are the timelines for each? And more importantly, if I'm involved in one what can I expect? The class will demystify the process and give you the knowledge you need to navigate one, as a buyer or seller.

Instructor is Reba Haas of Team Reba of RE/MAX Metro Realty

Why Women Should Buy Real Estate

Saturday, October 24th, 10am - Noon

Whether you want to build a nest or a nest egg, it makes sense to consider real estate as part of your financial plan. Learn tips on how to research the right home or neighborhood for you, how to choose the right type of abode for your individual needs and best tips for navigating the process of buying.

Join us for "girl time" devoted to preparing you for one of life's biggest purchases, beyond fabulous strappy sandals.

Instructors are Reba Haas and Robin Tomazic of Team Reba/REMAX Metro Realty

"No Fluff" Real Estate Investment Analysis

Saturday, November 7th, 10am - 1pm

In this "No-Fluff Real Estate Investment" class, you'll discover how to do the financial due diligence necessary to make your real estate investment a profitable one. Learn the basics of financial analysis, taxation and planning from a financial analyst experienced in public and corporate accounting, taxation, financial management and analysis.

A bit about the instructor, Michael Lindekugel of Team Reba/REMAX Metro Realty:
Michael's experience in public and corporate accounting, corporate finance and project management gives him a perspective that is rare in this industry. His chosen niche is working with clients on the financial details of their transactions and managing the business process for all executed Purchase and Sale Agreements. He carefully educates our Team Reba clients to understand the financial and tax consequences of a purchase or sale, so they're better prepared to make the right decision for their own personal circumstances. In addition, he leads a variety of real estate investment classes in the Seattle area, teaching people to perform their own due diligence to make sound investment choices.

Just don't let Michael's analytical exterior fool you. He's not your ordinary numbers guy and has a wry sense of humor that he calls upon to bring levity to some very dry and complex issues.


Formerly held at Discover U before its untimely closing, this popular class is one of the premier classes for the public with regard to teaching appropriate investment analysis when considering a real estate investment purchase.

June numbers released show a mixed bag of information in Puget Sound area

07-28-09
Reba Haas

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2000

3706

4778

5903

5116

5490

5079

4928

5432

4569

4675

4126

3166

2001

4334

5056

5722

5399

5631

5568

5434

5544

4040

4387

4155

3430

2002

4293

4735

5569

5436

6131

5212

5525

6215

5394

5777

4966

4153

2003

4746

5290

6889

6837

7148

7202

7673

7135

6698

6552

4904

4454

2004

4521

6284

8073

7910

7888

8186

7583

7464

6984

6761

6228

5195

2005

5426

6833

8801

8420

8610

8896

8207

8784

7561

7157

6188

4837

2006

5275

6032

8174

7651

8411

8094

7121

7692

6216

6403

5292

4346

2007

4869

6239

7192

6974

7311

6876

6371

5580

4153

4447

3896

2975

2008

3291

4167

4520

4624

4526

4765

4580

4584

4445

3346 2841 2432
2009 3250 3407 4262 5372 5498 5963

It would be easy to look at this and with a broad stroke look at it and think, "Whew, I'm glad we're done with that real estate downturn!" but it's not that simple. Other news that came out in June's numbers shows that in real estate it still is the same story of "location, location, location" plus there is a bit of a chicken and egg issue. Is the lower inventory level because there are picked up sales, or because people who would have sold aren't doing so now and are instead holding on till later? Either way, it's probably just as well given that it will be a little while before appreciation picks up to make up for the loss of value of the past 2 years.

Statistical Summary by Counties: Market Activity Summary - June 2009

June 2009
Single
Family
Homes
+ Condos

LISTINGS

PENDING
SALES

CLOSED SALES

New
Listings

Total
Active

# Pending
Sales

#
Closings

Average
Price

Median
Price

King

4373

13351

3042

2083

$446,044

$363,116

Pierce

1668

5953

1341

798

$258,761

$230,000

Some of the news released talks about the decline in the number of condo units being sold in downtown Seattle but what has affected that sector has been the financing market as almost all lenders have required larger down payments (minimum 10%) which many buyers don't have available. When 5% purchase options were available more people were able to save those kinds of funds, but when the median price $449,450 you can see why a change from 5% to 10% can put a dent in sales.

We'll keep putting out information on the local market areas so that you can keep up to speed on market changes. If there is a specific market area you'd like to see highlighted or reviewed, feel free to comment or email us with your request.

Statistics supplied by the local NWMLS.

Ballard and the general Greenlake area to have lean new construction units for next 2 years but sales in general still doing well for summer 2009

07-27-09
Reba Haas

Famous for its Norweigan heritage (lutefisk and all) and worldwide fame for its cedar shingle manufacturing from the early settlers days in the area, this neighborhood has grown into a more sleek version of itself in the 2000's. New density has arrived by way of condos and townhomes fueled somewhat by the thought there would be the Monorail to support the increased traffic. Alas, that didn't happen but the building continued once the financing was underway and the economy at the time supported it. Granted, not all neighbors have been fans of these changes, but the Growth Management Act enacted in 1990 in WA State required cities to embrace and create density. Which led to a new zoning overlay of Ballard providing the ability for some of the old single family housing stock to be taken out for new, larger housing projects like these.

Market times for the Ballard area have been better than many others with an average on market of 68 days for homes in the $400-500k range. Higher priced homes from $600k-$1M have been taking much longer and have experienced major price reductions, particularly in new construction single family homes. Although some of the deals out there right now are pretty darn good especially with many builders getting large financing credits from supportive lenders who want to see the inventory turning into profit making assets.

Because of the financial hit many builders are taking, don't expect much new construction in this area - and nearby Greenlake, Phinney, etc, for the next 2 years. What's out there in inventory now is what we'll have for a while unless it's a project already in process.

May 2009 sales activity shows year to date average price at $440,557 down 14% from last year's average of $514,696. But, the good news for May was that sales volume was up 1% over last year. Always ahead of other market areas in terms of volume (because of the size of the area) there were 145 transactions closed in May for MLS market area 705.

June also had strong activity and is expected to come in July's numbers due out in about a week.