Shannon Hall, Principal Broker

Must Do's In Central Oregon

I love living in Central Oregon, The whole area is beautiful. Out my door any direction I can be hiking, boating, skiing, sightseeing, within in minutes. In part of the year you can go boating and skiing in the same day. What else can you ask for?

•· Stop by Terrebonne and visit Smith Rock State Park and hike up Misery Ridge, go rock climbing on Monkey face, have a picnic next to the Crooked River or just stand in awe of the fabulous views. There are even campsites to stay overnight and enjoy nature. For more information

•· Drive through the cute town of Culver to Lake Billy Chinook or better known as The Cove Palisades State Park, you can hang out at the beach areas, go fishing, hiking, rent a house boat, or camp in the many camping sites around the lake. There is so much you can enjoy in this state park. For more information

•· Stop in the town of Sisters and have lunch at Ken's Old Fashion Pizza Pie on your way to hiking the Three Sisters Wilderness in the Willamette National Forests off of the Old McKenzie Highway and Cascade Lakes Highway. For more Information

•· Do not forget about Prineville Reservoir State Park There is good fishing, boating and it has a wonderful camping site right next to the lake with a large beach area. For more information

Stay tuned for more must do's in Central Oregon

BUYING YOUR

FIRST HOME

ALL YOU NEED TO KNOW BEFORE YOU LOOK AT YOUR FIRST HOME

Buying your first home is an exciting (and a bit scary) adventure. There are many things to learn and much to keep in mind. Here are 10 of the most important things to remember while purchasing your first piece of real estate:

1. KEEP YOUR CREDIT CLEAN

Run a credit check on yourself and contact any creditors who haven't updated your record in terms of canceled cards, balances that have been paid off, etc. Pay off outstanding high interest credit as soon as possible to make it easier to obtain approval for a mortgage.

2. GET PRE-APPROVED

Talk to your mortgage lender about how much home you can afford and get pre-approved before you start looking. If you find a house you're crazy about, you can make an offer knowing exactly how much you can reasonably afford to pay each month on your mortgage, taxes, insurance and HOA fees. The sellers should take you more seriously because they'll know that you can afford what you've been offered and the financing will not be an issue. This could be especially helpful if you happen to be only one of many buyers making an offer on the property.

3. DETERMINE YOUR PRIORITIES

Make a list of what you want, need and don't want in a home. Rate your desired home attributes on a scale of 1 to 10 (10 being a "must have" and 1 being "it would be nice but not a necessity") and give a copy to your Realtor. If certain home types are definitely not for you, let your Realtor know. It will save both of you in-valuable time and effort.

4. CHECK OUT THE NEIGHBORHOOD

If you find yourself becoming interested in a particular neighborhood, familiarize yourself with the crime rate, property taxes, schools, and other neighborhood features. Remember, you're getting more than just a home-you're buying the whole neighborhood package. Also, review any covenants or home owner's association agreements thoroughly.

5. CONSIDER FUTURE NEEDS

As you look around the house, determine if it has adequate space for you and your family both now and in the future. Are there enough bedrooms and bathrooms? Is the yard and garage big enough? Will your furniture fit? If you want to add on in the future is there land to do so?

6. SPELL OUT THE DETAILS

When you do make an offer, be sure to include everything you want from the seller, such as home inspection contingencies, items included with the sale of the house, the amount of earnest money you're attaching and any concessions you'd like the seller to make. Put everything in writing. Don't trust any verbal agreements.

7. GET THE BEST DEAL

Don't be afraid to negotiate! This is especially true in a buyer's market or when the seller is particularly motivated. Don't worry if your first offer is rejected. You may have to offer more money the second time around, but at the same time you can ask for additional repairs or for the sellers to pay some of the closing costs. Don't forget that the offer you sign is a legally binding contract.

8. KEEP YOUR EYES OPEN

When you're looking at a home, pay close attention to anything that might appear out of place, such as furniture awkwardly arranged to hide holes or stains in the carpeting. Turn on lights and appliances to see if you notice (at a glance) any abnormalities in the wiring. Ask the seller when the roof, water heater, and furnace were last replaced and don't forget to check out the condition of the basement.

9. PROTECT YOURSELF WITH AN INSPECTION

Have an inspection done. Skipping it could cost you several thousand dollars in the end, so don't skimp to save a couple hundred now. After you have the inspection done, read the report carefully and ask about any-thing you don't understand. Follow the inspector as he or she performs the inspection. Feel free to ask as many questions as you need to. If you do not know of a reputable inspector, ask your mortgage or real estate professional to recommend one to you.

10. CLOSING COSTS AND CONSIDERATIONS

Ask for a copy of the closing documents before you close so you can go over them at a more leisurely pace and ask any questions that may arise. Don't forget to figure your closing costs into your budget. They'll include things like (but not limited to) your first mortgage payment, property tax payments, legal fees, appraisal fees, and mortgage fee. Your mortgage professional will provide you with a written good faith estimate of closing costs within three days of completing your mortgage application. They will be happy to explain anything that is unclear to you at that time.

Don't forget to have fun during the process. You'll only buy your first home once, and with the right

professional guidance, it can be a stress-free and enjoyable experience.

Arbor Mortgage Group

210 NW Irving Avenue, Ste. 101

Bend, OR 97701

(541) 323-0422

ML-4421 / NMLS 91027

www.arbormg.com

Arbor Mortgage and D& D Realty LLC are here for you!

Bank Owned/ REO Properties in Central Oregon

WHY BUY? The time is still right , there is more reason then ever to buy vs. renting. There are homes out there in Madras, Prineville, Redmond, Bend and the entire Central Oregon area that you can buy for almost half, if not less than the price the home was sold for a little less than 3 years ago. More and more bank owned properties are being listed in our area. The banks are selling the homes as is and many are move in ready while others may need a little TLC so bring your paint brushes and imagination!

If you are renting you are in many respects throwing your hard earned money away. Do not give your landlord the tax right off or the income when you can just as easily put that money in your pocket. I have a client that bought a home last year and are paying less for their mortgage payment then they were paying in rent. Now they have a home that is theirs and do not have to worry about someone telling them if they can get a dog for the kids or what color they can paint a bedroom. Most importantly, the home is theirs and they are investing in themselves and their future.

The time is now to buy, STOP paying someone elses mortgage and start living the dream of home ownership.

Make that call today!! To see homes in your area...

Great News On February 1, 2010 Federal Housing Administration ( FHA ) has suspended their 90 day rule for one year unless otherwise extended or withdrawn. Now you investors will be able to renovate all those homes that do not qualify for financing or unlivable and immediately turn and sell them to willing buyers.

Also, now FHA approved buyers will not lose out on those newly renovated homes.

There are some qualification for the 90 day Rule HUD has put in place;

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. Some ways that the lender can ensure that there is no inappropriate collusion or agreements between parties is to assess and determine the following:

a. The seller holds title to the property;

b. LLCs, corporations, or trusts that are serving as sellers were established and are operated in accordance with applicable state and Federal law:

c. No pattern of previous flipping activity exists for the subject property, as evidenced by multiple title transfers within a 12-month time frame (chain of title information for the subject property can be found in the appraisal report);

d. The property was marketed openly and fairly, via MLS, auction, For Sale by Owner offering, or developer marketing (any sales contracts that refer to an "assignment of contract of sale," which represents a special arrangement between seller and buyer may be a red flag).

This is a great change for all involved parities.

Call today for more information or a personal list of homes.

Are you in the market to buy a home? Or maybe your in the market to sell your home? Either way an important question we get asked often is what is the difference between a short sale or a foreclosure?

With out going into a long drawn out explanation I would like to help you understand. A short sale is a transaction in which the current seller (home owner) is trying to sell there home for less then what is actually owed on the home. In this situation the seller and there agent will list the home at what we call "Market Value: meaning a price that will make this home sell in today's market. After receiving an offer and the current seller accepting it, this offer along with other information in regards to the sellers financial status will be submitted to the lien holder or bank who has the loan on the home. The bank will then have a team of people help them make the decision as to whether the sale of this home at this price is a good financial move for them.

Buying a foreclosed home is different in that the seller of this home is usually a bank. Meaning this home has already been foreclosed on and the bank has already had there team of people decide what this home should sell for as quick as possible.

There are pro's and Cons to both, for example when buying a foreclosure, because the bank has already determined a price it will be a quicker transaction. Although with a foreclosure or bank owned home, the banks tend to be less willing to negotiate, therefore they have a specific close date ,they expect and in many cases will have a penalty for not meeting this deadline.

A short sale will generally be a more time consuming process and is a little more of an unknown because as your offer may be accepted by the seller you truly don't know if this home will be yours until the bank approves the sale for less then what is owed? This process can take 90 but in most case up to 120 days to happen. This time frame sometimes is better for a buyer. So it truly depends on what you are looking for.

Either way buying a home is a very stressful and rewarding decision so it is very important that you have an agent & lender that you trust to work with. This will make your home buying experince a less stressful one.