Dan O'Donnell

Dear Friends, The term "short sale" is getting thrown around a lot lately and it seems to be the trendy thing to discuss these days regarding real estate. However, many people still don't really understand what the term means. If you are one of these people, here is a link to a brief video describing the basics of a short sale. And if you want more details, check out the Wikipedia entry. Ok, so now that we all know what a short sale is, let me tell you a couple additional things to consider when deciding whether to get involved in a short sale. For the Seller: You'll want to work with an experienced Realtor who is familiar with the short sale process (not every Realtor knows short sales), and can help guide you through to closing. Remember, in a short sale, the lender will not allow the seller to make money at closing, because the lender is losing money. So there is no money coming to you either way, and a good Realtor can help simplify the process for you and increase your chances of success. Also, you can sell personal property such as appliances, riding lawnmower, to try to put a little money in your pocket. Lastly, the process generally takes at least a couple months after you've found a buyer, so you are likely to have a free place to stay for several months. For the Buyer: Some good deals can be had in a short sale purchase. However, the price depends on several factors; the motivation level of the lender to sell quickly, and also the lender's opinion of the property's value are both crucial. Some properties sell at significant discounts, but many are sold within 5-15% of market value, and I've even seen cases where lenders will try to demand an sales price well ABOVE market value! If you are looking to buy and be in a home quickly, I would not recommend pursuing a short sale. First of all, there is no guarantee the sale will be approved by the lender at a reasonable price. And there is no telling how long it will take, especially if the lender is overwhelmed with foreclosures, as many are these days. I hope this gives you a decent understanding of short sales. There is certainly more to it than that, and if you have other specific questions, please feel free to call anytime, I'm happy to discuss it with you. Don't forget interest rates are still right around 5% on a 30 year fixed mortgage, which won't last forever. It's a great time to buy a home or a rental, so give me a call if you'd like to see what's out there. I can run a custom search and email you properties meeting your specific criteria. Thanks for reading, and please call any time if you'd like to talk real estate or even if you just need the number of a good handyman etc. Sincerely, Dan O'Donnell P.S. The majority of my clients come by referral. My valued clients refer their friends, family and coworkers to me for local real estate advice, and to help with relocation to areas outside Washington. I am committed to building trusting, lasting relationships, one person at a time. Who is the next person you know who is considering purchasing or selling real estate? I'd be happy to talk with them and see how I can help. Dan O'Donnell, 360-220-7157 www.HelpInWhatcom.com RE/MAX Whatcom County, Inc.

Dear Friends, By now you know that I don't buy into the doom and gloom you see on the national news. Just because some areas of the country have foreclosure rates skyrocketing and prices falling like a rock, does nothing to help you understand your LOCAL market. What you do need is to get real and relevant information about the area where you own property, or are thinking of buying.

You see, real estate is a LOCAL business. Sure, things like lumber prices and interest rates can affect the entire country, but they are far outweighed by local population and employment growth, just as one example.

Another factor in Whatcom County is that we are a desireable destination for recreation and retirement, which will most likely help us outperform many parts of the country for the forseeable future. Look, real estate is a cyclical business. It has ups and downs, and we are in a "down". However, just as Whatcom County appreciated faster than the national average during our recent "up", more importantly, we fell less in the "down". So yes, we're down a bit (about 5% in the last year in Bellingham), but we're looking better than most areas, and we're still up over 100% from 2000 to 2008, ($146,500 to $297,500 Bellingham median prices).

Ok great, you say, another optimistic, pie-in-the-sky story from a local Realtor claiming that his crysal ball says our area is special. No. I can back it up. Check out this recent article from the Seattle Times with statistics for our local market. Believe me now? Don't forget interest rates are still around 5% on a 30 year fixed mortgage, which won't last forever. It's a great time to buy a home or a rental, so get in touch if you'd like to see what's out there. I can run a custom search and email you properties meeting your specific criteria.

Thanks for reading, and please call any time if you'd like to talk real estate or even if you just need the number of a good handyman etc.

Sincerely,

Dan O'Donnell, REALTOR

P.S. Honesty and service are the foundation of my business. And the highest compliment I can receive is a referral to help your friends, family, or coworkers with their real estate needs. Whether they are in Washington State, or anywhere else, I can help get them moving in the right direction. You have my word they will get great service. Thank you.

Dan O'Donnell, 360-220-7157

www.HelpInWhatcom.com

RE/MAX Whatcom County, Inc.

Ok, so the buzz is positive around my office (RE/MAX Whatcom County), the phone calls are picking up and the pending transactions are increasing. Realtors are starting to seem more optomistic and hopeful for the near future. Could this be the boost in confidence that the industry needs to turn the corner?

Interest rates are very good right now (around 5% interest on a 30 yr mortgage if you have good credit) and refinances are booming. If you haven't called your mortgage broker lately, it's time to check in with him/her. If you don't know who to call, let me know and I'll point you in the right direction.

Bellingham had 49 residential transactions close in December, actually up from 37 in November. These numbers include all sales in the Multiple Listing System (not "for sale by owner" sales).

So, we're a far cry from where we were 3 years ago, but this is a natural part of the real estate cycle. It is a correction from overvalued properties and frenzied buyers, which we all knew couldn't last forever, or at least most of us knew that ;)

If you are thinking of buying in the next 3-5 years, I would urge you to get off your behind and get into action, we may not see rates this low and sellers this motivated again for some time. Like Warren Buffett says "When others are greedy, be fearful, when others are fearful BE GREEDY". Do you think maybe Mr. Buffett knows what he's talking about, or is he just the second richest man in the world because he's lucky?

If you'd like some more information about properties in Whatcom County, or help locating a good agent in another area, please give me a call any time, I'm here to help.

Bellingham Home Sales through 12/2008

Dear Friends,

I want to let you know that it is a GREAT TIME TO BUY REAL ESTATE! Interest rates for 30 year loans are right around 5%, and there are 23 HOMES IN BELLINGHAM AT OR BELOW $200,000!

Have you been considering buying a rental property or two to help you retire wealthy? Now is the best opportunity I've seen to do so. Being "countercyclical" and not following the herd is the key to buying right in real estate. As Warren Buffett puts it, "When others are greedy, be fearful. When others are fearful, be greedy".

Well, guess what? Others are fearful, and it's time to be greedy. Think about where your grandparents would be if they had bought just one or two rental properties in the 1960's or 70's and now owned the property free and clear!

I have plenty of experience with owning and managing rental property myself, and I can help you with everything from locating a property, to finding financing and setting up managment of your investment.

Honesty and service are the foundation of my business. And the highest compliment I can receive is the opportunity to help your friends, family, or coworkers with their real estate needs. Whether they are in Washington State, or anywhere else, I can help get them moving in the right direction. And the sooner we talk, the better they can prepare for the process of buying and/or selling.

So give me a call and put my experience to work for you!

Dan O'Donnell, 360-220-7157

www.HelpInWhatcom.com

RE/MAX Whatcom County, Inc.

Watch the video

Learn the real costs for selling your house and be prepared for what you will actually "put in your pocket". This information is specific in some ways to Bellingham and Whatcom County, Washington, but much of the information applies to many areas.

Feel free to contact me any time if you have further questions, thank you,

Dan O'Donnell, 360-220-7157

www.HelpInWhatcom.com

RE/MAX Whatcom County, Inc.