James Heintz

In Bellingham, WA we are starting to see a decline in the number of short sale listings. Statistically we are down over 40% which hopefully is good news. Now it might not be because banks recently started being a lot more firm on their forgiveness guidelines. A few months ago banks and asset managers were forgiving this debt.

Now they are back to making struggling homeowners sign promissory notes or giving them 1099's on the forgave debt. So that could be a reason why we are seeing a reduction of these listings in Bellingham, WA.

On Monday in California implemented a freeze on foreclosures. The goal is to pressure banks into modifying home loans for struggling homeowners. My initial instinct is that this is a good thing. Homeowners need help! It is common knowledge that banks are raising billions of dollars http://online.wsj.com/article/SB124398503075879165.html#mod=djemTMB so the question begs, "is the rescission over?"

It doesn't feel like it here in Bellingham, WA yet, but the market is brisk, especially in home sales under $300,000.

If Washington State followed California, it would help to stabilize this market and hopefully it would start to spur the new construction market which is really struggling in Bellingham, WA. There are very few new construction starts here in Bellingham, WA. That segment of the market used to be a large part of my income.

We at Your2Agents.com are really excited about our new REO team in Bellingham, WA that we are putting together. We are joining forces with Ben Kinney and Stephanie Johnson to create a division for Home4Investment. There will be more of that later, but here is some information regarding REO's and BPO's, as we understand them here in our neck-of-the-woods in Bellingham, WA

As always, if you have any questions, please contact me at 360-319-4894, THANKS!

WHAT IS A REO?

REO is an abbreviation for a REAL ESTATE OWNED property- real estate owned property indicates that the property in question has been foreclosed on and has been taken back by the mortgage lender or trustee. When a lender has taken the property back and a buyer cannot be found for the foreclosures sale it is then taken back and sold seperately. Often lenders (mortgage holder) hire a real estate agents themselves through there internal reo department or hire asset management companies who hire the realtors list, market and maintain the properties professionally for them to sell and move these type of homes off the market.

WHAT IS A BPO?

A BPO, or better known as a Broker Price Opinion, is generally used by lenders and mortgage companies to asses the market value properties in situations where they believe the expense and delay of an appraisal is not necessary.Often when completing a BPO a mortgage lender, loss mitigation, or lender will ask you to either do a Drive by Bpo which entails of taking a outside photos of the home, this generally doesnt require the agent to get out of the car. In other cases as the home is in the foreclosure process or foreclosed the lender will ask for interior/exterior Bpo which is more detail.

We, at www.Your2Agents.com have a rule. When we are doing a net sheet for buyers and sellers, we have a line we call the "A-Line". I trust, that we in Bellingham, WA, aren't the only agents who have problematic buyers and sellers.

The "A-Line" is usually for $500. This is the amount of money that we tell our clients to have available for the "Agitation", "Annoyance" or "A**hole" (rhymes with Basspole J) factor. There have been dozens & dozens of times throughout our careers in Bellingham, WA that an issue will come up and we will remind our clients about the "A-Line" fee.

Usually this reminder will come up after the inspection. The seller won't service the furnace or fix the grouting or caulking. The buyer is adamant that the porch swing stays...whatever it is. Sometimes, it will be the ‘non-disclosed' item. A light fixture, extra garage door clicker, valance or plant, that gets taken come to mind.

We have bought and or SOLD almost 20 pieces of properties in Whatcom County, WA We have empathy for all of our clients...We Get It! But sometimes there will be an issue and if your clients are prepared, albeit disappointed, it will be slightly easier to sallow. Happy Selling!

Bellingham, WA homes sales fell almost 65% from the prior week. There were only 48 closed sales in Whatcom County for the week of April 7 to April 13, 2009. The Bellingham Herald listed a condo transaction for $800,000 as the largest sale for this week. Here in Bellingham, WA Whatcom County, we are still busy, especially if your property in under $300,000. In the past 6 weeks, days on market is under 30 days, for correctly priced single family homes in Bellingham, WA There is some additional good news for the higher end too. Since the first of May, 2009 there have been 13 homes ‘pend’ in Bellingham, WA Whatcom County, that are listed for more than $500,000. If you are an active buyer in Bellingham, WA, interest rates went up twice today!! Hurry and take advantage of historical low rates and great rates. If you need help, www.Your2Agents.com we are here to help! 360-319-4894

Home sales for the week of March 31 to April 6, 2009 in Bellingham, WA Whatcom County were quite brisk compared to the next week, which I will get to later. According to the Bellingham Herald there were 74 closed transactions in Bellingham, WA Whatcom County.

The top transaction was for $4 Million dollars in Everson, WA. My guess is that seeing this address on Goodwin Rd, is that this would be a gravel pit. This is the second gravel pit to sale in this past year. Nice big ticket sale for Whatcom County, when you add the excise tax for the County coffers.

Included in these weeks sales in Bellingham, WA was a closed transaction from Your2Agents.com. We listed 2208 Henry St in Bellingham, WA and it SOLD for $390,000. A great house in the Historic Columbia Areaof Bellingham, WA

This was another real good week for Bellingham, WA Whatcom County sales. Hopefully there are more on the way.