Puyallup, WA

Spring is here and so is the real estate activity in Puyallup. After a dismal 2008 and a rough start to 2009, it seems that buyers are beginning to come out and actually purchase homes in Puyallup. Granted a majority of the sold homes in the past month are bank owned or short sales, the increase in activity is a welcome sight.

The biggest indicator of the increase in real estate activity is the number of pending sales in Puyallup, 143 as of this posting for the past 30 days. Compare that to 68 pendings in March of 2009 and 86 pendings in April 2008.

Now the question is how many of those will turn into SOLD properties. The ratio of pendings to solds has dropped in the past year, due to a number of factors, mainly financing difficulties. As underwriters of the loans continue to enforce strict guidelines, conditions imposed make it more challenging to close on a transaction. Appraisers are also under much scrutiny, so they are being more cautious with value estimates.

Overall, the indication is that we are either in the late stages of the down curve or the early stages of recovery. Either way, is appears we are near the bottom and it is a good time for qualified buyers to catch a good deal with low interest rates in Puyallup.

Rose Bowl, Blueberries, Daffodils, and Silent Snap Counts?

The last time this home came on the market was in 1947, so when I say that this "For Sale" offering is truly a rare and special event, I don't think I'm over-exaggerating the unique opportunity that sits here before you.

The home and surrounding land is known to local residents as "The Bond Blueberry Farm", and this home has a wonderful place in the history of the Puyallup Valley and beyond.

Chuck Bond was a star for the University of Washington football team - one of many such UW stars to come from Puyallup High School over the years. Chuck was Captain of the Huskies team that faced the University of Pittsburgh in the 1937 Rose Bowl. Chuck was a defensive tackle but as good as he was, he and his teammates were unable to stop the Panther's "Dream Backfield" of Bobby LaRue, Frank Patrick, Bill Daddio, and Marshall Goldberg who rolled up 254 yards and two rushing touchdowns enroute to a 21-0 victory.

One thing that was interesting about that Husky's team was the way they won a key victory over powerhouse USC to secure that Rose Bowl birth. USC's homefield advantage featured rowdy fans with megaphones and a HUGE marching band that would play as loud as possible while opponents had the ball, making communication and play-calling very difficult (Sound familiar Seattle Seahawks fans?).

So the Huskies came up with a unique system of silent hand signals to call plays - much like many of today's NFL teams use. Years later, when asked about the "new" system of silent snap counts that teams were putting in to combat the noise levels at the Kingdome, Chuck responded, "We used them in 1936 to help us beat USC. You'd think that now, 50 years later, the pros might have perfected that particular tactic." After graduation, he was drafted and played 22 games as an Offensive Tackle for the NFL Washington Redskins.

Chuck returned to Puyallup, married his sweetheart Francis, and in 1947 they purchased this home and started their blueberry farm. (Oh, and their son, Chuck Jr. later played for two UW Rose Bowl Teams in 1961 & 1964 - also playing Tackle. They were the first Father/Son Rose Bowl players in UW history.)

Chuck and Francis worked hard raising and selling their blueberries together, but they also loved to play hard too. They were avid tennis players and formed a formidable doubles team. The family joke was that Chuck would use his long arms to cover most of the court but he made Francis do all the running to get to the tough shots.

In 1971, the Bonds built the Puyallup Valley Tennis Club on a section of their property. They hosted tournaments and some of the local high schools would use the courts for matches and try-outs over the years. After Francis passed away, Chuck met Mary in 1979 who also loved to play tennis and she became Chuck's new double's partner and second wife. The Puyallup Valley Tennis Club later became the location for Puget Sound Gymnastics - which is still using the facility today.

Since first writing this article, I have had numerous people tell me how much the Bond Blueberry Business meant to them when growing up in the Valley. Years of Puyallup school children relied on the summer berry picking income to pay for back to school clothes and special mad money. How many romances started because school boys could afford to take their sweetie to the downtown Liberty Theater, using the picking money for tickets and popcorn?

Chuck and Francis (and Mary) were active supporters of Puyallup, including our famous Daffodil Festival. They were an important part of Puyallup history, and their beautiful brick farm home with the amazing interior woodwork, lots of square footage, lush acreage nestled into a wooded hill (the perfect combination of "secluded" and "close in") is an important example of local historical architecture.

Don't miss your chance to own this home! Make an offer today. Last offered For Sale in 1947 - If history holds true, the next time you'll get an opportunity to own this home, if you miss out this time, should be around 2,071.

(Please contact me for your financing needs. I'd love to help you write the next chapter of this home's history!)

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Foreclosure homes

Hello Puyallup foreclosure Buyers!

Thanks for reading part 2 of my foreclosure series!

We've already covered the pre foreclosure opportunity- short sales.

Purchasing a short sale in Puyallup is certainly one way for buyers to take advantage of the current low rates and high inventory. Another opportunity you may consider is the bank owned or Reo home.

Bank owned homes or reo (real estate owned) are simply homes that have already gone through the short sale or deed in lieu process and are now owned by the bank. They present a unique opportunity to buy quickly at less than retail prices.

Good quality bank owned homes are a little more difficult to find in the Puyallup real estate market than short sales but do exist in many neighborhoods. Most often these homes will need new paint and carpet to shine again, but every once in a while I am surprised to find an reo in pristine condition.

On the other hand if you plan on viewing bank owned homes with me, I suggest you wear comfortable clothing and shoes you won't mind burning if necessary. :-) Some of them can be flat out horrible to be in.

Why consider a bank owned Puyallup foreclosure?

1. They offer as good or better discount than short sales- With either, you will likely save thousands of dollars vs buying retail.

2. Most can close in 30 days or less- remember most short sales close in 2-6 months if ever.

3. Banks that hold reo's have become very flexible-don't believe the "as is" comments you see.

4. Far less "drama" than short sales- Banks don't play games with reo's they price them to move quickly!

Like most foreclosures, bank owned/Reo homes also have some pitfalls.

1. Most require at least a minor amount of work- this may vary from a good cleaning to structural repairs.

2. Lack of disclosures- As the bank has never lived in the home, they are unaware of any problems with the home. Leaky roofs, faulty plumbing, pest problems etc may not be disclosed. It's important that you hire a good quality home inspector for any home purchase, it's absolutely crucial you do so when buying an reo.

3. Bank addendum's tend to be very one sided. The bank will almost assuredly counter your offer with their own bank addendum. This addendum is designed to protect the bank and often limits your rights. It's always a good idea to run this addendum past a real estate attorney to completely understand the limits.

4. Many banks will impose fines if you are late to close upon the property in excess of $150.00 a day. Make sure you are fully pre approved before you start to look at homes. If your lender is slow to close, you could either lose the house or pay a significant fine.

There are pros and cons to buying a Puyallup foreclosure. By educating yourself about the process and being realistic about the situation you can greatly increase your chances of buying a foreclosure at a great value.

Give me a call if you'd like some help- 253-820-2745