Going “live” today…..The best saltwater location Olympia has to offer!  What a rare opportunity to own one of Olympia’s original saltwater cabins.  Sitting OVER the water, these vintage cabins are few and far between, with just a handful still around.  Boy can you see them when boating, and I have always coveted one! It doesn’t get better that this! Saltwater in your hair and the warm, sun-kissed feeling of the end of a summer day. Pull up the grill on the bulkhead and feed everyone burgers while they dangle their legs in the water. Retire for a glass of wine on the sleeping porch, and nod off on a bunk bed with the water lapping beneath. Wake to the sunrise in the morning with your coffee on the deck, and start it all over again. Sand on the floorboards, the sound of seagulls and lapping waves, the smell of the tide…..Saltwater Heaven!

Rustic?  Yes…..of course!  Just what you want in a beach house!  Put on a coat of paint, call up Pottery Barn for furnishings and make your memories here.  Or….how about building upland and keeping this cabin for guest and for summer parties? 

You can fish right from the porch, or jump into the water at high tide.  This back porch is an old-fashioned sleeping porch, like we used to have in Georgia where I grew up.  How much fun is this in the summer when the air is warm, the sun is out and boats breeze by all day.  Did I mention the Mt. Rainier view?  It is amazing to sit in this home and look out over a seamless waterfront panorama, clear to Dana Passage, into the city and out to Mt. Rainier.

I am so excited to have this listing, because I grew up with one of these cabins in my family on the coast of Georgia.  I can’t tell you the memories I have of sand on the floor, sand in the bed, helping cook breakfast in the VERY rustic kitchen, waking up to the sounds of seagulls and the water lapping. The bedrooms had worn-thin rag rugs, chippy painted furniture, lumpy beds with white chenille bedspreads, scratchy towels and low water pressure.  I can absolutely picture it now, like it was yesterday.  My sister and I have loads of memories, and I wish my kids could have grown up with something similar. 

 This is a great opportunity for someone to snap up a piece of history in Olympia.  This type of building will never again happen in our county, and having this footprint is priceless. Let’s talk quality of waterfront and relationship of home to water.  There is a lot of waterfront in Thurston county, but very little as desirable as this waterfront.  There is not a patch of mud on this pebbly beach, and you don’t get lower bank.  You can walk for miles on this beach when the tide is out.  And the boat traffic!  You are beyond the first channel markers leading into the Port of Olympia.  Budd Bay is home to numerous marinas and most of Olympia’s boat traffic funnels right past your windows.  You know how it is said that all of the good waterfront is gone?  Its true….but here is your chance to get a piece for yourself.  This would be a phenomenal homesite upland of the cabin for someone with imagination and a good architect to make their dreams come true.  This opportunity just doesn’t present itself too often.  Price other waterfront lots and compare their features to ours.  We are betting we have a winner.

Today we will see a $50,000 price reduction on our fabulous listing at 6049 Marantha Lane to $599,900!

This could be your chance!  Call us today to see this beautiful property, or visit me on Sunday between 12:00 and 2:00 for an open house!

Features:

Large home with 4.075 square feet

Acreage with a suck-the-life-out-of-you view of Mt. Rainier

Large shop with room for an apartment upstairs

Functional, open floor plan

Master suite on the main floor

Large bonus room over the garage

Tumwater schools

Beautiful setting and friendly neighborhood

I think I am going to start telling my buyers that they don’t need to bother with the expense and time of a home inspection.  After all, the appraiser will likely perform a thorough home inspection themselves.

What?!  Yes, that is correct.  Appraisers are taking on the role of inspector now.  We have three transactions going right now in which the appraiser has not only gone into the crawl space and attic of the homes, but is also calling for repairs!  And we are not talking about structural issues that would need to be repaired to provide the lender with a marketable asset. We are talking about straps on a water heater, cleaning of gutters, that kind of thing.

Really?  After getting our third appraiser response in as many days we decided to pick up the phone and talk to a local appraiser that we know.  We asked why this is happening, did the appraiser suddenly become licensed as a structural inspector?  No, this appraiser told us that it is way beyond the scope of duty for an appraiser to perform the duties of a structural inspector, and that it opens them to a world of liability.  No kidding.

Sellers, be prepared.  Beyond the havoc brought on by the HVCC, now we have another layer of dread when waiting for our homes to appraise.

In updating waterfront stats for the website today I noticed some interesting tidbits that I thought I would distill here.  I keep track of current listings, pending sales and sold properties on the four salt-waterfront peninsulas in Thurston County:  Steamboat, Cooper Point, Boston Harbor and Johnson Point.

In the past six months:

7 Sold properties on Steamboat-None were distressed or bank-owned.  12 Active Listings, 5 Pending

5 Sold properties on Cooper Point-One was a short sale (distressed). 12 Active Listings, None Pending

4 Sold properties on Boston Harbor-One was a short sale (distressed).  10 Active Listings, 2 Pending

2 Sold properties on Johnson Point-None were distressed.  11 Active Listings, 1 Pending.

What does this tell us?  Well, Steamboat waterfront is moving, but the median price for SOLDS on Steamboat was $395,000.  Compare that to Cooper Point SOLDS, where the median price was $750,000, thanks to three sales over $700k since January.

If you are looking for affordable waterfront, Steamboat is a great fit for you right now.  This is a historical time to buy…….To see the recent stats and keep an eye on waterfront properties for sale and sold, please click on the waterfront link above.

Have you heard of the HAFA program?  You may soon.  See below for the latest announcement regarding HAFA program from Alex Charfen of the Charfen Institute.  HAFA applies to Fannie Mae backed loans….that’s a lot of loans. HAFA short sales are pre-approved and move quickly through the system, unlike some other short sales.

Major news in the short sale and housing industry! On Friday, March 9, the Obama Administration announced updates to the Home Affordable Foreclosure Alternative (HAFA) program. Created in 2009, HAFA is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deed-in-lieus.

The HAFA updates will go into effect on June 1, 2012, and will allow more distressed homeowners to seek assistance. Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, from December 31, 2012, to December 31, 2013.

Other major changes from March’s updates to the HAFA program include:

• The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.

• $3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale.

• Mortgage payments will be allowed to exceed 31% of the homeowner’s gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.

• Secondary lienholders may receive up to a maximum of $8,500, up from $6,000 previously.

• And one of the most dramatic changes: The Credit Bureau Reporting will be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable.

With these updates, a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit.

Hurry!  If you want a turn key bank-owned home, this is the one!  New homes in this project are currently selling for $269k to $290k.  This home last sold for $349k and has gone back to the bank.  It hit the market today for $229k and it WONT LAST!!!

It is clean inside….needs only a dusting and some touch up paint.  I want to sell this to someone….It is a neat project called the Overlook on Tumwater Hill. 

Main floor is a swanky kitchen and living, dining areas with bamboo flooring and gas fireplace, built in bookcases.  Next floor holds a huge master suite with luxurious bath and private balcony.  Also, down the hall are two large bedrooms, the laundry room and a large bath.  Up a floor is the crowning feature in the Overlook:  a viewing deck with killer views to Budd Inlet, the Capitol Dome, downtown, mountains and beyond!  Up there you will also find a gas stub out for a grill, a storage room and a wet bar for entertaining on the fly.

HURRY UP!!!  This will be gone by the end of the week!  Call us to get in.

Its that time in our real estate history when great deals are made.  Interest rates are at a record low and so are prices.  Thus, the opportunity to buy a beautiful piece of view property in the Delphi Hills area for a great price.  This property at 6049 Marantha Lane will surprise you with its jaw-dropping view of Mt. Rainier and beyond.  We need some sunny weather for this property to show off its full beauty.  Do you need a main-floor master suite?  This home has a luxurious master suite with views to the mountain, and a fabulous bath with all the bells and whistles.

A gourmet kitchen that is open to the large great room, breakfast room and formal dining will please even the fussiest chef.  Upstairs finds a large bonus room complete with a half bath for convenience, and large bedrooms, each with its own walk-in closet.

Do you have toys? No problem here!  There is a huge shop with room for everything, on a circular driveway with two entrances for easy parking for guests.  The acreage is beautifully landscaped, with a lawn area for plan and a large deck, all facing the view.  But there is a lot of property that is not landscaped, giving both a natural feel, a buffer area, and lower maintenance.  Have animals?  There is plenty of room here for them.

With a $50,000 price reduction, we think this home is priced to sell!  Phone us today for your private showing, or join us for an open house on March 18th.

Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu,

Short Sale and Bankruptcy

Federal Housing Administration (FHA) Insured Loan



Foreclosure

- 3 years (can be reduced if there are “extenuating circumstances”).



Deed-in Lieu

- 3 years (can be reduced if there are “extenuating circumstances”).



Short Sale

- 3 years (can be reduced if there are “extenuating circumstances”).



Bankruptcy (Chapter 7)

- 2 years from bankruptcy discharge (can be as low as 1 year if there

are “extenuating circumstances”).



Bankruptcy (Chapter 13)

- 2 years from bankruptcy discharge for automatic approval, but can

be as low as 1 year after first bankruptcy payments made if all payments were made on time as

agreed and the bankruptcy trustee approves the borrower’s new mortgage loan.

Veterans Administration (VA) Guaranteed Loan



Foreclosure

- 2 years.



Deed-in Lieu

- 2 years.



Short Sale

- 2 years.



Bankruptcy (Chapter 7 or 11)

- 2 years from bankruptcy discharge (can be reduced to 1 year if

there are “extenuating circumstances” and credit has been re-established).



Bankruptcy (Chapter 13)

- 2 years from bankruptcy discharge for automatic approval, but can

be as low as 1 year after first bankruptcy payments made if the borrower made all payments on

time as agreed and receives permission from the bankruptcy court.

Conventional Conforming Mortgage Loan (meets Fannie Mae (FNMA) and

Freddie Mac (FHLMC) Loan Purchasing Guidelines)



Foreclosure

- 7 years for full eligibility with Fannie Mae and Freddie Mac. If there are

“extenuating circumstances” the waiting period with Fannie Mae can be reduced to 3 years with

partial eligibility for loan-to-value (LTV) of up to 90%. The “extenuating circumstances” the

waiting period with Freddie Mac is 3 years.



Deed-in Lieu

- 7 years for full eligibility with Fannie Mae and 4 years for Freddie Mac. Partial

eligibility with Fannie Mae is available after 4 years for up to 90% LTV and 2 years for up to 80%

LTV. If there are “extenuating circumstances” the waiting period with Fannie Mae can be reduced

to 2 years with partial eligibility for loan-to-value (LTV) of up to 90%. The “extenuating

circumstances” the waiting period with Freddie Mac is 2 years.



Short Sale

- 7 years for full eligibility with Fannie Mae and 4 years for Freddie Mac. Partial

eligibility with Fannie Mae is available after 4 years for up to 90% LTV and 2 years for up to 80%

LTV. If there are “extenuating circumstances” the waiting period with Fannie Mae can be reduced

to 2 years with partial eligibility for loan-to-value (LTV) of up to 90%. The “extenuating

circumstances” the waiting period with Freddie Mac is 2 years.



Bankruptcy (Chapter 7 or 11)

- 4 years from bankruptcy discharge or dismissal with Fannie

Mae (can be as low as 2 years if there are “extenuating circumstances”). 4 years from bankruptcy

discharge or dismissal with Freddie Mac (can be as low as 2 years if there are “extenuating

circumstances”).



Bankruptcy (Chapter 13)

- 2 years from bankruptcy discharge (4 years from bankruptcy

dismissal) for automatic approval with Fannie Mae or Freddie Mac. Can be reduced to 2 years

with Freddie Mac if there are “extenuating circumstances”.

Sent around our office today was an interesting article (from bankinganalyticsblog.com) about the impact a short sale or foreclosure can have on someone’s credit score and their ability to purchase in the future. Remember when a foreclosure was the kiss of death….resulting in seven to ten years of inability to buy because of the scorch left on the credit report? No more…Today, depending upon the credit score before the hardship, consumers can recover and buy again in as few as THREE years.

See the article here. Taking away a message, the better your FICO score to begin with, the worse shape you will be in after a short sale or foreclosure. Just as high-priced home values are down as much as 60%; the bigger they are, the harder they fall. Taken from the article:

• -The magnitude of FICO® Score impact is highly dependent on the starting score.
• -There’s no significant difference in score impact between short sale/deed-in-lieu/settlement and foreclosure.
• -While a score may begin to improve sooner, it could take up to 7-10 years to fully recover, assuming all other obligations are paid as agreed.
• -In general, the higher starting score, the longer it takes for the score to fully recover.
• -Even if there’s minimal difference in score impact between moderate and severe delinquencies, there may be significant difference in time required for the score to fully recover.

I am asked at least once per week if there are any deals to “flip” out there.  Flipping, if you are not familiar with the term, is purchasing a home for a good price, re-habbing it back to marketable condition, and selling it for a profit.  Six months to a year ago I would have said that there are no flipping opportunites out there.  But now, with bank-owned properties hitting the market every day, there are real opportunities for this business model. 

Another way to build a real estate portfolio now, and to take advantage of historically low prices and interest rates, is to Buy, Re-Hab, and then Rent a property. If you would like to accumulate a few real estate properties, now is the time.  Hold them and have them pay for themselves by renting them out until the market returns. 

Let Brenner and Watts start a search for you.  We can find you the property to buy, introduce you to a team of contractors to re-hab the home if you don’t have those skills yourself, and then Greene Realty Group can put the home into our rental pool to get it rented for you.

Call us today!  Here is an example of a home that hit the market today that may be a great candidate for this program:

Listed today at $76,000.  Obviously it needs a roof….From the interior photos it appears to also need windows, some plumbing repair, flooring, and paint.  But it has curb appeal, is on a cul-de-sac, and is priced right!