Puget Sound Real Estate Blog

Another Successful Short Sale Story - Woodinville, Washington

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Sun, 21 Apr 2013 17:49:32 -0700

Another Successful Short Sale Story - Woodinville, WA

When it comes to short sale, I've been successful 98% of the time. This one was also but it just about did me in. Patience is the word when it comes to short sales but this one really took it's time. The home was purchased at the peak of the market using one of those "creative" financing loans.

This home was the largest in it's immediate neighborhood since it had gone through a major remodeling adding the master bedroom and expanding the family room area. Now you know, when you are quite a bit larger than the other homes in the neighborhood, the BPO agent can't expect to find comparables in the same neighborhood. So, what are they suppose to do? Expand the search radius. Never mind that the next neighborhood are much higher quality homes with sidewalks and street lights. They have to use those comparables. So it sits on the market for 90 days without anyone even looking at it. The short sale lender refuses to get a new BPO nor would they consider mine. Of course, the BPO agent is from the south end of the county, since it is within that 20 mile radius that the BPO agent is suppose to go.

So, the short sale lender convinces all of us that they can use Auction.com and get it sold. You all know that they start the bidding well below market so if you get it for that, you'd be getting a deal. BUT - their BPO says it's a lot higher than what the neighborhood would bare! So it goes. I had to put up with this bidding process for 90 days. I convinced the seller to tell Auction.com that they wanted out! Once that was done, I finally was able to get the price to where it should have been. Within a week, I had a mutually signed around contract. Bless this agent! He kept the buyers in for another 90 days while the lien holder got another BPO! Finally, a BPO agent from within 5 miles of the property! My sellers are a gem! They hung on for all those months. Within a month of closing, the home foreclosure auction date was set. WE HAD AN APPROVAL IN OUR HANDS! I would contact the negotiator daily to inform them that they needed to notify the appropriate parties on their end to remove it from the hands of Auction.com. No luck. I contacted the buyer's agent and said, take the approval down to the auction and hand it to the auctioneer! Between the 2 of us, we got it off the auction table within 1 hour before it was up. You think that was all? No! With 2 days of closing, this happened again! This really proves to me that one department doesn't know what the other department is doing. It finally funded and the new buyer is enjoying their first home after putting their FHA 203K (renovation) loan to good use! BUT that was not the end of the story! An auction broker contacted me 2 weeks after closing that they home was up for auction and if I had a buyer that was interested in the home, they could pick it up for me at the auction. I shot a note to the buyer's agent and told them to put a sign in front of their home saying, this home is NOT UP FOR AUCTION!

So...the summary story of this short sale is: Home was purchased for $425,000 in 2006 and sold in 2013 for $240,000, deficiency settle at at less than 45 cents on the dollar . Another successful short sale processed and negotiated by me. I have no staff and I do not use a 3rd party negotiator. I have a transaction manager, and he had his hands full on this one also. Could not have done it without him and the buyer's agent. I will have completed my 100th short sale this year but who's counting! I'm not sure if I have passed it. There weren't that many when I negotiated my first one 1986 so I can't remember them as being difficult to do, but what a mess they are now to do!!!

Like my page if you would like to read more success stories.

Call me if you are in Washington State and you would like to discuss selling your home on a short sale.

Brisk sales means more frustration for home buyers

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Mon, 11 Feb 2013 11:59:35 -0800

Our Northwest Multiple Listing Service came out with the latest Northwest REporter.

Some highlights are:

- $20 billion in sales for 2012.

- Housing market is one key to economy recovery.

- It is the return of the seller's market - at least for the moment.

Here's a graph comparing the number of Single Family homes For Sale, Sold, Pending and Newly Listed.

Seattle is one of Seven Healthiest Housing Market for 2013

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Wed, 26 Dec 2012 19:30:56 -0800

It is really nice to get kudos from the press. RealtorMag.org posted the 7 Healthiest Housing Market fro 2013 in their December 26th, 2012 edition. You can read the full article.

"Healthy" is as defined by Jed Kolko, Trulia's chief economist, means markets that are expected to make solid gains. He identifies these 7 housing market in the article. Houston, TX came 1st place and Omaha, NE came in 7th. Two cities on the West Coast also made it to the top 7. San Francisco came in #2 and Seattle came in 6th. That should make excitement come to us as maybe we'll take the lesson from the past 10 years and learn not to make those same mistakes again.

If you are looking to relocate to the Seattle area (that includes the Eastside of Lake Washington) call a Seattle girl who's lived here for 40+ years and love the grey skies as well as the blue skies!

Riverfront Cabin for Lovers or the Great Outdoors - $199,950

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Mon, 22 Oct 2012 09:22:51 -0700

Own your Own Piece of the River

Great for lovers of the outdoors with fishing to your heart's desire just steps away from your front door. Just 20 minutes from skiing in Alpenthal, here is your chance to own 63 feet of medium bank river front on the South Fork in beautiful North Bend. Open concept cabin has large unfinished loft. Outbuilding has extra finished space with half bath and laundry room. Perfect for an in home business office. Makes for a great vacation get-away, great seasonal or year-round rental.

What a great little place to get away, use for seasonal rentals (it's only 20 minutes from the slopes of Snoqualmie Pass) and great areas for hunting and fishing, as well as year round rental with great cash flow. It's remote but yet only 10 minutes from the town of North Bend and the outlet mall.

Imagine waking up to the soothing sound of the river. Where else can you get this kind of view for under $200,000?

Here's where you can get more information: South Fork Home

10 Top Places to Flip Houses in 2012

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Sun, 18 Nov 2012 13:08:50 -0800

USA TODAY posted the article, 10 Top Places to Flip Houses in 2012, on October 9, 2012 about the 10 top places to flip houses in America. It's such a great market that even Wall Street hedge funds are getting into it. They can buy up large bulk of properties in cash thus competing with the small investors. Obviously, someone is buying these flipped property that makes the game less risky. Most are purchased by first time home buyers looking for that starter home. Location is always a major factor. According to the article, Seattle-Tacoma-Bellevue, Washington is #10 on the list with average home price at $306,878 with an average days to fix and re-sell of 113 days. 1,446 homes were flipped through mid-2012. I love it! Average gross profit is $58,930 in the Seattle Metropolitan area. New York-Northern New Jersey-Long Island, NY being the #1 place to flip houses.

BEFORE AFTER

I love the show "Love It or List It" however unpractical it is. I have never run across a seller that would do that much repair and improvement just to figure out whether they will love it or list it. It's a risky market and risky business so if someone wants to get into flipping houses, here are two important things you should do:

1. Get educated but be practical where you get your education - I am not talking about reading a book nor pay upwards thousands of dollars to get a coach to help you through. Butt hours just isn't going to get you enough experience to make money. One of my investors paid $5000 to learn all about the business of selling houses. The whole time I assisted him, he was telling me what he learned about staging, what to fix, how much to list it for. Of course, in addition to paying $5000 he ended up paying the real estate commission on buying the property and selling the property. There are many non-profit investor organizations that provide education to new investors. Here in Washington, you can join Real Estate Investors Association of Washington (REIA). This association will help keep you up on the current laws of real estate investing.

2. Get good people on your support team. In Washington, if you are going to flip a house, you'd better get your general contractor's license. Once you do, you can hire contractors to do the work if you don't know how to do it. Unless you are really good at doing the work yourself, don't do it. Buyers can spot a DIYer a mile away and it will actually bring your price down. Good support team members are: an investor friendly real estate broker, an auction broker if you are so inclined to head down to the court house, a title and escrow specialist, an attorney specializing in real estate law, especially about distressed properties, private money lender to obtain a bridge loan to buy the place if you don't have cash, and a good mortgage broker to get you the permanent financing if you decide to "love it" or to pre-qualify any buyers if you decide to "list it". These people are part of you making money so you need to make sure they make money for all their work also. I've had investors call me up and say, "I hear you are an investor friendly real estate agent. Would you give me all the MLS purchase forms so I could write the offer myself, please?" Dah, sure, I work for free. "Friendly" doesn't mean I don't make any commission for negotiating the best deal for you and you have the agent representing the seller make both sides of the it for not representing you.

Prices rising with low inventory in Western Washington

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Sat, 10 Nov 2012 07:43:53 -0800

I thought you might be interested in what our real estate market is like here in the NWMLS area:

6,000+ closed sales in the month of October, with 86% of them from the sale of single family homes.

http://nwmls.com/discover/nwreporter.cfm?SectionListsID=25

At the courthouse auctions, there’s been people from hedge funds companies bidding on properties and buying them up to 90 cents on the dollar!

Is this temporary? I also received my first REO listing since earlier this year. Very interesting. Is that "shadow inventory" coming in Spring, 2013?

Gorgeous Remodeled NW Contemporary Home in Briarwood neighborhood

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Sun, 04 Nov 2012 23:31:01 -0800

Here's a beautiful home that is looking for a new owner. In the popular Briarwood neighborhood of East Renton.

If you like cathedral ceilings, and window walls, you'll love this home. The current owner had been relocated to another state in the middle of the bubble burst and leased it to a couple with the option of purchasing the home. That couple decided not to purchase it and wanted to buy a home on acreage instead.

Although values has steadily increased in this neighborhood since the real estate bubble burst, the value has not quite come up enough to cover the balance of this mortgage. So it is a short sale.

Here are some other photos:

This is a photo of the living room with large floor to ceiling clarestory windows.

Here is looking at the other side of the living room with hardwood floors and slate fireplace.

Large gormet kitchen with slab granite counter tops & center island.

This is the remodeled bath off the master bedroom.

This is a photo of the back yard with the entertainment patio and covered parking for your RV or boat.

To see the full listing & more photos, click here: http://www.johnlscott.com/76353

Buy or Rent? HUD Tool to Increase Home Sales

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Fri, 05 Oct 2012 00:06:33 -0700

HUD has put out a calculator about Buy Vs Rent to help today's insecure buyers. It's always fun to watch videos and I thought this one was particularly fun. These guys, Frank Garay and Brian Stevens of TBWS Daily Show created this video for their Real Estate and Mortgage Daily Commentary seem to come up with great fun ways to introduce whatever they are talking about.

So I went ahead and pulled it up on HUD.gov and truly it's simple and like they said, it's a government's website! So here it is. I tried a few scenerios and it actually works!

Looking to purchase a home in the Issaquah area? I would love to help you find your next home.

FORECLOSURE MARKET TRENDS

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Wed, 29 Aug 2012 21:48:32 -0700

Being a part of the RealtyTrac Nationwide Agent Network, I am provided with the FORECLOSURE MARKET TRENDS for my market area . I'd say we're doing pretty good compared to the rest of the nation. As a matter of fact, our inventory is only about 2.1 months.

September 2012 Volume 6, Issue 9

Foreclosure Trends : July, 2012

National

Washington

King CTY

NODs

21,155

NTSs

53,698

2,383

687

NFSs

23,925

LISs

39,493

REOs

53,654

1,162

259

Notice of Default (NOD)

A non-judicial document filed by a trustee that starts the foreclosure process. More about NOD

Lis Penden (LIS)

Notification of pending lawsuit. A judicial document filed by an attorney or trustee that starts the foreclosure process. More about LIS

Auction / Notice of Trustee's Sale (NTS)

A filing by notice announcing a public auction. More about NTS

Notice (Judgment) of Foreclosure Sale (NFS)

An order signed by a judge directing to sell the property at public auction. More about NFS

Real Estate Owned (REO)

The final step in foreclosure process in which property ownership returns to lender. More about REOs

Thank You for Your Business... so what are good closing gifts?

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Mon, 20 Aug 2012 09:28:11 -0700

Thank You for Your Business...
Unique Closing Gifts for Your Clients

A handwritten note is a good start, but sometimes it is just not enough to show your gratitude. I have a client appreciation party annually for all my friends and current and past clients but that's not what I'm talking about. I'm talking about housewarming gifts, a great way to remind your clients that you're there for them, long after the paperwork is done. Okay, I do admit, they are another way to market yourself to potential clients and their referrals. The following are a few great closing gift ideas your clients will talk about to everyone they know:

Decorated Dinnerware – Someone told me about these pottery shops across the country where you can paint ceramic pieces - from little statues to plates and coffee mugs to giant cookie jars. Register your clients at one of these stores, so they can decorate their own dinnerware. Supposedly, every time they use these items, they'll think of how you helped them reach their dream of homeownership. I would say, make sure this is something you past client would appreciate. This will show them that you were listening to them when you were with them all those months and not just interested in your own pocket book. I found some of these businesses by googling "paint your own pottery". Of course, if you are creative yourself, you can customize something and give it to them as a gift.

Services Directory – Since I am a member of BNI, I include a business card sleeve with the home book I give them after closing of all the service providers I have used, such as a plumber, electrician, landscaper, and handyman. Speaking of the home book, I order a homebook from the title company for all my buyers that I build on with their HUD-1 closing statement, home inspection report, work items, etc. If you decide to do this, be sure to brand the book with your contact info because this book just might become their go-to guide for all of their home and entertainment needs.

Basket of Goodies – Instead of the typical basket of fruit many agents give their clients as a closing gift, I put together a basket of eco-friendly laundry and cleaning products for the house and a basket with pancake mix, muffin mix, jam, tea or coffee, a couple mugs, a spatula, oven mitts and anything else they might use in the kitchen. These are usually items that I found in the local stores in the Pacific NW, where I live. I like to support those merchants that I frequent. It gives me a chance to remind them that I am the neighborhood real estate expert that they can refer their clients to. Also, each time your clients cook breakfast, bake a cake, or just relax with a hot cup of coffee or tea in their new home, they'll remember you and the great service you provided.

Memory Mug – I've seen this done but have never done it myself, but I've been told that this is a great and inexpensive closing gift that your clients will never forget. Take a picture of their new home and add to it their name and the date that they purchased the home. Then put the picture into one of those customizable coffee mugs and give it to your client with a coffee gift card or a pound of coffee, tea, or hot cocoa. Some agents have added their name and logo to the back of the mug, but I would probably just add a personal note saying something like "welcome to your new home".

Free Magazine Subscription – Not only do magazine subscriptions make a great closing gift, they're also a great marketing tool. Each month for the next year, your clients will think of you every time they get their latest issue in the mail. During the transaction, try and learn about your client's interests and hobbies. This will show them how much you care, and it will help you select the right magazine subscription as well. MagazineClosingGit.com will even put your name, logo & message on it. I sign everyone up on LowesRealtorBenefits.com and send them a discount coupon. In addition, I sign them up with The Personal Marketing Company on the client follow up program. Some companies, such as , will allow you to add your name, logo, or even a message to the magazine subscription of their choice. During the transaction, try and learn about your client's interests and hobbies. This will show them how much you care, and it will help you select the right magazine subscription as well.

If you have any special closing gifts that you send out to your clients, please post them here! I'd love to get more ideas.

Mid-year Single Family Resale Report for King County, Washington

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Thu, 19 Jul 2012 08:17:59 -0700

The Stats are in for the first half of 2012. No more guessing, now comes to my favorite part, the analyzing portion.

I love it here in the Puget Sound. I live in Bellevue on the Eastside of Lake Washington on one of the hills above Lake Sammamish. Selling real estate here has been exciting and has gotten better and better every year! After almost ten years of marketing real estate and 30+ years previous to that of financing the real estate, it never cease to amaze me the trend of up in the Spring down in the Fall. One can always guess, but somehow, the numbers still amaze me.

Here's the report just for RESALES in some of the major cities in my region:

Seattle tops the chart (largest city, of course) with 2901 resales at the end of June, up 15% from the same period last year. However, the average sale price remains virtually unchanged at $468,268 which is only $2100 more than last year.

Next up is Bellevue with 586 resales compared to 524 the same period last year, an increase of 12% with $673,875 being the average price point, an increase of 3%.

Renton ranks 3rd with 516 resales, up 10% from mid year last year of 470. Average sale price? $291,420, again virtually unchanged from last year's 290,988.

Coming in close as the 4th most popular place to purchase is Kirkland with 446 resales, up a whopping 25% from last year's 356 resales during the 1st half of 2011. Interesting enough, the average price actually declined by 5% at $512,663? Could it be that homes were still over priced last year keeping the number of sales limiited?

Issaquah came in at 307 resales compared to 226 lst half of 2011, a 36% increase with average sale price increasing 1% from first half 2011 at $484,162.

If you have any other questions about how the stats look for your city, just give me a call or send me an email. I still enjoy putting on the old underwriter hat!

John L Scott Real Estate

1700 NW Gilman blvd, suite 300

issaquah, wa 98027

(206) 686-1818

We can ask whatever price, they can always make an offer.

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Wed, 18 Jul 2012 07:31:01 -0700

Lender Processing Services, Inc. Applied Analytics division came out with the HPI (home price index), showing that we seen a significant jump this Spring from prior years. You can read about it in DSNews.com, LPS: Home Price Index Increasing at the Fastest Rate Since 2005.

Is that so? Just because inventory is low doesn't necessary mean the buyer will pay more than reasonable. There has to be something really desireable for someone to want to pay the high price that sellers are wanting for their home. I know we all want to capture some negative equity back but consider the cost of overpricing:

1 - Takes longer to sell. There's got to be something about the house or the location for someone to pay high dollar for that house.

2 - House has to have all the little things fixed up and it better be in tip top condition or the buyers will be very picky. I'd suggest hiring a home inspector and getting all the little repairs done that needs to be repaired,.

3 - Better not be anything unusual about the house. A cookie cutter house and not with an unusual floor plan or design will appeal to more people in the market, unless it is in a sought after neighborhood and the house isn't the issue, the location is.

4. Be ready to pay sales concessions. The buyer is going to want something in return for paying top dollar for your house.

5. There won't be as many showings because the price a lot of times is what drives the agent as well as the buyer to show your home.

I have very seldom seen buyers make an offer on a home they feel is overpriced unless there is something really compelling about the home or location. Most of the time, they will wait until the price has been readjusted to where it's close to what they want to make as an offer.

For more tips on getting your home ready to sell

Cyndi Carver, Managing Broker

John L Scott Real Estate

1700 NW Gilman blvd, suite 300

issaquah, wa 98027

(206) 686-1818 FAX: (206) 686-3308

If you know anyone that is looking to buy or sell a home and would like the level of service I provide, please contact me with their name & phone #. I am never too busy for any of your referrals!

Issaquah's Real Estate Market Insider's Report through June, 2012.

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Wed, 11 Jul 2012 13:13:50 -0700

Here is Issaquah's Market Insider's Report as of the End of June, 2012 as found on my website powered by Market Leader.

The data on this page is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you're a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Become a Market Insider and get FREE access to valuable market data! Contact me anytime to discuss how this information can benefit you. In addition, get a market analysis of your property, information of the local community and schools!

Price Trends - Sold vs. Listed

The median list price in July for single family homes in Issaquah is $575,000. The list prices increased by 1.32% from the previous month. The price per square foot for listings in this area is $222. The median sale price in March for single family homes in Issaquah is $588,000. The sale prices increased by 43.24% from the previous month. The price per square foot for sales in this area is $208.

If you would like to sign up for Market Trend alerts, sign up here. If you'd like to search for homes, sign up here. You

may call or email me anytime to discuss how this information can benefit you!

Single Level Home for Sale in coveted Northshore School District

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Sun, 01 Jul 2012 12:54:14 -0700

21718 4th Ave SE, Bothell, WA 98021

Charming single level home on 1/3 acre of low maintenance parklike grounds. 2 Master bedrooms with 3/4 baths. One has walk-in closet. Another bedroom has private full bath and 2 more bedrooms, or use one of them as a den/office. Professional landscaped backyard with extensive drainage system and patio created for outdoor entertaining. In desireable Northshore School District. A detached 2 car garage finish the offerings of this property. Quick easy access to Bothell-Everett Hwy and I-405.

Home has open concept floor plan with the living room flowing into the dining area, the kitchen and the outdoor patio entertainment area.

This home also has 2 bedrooms with attached bathrooms. The original garage was converted into a master suite area with naturally lit walk-in closet and a 3/4 bath. Don't know when this was done but the current owner purchased it that way. Also there is a detached garage was added. Per Snohomish County records for this parcel: 00677200004200, the home is 1804 s.f with a 400 s.f. detached garage.

I just listed this property and you can see more of this on my website. It is a very interesting floor plan. Someone had mentioned that maybe the master suite area can be turned into a auxiliary living unit or maybe a nice area for a home based business. That I don't know about, but it sounds like possibility. I think it's a great master bedroom suite that is privately tucked away from the rest of the house.

For any other questions or if you'd like to view this home, call Cyndi Carver, Managing Broker, John L Scott, Inc. (206) 686-1818 or email me at cyndi@cyndicarver.com

It's a Great Day in Seattle (actually all over the Puget Sound)

Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.) — Sat, 09 Jun 2012 21:02:45 -0700

I've heard alot of complaints recently about my message when they call me and get my voice mail. I tell everyone on my voice mail that it's a beautiful day in Seattle! To me it is always a beautiful day in Seattle. Although we don't get sunshine as much as we like, we DON'T have smog! The rain keeps everything nice and clean and when the sun does come out, it is just GORGEOUS! I currently live in the Lakemont area of Bellevue and Issaquah and it's been fun discovering this hillside. Cougar Mountain is what this hill is known as and thank God, I haven't seen any real cougars in my neighborhood. There are cougars running on the concrete walls on Cougar Mountain Way, though.

Homes in this community runs from quaint to mansions. It's been sad to see the hillside turn to more homes but there are places that the large parcels are remaining such. Long time residents have a tough time seeing their forested backyards disappear. But it's hard to prevent progress because new residents love the views from the hillside. Alot of custom homes are being built as well spot speculative homes.

Stay tune for more tidbits about Cougar Mountain and other neighborhoods in the Lakemont area of Bellevue and Issaquah.