Archive for the ‘Snohomish County Real Estate’ Category

In The Know – When Buying Bank Owned Or Forclosure Properties

March 1, 2012

IN THE KNOW – WHEN BUYING BANK OWNED OR FORECLOSURE PROPERTIES

A common question among Buyers in this Real Estate Market when purchasing Bank Owned or Foreclosure Properties is; “Why is a Special Warranty Deed and not a General Warranty Deed given on this property”?

Special Warranty Deed versus General Warranty Deed

Here is a great explanation given in simple terms by a Title Officer at Stewart Title.

“Special Warranty Deeds are becoming more common.  A General Warranty deed is a promise to the Buyer that the Seller will warranty any prior problems with Title, not just during the Seller’s ownership, but back along the chain of ownership.  

A Special Warranty deed, on the other hand, limits the Seller’s promise (warranty) to title problems that come up while the Seller owned the property, but gives no warranty for problems prior to that point.  For example, Builders often give Special Warranty deeds.  They only owned the property long enough to build the homes.  They aren’t sticking their necks out to warranty buyers against something that happened to cloud title when the subdivision was still a pig farm.  

Foreclosure property is another example where you often see Special Warranty deeds.  The Bank, like the Builder, has no close relationship to the property and won’t bend over backwards to promise anything about the condition of title before they acquired the property through foreclosure.”  

Jayne Boyle of Stewart Title explains, “These days, Title Insurance is the Buyer’s best friend.  Title Insurance insures the Buyer against past ownership problems, old liens, boundary issues, etc.” 

And now YOU are in THE KNOW! 

            debbieatwood.com

To contact Debbie – 425-750-4970


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Condo at Belmon…

February 13, 2012

Condo at Belmonte
513 Pilchuck Path
Everett, WA 98201                                            $135,000.00

Beautiful 3 bedroom Condo with spectacular Cascade Mountain and valley views.  With approximately 1500 sq ft of living space, 2.5 baths, formal living and dining rooms and spacious kitchen with tile counters and stainless appliances.  All rooms are generous size.

Pilchuck Path

Pilchuck Path

Complete with 1 car garage (a truck can fit in this garage) and fenced backyard.

Pilchuck Path

Pilchuck Path

Enjoy the sunrise over the beautiful Cascade Mountains from your Master bedroom, Living room or cozy deck.  Low Low Maintenance fees are approximately $70/mo!

Debbie Atwood Is Making A Splash In Snohomish County!

(425) 750-4970

OPEN TODAY 520 158th AVE SE Snohomish,WA

July 10, 2011

Open Today 520 158th Ave SE Snohomish, WA

Open Today 520 158th Ave SE Snohomish, WA

This home is Open Today.  A beautiful 3 bedroom home  located in Snohomish.  Features include 3 bedrooms with approximately 1800 sq feet of living space and 5 +/- acres of peace and quiet.  Your formal living and dining room with picture windows that allow the natural light in and beautiful country views out.  Enjoy the wildlife entertainment sitting on a grand wood deck overlooking the backyard.  Bedrooms are very good size and the master bedroom features a luxury 5 piece bath with soaking tub.

Come visit today from Noon -3:00PM

Play VisualTour

Debbie Atwood Is Making A Splash In Snohomish County!

(425) 750-4970

FICO Score Impact and Recovery

May 26, 2011

The question is asked frequently regarding how much impact will a short sale, foreclosure, deed in lieu or bankruptcy have on my FICO score?

I checked out the FICO Banking Analytics Blog and found some very interesting information. FICO conducted a study of delinquencies regarding mortgages. In their study they looked at three different consumer profiles. All three profiles consisted of consumers who were paying as agreed on their mortgages.

Consumers with a 680 score .

Consumers with a 720 score.

Consumers with a 780 score.

The study then showed the impact on the credit score after each “phase” of delinquency. For example:

After the very first 30 day late on the consumers mortgage –

Consumer with a 680 score moved to 600-620

Consumer with a 720 score moved to 630-650

Consumer with a 780 score moved to 670-690

After the 90 day late on mortgage –

Consumer with an original 680 score moved to 600-620

Consumer with an original 720 score moved to 610-630

Consumer with an original 780 score moved to 650-670

Interesting huh? I’m not finished. Lets look at short sales, foreclosure and bankruptcy.

After completing a short sale or deed-in-lieu settlement with no deficiency balance

Consumer with an original 680 score moved to 610-630

Consumer with an original 720 score moved to 605-625

Consumer with an original 780 score moved to 655-675

After completing a short sale, with a deficiency balance

Consumer with an original 680 score moved to 575-595

Consumer with an original 720 score moved to 570-590

Consumer with an original 780 score moved to 620-640

Foreclosure

Original 680 score moved to 575-595

Original 720 score moved to 570-590

Original 780 score moved to 620-640

And Finally, Bankruptcy –

Original 680 score moved to 530-550

Original 720 score moved to 525-545

Original 780 score moved to 540-560

I found all of this information very interesting and definitely saw some kind pattern that caused me say, hmmmm, but wait, I’m not finished with the results of this study. Pattern or not, we all know the credit score is going to go down with any of these delinquencies but maybe more important is how long will it take to recover?

This is what I thought most interesting.

After the first 30 days late it would take the original 680 score consumer 9 months to recover. The 720 consumer, 2.5 years and the 780 consumer 3 years!

After the 90 day late period it would take the original 680 score consumer 9 months to recover. The 720 consumer 3 years and the 780 consumer 7 years!!

How about after Short Sale, Deed-In-Lieu settlement with no deficiency balance?

680 consumer will recover in 3 years

720 consumer will recover in 7 years

780 consumer will recover in 7 years

The results are the same with a deficiency balance.

Foreclosure-

680 consumer will recover in 3 years

720 consumer will recover in 7 years

780 consumer will recover in 7 years

Bankruptcy-

680 consumer will recover in 5 years

720 consumer will recover in 7 – 10 years

780 consumer will recover in 7 – 10 years.

Quote from FICO Banking Analytics –

In general, the higher starting score, the longer it takes for the score to fully recover.”

Granted the consumers score will gradually improve as time goes by and they demonstrate their other payments are paid as agreed but in all actuality it may take up to 7 – 10 years to fully recover for consumers that originally started with higher credit scores than consumers that started with lower scores.

I think this is very good information for any consumer that is looking at a possible short sale or foreclosure. There are consumers that have definite hardships that obviously show up in the original credit score and there are consumers looking at the so called “strategic default” that should consider the impact on their credit recovery time line. I have no opinion on either really but I do find it quite interesting!

Debbie Atwood Is Making A Splash In Snohomish County!

(425) 750-4970

Autumn Brook 2 Bedroom Ground Floor Unit

November 12, 2010

A desirable 2 bedroom ground floor corner unit with lots of room in the Autumn Brook Complex of Everett.  Check out the video below!  This is not a short sale and is available for a quick close.

 

Play VisualTour

How Healthy Is Your Home Investment?

September 19, 2010

How healthy is your home investment?

Comparative Market Analysis (CMA) is a vital tool for homeowners and I believe the only real tool that provides an up to the minute report  of home prices in your neighborhood.

A CMA compares your house with similar ones on the market in your neighborhood during a specific time period.  This information is combined with the value of any upgrades you may have on your house and will give you anaccurate picture of your home’s market value.

Because the real estate market changes with supply and demand, interest rates, events going on in the world and the economy, a CMA gives you a snapshot of the market at a particular time.

Because of this, I recommend homeowners check their home value every year.

Whether you are buying a home, selling a home or refinancing, a CMA is most important tool you can use in setting the price and the best time to do any of the above.

Other benefits of an annual comparative market analysis?

A CMA can give you a realistic picture of your net worth.

A CMA can give you a realistic picture to provide adequate replacement insurance. You don’t want to find out after the disaster!

Know your tax value. Are tax assessments increasing faster than market values?

What is your estate value? No one wants to leave a grieving family struggling with estate taxes.

What is your equity value?

Know your sales value – Even if you are not thinking of selling – who knows you just might change your mind about selling!

What is the difference?

Comparative Market Analysis (CMA) – is an objective report prepared for you by a real estate professional.  The report lists homes for sale and homes that have recently sold in your neighborhood.  A CMA usually includes location, square footage, number of bedrooms and bathrooms and information such as asking price, sales price and days on the market.  The data should be of homes that are comparable to your home.  This information is essential in determining a selling price.

Appraisal – is a subjective report prepared by a certified appraiser for a fee.  The report gives an analysis of the estimated value of a home and considers square footage, construction, quality, condition, floor plan, landscaping, surrounding community and other factors based on the appraiser’s experience and opinions. An appraisal is required to obtain a new loan or to refinance.

For most homeowners their home is the single largest investment they will ever make.  Shouldn’t you know what your investment is worth today? How healthy is your home investment?

Contact Debbie Atwood for an up to date Comparative Market Analysis.

Debbie Atwood Is Making A Splash In Snohomish County!

Blue Grass Condominium Complex

August 18, 2010

Check out this new home just listed in the Blue Grass Condominium Complex in South Everett. A 2 bedroom unit with 2 assigned parking spaces and a great Clubhouse. The unit is clean and ready for its new homeowners.

2 bedroom 2 bath


Debbie Atwood is “Making A Splash In Snohomish County!”

Marysville Tri-Level

July 27, 2010

Now is the time to check out this beautiful Marysville Tri-Level. A 3 bedroom 2.5 bath home with approximately 1600 sq ft of living space. The home sits on a large nearly .25 acre residential lot!

Check out the Tour here

To see more available properties go to

www.debbieatwood.com

It’s Not Summer In Everett Without A Visit To Jetty Island!

July 21, 2010

Jetty Island

Summer is here and it’s not complete without a visit to the Everett Waterfront and Jetty Island! Jetty Island is a man-made island at the Everett Marina with sandy beaches and swim areas. It’s a great family outing.

The Everett Marina

See a schedule and contact information for Jetty Island

Driving directions to the Marina

On Sunday take a walk through the Farmers Market

The Farmers Market At The Everett Marina

and get your hands on some fresh local berries and vegetables. Local Crafter’s have their booths chalk full treasures. All summer enjoy the free concerts just outside The Port Gardner Inn and Lombardi’s- Sundays from 11AM- 4PM

Visit www.debbieatwood.com

Sellers! Make Your Price Adjustments And Get In The Game

October 27, 2009

PH00397

One of the most difficult things in my business today is to explain to my seller client the fact that our home values have fallen and unfortunately their home may not be worth what it used to be worth. I can go to my listing appointment with information in hand; facts from the MLS that show the recent sales of homes that are comparable to their home. It’s not an easy pill to swallow for anyone when looking at the facts. Let’s face it – our American Dollar isn’t worth what it USED to be worth either!

PH00365

Let’s look at the Closed Residential Sales in the Everett area

In September of 2008 the average sales price was $375,000.
In September of 2009 the average sales price was $321,024
In September of 2008 the Median sales price was $349,500
In September of 2009 the Median sales price was $302,150
In September of 2008 the Average Days on market was 79 days
In September of 2009 the Average Days on market was 91 days

We can look at the picture and think doom and gloom but what we fail to see is the positive side which is this:
In September of 2008 there were 133 homes sold/closed
In September of 2009 there were 166 homes sold/closed.

Check out this link to see the average interest rates for September 2008 and 2009.
money house
Remember that our market as always goes in cycles. Sellers need to determine if now is the time to sell and if it is then they need to get in the game and price their homes competitively at today’s market prices. It isn’t going to do the seller any good to over- price the home (2008 prices) in today’s market and have it sit there not even looked at by market savvy buyers. Interest rates ARE low and homes ARE selling when priced correctly. Banks ARE giving loans and homes ARE closing.
The hard truth is: If you as the seller, cannot afford to sell at today’s market prices – then you shouldn’t.


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