I spotted a great article at CNN.com today which, in simple terms, defines the roles of those to blame for the current mortgage/credit problems. Borrowers, mortgage brokers, mortgage companies and banks, Wall Street, and the Federal Reserve are all named as co-conspirators. Use this link to read the article.
“Why Won’t My House Sell?”
There was a nice little article in the Seatttle Times Saturday Real Estate section which offered suggestions for increasing the appeal of your home to potential buyers. While there are some helpful tips, you may need more significant help if your property has been lingering on the market for more than 60 days. I spent the early part of my real estate …
Cart Before The Horse?
Always consult with one or more Realtors before you start making plans for your home equity. Over the last 3 years home owners have come to have great expectations of the equity in their homes. We now know that things have leveled off a bit over the last 6 months. However, great expectations sometimes lead to ambitious planning. While the market …
Media has “Lost It”, But it May Actually Help
While there is some very irresponsible reporting taking place in newspapers, on television, and especially on-line regarding the state of the housing industry and mortgage related problems, the ratings and ad-sales seekers may actually be helping matters. The “sky-is-falling” reporting may be enough to excite voters to contact legislators, who may in turn begin to exert enough pressure on the …
More Mortgage Madness
The past week has been one of turmoil and concern for both real estate buyers and sellers. Buyers are finding it difficult to get favorable mortgage terms, and sellers are seeing fewer buyers that qualify to buy, based on stricter underwriting requirements. THE MEDIA: TV and newspaper stories continue to publish half stories and half truths that confuse. More than …
Mortgage Madness Follow-up
I just spent about an hour on the phone with Ron Delfs at Equity Northwest, our preferred lender [ron@equitynorthwest.com]. Ron had reviewed my previous post, so I asked him candidly what he thought about The Mortgage Professor’s article in The Times. He thought it was good, but that “down here on the ground it’s about 10,000 times worse”. Here’s the …
Mortgage Madness: The Professor Got It Right!
Clients look to us to provide answers regarding the media blast this week concerning the the stock market and related credit industry concerns. Sellers are wondering if they will ever sell, and buyers are wondering if this is the righ time to buy. It is interesting that media headlines have folks buzzing about the future of housing and credit when …
The Most Important Thing to Check BEFORE You Buy: The Commute!
This is our 2 cents regarding the importance of checking out a neighborhood before you buy. The Seattle Times has an article July 18, 2007 about the importance of getting to know a neighborhood before making a purchase. Isn’t it great just tooling around looking at neighborhoods on a sunny weekend day. Somtimes those days lead to a compulsive disaster: …
Seller Disclosure Responsibility NOT What Buyers Often Think.
This is a difficult subject. Rather than get into the ethical arguments, of which there are many, I want to get the principal across that is most important: Although sellers are required to provide a property disclosure statement, it does not absolve buyers from the responsibility they have to themselves e.g., if you are injured in an auto accident, and …
How to Check Out a Contractor
Use this link to connect to the Washington State Department of Labor and Industries. There you will be able to review many helpful ideas that will keep you, and your contractor, out of trouble, as well as verify your contractor’s license, insurance and good standing.