Get Real Tacoma

I get so many questions about Rehab loans, especially for Foreclosures in Hilltop and around Downtown Tacoma, that I took a few minutes to talk to Sean Werner of Wells Fargo about how exactly how FHA 203k Streamline loans work.  If you have any further questions, post them in the comments and we’ll get you an answer.

What is an FHA 203k loan? This  a loan which can be used to renovate a previously occupied home back to acceptable living conditions of the buyers choice. The 203K renovation loan is limited to 35K in improvements. The cost of the impovements are added the loan which is financed. Read the rest of this entry »

Well, winter is has truly arrived.  While we have not yet received our first blanketing of snowy white stuff we have lots and lots of wintertime darkness.  This affects the way homes are shown in a big way.  I was reading this post by a fellow Realtor Blogger Teresa Boardman in St Paul Minnesota, and thought I would add some of my own thoughts.

With so many vacant, distressed, and foreclosed homes on the market, this often means finding homes that have no no heat or power on at all.  If you look at these homes anytime after 4:30pm, it’s probably going to be difficult to see much.

Buyers:  Bring a flashlight.  One of my lovely #1 clients gifted me a fancy Maglite for looking at foreclosures (Thanks, Lisa!) and it has been the greatest thing ever.  You, your Realtor, and anyone else who comes along should each have their own.  Most banks do very little to make sure these homes (some of which are halfway through a remodel and missing important things like walls and floors) are totally safe- and the added problem of darkness can make holes in the floor, nails, and various other dangers difficult to see.

Sellers:  I know this is not the greenest suggestion, but leave some lights on.  It always makes a positive impression on a buyer when you pull up to a house and it looks warm and inviting.  I’m not saying every single light in every room in the house must be on (though that is always nice) but turning the Living Room, Kitchen, and Hallway lights on goes a long way to making the house seem bright and friendly on a dark evening.  Also, try to make sure the temperature is above 60 degrees. As a lady who is always cold, I’d love it to be above 65 degrees.  This is especially important if the house is vacant or if you are away on a trip.  Buyers just don’t linger or pay close attention to details in homes that are freezing cold.  If they are racing through in order to get back to heated seats in the car- you are losing out.  Turn on the heat! Turn on the lights!

The $8,000 Tax Credit Expires November 30th 2009

With the $8,000 tax credit scheduled to end Nov. 30, the number of home buyers looking to take advantage of the credit (as well as the historically low prices and low interest rates) is starting to increase as the year winds down, especially as we start seeing glimmers of an economic upturn for the real estate market. If you’ve been waiting for the right window of opportunity to purchase your first home, (or put your home on the market) this might be the time. I’d be happy to answer any questions you might have. Feel free to call me or email me any time. For more information on the Tax Credit, visit http://www.federalhousingtaxcredit.com/2009/faq.php.

Before I became a Realtor, I was a buyer.  I bought 2 houses before I became licensed, and I remember obsessively searching on different real estate companies websites.  It was always a struggle to sort through their layers of branding, “featured listings”, and mandatory sign-up sheets.   My fabulous Realtor (and now Real Estate BFF) Craig Bergstrom would find houses for me based on my criteria.  As a buyer on a budget, my criteria was changing constantly, and I loved searching through all the listings myself.

These days buyers have so many great home search sites beyond those offered by real estate companies.  I recommend Trulia to my clients, but there are many others.  My #1 Client Matt just sent me this article about using Google Maps in your real estate search, which I thought was fantastic.

What are some other sites that you have used successfully?

“Now is the time to buy.”  This is something that I hear a lot out there.  Most people look at the low interest rates and  huge price redutions going on in the housing market and say this.   In my opinion, whether or not it’s the time to buy depends entirely on your situation.  Are you planning to move in the next 2 years?  How secure is your job?  Is your family going to be growing or shrinking in the next couple years?   

Trulia has a great rent vs. buy calculator that can help you answer the question for yourself here.  These caluculators are fun and can be a great jumping off point for starting your decision making process.

Last week credit companies made some changes to how your FICO score is calculated.  

If you are buying a house, refinancing a house, or renting an apartment- you are being judged based on your credit score. I am not one of those people who advocates being obsessed with your score. I spent two years of my life obsessively reading and worrying about how every minor financial event in my life impacted my score, which is silly.  Obsessing about credit is unhealthy, but understand the scoring process staying on top of how to put your best foot forward to creditors is a good thing! 

Credit scores range from 300-850. The lowest I have ever encountered was a 463, the highest I’ve seen was 840. Both of those people made about the same income, it was all about how they managed their money. The average credit score in america is about 678.  If your score is 700 or above, your interest rates should be low and credit should be readily available to you.

Here is a breakdown of how scores are determined, from Suze Orman: Read the rest of this entry »

How to Finance the Fixer?

Some people want to buy a house in perfect shape. Other people see a house in disrepair and can imagine it reborn, remodeled, and tailored to their specific needs and tastes.   I confess to being in the latter group, I tend to get very excited about well priced homes that need fixing.

The problem with this (as anyone who has ever done a home inspection or had an appraisal will tell you) is that banks generally only like to loan money on houses that are all in one piece!   There is a way to finance your dreams. Read the rest of this entry »