HomeSeeker Center By; Don Sieb To successfully purchasing a Bank Owned Properties (REO) requires more attention to timeline than many traditional resale purchases. Banks love to move fast. The offers that are received to the bank must be willing and able to close in a very short amount of time. Bank Owned Properties (REO), normally require the buyer to be able to close final escrow within 10 to 15 days of the offer being accepted. In fact, for the offer to even be considered, the buyer must be Pre-Approved by a lender before an offer is extended. Pre-Approved is different than PreQualified. Pre-Approval means that all the buyer’s documentation, credit reports and assets have been verified by the lender with underwriter approval showing that the buyer will receive a loan subject to an ap... 09/24/2009

On the usual network or cable network shows the Wall Street pundits continue to push the idea that things are getting better regurgitating numbers meanwhile the day traders continue on making money. On Main Street the middle class continues to get beat up and fleeced. One year later after the bail out of AIG we learn that 93 of the 180 billion was passed on to Goldman Sachs and Deutsche Bank (and others) with no possibility of seeing any of it again let alone on how it was spent other than some bonuses. Meanwhile on the real estate front while home sales are occurring the big story continues to be the lack of acknowledgement by our government that big banks, the secondary market, wall street and others continue to hold the real estate market hostage. Many foreclosed homes are listed in ... 09/16/2009

For the past eighteen months my blogs will touch on this very topic. Dylan Ratigan - his program "Morning Meeting" on MSNBC had guests on today specifically addressing the bricks preventing us from real recovery. I recommend you click below and read what is really going on. He knows the issue and clearly understands the landscape better than most. http://www.huffingtonpost.com/dylan-ratigan/americans-have-been-taken_b_285225.html I recommend you click on to his site and click the video featuring Elizabeth Warren. Another voice for mainstreet America.  http://www.msnbc.msn.com/id/31510813/ You will continue to hear that we are turning the corner. What you don't hear is the banks continue to have a stranglehold on us as do the insurance companies (the one and two top spending and most pow... 09/14/2009

According to CBA information, there have been 3 commercial property sales in the Everett market area (CBA area 310) since June 1 of this year. As comparison, during the same period last year 18 properties sold.  Additionally, as a general rule, the value of each sale is far lower than in the previous year. From the beginning of 2009 until June 1, there were 9 commercial property sales in the area. Here is the list of properties sold since June: Property Name/Addr Sale Date List Price Sale Price 128th Street Retail Plaza   8/20/09   $2,660,000    $2,358,143   927 Medical Center   6/23/09   $1,660,000    $1,425,000   AM/PM Mini Mart & Gas   8/5/09     $800,000   09/12/2009

The tiring argument between the ideological forces continues. One side says no more taxes, cut taxes, reduce spending the latter of course never happens. The other side says taxes should be the solution to pay toward services for the have-nots and of course those folks never met a tax they didn't like even if the money is wasted so that is not a solution either.  The truth is if government made capital expenditures (to support existing revenue producing assets plus build more to increase asset and revenue base) complimented with a revised tax system (a flat tax of some sort) the argument would end and the money would be there for education and health care to name a couple of priorities. Our focus should be to revise the tax code. At the same time locate and invest in revenue enhancing a... 09/12/2009

The banks, foreclosure management companies, attorneys, secondary market - the list is longer continue to have a strangle hold on the American economy. Clearly there is no incentive or hammer compelling the aforementioned to negotiate with the main street American that is struggling with their house payments. There is no incentive or hammer for the aforementioned to negotiate a short sale for those main street Americans that lost their job forced to sell their house so they can get into housing they can afford until things improve or for the employed main street American buyer trying to buy that house - there is no incentive or hammer to help so America you better start making demands. Two years ago the United States of America was converted to the New Republic of Wall Street and your ‘... 09/11/2009

By: Don Sieb Part IV Buying REO Properties-What is the condition of the property? Be prepared to buy the property as is, or make a strong offer to get your repairs made. Banks will always push to sell the property "As Is" to avoid coming out of pocket with additional money. Working with a solid Realtor can help your negotiations. The banks always want to sell the property in "as is" condition. Most of them will provide a Section 1 termite clearance but make sure you include this in your offer. In addition, make sure you get a good inspection of the property so you know exactly what you are buying. It is so important to have a good physical inspection of the property. Most contracts call for a time period to back out of the transaction should you find problems with the home. Make sure yo... 09/06/2009

Snohomish County, WA How to Use Self Directed IRA’s to Buy Real Estate By: By:  Don Sieb Little-known IRS rules allow retirement savers to take "nonrecourse" loans against IRAs and leverage their savings as a down payment to buy investment real estate. IRA borrowers can get loans on a condo or townhouse, a single-family home, a multiunit apartment building and even commercial property -- so long as the rental income will yield positive cash flow. Since 1974, Americans have had the ability to use IRA assets to buy investment property. Yet the means to do that -- called a self-directed IRA -- remains one of the least known and unheralded investment vehicles in the vast financial marketplace. The overriding factors are whether the property appraises for the sale price and will produce enou... 09/06/2009

REPORT:Next RealEstate Crisis FHA By Don Sieb FHA Likely To Be the Next Shoe To Drop in Ongoing Real Estate Crisis The next big crisis might affect the Federal Housing Administration (FHA), which has grown massively to fill the gap left by the collapse of subprime mortgage lending. The FHA is a big reason that home prices haven't fallen even further. The FHA's aggressive lending programs have continued throughout the housing downturn, causing its market share of the mortgage industry to grow from 2 percent in 2005 to 23 percent today. The FHA is an even larger percentage of the new home mortgage industry, with nearly 25 percent market share, according to HUD. The FHA insurance fund, however, is likely running dry, he says: "According to a report from mortgage finance experts [click here... 09/06/2009

Part II:Buying Bank Owned Properties.  By:  Don Sieb If you are considering buying Bank Owned Properties-(REO) in Snohomish County  remember that properies are owned by the Bank and free of any liens. The banks are still going to try and get the most money they can for the property but they are more willing to take a quick loss and move on. At this point the Bank may have to evict the tenant, do some repairs to the property and get it ready for sale. Other items the Banks will handle may include removing IRS tax liens and paying off HOA dues. The biggest benefit of buying Bank owned property is you will have the opportunity to get title insurance. Title insurance will ensure that you do not have any additional liens recorded against the property. Some of the issues buying property in di... 08/29/2009

By: Don Sieb Market statistics in Everett, WA show home values for Condos-Townhomes and Single Family Residences are stabilizing according to HomeSeeker Center, who follows these trends carefully. Real-Time Market Statistics Market Statistics Everett Condos-Townhomes Median List Price $192,950 Asking Price per Square Foot $176 Average Days on Market 173 Median Size (Sq. Ft.) 1,139 Total Inventory 409   Market Statistics Everett Single Family Homes Median List Price $285,000  Asking Price per Square Foot $160 Average Days on Market 192 Median Size (Sq. Ft.) 1,813 Total Inventory 1,124 Despite the recent national trend of falling home values, the price per Sq. Ft. have stayed reasonably flat in Everett since March of 2009. The market decline seems to have paused around these plateaus for ... 08/19/2009

LOAN MODIFICATION EVERETT, LYNNWOOD, MILL CREEK, WASHINGTON   By now, nearly every homeowner in Washington realizes housing values in areas around Everett, Lynnwood, and Mill Creek, Washington have been plummeting, in addition to escalating unemployment, rising interest rates, and mushrooming foreclosures.  According to recent reports, half of American mortgages will be "underwater" in 2011, the owners of the homes owing more than the houses are worth.  Lately, the Obama administration has put greater pressure on lenders and their mortgage servicers, who act as bill collectors on behalf of investors who own mortgage bonds.  On Aug. 4 the Feds unveiled the first of their monthly "name and shame" exercises, which publishes data on the loan modification efforts of about three dozen compani... 08/18/2009

Prevent Foreclosures-Snohomish County, Wa.By Don Sieb HomeSeeker CenterHelping The Unemployed Pay Their Mortgage to Help Prevent Foreclosures.  As more jobless fall into foreclosure, the Obama administration is looking at ways to help them save their homes. Homeowners in trouble are having mixed results applying for President Obama's foreclosure prevention plan. As a growing number of jobless Americans default on their mortgages, the Obama administration is considering new ways to help them prevent foreclosure. Among the options being floated are giving the unemployed money, in the form of grants or loans, to cover their mortgage payments or allowing them to remain in their homes as renters after foreclosure. The plans remain in the formative stage and are likely to encounter resistance... 08/18/2009

By Don Sieb HomeSeeker Center Tips for Buying Foreclosures.  Price-conscious home buyers are lured by the low prices advertised for properties in foreclosure. They hope to show up at the auction and win the lowest bid. However, many of these homes are not available for inspection prior to purchase. Is it smart to buy a home that you cannot inspect? Could be if the price was low enough to compensate you for the amount of work that might be required to bring the condition of the home to market standards. Before you rush forward to buy a foreclosure, stop to think about some of the drawbacks and repercussions if you can't get in the house to inspect the interior. Who Is Living at the Property? If the property is occupied, the successful bidder is typically responsible for removing the occu... 08/17/2009

FORECLOSURE HELP WASHINGTON A rising number of Washington homeowners are hoping to find foreclosure help from recent government plans and regulations designed to help borrowers aqcuire a loan modification and assist the struggling housing market.  In the meantime, the trend of the plummeting housing crisis has continued.  Foreclosures continue to rise even after hundreds of billions of dollars have been provided by the Obama administration to mortgage lenders and banks fearing to go out of business due to the expanding mortgage crisis. By creating hundreds of billions of dollars out of nothing, the currency and prices will begin to rise at an exponential rate. Bailing out banks will continue to debase the currency, which will result in more dollars being required in order to support you... 07/07/2009

LOAN MODIFICATION ELIGIBILITY For those in dire straits in the troubled economic times the threat of losing one's home is growing by the day, and for many others it is already too late. Whether trapped in high interest rate mortgages, with an adjustable rate about to skyrocket, or accumulating defaults and possibly doomed to foreclosure, the only thing to save the home of most Washington borrowers is a Loan Modification.  Being aware of your loan modification eligibility is crucial due to the Obama administration's anti-foreclosure program and "Making Home Affordable" plan.  Millions of borrowers who are current but having difficulty making their payments, and borrowers who have already missed one or more payments, may be eligible.  Homeowners that can no longer afford to make their mon... 06/24/2009

OBAMA PLAN HELPS WASHINGTON The recent anti-foreclosure bill passed by Congress, aimed at helping millions of struggling borrowers keep their homes, allows for qualified homeowners to swap out a high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.   Under the new Obama plan for homeowners, banks are encouraged to spare borrowers from foreclosure and cracks down on predatory lenders who take advantage of them.  President Barack Obama assured that homeowners, having mortgage loan modifications more accessable, facing foreclosure would have a second chance.   [MSNBC, 5/19/2009]   Speaking in the White House's East Room, President Obama stated, "too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't ev... 06/24/2009

FREE LOAN MODIFICATION COMPANIES, WASHINGTON   Many Washington homeowners have now heard about the free loan modification services being offered to borrowers thanks to President Obama's new loan modification and housing market plan.   A large number of certified "non"-profit organizations have been licensed and given incentive by the government to help the American public modify their home loan.  Even though lenders and borrowers tend to mutually benefit from a home loan modification, dealing with those lenders is frequently difficult if not impossible for homeowners attempting loan modification alone.  Due to the massive volume of borrowers requesting help from "non-profit" loan modification companies, most requests are lost in the shuffle and never get the help they require.  Each and... 06/18/2009

It seems that the Port of Everett is safe once again, as the rain of terror from falling golf balls seems to have ended.  Whether it is because the Port of Everett turned its security camera around to watch the hills, or if the person doing it simply realized they were actually hitting something we may never know! Seattle Pi article on Everett's mysterious golf ball terrorist. 05/23/2009

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