Rummage Sale

We recently recieved this e-mail regarding a senior trip for the Kingston High School seniors. We love to support our local community, and hope that getting the word out for these students will garner more support for them.

To Friends and Family!

I’m on the 2012 KHS Senior Grad Night Committee. That means I have a senior and want to help fundraising for their senior trip – YES on graduation night – to Silverwood Amusement/Boulder Creek waterpark in Idaho. We’re planning a safe and fun trip for them to celebrate graduation with their friends. We’ll have a handful of fundraisers planned now thru December trying to raise $10,000+. We have 200 Seniors. We’d like to raise enough $ for any student that wants to go – to go.

It’s time to gather the RUMMAGE ITEMS!!! Steve/Kingston Mini Storage has a unit to store and is our main drop off M-F 9-5. We’re also planning on adding DROP OFF days at the Kingston Lumber building itself on Sat/Sun Sept 3 & 4 and Friday Sept. 9. We’re offering PICKUPs too!

Attached is another flyer (printing/viewing the pdf will unjumble the text) that will be posted around town asking for donations. Ask your friends, family, grandparents, ask your neighbors that are having garage sales…. Ask your kids’ friends/parents. This is for the Seniors. I’m sure there are more parents out there we haven’t reached.

Last year the rummage sale event raised $1500 with the help of some big ticket items. A GREAT start to our $10,000-$15,000 goal!

It has PERFECT timing for back to school, sports/camping gear, holiday decorations, and to clear your garage/yard/storage unit… you can donate a service, product, food items, condo rental, music lessons, tutoring, lawncare (seniors???)… Is there a hairdresser/parent that could setup a little booth and have ‘back to school’ cuts for donation? We’ll have a wood-fired pizza booth and Kingston Chiropractic will have MASSAGES on-site for donation. Olympic Outdoor Center/Kayak Pro Shop in Port Gamble is donating Kayak Rental certificates!

Thanks for helping!!!

Anne LaValle

2012 Grad Night Committee, secretary

360-930-1907

If you’re moving or planning to, this could be a great way to get rid of items that you don’t want or no longer need anymore. If you were planning to throw it out or give it to Goodwill, why not support the local high school instead? 

Current Market Rates

Since we’re out of town at a conference, this will be short and sweet. In our last post we mentioned the current market rates and how that can affect whether or not you’ll want to a buy a home.

This graph illustrates the current market trends, and as you can see, right now really is the one of the best times to purchase a home if it is something you can afford.

Equity and the Current Market

As a seller, if you have some equity in your home then there is never a better time to consider making a move than now. Equity is the difference between the house value and the remaining mortgage balance. Essentially, if you have paid off a large amount of your mortgage than you are likely in a good place.

Image acquired from Google Images

If your home is too small from your growing family or if you’re considering downsizing since the kids have left, this market is one of the best to consider moving or investing in a new property. A seller with equity has increased buying power because the prices are down on homes and interest rates are low allowing you to afford a nicer home for the same amount of money. Even better? You’ll have more options on your choice of homes. If waterfront, acreage, and a warmer climate were once out of your price range then it is likely they won’t be now! It really is a chance of the lifetime to get a the home of your dreams.

Image acquired from Google Images

If this has intrigued you, then the first step to take is to get a market analysis for your home along with a net proceeds document from a realtor. These documents will let you know where you’re at with your home, how much it will sell for and the amount of money you will get from the sale. Then contact a lender to determine your budget and start looking at homes in your price range to see what your money can purchase. This is the best buyer’s market around and with equity in your home you’ll have strong purchasing power.

Short Sales & Low-Ball Offers (Part 2)

Try and remember: the bank is already accepting a net loss to their investors. Thus, they have no interest in accepting a short sale payoff based upon a contract price which is well below market value. Essentially, it is very likely they will pass by any low-ball offer on a short sale home. In order to determine the fair market value, the bank will hire a local third party appraiser or Realtor who will provide the bank a fair market value.  The bank will then compare the market value and the contract price to determine their net loss. This net loss will then be presented to their investors who will then either reject, counter the buyer’s offer, or agree to accept their loss as stated on the Contract.

(Image acquired from Google Images)

Sellers must calculate the risk of the offer received, based upon the information provided them regarding the buyer’s lending, the price offered, and the buyer’s timeline. Upon acceptance of an offer, the seller’s home will be removed from active listings in MLS.  Should the seller accept a low ball offer, their home could be off the market for an extended period of time, during which time the bank and your Realtor will negotiate the short sale contract. With low-ball offers the bank will most often reject the contract and the home must be placed back on the market, pending another offer.  This time is costly to the seller/homeowner and could very well lead them to foreclosure.

(Image acquired from Google Images)

Low-ball offers on short sales do not accomplish the desired end results for either party. The time delay is certainly a factor and neither party’s desired outcome is achieved. This is why sellers who are short selling their homes for sale do no wish to accept low-ball offers from buyers. 

Short Sales & Low-ball Offers (Part 1)

You’ve found the perfect home, and it’s a short sale. You’re getting a great deal!  Now you just need to make an offer, so you decide to make an offer–for a much lower price than they’re asking for. After all, you might get any even better deal than you bargained for! Unfortunately, things might not go as you’ve planned.

(Image acquired from Google Images)

Why would a short sale seller care if you write a low-ball offer? Remember: a short sale is an agreement between a buyer and a seller (the homeowner) not the bank. The seller is the property owner on the deed of record. The bank is not a party to the contract. No one from the bank will ever sign the contract/offer thus never being an actual party to the contract itself.

(Image acquired from Google Images)

If you are attempting to purchase a short sale you will be required to sign a short sale addendum which states that the seller can not actually sell the property without their lender agreeing on the terms which the buyer and seller have agreed upon. This means that the bank /lending institution/investors will be taking a lesser amount owed to them by the seller for which they may or may not accept.

(Image acquired from Google Images)

It is in the homeowner’s best interest to recognize that the bank will be extremely diligent about the contract price especially if the seller is facing foreclosure. In this case, time is of the essence and the seller doesn’t want the bank to tarry on their approval of the contract price.   Having a fair price to initially present to the bank can save valuable time for the seller.

(Stay tuned for Part 2…)

Short Sales

What is a short sale?  A short sale is when a homeowner is selling their property for less than they owe on the home and the bank accepts less on the home as the full payment. Typically, the reason homeowners short sale their property usually has to do with owing more on the house than the market will bear. There are a wide variety of reasons that homeowners need to short sale such as job transfers, financial stress, job loss and many others.

(Image acquired From Google Images)

In a perfect world the homeowner would be free of the house and the new buyer would get a nice house for less than is what is owed. However, each person’s situation will vary and there is not a set standard of rules for a short sale, however a short sale is always better than a foreclosure.

(Image acquired from Google Images)

As a Certified Distressed Property Expert, we are trying to facilitate buyers and sellers in the process of buying and selling homes. Since short sales are a large part of the current real estate market, we have to determine the best way to handle them for our clients, both buyers and sellers. We use an attorney to facilitate the short sale and negotiate with the bank. The success rate using McFerrin Burns and Stovell as our negotiator works 99.9% of the time. Buyers who are able to wait for the negotiation process can purchase a home at a great price. Sellers will be selling their home and it will have less of an impact on their credit than a foreclosure. Real estate agents who assist homeowners with short sales are making an impact on reducing that foreclosure market and helping retain values in our market area.

Sellers: Appraisals

What is an appraisal and why is it important? Sellers need to be aware that an appraisal will dictate the value of the home and what it will be sold for. This is especially prudent to keep in mind for today’s market.

(Image acquired from Google Images)

When getting an appraisal, sellers need to ensure they are putting their best foot forward. The best way to get a good appraisal is to bring things in your home up to date. In particular: kitchens and bathrooms. Old countertops, old fixtures, and old appliances will cause your home to look older and the appraiser will score it accordingly. If possible, you should replace these before the appraisal.

(Image acquired from Google Images)

For the outside of your home, ensure that the yard looks crisp and smart, and the hedges and shrubs are pruned. When an appraiser walks into your home, you want them to look at the home with admiration instead of cataloguing the features that are out of date. Although it is unfortunate the way the market has gone, a seller cannot change the market, they can only work within it to assure the best possible result for themselves and their home.