Real Estate Information

I've mentioned before that I do not blog about my clients and I like to give them their privacy.  I don't have a right to their story and it's theirs just as much as it is mine.  After being a real estate agent since 2004, I have had all sorts of experiences and I am sitting on a lot of great stories!  Well today, I received permission from a client to share the story about our experience working together.  It made me smile when she said, "Sure - no problem at all.  It was quite the whirlwind - and you did an awesome job for us.  Let us know when you post it!"

So without further ado, I present to you a true story about a short sale; a bank-owned property; and some of the lives that were touched.

* * * *

I had been working with a couple, who relocated to Seattle, since January 2009, and in June after MUCH research, we found their dream home.  It was a short sale and the computer showed it was “Pending.”  Can you believe it?  After all those months of searching; expanding and condensing the search criteria; running data and statistical reports; the perfect home is going to be sold to someone else! 

With a bit of persuasion, I obtained permission from the real estate agent and the home-owners to show my clients the home.  We confirmed that this was the dream home my clients had been waiting for, so I asked the real estate agent to let us know if the buyer walked away.  He said there had been a foreclosure notice posted on the home February 20^th and that the foreclosure date (120 days later) had been set and was fast approaching.  To our surprise, a day later he called me to say the buyer wanted out of the deal and if my clients wanted it, we’d have to match the original buyer’s offer no matter how good or bad it was!!  This would allow him to swap the old offer out for ours right under the bank’s nose.  The banks don’t care about names on the offer, just the terms.  So, we quickly got together again and wrote up the offer and presented it to the Sellers.  Everyone agreed to the deal, but we had to sit and wait for the bank to respond.  Apparantly, the first lien-holder had approved of the sale amount, but we were having trouble getting the second lein-holder to approve of the sale.  The listing agent, my clients' lender, and I tried to get through to the decision maker at the second bank, to no avail. 

Sadly, the bank foreclosed on the home June 20th, and took it away from under us - just one week after we had mutual acceptance from the Seller and Buyer.

Naturally, my clients were devastated and I was crushed about losing the home to foreclosure.  We weren't about to give up, though!  I contacted the title company and did some research and found that the home was sold at an auction to the second lien-holder.  Sure - they're not there for us when we need them to sign off on the sale; but they are first in line to buy it at the auction!  So, it was just a question of time before the property was back on the market again.  I checked the tax records daily to see if it showed the new owner on record.  I knew if the new owner was listed, then the chances of it being listed soon were higher.  I had tried calling the second lein-holder to inquire about when the home would be for sale, but didn’t get very far because it was a huge bank.  I was told to be patient and wait for it to be listed again.  I continued to check foreclosure listings on websites and in the MLS, looking for the home.  Also, I researched which real estate agents had the most bank-owned listings in the area this home was in and called a few of them to ask if they would be listing the home…. I tried everything I could to think outside the box to get this home for my clients!  We had to be first in line when the home was re-listed!  I just had to get this home for my clients, who had been so wonderful and understanding.  I also pulled up maps online and used tax records and past listings in the NWMLS history to locate a handful of other similar sized homes (in the same neighborhood) that backed up to a protected green space, like the dream home.  I wrote a letter and mailed it to ALL of those neighbors (25 or 30, I believe), letting them know I had a ready and willing buyer if they would like to sell.  I really feel like I tried everything I could to get this house for my clients.

One sunny Monday morning in late July, I checked the NWMLS again.  To my surprise, there was a new listing with the same address as the dream home!   It was being listed for sale for MUCH LESS than before, when it was a short sale, and it had no pictures attached to the listing yet.  This had literally just been listed!  Immediately, I called my clients and they were incredibly excited to hear the great news, too!  Next, I called the friendly listing agent and told her I had a buyer for the house.  She was ecstatic, and could not believe the good news that this home was now available!   So, my clients and I met at the house a few hours later, and we looked at it again now that it was vacant.  We wrote up a very competitive offer and submitted the offer to the listing agent right away.  She she said that she’d had a LOT of phone calls and showings on the place today.  Yikes!  So, we were feeling a little sick with nerves, hoping they wouldn’t lose the house TWICE.  How awful would that be?

It ended up that we were in a multiple offer situation: there were others watching this house and making offers.  The next day, each real estate agent was told that we had a few hours to make our offer even better, so that she would have the best offers to show to the bank.  We added more money to the escalation clause, and held our collective breaths.  An escalation clause reminds me of a proxy bid on eBay.  You determine the increments you want to “bid” over the highest offer, with a cap that you also determine.  This was their dream house – they had to get it!!

We heard back from the bank the next day, which was amazing!  Good news at last: the bank went with OUR offer!  It was the best offer of all the ones they received!!  My clients saved thousands of dollars, even though they paid more than the new listed price – which is what the bank had said they’d take for it.  So, we made the bank more money; my clients were happy with the great deal they got; and they moved into their DREAM HOME just three weeks later!  Bank owned properties close much faster that short sales because there’s less red tape.

What a rollercoaster ride it was!!  But, when my clients and I become a team and work well together, we can achieve incredible dreams.  I am so thankful to this couple for sticking through it all with our lender and me, and being so wonderful to work with.  I wouldn't have this blog to write, if it wasn't for them.

I wanted to share this video with you because it makes me smile.  I don't know his name, but the man featured in this video is HILARIOUS and he works for America's largest builder, D.R. Horton, in their marketing department.  He has spoken to our office a few times and most recently, he sang to us at one of D.R. Horton's model homes in Kent.  He reminds me of Chris Farley.  I wish more of his act had been recorded so you could see what I mean - he is quite the entertainer and made us laugh a lot before singing this song!!

Here he is singing, "What a Wonderful World" with new lyrics, as filmed by Jim Willner, Managing Sales Broker at John L. Scott Kent North.  You can see me in the tweed coat in the chair behind the music man and I wish I was smiling!  I'm really a happy person!!  I didn't know I was being filmed and unfortunately, my mouth naturally turns downward into a frown if I am not talking or smiling.  I truly enjoyed it - especially the second time around, when I saw this video.  I think if you're in the real estate world, you'll probably appreciate this:

Today's spotlight shines on Steve Findley and his local business Full Bore, Inc from Pacific, WA.  I love his company's tag-line: "We're excited about boring!"  Do you know what boring is, in this context?  

I asked Steve to explain this to my readers.  He emailed me a link to a video and then explained it like this, "Full Bore, Inc. specializes in burying virtually any kind of pipe without digging trenches in the ground.  We have equipment that bores a small tunnel under the ground 2 to 8 inches in diameter that we can pull the pipe into.  We can bore under rock walls, driveways, walkways or anything you wouldn't want to have torn up.  We are not only cleaner than the conventional way of underground installation, we are faster - installing up to 250 linear feet in a single day, including immaculate restoration.  We come in at around the same price as trenching, but actually save you money when you consider the cost of restoring a yard, driveway, or other landscaping that is destroyed while trenching."  Well said, Steve!

Here is the video - it takes a while to load, but it's a nice visual.  I found that I had to move the "play" button manually at first to get it started.  If you'd rather view it on YouTube, click here.

Steve has had his own business with Full Bore, Inc. for six years, but he's been in the construction field for 12 years.  When I asked him why he does what he does, he said, "I love the trenchless technology - it's a innovative and high skilled trade.  Every day I work, there are new challenges and problems to solve because every job is unique.  Soil, landscaping, property elevation, pipe size, and many other factors all come together in each project."  

It's evident that Mr. Findley really has a passion for what he does - he wasn't kidding when he came up with "We're excited about boring!"  I asked Steve to explain exactly what he loves the most about his job and he had this to say: "I love lining up a bore under a rock wall or on a blind angle (that my workers or customer think is impossible) and having it come out perfect!"  Steve's precision and attention to details make him an expert in his field.  The more challenging the job, the more Steve wants to tackle it because he know he can do it!
I don't know if there are any industry awards for boring underground, so I asked Steve Findley if he had received any recognition or accolades.  He said he's never received an official reward, but he has received page after page of emails and letters from clients that have praised him or his employees for the quality work they did.  Most of his business comes from repeat and referral business, which Steve considers to be the highest level of award a company could receive.  I like Steve's attitude, and I agree with him especially for my business.

In closing, I asked Steve if I could share any promotions or deals with my readers.  He said, "Until May 1st, 2010, we will take 10% off the entire cost of a trenchless water line replacement - and as always, we provide an lifetime workmanship warranty with every water line we install."  Fantastic!  Please mention this blog post and this offer when calling Steve Findley with Full Bore, Inc.

Steve Findley
Full Bore, Inc.
(253) 232-7438 
Email Steve

Has the Housing Market Recovered?

Members of the Northwest Multiple Listing Service (NWMLS) reported strong gains in home sales during the month of February 2010, with brokers noting several encouraging signs for a busy upcoming spring real estate season. Consumers are continuing to show improved confidence, and the looming deadline for the home-buyer tax credits are contributing to the boost in activity, according to the officials at the NWMLS office.

What a month!  Pending sales (offers made and accepted, but not yet closed) jumped nearly 45 percent last month compared to February 2009, which marks the 11th straight month of month-over-month increases.  Twelve of the 21 counties in the MLS market area reported double-digit gains in pending sales, led by San Juan County (up 85.7 percent), Snohomish County (up nearly 71 percent) and King County (up nearly 63 percent).

Closed sales also outperformed last February’s totals, rising 33.5 percent.  Real estate agents counted 3,214 completed transactions last month, up from the 2,407 closed sales for February 2009.

There were 10,663 new listings added to the NWMLS inventory last month, bringing the total number of active listings in the system to 36,350.  That total is down 7.5 percent from February 2009’s count, making this a more balanced market favoring neither buyers nor sellers.

Move-up buyers are accounting for some of this surge in activity.  Real estate brokers credit the combination of a $6,500 tax incentive for qualified repeat buyers and falling interest rates on jumbo loans as factors in generating activity for this group of buyers.

"Over the past 90 days there has been a buildup of positive momentum in the housing market and we continue to see evidence that the tax credit extension/expansion is working," said J. Lennox Scott, chairman and CEO of John L. Scott, Inc.

Mr. Scott noted higher priced areas, such as Mercer Island, Redmond, and Issaquah, are seeing an increase in home sales – suggesting more move-up buyers are taking advantage of this tax credit. "Historically low interest rates continue to be a motivating factor which when combined with the tax credit give buyers a significant purchasing power advantage," he commented.  Here is what Mr. Scott had to say when he stopped by my office for a visit last week: 

Video taken by Jim Willner

Buyers with an agreed-upon contract by all parties by April 30, 2010, have until June 30 to finalize the home purchase and qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for existing home owners moving and buying a new home.

Would you like this information emailed to you once each month?  Please sign up for my e-newsletter and I'll make sure you receive my monthly report.

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King County: 4,122 new listings; 11,539 active listings; 2,621 pending sales; 1,255 closed sales; average price of closed sales: $429,288; median price of closed sales: $343,500.

Pierce County: 1,567 new listings; 5,609 active listings; 1,132 pending sales; 477 closed sales; average price of closed sales: $233,131 median price of closed sales: $217,800.

Snohomish County: 1,759 new listings; 5,177 active listings 1,133 pending sales; 574 closed sales; average price of closed sales: $297,372; median price of closed sales: $269,000.

NWMLS: 10,663 new listings; 36,350 active listings; 6,590 pending sales; 3,214 closed sales; average price of closed sales: $323,275; median price of closed sales: $260,000.

Compare these numbers with last month's report.

The leading expert in color, Pantone, Inc., has made it official: Turquoise is the “it” color for 2010 for fashion, furniture, decor, and walls.  Before you deck the house from top to bottom in the gemstone hue, consider the other hot color trends.

Behr Paint Company says neutral is still in: light colors such as shades of grey, camel and off-white.  Experts suggest buying larger furniture such as sofas or armchairs in these safe colors, which never truly go out of style.  Complement those neutral colors with aqua and gold tones, but stay away from darker browns, which are becoming passé.

While monochromatic schemes are still versatile and dependable, HGTV says the real winners in the color game right now are bold jewel colors such as ruby red or emerald green, and the brighter the better — especially if it’s a purple hue. Experts advise pairing these daring tones with a smoky charcoal or a softer black to give a room a vintage feel.

Going green and getting back to nature is a major trend, too.  Earthier tones, such as sand or yellow-greens, are perfect for living rooms or kitchens. But going back to your roots doesn’t just mean dipping into Mother Earth’s favorite colors.  Decorators say Asian-inspired or tribal patterns are adorning decorative elements as consumers look to get the most bang for their buck.  Think pillows, area rugs or murals as key items for this season.

Related links:

10 Tips for Picking Paint Colors

Interior Paint Colors

No, the four goldfish are NOT living in the hot tub, as my headline may suggest!  My husband, Jake, with Jake of All Trades, LLC is working on a huge remodel at a client's house.  He was asked to have the hot tub removed and to find a good home for the 4 outdoor goldfish living in a pond.  Can you believe the last home-owners left without their fishies?

Jake says, "It's an 8 person hot tub - both in seating capacity and number of people it will take to move it!"

This home is located in Auburn near the Federal Way border by Peasley Canyon on 51st Ave. South.  If you are interested in adopting the fish or taking away (you haul it) the FREE hot tub, please contact Jake immediately and he will give you the address.  He or one of his employees (Todd or Dave) will be at the site between 8 am and 5 pm tomorrow.  These fish and the hot tub MUST go - please take them away!  Pictures are below.  UPDATE MONDAY, MARCH 8TH: THEY ARE ALL STILL AVAILABLE!  Thank you!

Email Jake Dawson

Jake of All Trades' Website

Jake Dawson's mobile phone: (206) 419-2834

On Monday night, I saw a tweet on Twitter from Jason Oelrich, one of the Twitter friends I follow.  He said, "We will miss you!--Gene Porter, the man behind the hot sauce, dies at 71: Gene Porter was the man behind (cont) http://tl.gd/cvkcn"  Before clicking the link to read more about the story, I responded to Jason with: "NOOOOOOOOOOOOOO! PORTER DIED???"  I was shocked.

I will always remember Gene Porter as the friendly, yet almost intimidating, owner of Dixie's BBQ on the Bellevue-Kirkland border.  I guess you could call him a gentle giant.  Everyone called him "Porter," because he went by his last name.  Porter created the famous incredibly hot hot-sauce he called "The Man."  If you've seen this bumper sticker, you've seen someone who's "Met the Man."

Dixie's was around long before I'd heard of it.  When my husband Jake and I were first dating, he worked at Kenworth Division in Yarrow Bay.  He loved walking to Dixie's BBQ for lunch and ate there with his coworkers several times each month.  Jake doesn't like spicy foods, so I was surprised when he told me he had met "The Man" and tried the hot sauce.  It's just one of those rite of passages you must take if you visit Dixie's.

I'll always remember the first time I met Jake for lunch at the modest-but-famous Dixie's BBQ in 2000.  The lunch line was out the door and as I walked down the corridor to the order area, I was told by Jake and his coworkers that I had better be prepared for what I wanted.  Apparently, Porter's daughter L.J. expected you to know what you were ordering when she took your order or she'd pass you and shout, "Next!!" like the Soup Nazi from Seinfeld.

As I approached the ordering station, I quickly blurted out what I had rehearsed in my head.  I probably would have ordered something different if I'd had time to see the menu in line and think about it, but the line moved swiftly and I didn't want to make L.J. mad and get skipped.

Once we were all seated in the cafeteria-style dining area with our food, we waited in anticipation for Porter to come out and offer us his hot sauce.  We didn't have to wait too long before Porter emerged from the back and worked his way around the room.  He was the star of his own show, and he was the real reason we all came to Dixie's.  Porter could smell fear and had a knack for remembering faces and detecting knee-knocking newbies, shaking in their seats.  Nobody leaves Dixie's without being offered a chance to meet "The Man," and he is disappointed if you refuse his smokin' hot sauce.  

As he approached our picnic table, I was a little nervous with him standing beside me.  Porter was a large man - a legend - and was intimidating to me.  "Have you met The Man?" he asked me.  I agreed to try some.  "Do you want some on your sandwich or a little taste on a toothpick?"  My theory is that spice is more potent when it's all you're tasting.  I'd rather have a tiny helping on my sandwich so it would meld with the other flavors.  Some would argue that the hot sauce would spread all over the sandwich and ruin it!  So, Porter gave me a tiny dab of "The Man" sauce on my sandwich and Jake obediently took his helping on a toothpick.

THAT SAUCE WAS HOT.  I mean REALLY HOT!!  I'm half Texan and I love spicy foods, but that sauce was way too hot for me to enjoy.  I was happy I tried it that one time from Porter's famous pot of Man sauce, so that I could say I tasted it... but once was enough for me, thank you very much!  I'm happy that Porter himself offered it to me, like he did to so many others before his passing.

Dixie's is closed this week as the family grieves their loss.  Porter left behind a wife of 50 years, Dixie, two grown children, and five grand-children.  My heart goes out to his family and everyone else feeling this loss.  The whole community is buzzing about this and we're all saddened over this.  Later this month, my brother, sister-in-law, husband, and cousin plan to eat at Dixie's and have a sandwich in Porter's honor.

Porter, you were like no other and you'll be missed.  I'm so sorry you are gone.

Readers: do you have a Gene Porter story you'd like to share?

Gene Porter: 1939 - 2010

A few months ago, I had an idea to spotlight local businesses with my blog.  This is the second blog post in this new series I'll be bringing you, so I can tell you a little more about the people I know and the small businesses they own.

Today's spotlight is on Kristy Rorie, with Stage to Perfection.  Kristy and I met in 2007 at a real estate staging class and have kept in touch; worked together; and become friends throughout the years. 

What exactly is staging?  It is the art of making a house look like an inviting, soothing-to-the-senses home.  It is turning a house into a model home and can be done with your own furniture, or rented pieces of art, furniture, and home decor pieces.  At the time of this writing, staging statistics show that 95.6 percent of staged homes sell in 37 days or less, compared with homes that are not staged before coming on the market.

Kristy Rorie is the owner and operator of Stage to Perfection, a seven year old staging company from Newcastle, WA.  She has a flair for interior design; excellent tastes in home decorating; and provides very professional customer service to the Sellers and real estate agents she works for.  Kristy has excelled in Interior Design classes and holds the prestigious Accredited Staging License after passing Barb Schwarz's Accredited Staging Professional classes.

When I asked her how she came up with her company's name, Mrs. Rorie explained, "I wanted to hold myself to a high standard when working for my clients!"

Kristy Rorie has a passion for Interior Design and Real Estate, so staging was the only natural answer for her home-based career.  I asked her what she loves about her job, and she answered, "Making my own schedule; shopping; decorating; and helping my clients recoup the most money possible from their homes in the shortest amount of time."  It's obvious that Kristy loves what she does and feels a sense of pride and satisfaction when her job is complete.

As I wrapped up my interview, I asked Kristy if she had any current promotions she would like me to mention.  Kristy said, "I will underbid my staging competition by 10% when provided with another written estimate for the same property."

Please contact Kristy if you'd like to learn more about her services, or if you're ready to have your home staged.  She not only stages a home to sell; Kristy also stages homes using your furniture to give your home a fresh new make-over - perfect for when you're stuck in a rut and want a change!

Kristy Rorie

Stage to Perfection

(206) 334-0453

www.StageToPerfection.com

I like to publish this chart monthly, for the current month.  I know it's March (did you change your calendar?), but the company that I work with to create this reported a "glitch in the system," and the report was delayed.

So, without further ado, here is the chart for the month of February 2010.  Here is your mortgage interest rate history information - please click the image for a full screen view of the graphs:

For those of you reading this blog post through my notes on Facebook, here is the link to see the blog post with the image properly embedded: February Interest Rate History.

I was in the office on Tuesday and was happy to see J. Lennox Scott there!  It's very rare for him to make an appearance in one of our 145 offices, so I went to my car to get my camera and when I returned, he was sealed in a conference room.  I have met him a few times before and he is always gracious and down to earth.  I figured he would have no problem posing with me for a picture.

Mr. Scott was there for a few hours for a "meeting of the minds," with the brokers of our Kent North and Renton offices.  Our two offices are unique - we are not corporate offices and we are the top two performing offices in the entire state (not JUST out of the John L. Scott offices - out of all real estate companies in WA).

If you don't pay attention to real estate, then you may not understand who J. Lennox Scott is.  He is the third generation Chairman & CEO of the John L. Scott Company; is a dynamic speaker; an expert on real estate; and is regularly featured in the Seattle Times real estate column and the Puget Sound Business Journal.  John L. Scott Real Estate was founded here in the Puget Sound and has been in business for nearly 80 years with offices in Washington, Idaho, and Oregon.

Since I was not able to get a picture with the man, the myth, the legend, I was happy to see my managing sales broker Jim Willner made a video of him while in our large conference room.  Jim is addicted to his Flip camera, and I love that he seizes perfect opportunities to use it.

If I haven't been clear on why it's such a smart time to buy, please take 90 seconds and see what Lennox Scott has to say about today's real estate market: