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.

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

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

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

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

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

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.

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:

The NWMLS is promoting this to real estate agents and brokers, but I thought I would also bring the news to my readers.  They'll accept anyone's donations!  In order to participate, please drop off new or gentlyused shoes at any NWMLS office from between now and Tuesday, March 16.  All types and sizes of shoes will be accepted, they say, but I have to wonder if Ugg boots are really necessary since it's a much hotter climate than we are used to here in Washington State.  Please contact your local NWMLS office for additional information.  You may call the Kirkland location to find out the address of the office closest to your home or office: (425) 820-9200 or toll-free at (800) 541-0455.

Here are the promotional flyers the NWMLS is distributing:

OPEN HOUSE DATES:

Saturday, March 6th from 12:00 - 3:00 pm

Sunday, March 7th from 2:00 - 5:00 pm

Sunday, March 14th from 1:00 - 4:00 pm

 This is the home you've been waiting for!  This gorgeous 3 bedroom Craftsman home is the pride of Northpeak Crest and sits on nearly a quarter acre of beautiful land.  This lovely home is located on Kent East Hill in the Kent School District and children in this neighborhood attend these fine schools: Sunrise Elementary, Meridian Middle School, and Kentwood Senior High.

From the street you'll instantly notice the incredible curb appeal this home has.  The interesting peaks in the roof-line, soothing paint colors, and neatly landscaped yard will pull you in!  In the Springtime, the mature rhododendrons explode with beautiful, rich colors.  The in-ground sprinkler system makes caring for this yard hassle-free.

Located across from the Meridian Valley Golf & Country Club, you'll find approximately 2150 square feet inside this home.  As you enter the front door, your eyes will be drawn to the vaulted ceiling in the entry, and the soaring vaulted pine ceiling in the over-sized great-room.  This extra large room has a gas fireplace, is wired for surround sound, and has a perfect niche in the wall to hold a flat screen TV.  Just off the dining room are French doors leading to the multiple level deck which would be perfect for barbecues while entertaining family and friends.  After a long day at work, you'll love having your own private hot tub hidden by lush, mature landscaping in your fully fenced backyard.

This updated home has a second living room with a wood-burning fireplace (yes, there are two fireplaces in this home)located in the back of the house.  The spacious kitchen has newer appliances, a closet pantry, breakfast bar and a casual eating space separating the living room from the kitchen.  Just off the dining area is a sliding glass door to a covered outdoor patio area for outdoor meals on those sunny evenings.  Around the corner you'll find a hidden storage shed and a concealed area for an RV.  The RV area is fully equipped with 220 volt 3 prong electric, and separate cable TV and sewer connection.  There is a man door that leads to the garage from outside.  The spacious 2 car garage has a number of built-in shop areas and areas for additional storage.

The laundry/utility room and a half bath are also conveniently located on the first floor.  As you walk up the open spindle staircase, you'll see a nice landing area at the top, adding to this home's wide open space.  There are three well sized bedrooms upstairs and the master bedroom is situated in the back.  Connected to the master bedroom is a master bath, complete with dual sinks, generous counter-tops and a walk-in closet.  Throughout the home, you'll notice the soothing designer paint colors, and slate, tile & plush carpeting.  It's obvious this home has been respected, loved, and well-maintained.

While you're upstairs, you'll want to pull down the hidden stairs from the ceiling and sneak a peek at the secret storage area/bonus room in the attic.  The previous home owner said their daughter made it into a bedroom, and there's even a phone line connection there!  We are not counting this a 4th bedroom and it is not included in the square footage.

One of the current home-owner's favorite features of this neighborhood is the shared common area; a feild located in the neighborhood.  This is where neighbors get together for gatherings and children play.  The property is also very conveniently located close to the grocery store, doctors' offices, and other shops.

We have competitively priced this home, so please stop by the open house on Saturday, February 27th from 12:00 - 3:00 pm to get a tour of this fantastic home before it sells!

Well, as of a few moments ago it is officially listed!  I have added the new listing to my website, but I also wanted to bring you this picture:

Isn't it gorgeous??  Talk about curb appeal!  When driving East of 240th Street on Kent East Hill, you'll notice this beautiful home on left, just after the QFC grocery store, and across from the Meridian Valley Country Club.  I have a feeling the future owner of this home will be someone like me, who has driven past it many times and stared longingly at the property. 

You may also view additional photos of my newest listing at JohnLScott.  If you would like to see this home in person, please let me know and I would be happy to arrange a private showing.  I'll also be holding an open house this Saturday, February 27th from 12:00 - 3:00 pm. 

Thanks for reading my blog and viewing this lovely home!

For years, I have thought about stopping by to leave them a note.  The note would simply thank them for having such a beautful home and for taking such good care of it.  It's always a pleasure to drive past and take in this beautiful property.  I didn't put too much thought into writing a note - it was just a thought I had in the back of my mind and never actually acted on it.

Last month, while working in my office, I received a phone call out of the blue from a homeowner.  He described his home and told me he and his family were preparing to list their home for sale and they wanted to meet with me.  Shortly after hanging up with this very nice potential new client, I mapped the home's location using Google Maps.  When I clicked the link to view Google's photos of the house, I was happily surprised when I saw it was THE house.  I could not believe it!!  This was the house I had been driving past for years and now I was going to meet with the home-owner of this home - and he found ME!  When we met and decided to work together, I was tickled to hear that he called me because he found me online and liked that I blogged regularly.  He found my iPhone app blog post particularly helpful, he said.

What a small world!!

So, tomorrow when this home goes on the market and is "live in the MLS," as we say, I will do another blog post to introduce it.  I'm curious to know if any of my readers will recognize the home, too!

... but did you know that current home-owners looking to sell & move are also offered a tax credit?  We call these "move up buyers," because in many cases, the buyer is moving into a bigger home.  This makes me think of the "Movin' On Up" theme song from "The Jeffersons" TV show!  Ooh, am I dating myself?  I was alive for most of the years the show aired but I don't actually remember watching the show on TV because I was too young. 

Although the first-time home buyer tax credit has received the lion’s share of attention in the media, there is another tax credit that applies to millions of current home owners. 

Qualified homeowners who have lived in their current home for at least five of the past eight years are eligible for a $6,500 tax credit to buy a home.

• Tax credit does not require repayment.
• Credit is available to couples with gross income of less than $225,000 and individuals making less than $125,000.
• Credit is limited to homes priced $800,000 or less.
• The home must be purchased as the primary residence.
• Buyers must secure a binding contract by April 30, 2010 and close on or before June 30, 2010. 

 Interest rates are still hovering at historically low levels, which gives you greater purchasing power. When interest rates go up a percentage point or two, purchasing power is decreased by as much as $100,000. With interest rates likely to increase in the coming year, the time to act is now! 

It is estimated that approximately 70 percent of home buyers qualify for some kind of tax credit when they purchase a home. If you’d like to find out whether you are one of them, please contact me.  For more information about home buyer tax credits, please visit www.johnlscott.com/taxcredit.

One of the loans I suggest to my buyers is an FHA 203K Loan because many of the properties for sale are neglected and really need some work done before they are livable again.  That's exactly what this loan is about.

The FHA 203K Loan was designed to help build neighborhood revitalization by helping individuals finance the repair and upgrade of their home.  In order for a home to qualify for this specific type of loan, the structure must be a single-family house, more than one year old, with one to four bedrooms.  I can connect you with a trusted FHA-approved lender that specializes in these types of loans and can provide you with additional information and qualifications.

After you've selected a qualifying home, an energy audit must be completed by a qualified professional - one who has also been approved by the bank funding the loan.  Based on the audit report, the home-buyer can choose which improvements to make.  Installation of smoke detectors and upgrading the heating and cooling system to a more efficient level may be required.

Next, the homebuyer should get bids for the work and establish a firm price with the contractors.  It's always a good idea to get more than one bid, and my husband Jake (Jake of All Trades) is the contractor my clients and colleagues trust.  He is always happy to provide free estimates.  Once a price has been established and payment has been discussed, the lender will add the amount to the loan.

Once closing is completed and the homeowner has taken possession of the house, the lender will set up an escrow account for the money to be disbursed to the contractor once all work is completed.  The mortgage payment may be slightly higher than a "regular" FHA loan, but the energy savings from the improvements usually offsets the difference.

It's time for me to renew my real estate license and next week is the deadline.  If I am late to renew, there is a random $26.50 fee assessed and I must pay that in addition to my renewal fee.  What would cause someone to be late?  They could forget to renew, or they may not have enough clock hours under their belt.

In order to remain knowledgeable about the ever-changing rules and regulations, we are required to participate in continuing education classes.  If you know a real estate professional, you may have heard them moan about "clock hours."  Any approved real estate class we take on-line or or in a classroom will offer clock hours we collect toward our 30 required hours.  We must have proof of 30 clock hours in order to renew our license.  We have two years to get these 30 hours completed, and sometimes we can reach back a few extra years and count classes we took and never used toward a license renewal.

Sometimes clock hours are offered in free real estate classes, but most of the time we pay for them.  There are hundreds of classes to choose from, ranging from staging a home, becoming an expert negotiator, learning more about loan programs, understanding how title & escrow work, and much, much more.  Some classes are part of earning a designation.  That's the "alphabet soup" after my name.  I have an ASP, SRES and I'm working toward my CRS.  ASP stands for Accredited Staging Professional; SRES stands for Seniors Real Estate Specialist; and CRS is Certified Residential Specialist.  The CRS is like a PhD for real estate agents: one has to have a certain minimum dollar amount in sales volume; be licensed for a certain number of years; and - the part I need to qualify - take several multi-day classes only offered in certain states during certain parts of the year.  Taking classes out-of-state is fun!  I have taken clock hour classes in Maui twice and San Diego once, and met some really great real estate agents.

Like many active real estate agents, I have taken more than 30 clock hours, so I have plenty for my renewal.  However, with each renewal, we are required to take a 3 hour "Core Curriculum" class on current real estate issues in our state.  That's what I'm working on today.  I like interacting with people, so I am struggling to stay interested in this important online class.  I think after this blog break, I'll feel refreshed and ready to get "back to school!"

Well, that's it for now!  I'd better get back to work.  I hope you enjoyed reading more about what it takes to renew a real estate license.  HAVE A GREAT WEEKEND & A HAPPY VALENTINE'S DAY!

Sometimes eating lunch at home and watching the noon news on TV can have a positive effect on my business.  Today as I was watching KING 5 (NBC), I learned that RealtyTrac had released the foreclosure stats for January 2010!  I have been checking every day since last Thursday because I like to bring you most current news possible - so I was happy to learn I could finally do my monthly foreclosure blog post. 

Rob McKenna, Attorney General for the State of Washington, was a special guest on the news today and he encourages anyone facing foreclosure to call the free counseling service at (877) 894-HOME.  If you are behind on your payments, have received a notice of foreclosure, it doesn't matter who your loan is with.  Just call the number and you will be helped.

According to Realty Trac, a national foreclosure trend reporting company, the January 2010 data shows that Washington State ranks #22 in the list of 50 states with foreclosures, #50 being the state with the least.  As of today's January data, there are 3,495 properties in foreclosure in Washington State - which is about 1,000 less than December's number.  This number translates to 1 out of every 785 housing units in foreclosure.  "Housing units" means "stick-built single family houses," condominiums and townhouses. 

Month's End, January 2010:

• King County had 880 properties in foreclosure, which means 1 out of every 928 housing units is in foreclosure.  King county is where we had the most relief from foreclosures.
• Pierce County had 646 properties in foreclosure, which means 1 out of every 486 housing units is in foreclosure.  This number is 24% lower than August's count. 
• Snohomish County had 555 properties in foreclosure, which means 1 out of every 496 housing units is in foreclosure.  Snohomish County also saw less foreclosures: August's count was 6% lower than August's.

For comparison, our neighbors in Oregon had 4,812 homes in foreclosure which is 1 out of every 334 housing units in foreclosure.  Oregon ranks 15th in the nation for homes in foreclosure.

Here are the top five states in the U.S. with properties in foreclosure, according to the data published this month by RealtyTrac.

1. California is had the most number of properties in foreclosure in the nation: 71,817, which means 1 out of every 185 housing units is in foreclosure.
2. Florida had 47,069 properties in foreclosure, which means 1 out of every 185 housing units is in foreclosure. 
3. Arizona had 21,048 properties in foreclosure, which means 1 out of every 126 housing units is in foreclosure.   
4. Illinois had 18,120 properties in foreclosure, which means 1 out of every 289 housing units is in foreclosure
5. Michigan had 17,574 properties in foreclosure, which means 1 out of every 257 housing units is in foreclosure

If you would like a list of all the homes that are ABOUT to be foreclosed on in your ZIP code... or if you want to know my top 5 hottest foreclosure or bank-owned homes for sale...  Please contact me and I'll be happy to assist you!

** HOME HAS A PENDING SALE: 3 OFFERS IN 5 DAYS **

This 3 bedroom home is conveniently located near I-5 & Southcenter Mall and is within walking distance of the schools. Need to commute to Seattle?  This house is in a perfect location for commuters, and you really can't beat this price!  When you step out back, you'll appreciate the beautifully landscaped backyard with a large deck, in-ground swimming pool with hot-tub, gazebo with above-ground fire pit, and cute storage shed. What a beautiful park-like setting - and there's even a pit for throwing horse shoes!  You'll find many recent upgrades including a newer roof, kitchen appliances & hot water tank.  The cozy wood-burning fireplace is located between the living and dining rooms - a perfect location to spread warmth.  Natural sunlight fills the home through large front windows & skylight!  Nearly the entire west part of the home is floor-to-ceiling windows.  The master bedroom has THREE closets, a master bathroom, and sliding glass doors that lead outside to the swimming pool. This home's circular driveway has two ways to enter, has additional parking in the garage and can accommodate an RV, boat, or trailer. The property is fully fenced for privacy, and can be yours for the right price!  Please contact me or your real estate agent for any questions about this fantastic home.

But, back to the package!  I opened it up and saw she had she sent me a sweet Valentine surprise gift with a little card and a wonderfully-scented (rose?) hand-made bar of soothing goat's milk body soap.  How sweet!   Here's a picture of what she sent me, below.

Thanks again, Kristi!  You are very thoughtful.