1. The People! Bellingham is a great place to call home because of the people. Bellingham is a community that cares and it shows! The locals are friendly, open, and not afraid of being themselves. Wherever you go be prepared for a warm smile and a willingness to chat.
6. Vicinity to Vancouver and Seattle! Bellingham is a small version of both Seattle and Vancouver...if you feel the need for a bigger version, both are under a 2 hour drive.
7. Small business Owners! Bellingham is the home of a large number of independent business owners. People, who have the passion to live where they choose and work for themselves, have relocated to Bellingham because it's a lifestyle destination.
8. Fresh local foods and produce! During the summer you can find as many local veggie stands as coffee stands...all at very reasonable prices. Local growers offer you-pick fruits which is a local favorite pastime. These include raspberries, blueberries, and strawberries...yum! Bellingham local farmers also offer free range animal products.
9. Local transportation! Bellingham's offers local transit throughout the county along with Amtrak stations that provide service to Seattle and Vancouver. Bellingham also has inter city trail system that weaves in and out of downtown and all of the local neighborhoods. You can commute via these trails and get to wherever you need to be...all without a car.
Give me a call if I can assist you in your Real Estate Needs and Goals!
The Current Real Estate Cycle
So this article is going to be a bit edgy and may provoke mind tingling thoughts of Inquisition. Perhaps you may even get dizzy. I did!
Where is the market going from here? In my opinion...nowhere but down...like a home sick mole!
These days whether I'm talking to a mortgage broker, another agent, investors, etc. I ask "So where do you think the real estate market is heading. Most think the worst is over, but very small few agree with my reasoning. So, I decided to bring it to the Rain and hopefully make it out alive...hit me with your best shot.
With the over-all condition of the financial market, stock market, and real estate market I can't believe they're are so many optimist out there.
Here's my roller coaster of a explanation...
Cause: Lenders tightening their lending standards to only type A borrowors.
Effect: Large pool of buyers are wiped out!
Cause: Less buyers shopping for real estate.
Effect: More inventory on the market.
Cause: The longer it takes to sell the market inventory.
Effect: More seller competition = More buyer incentives = Price decreases
Cause: More Price declines
Effect: More defaults
Cause: People maxed out the Home Equity Line and are now living on credit until the next ball drops.
Effect: More defaults, More credit crunch, More inventory
Cause: Reserves are low for lenders lending money.
Effect: Money costs more to lend...Interest rates go up.
Cause: Interest rates go up
Effect: People can't afford to buy a home
Cause: Inflation
Effect: Homeowners can't pay their bills, ie., mortgage and credit cards
Cause: Homeowners can't pay their bills, ie., mortgage and credit cards
Effect: More Defaults
Cause: 2 More cycles of Adjustable rate mortgages to reset over the next year.
Effect: More Defaults....more inventory, more price declines.
We'll you get the idea...it's a vicious cycle. I could go on and on...I didn't even touch the volatile stock market and it's effects. Please give me your thoughts as I am open to your opinion and I do realize mine is a bit different from the average Joe.
If your a buyer make sure you buy with your market decrease buffer built in. If you're a property seller make sure your property is priced right to sell fast or get creative. Creativity can be a win/win situation in this market. Let me show you how!
Specializing in Bellingham, Wa Bank Owned Properties, Short Sales, and Seller Financed Properties. Please give me a call, I'd love to work with you!
Bellingham Real Estate - Columbia Neighborhood
The Columbia neighborhood is one of the Bellingham's most sought after neighborhoods. The Columbia neighborhood has around 4000 community members with around 1600 single family dwellings. Most the dwellings are craftsman style featuring front porches with alley loaded garages, with plenty yard of for family frolicking and gardening.
The Median home price for the Columbia neighborhood is $266,000. What will this buy you...a cute craftsman 3 bedroom/ 1.5 bath 1250 square foot home. Selling time for these much sought after homes is about 2 months and less. Therefore, make sure you are pre-qualified and ready to pull the trigger when you find a home that meets your criteria.
If you looking to relocate to Bellingham and/or would like some help finding your perfect home or investment property, give me a call.
Tara
Buying Bank Owned Properties - Advantages of REO's
Buying Bank Owned real estate can be a great way to get a good deal on a home/property. In order to make sure it is a good deal you need to work with an agent who specializes in this arena. There are many advantages and downsides of buying a bank owned properties, part one of this series will be the advantages of buying bank owned real estate.
Advantages
* When you buy a bank owned property you are usually able to buy at a great sq. footage price, which is how you should buy any home if you're buying with investment standards. $100/sq. ft. is a great price!
* Once a property becomes bank owned, all liens that were a result of the foreclosure are wiped off and back taxes are paid.
* Banks will sometimes offer financing on the property with better terms than a normal buyer because they want to get rid of the property, but keep the asset and earn interest on their money.
Specializing in Bank Owned properties, Preforeclosures, Seller Financed Properties, and Lease Options in Whatcom and Skagit Counties.
Buying Bank Owned Properties - Disadvantages of REO's
Buying Bank Owned real estate can be a great way to get a good deal on a home/property or it could be a nightmarish experience. In order to make sure it is a good deal you need to work with an agent who specializes in bank owned properties. There are many advantages and downsides of buying a bank owned properties, part two of this series will be Disadvantages of buying bank owned real estate.
Disadvantages
*Most often a lot more Due Diligence is involved. These days there are so many bank owned properties that we get a good mix of the good, the bad, and the ugly. There are some gems to be found underneath the rubble! You must have an agent that will educate you on the due diligence process!
*Counter Offers will be verbalized from the bank in most cases.
*Negotiations can go on for a while. The banks are swamped right now and sometimes they only answer offers on certain days or when they get around to it.
*Properties can be filthy, stinky, and vandalized.
*Sold "as is," banks will not fix problems associated with the property.
*Properties are usually winterized and it's up to the buyer to get the water turned back on to inspect the septic and water systems and quality.
*The property may have several offers on the table, make sure your agent educates you on how to make your offer strong.
*Your financing needs to be in place before you place an offer. A pre-approval letter needs to accompany your offer.
*Earnest money will need to exceed the norm...usually 3% rather than 1%.
*Your friends will be jealous when you get a great deal.
Specializing in Bank Owned properties, Preforeclosures, Seller Financed Properties, and Lease Options in Whatcom and Skagit Counties.
What is a Bank Owned Property?
What is a Bank Owned Property?
A bank owned property is a property that has been foreclosed on...has gone to auction and the bank has taken it back and now owns it. Often times the bank will make certain repairs to make the property more attractive. Once the property has gone through the foreclosure process, most liens attached to the property will automatically be wiped off or the bank will settle with the lien holders. This is an advantage over buying a pre-foreclosures.
Often times bank owned properties are priced at Fair Market Value, although they aren't in fair market value condition. Make sure you work with a Realtor that is willing to negotiate the correct market price for the property condition.
For more information bank owned properties visit my website at www.TaraCampRealEstate.com or give me a call... 360-296-3244.
Greater Washington Bank Owned properties, Lease Options, and Seller Financed Properties.
FHA Financing - What it is and How it can Benefit you in today's Market!
One options is FHA financing. No longer are we seeing the strict guidelines of the FHA of yesteryear, but a newer program that's as almost as easy as subprime...o.k, just kidding,...but with insurance backed by the government and less predatory lending programs.
What is FHA?
FHA financing is financing provided by the Federal Housing Administration (FHA), which has existed as a government corporation since 1934. Established under the National Housing Act, the goal of the FHA is to stabilize the mortgage market by providing an adequate home financing system through mortgage insurances. The FHA does not loan money out to borrowers, rather it provides lenders protection through mortgage insurance which protects lenders from the home-owner defaulting on their loan obligations.
Benefits of FHA financing
***Lower down payment (3 percent)
***Down payments and closing costs can be covered through gifts
***These loans are available for all homebuyers
***FHA loans are available to individuals with less than great credit history
***Individuals purchasing a condo do not have to pay an upfront mortgage insurance premium
***There are no cash reserve requirements for a FHA loans on single family residences or duplexes
***FHA for rehab cost added to the loan...not limited to bank owned however!
***Great FHA financing for HUD properties and Bank Owned Properties
FHA Financing - Qualification Guidelines
As a real estate professional I find it my duty...my job...my responsibility...my desire to know which financing options are available for my buyers in the Whatcom and Skagit County areas.
Although, I'm no expert on conventional financing, I know enough to keep my buyers informed. One of the more increasingly popular means of financing during these tight times is FHA financing. Find out more...FHA Financing - What it is and How it can Benefit you in today's Market!
FHA guidelines are one of the easiest forms of financing to qualify for these days.
FHA loan Qualification Guidelines
- 2 Years of steady, consistent employment
- Last two years Income should be consistent or increasing
- 2 year clean credit history required
- Bankruptcy's must be at least 2 years old, current credit must be good
- Foreclosure's must be at least 3 years old, current credit must be good
- New mortgage payment cannot exceed 30% of gross income
There are great options for FHA all across the board. Contact me for more information regarding financing options in this buyers market. Search for Washington bank owned properties, seller financed properties, lease options, and more.
Bellingham Real Estate - Preforeclosures and Bank Owned Properties
Whatcom County and the Bellingham real estate and market has held strong compared to most areas of the country in regards to home values and market conditions. Over the last 12 months our market has continued to see declines in housing prices and has experienced about a 10% decline in values from the same time last year.
Within the last few months preforeclosures have almost doubled, although the percentage of those that actually end up bank owned are definitely fewer. Short sales and bank owned properties are a big percentage of home sales these days. Which means overall they're bringing down home values in those areas.
For more information on Buying a Bank Owned Property, Short Sale, or other property give me a call.
Tara Camp
Search Greater Washington Bank Owned Properties at www.ConnectRealtyHomeSales.com
Bank Owned Properties - How to make a strong, acceptable offer!
How to make your offer on a bank owned property stand apart.
1. Have a great Buyer's agent on your side, because the listing agent isn't going to negotiate for you!
2. Have your pre-approval letter ready when you present your offer.
3. Present the offer with 3% or more (of offer price) earnest money.
4. Have your agent include comparables sales if they support your offer.
5. Put together a list of repairs that need to be done to the property along with photos as evidence.
6. Pay all cash...if you can!
7. Make a clean, solid offer...the bank usually don't make repairs...so don't ask them to.
8. Make a clean, solid offer...with as few contingencies as possible.
9. Offer a quick closing...
For more information on Bank Owned Properties, give me a call.
www.connectrealtyhomesales.com
