August 2nd, 2010
Posted by margo christophilis
Often times during the dog days of Summer you might find yourself staying outside or having late night outings, if you find that you have an itch to get out and are looking for the quaint, fun things to do make sure you travel to a small intimate town called Snohomish. This little town sits over looking the name sake river – Snohomish River.
This town on the weekends has many little boutique shops, from antiques to jewelry stores, but come evening time on the weekend – the little local pubs, restaurants, start to kick off with all the live entertainment of some good local music.
We drove out to see one of our friends play at a Tavern called Stewart’s Place located at 701 First St. in Snohomish, WA. They were rockin’ playing some Stevie Wonder – Black Crowes – and even through in a mix of Vanilla Ice, yes I said it Vanilla Ice. There were quite a few folks dancin’ and jammin to this song.
Ty Reed is the lead singer of the band called “The Real Deal” and if you have the chance make sure you check them out.
July 8th, 2010
Posted by margo christophilis
GREAT NEWS!
The deadline to close loans using the Federal Home Buyer Tax Credit
has been extended to September 30, 2010.
Congress has officially extended the deadline to close loans using the $8,000 First Time Home Buyer Tax Credit or the $6,500 Repeat Home Buyer Tax Credit. For home purchases with a binding sales contract signed by April 30, 2010, qualified buyers now have until September 30, 2010 to complete the purchase.
July 3rd, 2010
Posted by margo christophilis
Big question….
Why do some agents list a home 100,000.00 dollars under market from what is showing that the average home in the neighborhood is comping out at?
They then have a home seriously under everyone elses and keep home on the market as active when they recieve multiple offers and send to the bank / lien holder?
I just ran into this today they have 6 offers on a home that was submitted to the bank – this is crazy!
Attending many REO, BPO, and short sale training events, classes and webinars that are hosted by FNMA, FREDDIE MAC & large 3rd party providers for banks they have asked to bring the highest and best single offer to the bank…. they have made it clear they are swamped.
Our job as professional real estate agent(s) is to determine what the market is bearing, and if it is in need of work then list it at a price that is real and relevant to bring in a true offer for the property.
Is it really in the best interest to the seller to do it this way as many buyers find it frustrating to be in an auction setting for a short sale, this is already a long tedious process and this only prolongs the pain to even hear an answer from the bank. As a buyer would like to know that they at least have a true shot at hearing if their offer is accepted or countered.
Doing it the way of having muliplte offers and sending to the bank seems to make the water more like mud……
June 26th, 2010
Posted by margo christophilis
I have just recently been to the wonderful little town in Issaquah and went up to the Highlands area, when driving up the road I came upon all these quaint little family owned restaurants and bistros. When you arrive on top of the plateau you have this incredible view of the mountains looking out towards Seattle, while you are relaxing and enjoying your coffee or wine in a small intimate cafe setting. You can almost imagine that you are in another part of the world.
Issaquah has a feeling of the European style of neighborhoods, or the feel of being on the East Coast where there are more traditional Georgian charmer homes, you feel as if you belong to a local little community.
Now I understand why so many people enjoy living up on the Highlands in Issaquah.
I have just listed a short sale that is a 2 berdoom, 2 bathroom beauty and it is listed for 269,000.00 click this link to see the website.
http://listings.realbird.com/Real_Estate/Highlands-Condo—Short-Sale/Issaquah/WA/C6D6C8D4/65566.aspx?tab=description
If you have any questions or would like to schedule a showing please call me at 206-963-5525 or email me at margo@seattlemargo.com or you may visit my website www.SeattleMargo.com and you will find all my featured lisitng there.
June 17th, 2010
Posted by margo christophilis
Have you read the news lately? Looking at the new health care bill that has passed did you read the 2700 pages inside that bill?
If you took the time to read it then good for those who could stand reading all the fine points of this bill…
Here is a big one – For real estate transaction there will be an increase of tax being paid of 3.8% click link to see the highlights
http://www.spokesman.com/stories/2010/mar/28/health-laws-heavy-impact/
Tax on Home Sales. Imposes a 3.8 percent tax on home sales and other real estate transactions. Middle-income people must pay the full tax even if they are “rich” for only one day – the day they sell their house and buy a new one. this is just one of the excerpts from the article….
With all the Short Sales that are going on if our real estate market and if the trend has not bottomed out will then this continue to hurt it?
Another note: H.R. 5072 where FHA is looking to pass the bill that will increase the mortgage insurance for FHA loans which will increase the cost to our buyers / consumers how will this impact our business?
Wathc video from Frank & Brian of Think big Work Small – http://www.thinkbigworksmall.com/mypage/archive/1/51188
Give a big Thanks to these guys for trying to hellp our industry get more information out ot everyone!!!
Will have more featured topics coming soon on www.SeattleMargo.com
May 16th, 2010
Posted by margo christophilis
Well – a very good week for our sellers as we have just received final full approval from their lender this past Friday. Hard to believe that the lender – Litton Loan Services – moved along quickly for us, even with having a first and a second we received our full approval in less than 42 Days!
Now we can help another client avoid foreclosure and they can put this behind them.
We also received a full loan approval with GMAC in 1st lien & Bank of America 2nd lien in less than 45 days! It appears that maybe the new Equator system is helping them implement better Short Sale policies and efficiencies.
If any one that is upside down on their home or has no equity and thinking of doing a short sale please give me the opportunity to talk with you as we will need to exhaust all your options.
May 3rd, 2010
Posted by margo christophilis
Click on this link to see my new listings that are short sales:
http://activerain.com/blogs/margo55
http://listings.realbird.com/Real_Estate/Seattle/WA/C6D6C8D4/54571.aspx
April 30th, 2010
Posted by margo christophilis
All,
This new proposed bill called H.R. 5072 that is being created / endorsed by U.S. Congresswoman Maxine Waters, we need all to write your local representatives to stop this Bill H.R.5072. This bill is looking to increase FHA mortgage insurance from the now .55% monthly mortgage insurance to an outrageous 1.55% per month monthly mortgage insurance.
The impact of this Bill H.R. 5072 will be so costly to the new First Time Home Buyer or anyone that is looking to refinance that even if the rates are low by having this new increased mortgage insurance is like increasing the interest rates… click this video link that will demonstrate what happens to someone that is if they are borrowing for a loan at 5% on a 200,000.00 loan and what this will do to the home buyers. The link is by the guys Frank Garay & Brian Stevens form Think Big Work Small. Here is the link…. http://www.thinkbigworksmall.com/mypage/player/tbws/28066/1338551
The FHA loan program is one of our most stable mortgage products out there in the mortgage market today, and if we allow this Bill H.R. 5072 to pass this will only hurt our already distressed real estate market.
Please everyone pass this along, reblog, tweet, facebook this article, pass this along to anyone and everyone you know, we need to have this Bill H.R. 5072 not pass.
April 20th, 2010
Posted by margo christophilis
In most cases people hear the word short sale and they run in the other direction. Not me I take them on and make things happen.
What an opening statement….I just wanted to get every ones attention.
I hear different things from agents all the time. It takes too long to get paid, they never close, banks are hard to deal with. When agents call me and they are not interseted in taking them on they ask if I will call their client, friend, or family member and help them through this emotional time, by referring their clientele they can receive a referral and not have to do any of the long arduous work in dealing with the bank, handling the BPO agents, the bank appraisers, the loss mitigation dept with the bank, and all the long hand holding with all parties involved.
These things may be true, but if you have knowledge its power….I love helping people that is why I am in the business. To do any job you need technique, skills, and education. That is what I do in my job. Between teaching, going to seminars, reading, paying attention to the changes the banks require to close a short sale. Because of all this I have created my own team who helps me with my business to close our short sales.
I have an awesome negotiator that allows me to go out and help more people. I have a terrfic Title person that answers her phone all day long. My Escrow guy ( Curtis ) I cannot say enough about him. My partner who helps package everything he is also an invaluable resource.
If you are thinking of short saling your home or are trying to do a loan mod and find that it is not happening, or you just want answers to questions or are thinking of your options give me a call. I would love to help you whether you use me or not….
Recent sale would be one I had in New Castle where the home was only 3 years old and considered a high end purchase, the second did not want to comply, but with the help of my team we closed the transaction, the seller, the buyer, the bank, everyone won in the situation. That is what I do and I am very proud to know that I help so many people.
As you find yourself reading this all the way through and have someone in mind that would like my assistance please have them email or call me. I look forward to working with you.
April 15th, 2010
Posted by margo christophilis
I was asked a question recently about if a property goes to foreclosure and it is an investment property, as the property was owned for over a 1 year period and the seller tried to do a short sale. The seller sent in the offer to the bank and the bank actually took it to foreclosure.
Our offer was 13,000.00 over minimum opening bid… confused why they took it to foreclosure because they sold it for 85,000.00 less than opening bid as an REO.
Sellers question to me was now that I have received a 1099A and it is showing a 135,000.00 1099 and the seller tried to keep everything afloat by cashing in 401k paying the mortgage as long as possible but now they have no money, reserves, retirement or anything of value.
If they file for a bankruptcy will they still owe the 15% long term investment gain and will this be an issue?
I have asked several CPA’s and they have not been able to have a solid answer.
When does the 982 ruling come into affect and what is the tax liability. Their yearly adjusted taxable income is in the 15% bracket but will this 135,000.00 now be counted as income for that year and if so that will put them in a high tax bracket.
If anyone knows this or can pass this along to a qualified CPA that has had this happen please let me know. The response I have been given so far is, this is all brand new and we are not sure yet.
Appreciate any ones assistance on this as I am sure we are all running into this more. I am not a CPA but I like to have an understanding so the questions that the sellers need to ask to a CPA can be condensed and concise.
P.S. We always advise our clients to seek legal counsel and a qualified CPA before these type of transactions on short sales. Understanding that each persons situation is different but looking for a clearer answer regarding the 982 Insolvency ruling for investment property.
Thank you
