Northwest Living, August 2022

AUGUST 2022

INSIDE: Coldwell Banker Tomlinson ...........5 Quad Cities Realty .........................8 Jan McCoy Properties ................ 10 Assist 2 Sell .................................. 12 Rock n’ Roll Realty ...................... 16

Your resource for buying, selling, and enjoying your home in the Inland Northwest.

A SUPPLEMENT OF THE LEWISTON TRIBUNE

2 | August 2, 2022 | Lewiston Tribune

WHY YOU SHOULD HIRE AN AGENT

NORTHWEST LIVING Greenshoot Media

‘For Sale By Owner’ sounds easier than it is.

Selling a home yourself may help avoid a real estate professional’s fees, but you’re also not going to have access to their unique qualifications and expertise. That could lead to big trouble.

PAPERWORK ISSUES Selling a home is a complex financial transaction involving legal papers, jargon-filled contracts and critical disclosures. If you’re not experienced with every step of the process, you could end up slowing — or even voiding — the sale.

Real estate pros are versed in the

AGENT continued on page 14

Spark new adventures.

Complete your mortgage application online in minutes at p1fcu.org and make your dream home into a reality.

NMLS ID #527990

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Lewiston Tribune | August 2, 2022 | 3

Home financing that works for you There are many choices when buying a home, from the neighborhood to the number of bedrooms. You want a house that fits your needs, and home financing that does, too.

Wells Fargo can help with a wide variety of loans and mortgage programs for: • First-time homebuyers • Buyers who need a larger loan amount • Military members and veterans • Buyers of newly constructed homes • Buyers with other unique needs

Let’s connect.

Teresa Koepke Home Mortgage Consultant 208-799-6204 teresa.d.koepke@wellsfargo.com www.teresakoepke.com NMLSR ID 755325

Crystal Nelson Home Mortgage Consultant 208-799-6707 crystal.d.nelson@wellsfargo.com www.wfhm.com/crystal-nelson1 NMLSR ID 189090

Wesley Gossage We’ll review your information and let you know what options are available.

Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A © 2021 Wells Fargo Bank, N.A. NMLSR ID 399801. AS5551585 Expires 10/2022

Branch Manager 208-799-6255 wesley.gossage@wellsfargo.com NMLSR ID 400369

4 | August 2, 2022 | Lewiston Tribune

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SAVING FOR A DOWN PAYMENT Greenshoot Media

Experts recommend having 20% of the home’s value on hand for a down payment.

Depending on the size and price of the property you’re buying, that figure can feel insurmountable.

But reaching 20% has a huge upside in that you won’t have to purchase private mortgage insurance, adding more to your monthly note.

HOW MUCH TO SAVE How much would 20% be? That depends on how much house you want — but also your income, how you spend, and how you budget

discipline and dedication, freeing HELP IS AVAILABLE yourself from this added burden.

In some cases, lenders offer Cut down on unneeded expenses. down-payment assistance through Consider creating a spreadsheet programs that help buyers gain to track spending, and make access to their dream homes faster. judicious cuts.

Acceptance is typically dependent DISCIPLINE AND SMART INVESTMENTS on your credit reports and past DEDICATION payment history, but qualifications The fastest way to build toward Putting 20% down, or paying vary depending on particular enough on your house note each your down payment is for your lenders or states. So shop around. month to quickly reach 20% equity money to make more money. Whatever level of assistance you in your home, gives the bank peace Keep the funds intended for this can garner, remember that a higher of mind in your ability to stay key financial transaction separate down payment signals less risk current. The faster you reach those from your every-day expense for a lender. In some cases, they goals, the sooner you can avoid fund, so you’re not tempted to dip may offer lower interest rates for the added expense of PMI. These into it for other things. Instead, those who put down more than a additional non-principal monthly consider investing it in low-risk minimum amount. An adjustment payments protect the bank in case options like certificates of deposits of only one or two points can end of default, but they add up. Better or money-market accounts. up saving thousands of dollars to save money beforehand through over the life of a loan. your money. The goal should be to spend no more than 25% of your monthly income on a house note.

Figure how what works for you before setting your goals.

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Lewiston Tribune | August 2, 2022 | 5

Want the Inside Scoop?

Whether you’re buying or selling a home, get an insider’s perspective and understanding of current market conditions by working with one of our Real Estate Professionals.

Contact our office today!

Serving the Quad Cities with agents licensed in Idaho and Washington!

Mark Blehm 509.336.9935

Jason M. Brown 208.669.1690

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GUIDING YOU HOME 208-746-7400 • 325 Main Street, Lewiston 208-882-0800 • 217 S. Main Street, Moscow 509-334-0562 • 405 S. Grand Avenue, Pullman www.cbquadcities.com • Find us on

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6 | August 2, 2022 | Lewiston Tribune

CHECK YOUR PROPERTY LINES Greenshoot Media

People typically consider property lines when buying a piece of land or parcel separate from other structures.

But even a typical home purchase involves a specific piece of land, and overstepping property lines can lead to big problems down the road.

DEEDS AND PLATS First, you should familiarize yourself with the terminology. A property-line map is known as a “plat,” and it lays out the border lines, elevation, structures and any bodies of water on a particular property. These are available at your local tax assessor’s office, and sometimes online. The deed is a legal document that describes the property boundaries. Just be aware that older deeds may describe features or landmarks that have since disappeared.

and paper so you can take notes, including the exact shape of the land you’d purchase. Many properties will have stakes or other markers to help you better understand the counters once you are on site.

If the information is sketchy or nonexistent, first try getting in contact with the current owners, or former owners. They may have had their own earlier survey done, and that could produce substantial cost savings. Note that a propertyline encroachment, even if it was unknown, could lead to a refusal of insurance by the title company.

GETTING A SURVEY

It’s important to pinpoint the exact outline of your property before you buy. Making big plans for a corner of land that actually belongs to your neighbor would greatly lessen the value of your purchase. Disputes over property lines are costly, lengthy and often emotional battles fought in courts of law. That’s why you may want to hire a land surveyor if the plot is not properly recorded with local PERSONAL RESEARCH municipal offices. Surveying can Start by checking the “plat.” Your be costly, in particular if you are real estate agent should be able in a rural area, but it might be an to walk you through a reading of investment worth making in order this legal paperwork, which breaks to completely understand the down the size of the property down acreage and shape of the land you’re to specific footage. Bring a pen looking to buy.

NORTHWEST LIVING Greenshoot Media

Using real estate legal services isn’t always a personal choice. In some states, hiring a real estate attorney is required.

Others leave it up to individual sellers and buyers. The first step is to research, or ask your real estate agent to research, the local rules.

WHEN THEY’RE NEEDED In many cases, your agent may have all of the expertise to handle everyday transactions.

Most take part in regular professional development courses,

ATTORNEY continued on page 14

Lewiston Tribune | August 2, 2022 | 7

HIRING A REAL ESTATE ATTORNEY

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8 | August 2, 2022 | Lewiston Tribune

LOOKING TO BUILD IT YOURSELF?

there may be a long and sometimes frustrating process before your dream home ultimately comes true.

Greenshoot Media

Build a home yourself, and you can ensure that the layout, fixtures and style fit your personal taste — without the need for costly renovations.

Everything will be brand-new, so there’s no need for repairs either. But

Whether it’s a smaller in-town spot near all of the action, a spacious corner lot in a family-friendly suburb or a multi-acre setting in the DIY PROS country, this critical choice will be Doing it yourself allows you to yours and yours alone. From there, make perhaps the most important you’ll be able to customize every decision when it comes to real estate: detail to meet your every need — Location. You’ll begin by deciding and your want. Always thought a where you’d like the new home to pool would be nice? Been longing sit, and that can immediately begin for a game or craft room? Start adding zeros to its final valuation. drawing up the plans!

Offering nearly panoramic views of the Lewis-Clark Valley! Enjoy sunsets and sunrises from two decks totaling 488 square feet!

Featuring two attached double garages and bonus rooms. We invite you to take a closer look at this well-maintained spacious home with endless opportunities.

902 VINEYARD DRIVE, LEWISTON, IDAHO 3 BEDROOM | 3 BATHROOM 2860 SQFT. | $495,000

LEWISTON, IDAHO

DIY CONS That game or craft room, and particularly that pool, won’t come cheap. In fact, every customization adds more to the ultimate price tag.

So it’s important to arrive with a topline budget. Then you’ll have to hire an architect and contractor, who will in turn hire subcontractors.

Someone will have to deal with city officials, since permits are a critical

element to going forward with any new build. The cost for materials can fluctuate wildly, depending on outside market forces, too. You’ll also have to be patient — very patient. All of this will take months to plan, refine and execute.

ANOTHER OPTION Buying an existing home comes with its obvious drawbacks, from dated layouts and decorative touches to wear and tear from years of previous ownership. You’ll have to be on the lookout for structural issues or other defects. The house might be more preferable than the neighborhood, or vice versa. But they’re livable when it’s time to vacate your former home, making for a more seamless transition.

You’ll also have negotiating power if the home you’re trying to buy needs a lot of obvious work.

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HOW CAN HUD HELP ME BUY? Greenshoot Media

The U.S. Department of Housing and Urban Development does more than provide low-income housing.

HUD also provides assistance to first-time buyers and others who may struggle to meet the down payment that’s required for a conventional loan.

HUD continued on page 13

Lewiston Tribune | August 2, 2022 | 9

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10 | August 2, 2022 | Lewiston Tribune

RETIREMENT CONSIDERATIONS Greenshoot Media

Housing is our biggest expense, and that matters more as we age.

Retiring comfortably might come down to taking a hard look at where and how you live. The spacious home we all needed when raising a young family may now represent unrealized equity since the kids moved away. But downsizing is only one of your retirement-age real estate considerations.

DOWNSIZING OPTIONS One of the easiest ways to protect the next egg you built as part of the workforce is to downsize your home.

Choosing smaller, more affordable options can lower your monthly mortgage payments — or eliminate

RETIREMENT continued on page 13

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Lewiston Tribune | August 2, 2022 | 11

AFFORDABLE WAYS TO MAKE HOMES MORE APPEALING TO MODERN BUYERS

NAHB report indicates that exterior lighting is the most sought-after Home trends come and go. outdoor feature. The good news for Today’s must-have items prospective sellers is that exterior lighting is an inexpensive and tend to become tomorrow’s instant way to transform a property outdated features in the at night. Some solar-powered According to the National blink of an eye.

EXTERIOR LIGHTING lighting along walkways and outside Association of Home Builders’ Drive through a modern the front door can make a home feel Homeowners who plan to stay 2021 What Home Buyers Really more safe, while some uplighting in their current homes for years Want report, a separate room suburban neighborhood at night of large trees in the backyard can to come needn’t prioritize modern dedicated to laundry was the most and it won’t take long before you trends over personal preferences. desired feature among prospective realize the popularity of exterior However, homeowners looking home buyers. Though it might not lighting. And that’s no coincidence, to sell their homes can consider inspire the awe of an outdoor living as homeowners everywhere appear to embrace exterior lighting. The continued on page 12 Metro Editorial

these favored features to increase room or floor-to-ceiling windows their properties’ appeal to modern overlooking a wooded backyard, buyers. a laundry room fills a direct and universal need. Perhaps that’s why SEPARATE 87 percent of buyers want a room dedicated to laundry in a home.

LAUNDRY ROOM

BUYERS

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12 | August 2, 2022 | Lewiston Tribune

BUYERS continued from page 11 produce a sight to behold once the sun goes down.

ENERGY-EFFICIENT UPGRADES

exception. So it should come as no surprise that 83 percent of prospective home buyers are looking for energy-efficient windows and appliances in a home. These features save money and benefit the planet, making them a win-win among buyers.

PATIO Inflation has driven up the cost of just about everything over the Patio spaces have long been last year-plus, and energy is no popular, but that popularity reached

new heights during the pandemic.

When forced to stay at home for long periods of time, millions of people longed for ways to spend more time outdoors without breaking lockdown rules. Patios provide outdoor living spaces, and 82 percent of buyers indicated they wanted a patio with their next property.

SIDE-BY-SIDE SINK

A double or side-by-side sink is among the more affordable features buyers are looking for. At less than $1,000 on average, a side-by-sink is an affordable way to make a home more appealing to modern buyers.

Modern buyers want a lot out of their homes, and sellers can do their best to meet those desires while getting the most money for their properties.

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Lewiston Tribune | August 2, 2022 | 13

RETIREMENT continued from page 10 them all together, depending on how much your former home garners on the market. Downsizing might also involve selling unused land in order to reap cash benefits or simply to lower property taxes.

Community housing can also lower your bills, while also eliminating tasks like lawn upkeep that become more difficult with age.

WHAT TO CONSIDER

POPULAR PLACES

Some consider taking extended trips to places where they might one day retire, as a kind of dress rehearsal. Before you consider moving, however, focus in on the Some 400,000 retirees moved quality-of-life issues that mean the in 2020, according to another most according to a number of survey — the highest figure in five surveys: safe neighborhoods, health years. Most moved within their care, amenities, transportation and own state, though 38% chose a supportive services. destination that was further away.

reports that a growing number of retirees are opting to live in college Florida, the traditional retirement towns. From university facilities hotspot, actually came in second like libraries to an affordable to Virginia in 2020. Wyoming, combination of sports events, living Pennsylvania and Idaho rounded close to a college provides a number out the Top 5. Many choose a new of built-in amenities. Retirees can home based on taxation, including also take an array of continuingthose who move to Florida — where education classes to learn a new there is no state income tax. More language or kick start hobbies like than 30 states have neither an estate art or cooking. tax or an inheritance tax. The AARP

HUD

housing discrimination. HUD also provides disaster recovery assistance through flexible grants, community-based initiatives aimed at lowering homelessness, and block grants which finance housing rehabilitation and development projects. The program later grew to include programs for mobile and modular homes. Today, their website includes a special search engine where you can find HUD-approved lenders in any state: https://www. hud.gov/program_offices/housing/ sfh/lender/lenderlist.

Nearly 65% of respondents planned to move during retirement, according to a 2021 survey by AgeWave.

continued from page 9

HOME-BUYING ASSISTANCE

HUD administers assistance to these homebuyers through the Federal Housing Administration, which works with local landers to provide loan insurance. This opens up the market for those who may not be able to meet initial cashon-hand standards. HUD also insures loans for certain home improvements, and even the purchase of manufactured housing.

Millions of single-family dwellings have been purchased through this

program, totaling billions of dollars.

Most are provided through the Mutual Mortgage Insurance Fund, a self-sustaining program that runs with no additional appropriations.

FHA loans are made at market interest rates. The loans may not exceed certain limits, but the down payments are lower than those with conventional loans.

HISTORY OF HUD

The department was founded in 1965 as a cabinet-level agency under the Department of Housing and Urban Development Act. NEED ASSISTANCE? Enforcement responsibilities were Those who are new to the market added in conjunction with 1968’s Civil Rights Act in order to mitigate can take advantage of the agency’s

“homebuyers kit” at https://www. hud.gov/topics/buying_a_home.

There, you can figure out how much you can afford, shop for loans and learn about assistance through home-buying programs.

They even outline how to make an offer. Consider buying a so-called “HUD home,” which are agencyinsured homes that have gone into foreclosure. HUD pays off the lender, then resells the home at market value. A list of homes can be found at hud.gov. HUD also provides housing counseling through a tollfree number, with a focus on those who may be in danger of foreclosure.

Call (888) 995- HOPE to reach an expert who will provide advice on that or other housing issues.

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14 | August 2, 2022 | Lewiston Tribune

AGENT continued from page 2 most current laws, the required processes and other best practices specific to your area. They’ll be with you every step of the way as you mark things off your personal checklist, from purchasing title insurance to properly recording the deed at the courthouse. Miss a step, or fail to complete it, and there could be huge ramifications along the way.

ATTORNEY

MARKET PROS

what’s on the market, the hottest neighborhoods and average sales Your average homeowner isn’t prices. In most cases, those are going to be familiar enough with details to which a layperson simply the market to set a reasonable doesn’t have access. asking price based on comparables and the latest trend lines. Real MITIGATING RISK estate agents typically have years Real estate pros can also of industry and local experience, leverage their vast experience and have done comprehensive to sniff out potential issues with research into each of the potential buyers, since they’ll be in constant roadblocks that stand between you contact with the other side’s real and a final sale. They’ll also have estate firm. They’ll know when a larger perspective on how your an offer is simply too far below home is positioned to sell based on market value, and how to sniff

a sale that doesn’t include any unusual legal issues. But if the continued from page 7 deal is more complicated, as with those involving a foreclosure or like certification updates and a distressed property, it may be continuing education.

That in your best interest to bring in may be more than enough for

someone with more in-depth knowledge. Use the American Bar Association directory to find lawyers in your state. Online review sites will also provide info on area real-estate attorneys.

Friends, family or your real estate agent may also have good recommendations.

SPECIAL CIRCUMSTANCES There are number of special circumstances that often require a real estate attorney. Purchasing a home through bank-owned deals or auctions has its advantages.

Foreclosures usually carry a lower price tag, for instance. But they also come with significant risks, if you don’t understand the ins and outs of the process. Distressed properties might have hidden issues like dangerous asbestos or termite damage. An experienced real estate attorney can create the proper language to protect you as a client. Out-of-town buyers may need someone to navigate through unfamiliar statutes and

out signs that are predictive of an issue with your buyer’s lender.

You may be able to discover some of these things on your own, but likely don’t have time for that kind of intense research. When red flags pop up, your agent will also work as an impartial mediator without the emotional baggage that sometimes comes with selling your own place. You’re paying a fee for their industry pedigree, but you might end up saving far more down the line.

local logistics when completing a transaction from far away.

DRAFTING THE CONTRACT Most ordinary transactions are so routine that real estate agencies have stand purchase contracts. But what if other legal issues come into play? Some states consider performing a closing to be practicing law, so an attorney must be present. There are also certain actions, like entering into a lease-to-purchase agreement, that would require a contract with unusual language. A real estate attorney is the only one qualified to make sure all of it is in order.

Unlike agents, who are paid on commissions, real estate attorneys typically charge by the hour. Be prepared to negotiate the number of hours or the number of tasks to keep costs down. Some also have flat-fee options for things like closing documents.

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Lewiston Tribune | August 2, 2022 | 15

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QUALIFIED TO GIVE YOU MORTGAGE LOAN ADVICE... ...BUT ONE IS SUPER UNQUALIFIED.

JOHN DELUCA | (208) 966-6349

DELPHINE | (800) 555-DELF

ALISHA NEFF | (208) 844-7000

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www.notqualified.biz/delphine | NMLS: NOPE

www.iccu.com/alisha | NMLS: 1441048

DON’T GO TO JUST ANYONE. Connect with one of our local Mortgage Loan Officers today.

LISA CALLAHAN | (208) 823-7047

TYLER SHEARER | (208) 646-7321

www.iccu.com/lisa | NMLS: 1178091

www.iccu.com/tshearer | NMLS: 1717959

EMILY HAAS | (208) 635-0522

ELIZABETH QUINTERO | (208) 966-6340

ARIC ALCANTARA | (208) 966-6343

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• Fast approvals and closings • Special first-time homebuyer loans • No-fee and low-cost loan options • IHFA, FHA, VA, & Rural Housing loans • Local underwriting and servicing • #1 mortgage lender in Idaho* *Based on 2021 Idaho county data

16 | August 2, 2022 | Lewiston Tribune

SELLING OR BUYING REAL ESATE?

Call/Text

HEATHER GRAFFEE (208) 305-9711

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Rock-n-Roll Realty