Real Estate Weekly July 10, 2020

RE-Weekly.com REAL ESTATE IN SKAGIT, ISLAND AND WHATCOM COUNTIES

INSIDE

This Issue

DREAM HOMES NOW BUILT ON PATIENCE PAGE 5 WORRIED THAT OTHER PEOPLE’S FORBEARANCES MAY PUT YOUR MORTGAGE OR LENDER AT RISK? PAGE 7 SEE PAGE 3 FOR MORE

850 CRESTED BUTTE BLVD, MOUNT VERNON WINDERMERE/SKAGIT VALLEY CHRISTINE MAYS

RealEstate weekly

A supplement to the Skagit Valley Herald and the Anacortes American

$389,000

CLASSIFIEDS PAGE 7

360›298›4431

JULY 10-JULY 16, 2020 2020868

FEATURE HOME:

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TABLE OF CONTENTS Q&A

Ask Our Broker ......................................................................P4

Dream homes now built on patience ...............P5 Worried that other people’s forbearances may put your mortgage or lender at risk? ...........................................................P7 Classifieds...........................................................................P7

RE-Weekly.com To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2020 by Skagit Publishing | All rights reserved.

All real estate advertised in Real Estate Weekly is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination.” We will not knowingly accept any advertising which is in violation of the law. All persons are hereby informed that

all dwellings advertised are available on an equal opportunity basis.

For further information call HUD Toll Free at 1-800-669-9777.

All Houses subject to prior changes without notice. Neither advertisers nor Skagit Publishing are responsible for any errors in the ad copy.

Skagit Publishing reserves the right to refuse any advertising, which we deem unsuitable for our

NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Suite J

Mount Vernon, WA 98273

Tel. (360) 416-4902

www.npsar.com

REALTOR® Charity Golf Tournament

publication.

Unless otherwise noted, all photographs, artwork and ad designs printed are the sole property of Skagit Publishing and may not be duplicated or reprinted without express written permission.

Skagit Publishing is not responsible for typographical or production errors or the accuracy of information provided by advertisers.

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

Eldon Brown Skagit County Manager 360.707.2158

Shelley Miner Burlington Escrow Manager/LPO 360.707.2312

Christa Canell Freeland Escrow Manager/LPO 360.331.4838

Brandi Jensen Stanwood Escrow Manager/LPO 360.629.9737

Holly Mathers Island County Title Manager 360.675.2246

Thurs, Aug 27th, 2020 at Skagit Golf & Country Club Register today for the REALTOR® Charity Golf Tournament benefiting Skagit Habitat for Humanity and Friendship House.

Katey Von Hagel Marketing Representative 360.707.1076

The tournament is open to the public and all skill levels!

Registration is $125 per person and includes ‘grab ‘n go’ brunch, prizes, and more! Sign up a foursome, or a single!

To Register, or for more information, visit our website: www.npsar.realtor Or contact North Puget Sound Association of REALTORS® at 360-416-4902

Major Event Sponsor:

Mission Statement: The Nor th Puget Sound Association of Realtor s advocates for Realtor s and their clients, and promotes the protection of property rights.

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July 10, 2020

STAT Real Estate Stat

FEATURED HOME, FROM COVER 850 CRESTED BUTTE BLVD, MOUNT VERNON

WINDERMERE/SKAGIT VALLEY 1030 E. COLLEGE WAY MOUNT VERNON, WA (360) 424-4901 • www.windermereskagit.com

$389,000

CHRISTINE MAYS 360fi298fi4431

Beautifully appointed Skagit Highlands home with open oor plan. Offers granite counters and a full height subway tile backsplash in its gourmet kitchen overlooking gas ÿreplace in adjacent living room. Spacious dining room for entertaining.

En suite 5-piece master bath with soaking tub and marble counters plus a walk-in closet in Master bedroom. Cozy loft area for additional sitting/TV area or computer nook. Oversized 2-car garage. Close to green belt/park area for walking. A must-see home!

MLS# 1620451

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The percentage of Realtors aged 49 and younger who were most likely to have a real estate blog.

Source: National Association of Realtors, 2018

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Q&A

Credit Wonders Question:

With the loss of so many jobs as a result of Covid-19 have credit reports and credit scores changed to make things easier for mortgage borrowers?

Answer:

There’s no question that the credit process has become more transparent due to the pandemic.

For years, there has been debate regarding how to open the credit process to make it more accessible.

Under federal rules, consumers are now entitled to one free credit report every 12 months from each of the three major credit reporting agencies – Equifax, Experian, and TransUnion. Such free credit reports are accessible at AnnualCreditReport.com.

In recent months, however, the credit marketplace has become complicated. Millions of borrowers have sought mortgage forbearance – the right to reduce or even skip monthly payments. Foreclosures and evictions have been suspended in most cases. Shelterin-place and social distancing rules have radically

ASK OUR BROKER

By Peter G. Miller

changed business operations, school schedules, and shopping. More than 40 million people have joined the unemployment rolls, partly because the virus has decimated entire industries.

Equifax, Experian and TransUnion in response have announced that free credit reports will be available at AnnualCreditReport.com every week for a one-year period that started on April 20, 2020. Consumers can check reports for identity theft, fraud, out-of-date items, and factual errors for free and with far greater frequency than in the past. Better credit reports can mean more accurate credit scores, scores not reduced by mistakes and fraud. Higher scores, in turn, can lead to lower interest rates for mortgage loans, auto financing, and other forms of borrowing.

There’s also change underway in the way inquiries are reported.

“Hard” credit inquiries – inquiries generally made by lenders and other credit providers – can lower credit scores. Not by much, and not for long, but still a reduction. For borrowers who need every point, even a small ding can be enough in some cases to wind up in

a lower credit band. “Soft” credit inquiries – generally inquiries you make – do not impact credit scores at all.

It used to be that when you signed up for such things as cell phones and pay-TV, the providers would contact credit reporting agencies and that would be a hard inquiry. Your credit score would dip a few points for a short period. Equifax has now changed how many common inquiries are defined.

“All wired and wireless phone, internet and pay-TV account openings can now be categorized by service providers as a ‘soft credit inquiry,’” said Equifax executive Ken Ray in April. “We will automatically classify these new accounts as soft inquiries by June 30, 2020, and will continue to categorize them as such moving forward.”

No doubt there will be other credit report adjustments as the credit industry begins to understand the new marketplace better. The new standards will result in a stronger credit profile for many consumers, something to be welcomed in the COVID-19 economy.

Email your real estate questions for Mr. Miller to peter@ctwfeatures.com.

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July 10, 2020

Dream homes now built on patience

By Marilyn Kennedy Melia CTW Features

are also forecast to drop this year partly due to families postponing projects after purchasing. oung families shopping for a home Unless buyers are left with lots of cash may need to wait for their dream after their home purchase to tide them place. over emergencies, delaying improveBut maybe that’s not such a bad thing. ments is prudent, especially in these Typically, “married with children houseuncertain economic times, says Dan holds spend the most on average on Moisand, a Melbourne, Florida financial home improvements,” notes Abbe Will, planner. of the Remodeling Futures Program at Families aren’t attracted to homes that the Harvard Joint Center for Housing need extensive remodeling, but look for Studies or HJCHS. a home that meets their needs, notes Young families account for twenty perEarle Airey, of the 21 Mike Team at Cencent of remodeling spending each year, tury 21 Homestar, Solon, Ohio. all within two years of buying their home. Agrees architect Dawn Zuber of Studio Z, Because the HJCHS predicts that home Plymouth, Massachusetts: “Few people sales will slow, remodeling expenditures have the ability to look at a true fixer-

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July 10, 2020

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upper and see the possibilities, so they tend to buy homes that are close to what they are looking for and then remodel the kitchen or update a bathroom.”

But delay may bring new, more beneficial ideas on the right improvements.

“I think that sometimes, after living in a home for a few months or a couple of years, a homeowner might see their homes’ shortcomings in a different light or find that they’ve adapted to those perceived shortcomings in ways they couldn’t have imagined before living there. In this way, living in a house that you want to remodel might result in lowering the cost of your remodeling project,” Zuber notes.

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Now could be the time to sell a new home and earn a slice of the real estate pie.

Record-low interest rates and record-low housing prices are renewing interest in the floundering housing market for many people. “When sellers are interviewing real estate agents to market their homes, their primary focus is usually on the advertising that the agent will offer them,� says Jessica Goodbody of Weichert Realtors.

Let us help you meet your marketing goals by advertising your listings in Real Estate Weekly.

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July 10, 2020

s o t fi y h n m c F m A p f b f y o d p p y ( c E r m

Worried that other people’s forbearances may put your mortgage or lender at risk?

By Erik J. Martin CTW Features ith millions of Americans out of work and suffering from the impact of coronavirus, it’s natural to be fretful about your financial health—whether you still have a job and have dodged COVID-19 or not. Homeowners with a mortgage are particularly concerned.

Fortunately, the government has put the CARES Act into effect, which provides relief options for struggling mortgage borrowers, including forbearance, which allows your mortgage servicer or lender to pause or decrease your mortgage payments for a limited period while you regain your financial footing (details at tinyurl.com/ covidcares).

Even if you don’t need to request forbearance, you may be wondering: Is my

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July 10, 2020

Here’s what you need to know lender or servicer safe, considering that well over 4 million Americans are currently in forbearance plans, per the Mortgage Bankers Association?

And if not, will they drag my mortgage down with them?

Before these questions can be addressed, it’s important to understand the difference between your mortgage lender and your servicer. Your lender is the financial institution that loaned you the money, while your mortgage servicer is the company that sends you your mortgage statements, according to the Consumer Financial Protection Bureau. Your servicer also handles the day-to-day tasks for managing your loan. Your loan servicer typically processes your

loan payments, responds to your inquiries, keeps track of principal and interest paid, and manages your escrow account (if you have one). And your servicer may or may not be the same company that initially gave you your loan.

Diane Bettino, a partner with Reed Smith in Princeton, New Jersey, notes that when a borrower requests a forbearance, payments are not made on that loan. Yet, servicers and/or lenders will still be required to make payments to investors on that loan as well as cover tax and insurance escrow payments.

“Without the government providing liquidity relief or suspension of required payments to these investors, it places pressure on

lenders and servicers,” she says.

Chris McDermott, a real estate broker and investor in Jacksonville, Florida, says large lenders will be able to weather the financial storm due to the strength in numbers of paying vs. non-paying borrowers.

“But smaller lenders may not be as lucky. Contingent upon how soon economies reopen may influence the duration of forbearance for so many, which could put more servicers at risk of defaulting on payments to lenders,” he says.

Atlanta-based property attorney and Realtor Bruce Ailion concurs.

“Currently, we have many lenders that are too big to fail—comprising maybe 75% of the mortgage market,” says Ailion.

“However, smaller lenders and lenders with a large owned portfolio of loans

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may be at risk, as payment of interest funds their operations.”

Nevertheless, you have little need to worry, the experts agree.

“The lenders and housing agencies can handle this crisis,” says Brian Koss, executive vice president of Mortgage Network in Danvers, Massachusetts.

“Your loan will not be at risk.”

If your servicer runs into financial trouble, the chances are that they’ll sell the servicing of your loan to another entity.

“Your loan would transfer and you would continue to make your payments as usual, only to a different servicer,” explains Matt Hackett, operations manager at Equity Now, a direct mortgage lender in New York City.

But if you’re preparing to finance a new purchase or refinance your existing loan, you may want to shop for lenders a little more carefully.

“If, for some reason, you are taking out a loan that will not be sold or insured by a federally controlled entity like FHA, VA, USDA, Fannie Mae, or Freddie Mac—the big names that back the vast majority of loans—then investigating if that lender is solvent or not is important,” Ailion suggests.

Still, your due diligence here may not matter anyway.

“Originating lenders often sell the loans they issue very soon after closing, so the lender that originated your loan will probably not be your lender in a few months,” says Rajeh Saadeh, a real estate attorney in Somerville, New

Jersey.

Ultimately, the fate of your lender or servicer and where your loan will likely be sold is out of your hands.

“Once your loan has been funded and a mortgage recorded against the property, it’s just paper in terms of the loan aspect,” McDermott adds. “If your loan is governmentbacked, you’ll be protected by the CARES Act.” 7

H STREET RD., BLAINE

$1,800,000

2610 E SECTION ST #70, MOUNT VERNON

VETERANS I am pleased and honored to offer a discount to Carla Fischer our Military.

360-982-0010

Beautiful, quiet, 55+ gated community is a great place to settle. The club house with library, pool table, card table, gazebo, bbq/picnic area, shuffle board, horse shoes are amenities you can enjoy here at Little Mountain Estates. This immaculate 3 bedroom 2 full bath double wide has easy and gorgeous landscaping with sun room just waiting for you. This is where you want to be, so set your appointment today!

MLS# 1623434 Sherry Ruderman

360-540-1552

$425,000 13024 AVON ALLEN RD., MOUNT VERNON $235,000 Eighty (80) acres of mostly woods including Western Red 17180 MEMORIAL HWY MOUNT VERNON Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with onelargepondgreatforduckhuntingtowardthenortherly portion of the 80 acres, some meadows, one small beaver pond, plenty of walking trails or bring your ATV; and an old dug well near the old home site by the southerly 6.98 acre tract zoned Rural Intermediate. Level acreage Zoned "Rural Business," this 33/100 acre tract has edge of the property to the east of the gate. Future with great road access both from Memorial Highway great visibility and is located on the southwest corner and from Avon Allen Road. Stop light and curbs at of Hwy 20 and Avon Allen Road. Location of former homesite/Pasture land along the the intersection. Special Use Permit Valley Cafe prior to Department of southwesterly edge of the property. potential. The Animal Hospital and an Transportation enhancing the size of espresso stand is across the road to the Hwy 20. Stoplight and cross walk is Potentialforupto16buildingsites.Shown west. 980 feet along Memorial Highway Danya Wolf adjacent. Great location for Espresso Danya Wolf Danya Wolf byappointment.MLS#1568051 360-708-8294 stand or similar business. MLS# 1571644 360-708-8294 (SR-536); 620 feet along Avon Allen Road. 360-708-8294

22904 BUMBLEBEE LANE, MOUNT VERNON

7 CAR COVERED PARKING

$950,000

Special property on a very private 1.5 acres minutes from town. Custom handcrafted, Craftsman home featuring 2278 sqft, office, main level master & a second master upstairs. Dining & living room showcasing custom stain glass windows. Kitchen w/granite counters, handcrafted cabinets.

Beautiful oak floors. Detached MIL home is 702 sqft, 1 bed/1bath with a 2 car garage. Separate 1080 sqft shop; Pond and Elva Hunter Waterfall. Fabulous home! Danya Wolf 360-708-8294 360-202-3086 MLS# 1494916

3789 E. DIVISION ST., MOUNT VERNON

$589,000

Beautifully wooded, open park-like 10-acre future development property with existing investment income of $1,750 per month from rental of 3-bedroom, 2-bath home on one acre. Total 10 acres are perfect for future private higher-end homes or Planned Unit Development. Amenities include: Public Utility District water, Cascade Natural Gas, Puget Power (Puget Sound Energy), high speed internet, city garbage pick-up and access to city Danya Wolf 360-708-8294 sewer. MLS# 1569455

$175,000

45187 ITSWOOD TRAIL #3B103

D N E

17521 VALLEY CIRCLE DRIVE, BOTHELL

Lovingly maintained rambler on quiet cul-de-sac in great Mill Creek area . Tranquil, private, fully fenced backyard is a gardeners dream. Wonderful pool and Mays Pond clubhouse to enjoy! Spacious kitchen, large patio and 2 car garage. New H2O tank, washer, dishwasher and disposal. Room to add an en-suite. Fully rebuilt in 2008. Walking distance

restaurants, TK

Celia Miller

MLS#1623331

360-391-6065

LAKE TYEE MLS#1559192 45104 Kachess Trail #3C1 $39,900 MLS#155167 45232 Nesika Trail #2D36 $39,500

$600,000

COMMERCIAL SALE AND/OR LEASE Great visibility commercial property: plenty of parking; former auto sales; small storage building in back. Property is set up for offices on main level with basement access from both inside and outside. Second story offers two additional rooms, one with a sink.

MLS# 1560401

stores,

Northshore school district.

$16,500

G N I

1760 S BURLINGTON BLVD, BURLINGTON

to

parks and gym. Located in coveted

Big, corner lot with greenspace. Easy access location from back gate. Comfort station 45183 MLS#1608945 Itswood Trail #3B138 only a few lots away! Potential $21,500 to be your own piece of paradise.

MLS#1613722 Empty lots are rare, grab this 45122 Sikhs Trail #3C16 one now! $39,500 Sherry Ruderman MLS# 1623909 360-540-1552

P

$489,900

Danya Wolf

360-708-8294

360.424.0300

Abeautifulrecreationalresortcommunityw/newlyremodeled club house, 2 pools, 2 hot tubs, basketball court, tennis courts, beach, boat launch, hiking, fishing and so much more.

Owners may utilize the property any 210 days in a calendar year.

Sherry Ruderman

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