Real Estate Weekly June 26, 2020

INSIDE RETIREES: REFINANCING TAKES SOME DILIGENCE PAGE 5 HAVING A MORTGAGE MAKES SAVING MONEY CHALLENGING PAGE 7 CLASSIFIEDS PAGE 7

JUNE 26-JULY 2, 2020

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INSIDE

TABLE OF CONTENTS

PAGE

7

Q&A

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

Retirees: Refinancing takes some diligence...................................................P5 Having a mortgage makes saving money challenging ......................................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

Brown McMillen

w w w. b r o w n m c m i l l e n . c o m • 235 W. Rio Vista Avenue, Burlington

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Bow Rambler - 1.45 Acres...4BD/3BA, 2360 SF of living space, & 1188 SF attached garage. Great rm & spacious kitchen w/walk-in pantry, plus separate family rm. Home has several custom features. Beautiful private setting, large patio, RV parking, & easy access to I-5. $665,000 #1616245

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Beautiful 2-acre parcel of land with many outbuildings. Move in ready 2 bdrms, 2 baths, & has been updated. Well cared for, light, bright country style kitchen. Nice & quiet location with the South West sun exposure. All appliances in home will stay. $650,000 #1617670

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Yvonne Brown Galen Kindred Holly Hilts Jeff Ingman

360-840-4375 360-770-7083 360-661-5538 360-202-2859

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Now’s your chance to enjoy living on beautiful Samish Island! Build your dream home on this .24-acre parcel. Peek-a-boo saltwater view, water share available & utilities are at street. Nice, peaceful area, & short walk to the water-this site includes an easement to the beach below. $168,000 #1590794

Shelah Inman Jodi Dynes Ron Wortham Mary Jo Reitsma

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CA VA

Looking for a home on the East side of the mountains? This is it! 4bd/3ba, open kitchen w/custom cabinets & island. Large Dining & Living rm. The shop is over 1300 SF with 3/4 bath. You can walk to the Columbia river with views that are spectacular. $595,500 #1591851

Partner

Rare opportunity to own this lovely 3 bdrm, 2 bath, Golf Villa with beautiful views overlooking the 14th fairway & surrounding hills. Inviting living rm w/gas frpl. Light & airy dining area, updated kitchen, great deck, & 2 car garage w/plenty of storage! $465,000 #1596440

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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.

360-661-0145 360-333-7783 360-661-1500 360-770-6013

Travis Lohman Tod LeHecka Jan Scally Dale Owenby

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Excellent property zoned C-2 Heavy Commercial located next to I-5 with great visibility. Property is already cleared and ready for development.

Great potential to be joined with adjacent property for a larger development. $525,000 #1509591

360-661-4533 360-333-1032 360-421-5160 360-913-8662

Dana Holmes Katie Hilsinger Ryan Scally Titus Price

360-770-6716 360-391-3796 425-420-5788 513-259-1534

2013655

360.757.6013 800.869.7084

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

June 26, 2020

Feature Home From cover:

STAT

$1,275,000

www.neonmoonlonghornranch.com

Windermere real estate/anacortes Properties P 3018 commercial ave. robin KallMan Anacortes,WA • 360-293-8008 707-318-7190 www.anacortesrealestate.com

Real Estate Stat

Traci Miles 360-941-6321

As you enter through the gate into Neon Moon Longhorn Ranch you will be amazed by the meticulously maintained grounds on this 18+/- acre property. 1920 Main home is comfortable as is or remodel it as you wish. So much potential here.

The second home built in 2010 operates as an Airbnb. Very private with additional features and outbuildings. Endless possibilities including an equestrian facility, compound, development options, working ranch, event venue or just enjoy it “as is!” MUST SEE! MLS: 1606067

$46,458 The average salary of agents who work part-time between 21 and 40 hours weekly Source: REAL ESTATE EXPRESS

2014461

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 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.

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.

June 26, 2020

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Q&A

New Changes Ahead Question:

Homes are still being bought and sold during the coronavirus pandemic. Are there special clauses that are now needed for real estate contracts?

Answer:

Across the country, attorneys are revising standardized real estate agreements and writing special clauses to deal with the coronavirus. You can see how such clauses might be needed with real estate brokers, lenders, appraisers, inspectors, and settlement providers.

A big issue concerns deadlines. Real estate agreements might require a loan application, home inspection, appraisal, or closing by a certain date.

The use of deadlines makes sense in the typical sale, but with the coronavirus, several traditional standards are in limbo.

Think about closing. The parties show up to sign the paperwork or complete the transaction remotely.

Sounds easy, but what if the government office

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

Katey Von Hagel Marketing Representative 360.707.1076

Service you deserve with people you trust Visit any of our 5 locations in Oak Harbor, Burlington, Freeland, Stanwood and Anacortes

Ltco.com 4

By Peter G. Miller

to record the transaction is closed? What about settle-in-place rules or travel restrictions? Should the buyer or seller face a penalty if the closing is delayed because of the coronavirus, or are we dealing with something beyond anyone’s control, an “act of God”?

How do we get appraisers inside homes in the face of today’s virus worries? The situation is so acute that special exterior-only rules have been announced so that appraisers need not enter a structure. One idea to help with valuations is to have the property owner take interior photos of the home.

Another special rule allows some appraisals to be completed 120 days after closing. What happens if there’s a valuation dispute four months after closing? Does the lender get its money back? If the transaction is undone, what happens to the broker’s commission? Are transfer taxes refunded? Does the seller have to give back the buyer’s money?

What if the seller used money from the sale to buy a replacement property? Will that transaction also be unwound?

We expect more automated valuation models (AVMs)

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

LAND TITLE AND ESCROW W

ASK OUR BROKER

and tax records to establish a fair market value. But AVMs do not involve an interior inspection of the property. Tax records may be based on valuations now out-of-date, depending on the local assessment cycle.

The point of an appraisal is to establish a property’s fair market value. This prevents the lender from making an over-sized loan. It helps lenders determine the loan-to-value ratio (LTV). An appraisal also prevents the buyer from paying more than market value for a property.

What about home inspections? If buyers cannot get interior examinations, can they be sure a home does not have hidden damage? Or 118 cats?

The coronavirus pandemic represents a new world of potential hazards and costs. Be sure to work with a broker, attorney, or both to modify sale agreements, so they meet your needs.

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

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VISIT RE-WEEKLY.COM TO EASILY SEARCH FOR LOCAL REAL ESTATE LISTINGS!

EASY TO USE TOOLS & THE MOST UP-TO-DATE INFORMATION FOR FINDING LOCAL REAL ESTATE

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June 26, 2020

Retirees: Refinancing takes some diligence

By Marilyn Kennedy Melia CTW Features

mortgage approval might be more difficult: Standard procedures now less standard Typically, lenders consider fixed income sourcetirees who rely on social security, pen- es, like social security payments and pension, sion and investments need different as monthly payments that can fund mortgage budgeting techniques from when they expenses. For income derived from investdrew a paycheck. ments, it’s standard for lenders to shave 30 Except many of today’s retirees carry an expercent from the portfolio’s value, and then pense once shouldered primarily by working calculate monthly income from dividends and people: A mortgage. interest.

“We will examine the current mortgage to see “This is still standard practice,” notes Ryan if there are any opportunities to lower their Parks, SVP of Canton, Massachusetts-based monthly payment,” says Scott McCaskill, a Citizens Financial Group. But, “some lenders Frederick, Maryland financial planner. may have tightened up this policy under the Indeed, with the value of their retirement in- economic conditions.” vestments pared from the COVID-19 induced Extra measures lenders may now employ economic shock, refinancing into a lower rate “Due to COVID-19, we are now requiring that mortgage is a priority for many retirees. all investment accounts be updated within 30 But the distressed economy also means that days of closing,” report Joe Nunziata and Rob

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Nunziata, co-CEOs, FBC Mortgage, Orlando, FL. Financial planner McCaskill says he’s been asked to submit letters to lenders on his clients’ behalf. Typically, he’s asked to “outline all of [a client’s] investment holdings, what income distributions are guaranteed, and the current withdrawal rate.”

Age doesn’t matter Retirees looking to ease a tight monthly budget often refinance into a new 30-year loan, where payments are lower than with shorter-term loans, relates Charles Chedester of Midwest Family Lending, Urbandale, IA. “If you are 60 and want to do a thirty-year loan,” he explains, lending rules allow it, if income sources will support the monthly payments.

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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.

RealEstate weekly

Call 360.416.2180 Today!

In print and online goskagit.com ads@skagitads.com

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June 26, 2020

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CLASSIFIEDS PUBLISHER'S NOTICE

Having a mortgage makes saving money challenging

By Erik J. Martin CTW Features hey say a penny saved is a penny earned. Only it takes more than good fiscal sense to save spare cents these days—especially if you finance your home and have suffered from the pandemic plight. But with the right planning and determination, it’s possible to reach most of your long-term financial goals, including owning a home, saving for retirement, and salting away for a rainy day.

First, the sobering facts: Nearly eight in 10 with a home loan reveal that their mortgage negatively affects their capacity to save up for retirement, per a recent survey of homeowners by Bankrate. More than three in 10 admit their mortgage has a significant negative impact on retirement saving, while 46% indicate it has a minor detrimental effect. Even the majority of those earning

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June 26, 2020

lars should always go first toward absolute necessities Here are a few solutions to help you out like housing expenses and food. Savings should come over $80,000—76%—report- you pay the mortgage is next in priority, and everyed a negative impact. possible.” thing else should go last.”

“Big mortgage payments Your first step? Pay off any This is where discipline and take a bite out of your high-interest debt incurred sacrifice come in handy. monthly income but are also by credit cards or loans that “Think about cutting back a major obstacle to saving charge exorbitant interest on unnecessary expenses for retirement, emergencies, rates, which often means as much as possible. Even or other financial goals,” any rate north of about 5% the smallest changes can said Greg McBride, CFA, (depending on the type of make a difference,” explains the Palm Beach Gardens, loan). It’s particularly chalattorney and personal Florida-based chief financial lenging to save when you’re finance expert Jacob Dayan, analyst for Bankrate, in the saddled with high-interest CEO/co-founder of Commusurvey’s report. debt. Ways to pay it off and nity Tax in Chicago. “Avoid Paul Buege, president and save serious dollars otherbuying lunch every day, and chief operating officer for wise spent on interest may bring food from home to Inlanta Mortgage in Pewau- include a debt consolidation work instead. Make coffee kee, Wisconsin, says the refinance of your mortgage, from your kitchen instead of poll’s results aren’t surpris- a debt consolidation loan, or purchasing from a driveing. a home equity loan or line through window. Try working “The cost of housing is exof credit. out at home instead of at pensive today, even after the Next, take inventory of an expensive gym. And end savings that can be created where you spend your dolcostly monthly subscripby locking in your loan at a lars each month. tion products and services. historically low mortgage “You’ll likely be surprised at These amounts saved will rate,” says Buege. “However, the high level of discretionadd up quickly.” with some smart strateBarbara Friedberg, a real ary consumable expenses gies and simple lifestyle estate investor and personal you have,” Buege notes. changes, saving money after “The golden rule is that dol- finance blogger, suggests

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All rental and real estate for sale advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention, to make any such preference, limitation or discrimination Familial status includes children under the age of 18 living with parents or legal custodians, pregnant women and people securing custody of children under 18. This newspaper will not knowingly accept any advertising for the rental or sale of real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertising in this newspaper are available on an equal opportunity basis.

To complain of discrimination call HUD at (206) 220-5170.

Our Circulation Dept. and Classified Dept. phone hours are Mon.-Fri. 8AM-4PM. Our office doors are closed to the public until further notice.

To contact Circulation call 360.424.1900.

To place a classified ad call 360.424.4567. *Daily deadlines apply.

2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, tax value $180,000 asking cash out $139,500.

To view call 520-2211607 or 360-840-3292.

setting a savings goal every month and then automatically transferring those dollars to the proper channels.

“Just as you automate your mortgage payment each month, automate set monthly contributions to a 401(k) plan or IRA as well as contributions to an emergency fund at a bank or brokerage account,” she says. “This means allocating a predetermined portion of your paycheck to these specific savings and investment buckets.”

10 - January 29, 2019

Consider refinancing your mortgage if you can lower your rate by at least 50 basis points (0.5%), and you plan on staying in your home at least three to five years (to recoup the refi closing costs involved). Try to avoid extending your loan term if you can, too.

“Shop around for the best mortgage deals. You might even find the best refinance deal with your current lender,” says Ethan Taub, CEO of Loanry headquartered in Newport Beach, California.

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H Street rd., Blaine

$1,800,000

Eighty (80) acres of mostly woods including

17211 CHinook Court, Mount Vernon

VeteranS i am pleased and honored to offer a discount to Carla Fischer our Military.

360-982-0010 17180 MeMorial Hwy Mount Vernon

$425,000

$588,500

600 sq. ft. shop bonus; Beautiful one story home: dramatic features throughout, including 2 story entryway; large kitchen w/ incredible amount of cabinetry, counter space, and storage. Living room w/ gas fireplace overlooks the tiered, fully fenced park like yard. A green belt provides additional privacy. Master bath: double sinks; a deep soaking tub; separate tiled shower; heated floor. 2nd master suite offers an adjoining den/office space or nursery. Generous 2 car garage plus room Danya Wolf

to park an RV/boat. MLS#1587661

13024 aVon allen rd., Mount Vernon

$235,000

3789 e. diViSion St., Mount Vernon

360-708-8294

$589,000

Beautifully wooded, open park-like 10-acre

Western Red Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with one large pond great for

future development property with existing

duck hunting toward the northerly portion of the

investment income of $1,750 per month from

80 acres, some meadows, one small beaver pond,

rental of 3-bedroom, 2-bath home on one acre.

plenty of walking trails or bring your ATV; and an

Total 10 acres are perfect for future private

old dug well near the old home site by the southerly edge of the property to the east of the gate. Future homesite/Pasture land along the southwesterly edge of the property.

Potential for up to 16 building sites.

Danya Wolf

Shown by appointment. MLS# 1568051 360-708-8294

6.98 acre tract zoned Rural Intermediate. Level acreage with great road access both from Memorial Highway and from Avon Allen Road. Stop light and curbs at the intersection. Special Use Permit potential. The Animal Hospital and an espresso stand is across the road to the west. 980 feet along Memorial Highway Danya Wolf (SR-536); 620 feet along Avon Allen Road. 360-708-8294

22904 BuMBleBee lane, Mount Vernon

$950,000

2278 sqft, office main level master & second master upstairs. Dining & living room showcasing custom

home 702 sq ft 1 bd & 1 bath w/2 car garage. Separate 1080 sqft. shop & Pond and Waterfall. Total of 7 garage and shop parking spaces! Car lift included too! Fabulous home! MLS#

7 Car CoVered ParKinG

1494916

1760 S Burlington BlVd, Burlington Great

Danya Wolf

360-708-8294

visibility

Elva Hunter

360-202-3086

$600,000

commercial

new PriCe

4629 BeaVer Pond driVe S. Eaglemont Golf Community offers an 18 hole Championship public golf course, Clubhouse and Fitness Center, enjoy dining at the Fireweed Restaurant and Lounge with fabulous views and sunsets!

MLS# 1504177

7308 HoBSon rd., Bow

$105,000

Elva Hunter

360-202-3086

small storage building in back. Property

CommerCial Sale and/or leaSe

MLS# 1560401

Danya Wolf

360-708-8294

access to city sewer. MLS# 1569455

Danya Wolf

360-708-8294

lake tyee

MLS#155167 45232 Nesika Trail #2D36 $39,500 MLS#1608945 45183 Itswood Trail #3B138 Abeautifulrecreationalresortcommunityw/newlyremodeled club house, 2 pools, 2 hot tubs, basketball court, tennis $21,500 courts, beach, boat launch, hiking, fishing and so much more.

MLS#1613722 45122 Sikhs Trail #3C16 Owners may utilize the property any 210 days in a Sherry Ruderman calendar year. $39,500 360-540-1552

“2019 Skagit’S BeSt”

is set up for offices on main level with

additional rooms, one with a sink.

internet, city garbage pick-up and

for voting US

plenty of parking; former auto sales;

outside. Second story offers two

(Puget Sound Energy), high speed

$235,000

property:

basement access from both inside and

Cascade Natural Gas, Puget Power

new liSting MLS#1559192 45104 Kachess Trail #3C1 $39,900

town. Custom handcrafted, Craftsman home featuring

stain glass windows. Kitchen w/ granite counters,

Amenities include: Public Utility District water,

Build your dreaM HoMe in eagleMont!

Special property on a very private 1.5 acres minutes from

handcrafted cabinets. Beautiful oak floors. Detached MIL

higher-end homes or Planned Unit Development.

Zoned "Rural Business," this 33/100 acre tract has great visibility and is located on the southwest corner of Hwy 20 and Avon Allen Road. Location of former Valley Cafe prior to Department of Transportation enhancing the size of Hwy 20. Stoplight and cross walk is adjacent. Great location for Espresso Danya Wolf stand or similar business. MLS# 1571644 360-708-8294

Great location off of Bow Hill: lightly treed 4.27 acre tract on Hobson Road, south of Samish Heights Road; and located on the west side of the street. Level, beautifully treed building tract with wonderful sunsets. Power at road.

Danya Wolf 360-708-8294 MLS# 1572369

360.424.0300

2 YEArS BESt rEAl rEA EStAtE officE, MoSt coMMUnitY MindEd BUSinESS

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2014869

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June 26, 2020