INSIDE
This Issue IS A FIXER-UPPER IN YOUR FUTURE? PAGE 5 TAKING A BET ON BUYING, THEN SELLING PAGE 7 CLASSIFIEDS PAGE 7
FEB 19-25, 2021
INSIDE
TABLE OF CONTENTS
PAGE
5
Is a fixer-upper in your future? .............................P5 Q&A
Ask Our Broker.......................................................................P6
Taking a bet on buying, then selling ................P7 Classifieds............................................................................P7
RE-Weekly To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2021 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 publication.
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own the local real estate market expand your reach when you combine the power of our digital audience and premium print ads in the re weekly ask your multimedia account executive for details. ContaCt: 360.424.3251 • ads@skagitads.Com 2
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February 19, 2021
STAT Real Estate Stat
87 The percentage of realtors who are independent contractors Source: National Association of Realtors
NORTH PUGET SOUND ASSOCIATION of REALTORS®
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1417 Digby Place, Mount Vernon
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Homeownership encourages people to build roots and invest in their neighborhoods. It is well documented that homeowners volunteer, serve on community boards and are even more likely to vote in local elections. What’s more, studies have shown that the children of homeowners perform better in school and go on to earn more money as adults. Across the U.S., real estate accounts for one-fifth of our Gross Domestic Product. That figure totals more than $3 trillion – and represents a key driver of our national economy. Realtors® are more than agents and apps. We are community advocates who commit to a code of ethics and advocate for private property rights. In a transaction that is often the largest and most complex we will make in our lifetime, consumers want a trusted professional to guide them through this process. And there is no substitute for that. 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.
KAREN BECKNER 360-840-9455 Super private, stylish high end zero-lot line 2 bedroom, 2.25 bath townhome in desirable Maddox Creek with lots of light & westerly, sunset views from your deck. Interior details include top of the line design & materials: vaulted ceilings, H/W floors in the living room + gas fireplace with slate surround. Open kitchen floor plan with alder cabinets, SS appliances (all stay), tile floors, granite countertops & tile backsplash. Family room/flex space down w/new engineered wood floors + 2nd master suite/office w/new carpets, walk-in closet, bath & laundry room. End unit of four units with private deck upstairs plus fenced patio downstairs. Attached 2 car garage. MLS #1721977
2041815
February 19, 2021
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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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February 19, 2021
upper limit in high-cost counties is $765,600,” DeGrave says. “Also, closing costs are often higher, and the loan may take longer to close than a standard purchase or refinance.” What’s more, you’ll have to pay an upfront mortgage insurance premium (1.75% of the loan amount) as well as monthly mortgage insurance premiums, which provides a level of protection for the lender in case you default on your loan. “Unlike private mortgage insurance, which typically may be canceled once the loan-tovalue ratio on the loan falls below 80 percent, the monthly insurance premiums on FHA loans with loan-to-value ratios over 90 percent are for the life of the loan and cannot be canceled. For FHA loans with loanto-value ratios equal to or less than 90 percent, portion of the rehab the monthly mortgage – the lender handles insurance drops off after this directly with your 11 years,” says DeGrave. remodeler.” “In addition, it can be Best of all, you only hard to find a qualified have to make a single contractor because they loan payment. have to be certified by “Also, with an FHA the FHA and willing to 203(k) loan, there’s only work with the difficult one closing and one funding release process. set of closing costs,” And FHA loans are not notes Dennis DeGrave, as attractive to sellers as branch manager at conventional loans, so it Inlanta Mortgage in may be difficult to get a Pewaukee, Wisconsin. house under contract,” However, there are a few cautions Morgan. caveats. To qualify, you need at “A purchase price limit least a 580 credit score applies. Currently, the (many lenders may maximum amount require 620 or higher), for an FHA loan on a a 3.5% down payment, single-family home in and a debt-to-income a low-cost county is ratio of 43% or less $331,760, while the (including your new
Is a fixer-upper in your future? An FHA 203(k) loan can help By Erik J. Martin CTW Features ou’ve got your eye on a diamond-inthe-rough residence that needs some TLC. You can likely fetch it for a reasonable price, but you’re not looking forward to closing on the mortgage loan and then having to finance the fix-its separately. Things would be a lot simpler if you could roll the remodeling costs into your loan. Fortunately, there’s a product offered just for this purpose. It’s called an FHA 203(k) loan, and it may be easier
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February 19, 2021
to qualify for and save money with this financing option than you think. “The FHA 203(k) combines the cost of the renovation plus the purchase price into a single loan,” explains Erik Wright, owner of New Horizon Home Buyers in Chattanooga, Tennessee. “This loan allows an opportunity to renovate a home and potentially end up with significant equity after completion.” Shaun Morgan, a personal finance blogger at SimplyKnowMoney.com in Lubbock, Texas, says this loan offers several advantages. “First, it’s backed by the
government – specifically the Department of Housing and Urban Development. And like a regular FHA loan, it requires only a 3.5% down payment on the total cost of the loan,” says Morgan. “The way it works is that a lender or bank releases the funds to purchase your property. Then, a qualified and licensed contractor comes in to complete the specific repairs on your home. Whenever the contractor completes a portion of the repair, they can request to get paid from the lending institution. In other words, you don’t handle the money
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mortgage loan plus all other debts); also, you must plan on living in the property yourself as your primary residence, and you must be a US citizen or permanent resident, according to Wright. “An ideal candidate is someone who wants to get a deal on a house that is overlooked because it is run down and is willing to wait as the house gets remodeled. The candidate probably doesn’t have a lot of money saved up, either. Ideally, this person is a first-time homebuyer, and they must not have another FHA-backed loan,” Morgan says. Amy Cherry Taylor, a Realtor in Fredericksburg, Virginia, says these types of loans can also benefit buyers who continue to lose out in multiple offer situations. “I have had several clients use an FHA 203(k) loan and then reap the benefit of owning a renovated, on-trend property when the time comes to sell,” she says. If you don’t qualify or want to explore alternatives, you can always purchase the home via a standard mortgage loan and then finance the rehab by applying for a home equity loan or home equity line of credit if you are eligible. “Alternatively, you can pursue a construction loan. But that will typically require at least a 20% down payment and may come with a higher interest rate,” says Morgan. 5
Q&A
Credit scores Question:
What happens to your credit score as a result of a foreclosure? I’m sure that scores get clobbered, but are there not special provisions because of the pandemic to protect homeowners from credit score hits?
Answer:
In the usual case, a foreclosure can instantly damage your credit standing. However, in the pandemic, economy things are different. For many Americans, the pandemic economy has led to more saving, less borrowing, and higher credit scores. According to the Fair Isaac Corporation, developer of the FICO-brand credit scoring system, the average US credit score reached 711 in July, the highest average on record. However, with massive unemployment and large numbers of business closings, not everyone has fared so well. The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits “lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale” according to the Consumer Financial Protection Bureau (CFPB). The CARES Act has impacted millions of loans that involve the FHA, VA, USDA, Fannie Mae, and Freddie Mac; however, it does not cover all mortgages. This is why a relatively small number of foreclosures have been reported each month during the pandemic. In addition, the protections created under the CARES Act
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ASK OUR BROKER By Peter G. Miller
will end at some point, potentially exposing property owners without lender forbearance agreements to foreclosure. According to the CFPB, “how your lenders report your account to credit reporting agencies under the CARES Act depends on whether you are current or already delinquent when this agreement is made. These reporting requirements apply only if you are making any payments required by the agreement.” It adds that: “If your account is current and you make an agreement to make a partial payment, skip a payment, or other accommodation, then the creditor is to report to credit reporting companies that you are current on your loan or account. “If your account is already delinquent and you make an agreement, then the creditor cannot report you as more delinquent (such as reporting you as 60 days delinquent when you started out 30 days delinquent) during the period of the agreement. “If your account is already delinquent and you make an agreement, and you bring your account current, the creditor must report that you are current on your loan or account.” The CFPB also says the CARES Act requirement applies only to agreements made between January 31, 2020, and “120 days after the national emergency concerning COVID-19 ends.” The end of the national emergency is something the government can define – and change – at any time. Let’s say you do face foreclosure because protections end or
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that otherwise, the lender is allowed to report your situation to credit reporting agencies. How much damage will be done? “The impact could be anything from considerable all the way down to nothing,” explains Credit Expert John Ulzheimer, formerly of FICO and Equifax. “It depends on what else is on the consumer’s credit reports. If the settlement is the one and only derogatory entry, the impact is going to be considerable. If it’s one of many derogatory entries and/or it’s an older derog, the impact would be minor or nothing at all.” In the case of a short sale – a situation where a home is sold for less than the loan balance with the lender’s permission -- Ulzheimer adds that “if the loan was already delinquent prior to the short sale taking place then the notation that the account has been settled doesn’t add anything more to the impact because the preceding late payments already did that.” The bottom line: If you’re a homeowner having financial problems call your lender as soon as possible and try to work out a forbearance agreement or other arrangement. You can check your credit reports at AnnualCreditReport. com. For additional information, contact such sources as your state attorney general and local housing organizations, legal clinics, and attorneys. Email your real estate questions for Mr. Miller to peter@ctwfeatures.com.
February 19, 2021
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CLASSIFIEDS PUBLISHER'S NOTICE
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.
Taking a bet on buying, then selling By Marilyn Kennedy Melia CTW Features ecure a contract on your own home before inking an agreement to buy another. That’s the time-honored rule to avoid paying two mortgages for an indefinite period and avoiding funding down payment without using sale proceeds. To flip that scenario is taking a gamble … one more buyers, faced with record lows of home
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sale inventory to choose from, are taking. They “value buying the right home that they can enjoy for many years, as opposed to being forced to buy a home that they may not love,” says Tyler Forte, Felix Homes, Nashville. But it better be a well-thought strategy, says Ryan Waller, Home Group Realty, Ontario. Besides, he notes: “Sellers will want to know” how a buyer will pull it off financially. Indeed, some
sellers may not accept an offer without knowing there’s a strong likelihood that the buyer finesse flipping the usual buy then sell script. What to consider Who can afford this luxury? Three to six months’ worth of income to keep in emergency savings is prudent, and those facing the prospect of two mortgage payments should have this much – and probably more, says Dan Moisand, Florida financial
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planner. What is the plan for a realistic sale? If a buyer can negotiate a 90 day closing on his purchase, that gives him more time to sell, but many sellers want a faster timeframe, says Ryan Waller, Home Group Realty, Guelph, Ontario. Pre-listing inspections and staging will help a sale proceed snagfree, adds Deb Tomaro of Encore Sotheby’s Intl. Realty, South Central Indiana.
2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, asking $159,500. To view call 520-221-1607 or 360-840-3292.
Pricing to sell is also key, say agents, along with a realistic estimate of sale proceeds. How it might work Many buy-first clients aren’t purchasing a significantly more expensive home, Forte notes. And, some are putting down just 5 percent for a new mortgage, with a lender allowing proceeds from the eventual sale to pay-off part of the balance, and the loan re-cast, adds Tomaro. 10 - January 29, 2019
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nHn CaSCade Way, MarBleMoUnt
$225,000
Very few properties manage to beautifully integrate the outdoors into their living space but this cabin in the woods will delight you with wilderness surroundings while cradling you in the kind of luxury you crave after a long hike. Let the magical flow of music from nearby Boulder Creek lull you to sleep in this cozy cabin kept toasty warm with a propane fireplace. Sip wine and relax on your covered deck down the short path from the cabin next to the wood fire in your cedar plank hot tub. This wonderland in the wilderness will certainly capture your imagination while providing a base for all your (360) 540-1552 adventures in the Cascade Mountains. Sherry Ruderman
44974 kyUqUot trail #2C90, lake tyee
$99,900
Dreams come true on this gem tucked away in Lake Tyee. Beautiful location with view of Mount Shuksan, the double parcel will fit friends on this glamping spot. 1 lot has a gorgeous and huge cover with deck. 2nd lot with deck to easily place another RV. Don’t wait long to view this property. Lots of amenities at Lake Tyee, not to mention the surrounding area of forest, rivers, creeks to fish, hike and enjoy nature. (360) 540-1552 MLS#1729324 Sherry Ruderman
H Street rd., Blaine
$1,200,000
Eighty (80) acres of mostly woods including Western Red Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with one large pond great for duck hunting toward the northerly 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 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. Shown by appointment. Danya Wolf 360-708-8294 MLS# 1568051
2xxx UrBan avenUe, MoUnt vernon
$600,000
Prime 1 acre level, commercial parcel, subject to boundary line adjustment. MLS#1649968 Danya Wolf
360-708-8294
i’m a Seniors real estate Specialist
lotS 2&3 lakeSide drive, GlenHaven lakeS
$49,900
4969 Helena lane #2C78, lake tyee
Looking out to Mount Baker and beautiful territorial views with your hot cup of coffee as you sit on your quaint comfy porch is just where you want to be after this crazy year. Start 2021 with the perfect get-away in the North Cascade Range Foothills. This almost brand new park model is nestled in Lake Tyee Recreational Resort. The loft gives you extra sleep space for guests and there is plenty of parking, as well. You’ll enjoy this quiet, peaceful and gorgeous location. Come take a look for yourself. 210 days/yr and $162/ mo dues includes water, septic and garbage. (360) 540-1552 MLS1716532
Build your dream home on these two adjoining lots near Glenhaven community amenities: pool, clubhouse, tennis/basketball courts, outdoor exercise area, playground, enjoy nature with trails and trout stocked lake, 2 boat launches, community events; near several area lakes. Easy commute, 1/2 way between Mount Vernon and Suzanne Jenkins Carla Fischer Danya Wolf Bellingham. MLS# 1628528 360-941-2983 360-982-0010 360-708-8294
7308 HoBSon rd., BoW
$235,000
Sherry Ruderman
44585 idaHo lane #1B42, ConCrete, Wa 98237
$49,500
44947 kayak trail #2B36, ConCrete, Wa 98237
Great location off of Bow Hill: lightly treed 4.27 acre tractonHobsonRoad,southofSamishHeightsRoad; 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
This beautiful piece of property sits along Grandy Creek. This lot has an RV and room addition to fit a large group. Enjoy the deck with gazebo while you listen to the creek. Or, sit by the fire pit while you relax and roasts some marshmallows for the smores. This one-of-a-kind location can be enjoyed throughout the year for get-aways. Dues $162/mo and enjoy for 210 days/year. Comes with lots of amenities, water, septic, garbage and power. Danya Wolf Sherry Ruderman 360-708-8294 (360) 540-1552 MLS#1723545
17180 MeMorial HWy MoUnt vernon $415,000
4629 Beaver Pond drive S.
Perfect time to snag this little piece of heaven at LakeTyee. This comfortable park model with room addition is the perfect retreat. Imagine yourself snuggled up with a hot cup of cocoa and looking out the window as you see the giant snow flakes drop on the lake. This is the year to do so. Beautiful properties have come and gone, but this one is for you! Sherry Ruderman MLS# 1687797 (360) 540-1552
$105,000
Elva Hunter
7704 Silver lake road, MaPle FallS
$349,000
This home ‘lives bigger’ than its stated size of 1491 sq.ft., offering 2 beds, plus bonus room, 1 3/4 baths on a large lot with ample parking, a detached 2 car garage and a HUGE storage building. The kitchen has a large pantry, skylight and plenty of cupboard/ counter space. Master has a large shower with an oversized vanity and a walk-in closet. Living area features vaulted ceilings and ceiling fan. Main bath has 2 doors for easy access to the laundry room and the outdoors. This home is set back from the road and has a beautiful front yard or you can enjoy the privacy of the large yard in the Sherry Ruderman Patricia Box back, as well. 360-540-1552 Office Manager/Broker o: (360) 424-0300 MLS#1694535 C: (360) 941-9186
360.424.0300
$74,900
Start your new home on this private 13,929 sq.ft lot in Eaglemont with all utilities in the street, surrounded by greenbelt and wooded area for maximum privacy, wonderful neighborhood with beautiful homes, walking distance to Clubhouse and restaurant with awesome views and sunsets. Eaglemont is an 18 hole Golf Course Championship Public Course! 360-202-3086
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 (SR-536); 620 feet along Avon Allen Road. Danya Wolf 360-708-8294 MLS# 1572330
Every transition is an opportunity, regardless of your stage of life. By partnering with an SRES like one of us, you gain the help and experience of a Realtor® specializing in meeting the needs of home buyers and sellers 50+. We offer you the opportunity to complete your transaction with patience, professionalism and the expertise you deserve. We are pleased to be Carla Fischer Elva Hunter YOUR SRES® 360-982-0010 360-202-3086
$79,500
veterans - i am pleased and honored to offer Carla Fischer 360-982-0010 a discount to our military. My family settled in the Skagit valley after my husband retired from the navy, so i am happy to help you navigate your new community.
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 2041681
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