Real Estate Weekly June 25, 2021

INSIDE

This Issue

THE PERKS OF GOING RURAL UNDERSTANDING USDA HOME LOANS AND HOW TO GET ONE PAGE 5 STAY SAFE: WHEN SELLERS STAY PAST CLOSING PAGE 7 CLASSIFIEDS PAGE 7

JUNE 25-JULY 1, 2021

INSIDE

TABLE OF CONTENTS

PAGE

5

The perks of going rural Understanding USDA home loans and how to get one ........................................................P5 Q&A Ask Our Broker.......................................................................P6

Stay Safe: When Sellers Stay Past Closing .................................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.

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.

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

RE-Weekly

June 25, 2021

STAT Real Estate Stat

Rising Vacation Home Sales In 2020, vacation home sales rose 16.4%, outpacing the growth in total existing-home sales of 5.6%.

Source: National Association of Realtors

525 East College Way, Ste J

Mount Vernon, WA 98273

Ph:360-416-4902

www.npsar.realtor

FeAtureD HoMe FroM CoVer:

1308 Alpine View DriVe Mount Vernon

REALTOR® Charity Golf Tournament Is Back!

Thurs, Aug 19th, 2021 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 the cart, ‘grab ‘n go’ brunch, prizes, full dinner 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 North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.

June 25, 2021

RE-Weekly

Skagit tradition realty llC 3780 e. College way Mount Vernon, wA 360-424-0300 www.skagittraditionrealty.com

$819,000

John Hunter (360) 202-3086

Elva Hunter (360) 202-3086

Fabulous Custom Craftsman Home in beautiful Eaglemont Community, on the 13th fairway! Open living & dining w/soaring ceilings, gorgeous custom mill work, hardwood floors, gas fireplace surrounded by built-in cabinets. Entertain on your large deck overlooking the fairway & view to Mount Baker.

Spacious office/den with shelving & desk ready to start your day. A Gourmet chefs kitchen w/ 6 burner gas stove & warming, double wall oven plus microwave, large granite island & counters, pantry & laundry on main fl. Deluxe owner suite, master bath w/heated fl. walk-in shower & Calif style closet, jetted tub. Downstairs makes for perfect MIL 2 bedrooms full bath, family room with bookshelves & TV , granite counter & wine cooler, enjoy your outside patio.

MLS#1795702

111843-1

NORTH PUGET SOUND ASSOCIATION of REALTORS®

3

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

B

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.

Call 360.416.2180 Today!

4

RE-Weekly

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

June 25, 2021

a f m w a t z t u e s t

e t r p c b o i

as certain types of manufactured homes.”

The USDA Rural Development Department Publishes maps detailing areas in which you can purchase a residence using a USDA loan (visit tinyurl.com/usdamap21 for details).

“It’s as simple as putting in your property address and confirming that you’re good to go. Many find it surprising that nearly 97% of US land is eligible for USDA loan programs,” says Duncan.

Not every lender offers USDA loan financing. To find a lender near you, visit tinyurl.com/usdalenders21.

“Mortgage banks, brokers, and credit unions all have the ability to offer this program, but not all will.

So, it’s recommended to call around and ask first beUSDA Nationwide Home fore completing an applicasmart strategy that can save and a one-time-close loan she says. that finances your lot What’s more, you don’t Loans, based in Overland tion,” Duncan suggests. thousands and be easier If you don’t qualify for purchase, construction, and have to be a first-time Park, Kansas. to finance, thanks to the USDA financing, alternapermanent mortgage of a buyer to be eligible; repeat Furthermore, your USDA home loan. household income must “The USDA home loan newly built home into one purchasers qualify, too. tives to consider include On the negative side, not exceed 115% of the program is designed to as- closing.” an FHA loan – which can USDA home loans come borrowers often have to area’s median income. sist households in obtainbe had for as little as 3.5% with many benefits and meet strict lending require“Additionally, you ing residential dwellings down – or a conventional few caveats, notes Amoré must demonstrate stable in rural areas,” explains ments, can’t own other loan, which may require Azimi, senior loan officer employment as well as a Bill Packer, executive vice properties, and must use only 5% to 10% down. president and chief opera- for Middletown, Rhode a USDA loan to finance a good credit history,” says “You may also be able Scott Fletcher, president tions officer for American Island-headquartered Em- home they will live in as to find down payment asof Risk and Compliance their primary residence.

Financial Resources, Inc., brace Home Loans. sistance programs in your at Fairway Independent Also, non-occupant coin Parsippany, New Jersey.

“Some of the pros of community that can be “There are several key USDA loans include 100% borrowers are not permit- Mortgage Corporation, a combined with an FHA or Madison, Wisconsin-based options available in this financing, low monthly ted. loan program – including mortgage insurance, lower “You must have no more USDA home loan lender. conventional loan,” adds Duncan. “Or, if you are a a no-down-payment home interest rates, the ability than a maximum 44% to- “The property must be veteran or active member loan that lets you buy an to streamline refinance, no tal debt ratio, meet a mini- located within an eligible of the military, you may existing home and repay education or homebuyer mum credit score require- rural area, as defined by qualify for a zero-down VA the loan over 30 years; a education classes required, ment of 640, and be a US the USDA, and it must loan, which requires no be a single-family dwellrenovation loan that allows no purchase price limit, gift citizen, foreign national, mortgage insurance and you to purchase a fixerfunds from family can be or qualified resident alien, ing – which can include upper and roll the repair used, and up to 6% seller too,” says Richie Duncan, detached, attached, condo, offers even lower interest costs into the mortgage; concessions are allowed,” a senior loan officer with or modular homes as well rates.”

The perks of going rural

Understanding USDA home loans and how to get one

By Erik J. Martin ith home prices through the roof in many areas and competition from rival buyers fierce, many home shoppers are widening their boundaries and searching for properties outside their preferred zones – further motivated to migrate away from costly urban areas now that many employers are permitting staff to work remotely over the long-term.

But don’t limit your expanded search merely to the suburbs, the experts recommend: Think about pastoral properties out in corn country, too. Because buying a home or a parcel on which to build a house in a bucolic setting can be a

W

June 25, 2021

RE-Weekly

5

Using Stimulus Payments to Fund a Home Question:

My wife and I have four older brothers and sisters. Each received $1,400 tax-free from the government in April because of Biden’s COVID-19 relief bill. They, along with our parents, have gotten together and are willing to give us the money to help us buy a first home.

That’s six checks. Will lenders allow this?

Answer:

This is a very nice gesture and shows how family members can help one another. Six checks at $1,400 each total $8,400. If you buy with 3 percent down through the HomeReady (Fannie Mae) or Home Possible (Freddie Mac) programs you can borrow $280,000 if otherwise qualified. You could also do well through the FHA (3.5% down if your credit score is 580 or above) and the VA (0% down).

Lenders are very concerned that down payment money is well documented and comes directly from borrowers. The big exception is that they allow gifts. Program rules vary, but generally funds from family members are fine and money from friends, employers, labor unions, and non-profit groups may also be

6

allowed. For specifics, speak with a loan officer.

What lenders do not want are hidden loans, financing not disclosed to them.

Hidden loans represent several problems.

First, they mean the borrower has more debt and higher repayment costs than loan applications show. That is a huge no-no. It means debt-to-income (DTI) calculations can be wrong and that can create a liability for the lender when the financing is sold or guaranteed.

Second, if you cannot save enough for a down payment there are options to help you.

Gifts are one possibility but not everyone can get a financial gift. An alternative is to get help from a down-payment assistance program. DownPaymentResource.com tracks several thousand assistance programs, and you can search the site by ZIP code.

Third, lenders want to protect borrowers against future claims. To do this they will require donors to provide a gift letter. This letter typically lists the amount, the source of the funds (the bank account), your relationship with the donor, the purpose of the gift (typically showing the address of the property being

RE-Weekly

Q&A

ASK OUR BROKER

By Peter G. Miller

purchased), and a plain statement saying the money is a gift and that no repayment or interest is required.

Fourth, some potential gift sources are not allowed. Gifts from sellers, real estate professionals, lenders, loan officers, builders, or anyone involved in the transaction are banned.

Fifth, and importantly, buying a home requires more than a down payment. You also need money for closing, moving, fixing up, etc.

Speak with your real estate broker to estimate local closing costs and other expenses.

The bottom line: Documented gifts from allowable donors are welcomed by lenders. Your loan officer can explain documentation and other requirements for your particular loan.

The rules for lenders are one thing, the rules for gifts and taxes may be another. In general, gifts in 2021 of not more than $15,000 from individual donors are tax-exempt. As always, speak with a tax professional for specifics.

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

June 25, 2021

Stay Safe: When Sellers Stay Past Closing “Because it’s a seller’s market,” explains Joseph Agnoli, CEO of SoldNest, Campbell, CA, sellers aren’t afraid to make the request omes are selling in record time.

Sellers, though, aren’t moving so – and buyers often agree. quickly.

In fact, real estate agents report that some Accepting an offer within days after listing buyers aren’t even charging sellers a rental leaves sellers with the challenge of finding fee. their new place before the scheduled closing But these lease-backs do have a time limit on their sale – a time span typically between -- most mortgage lenders have loan rules 30 and 60 days. requiring buyers to occupy the property At closing, the buyer becomes the official within 56 to 60 days after settlement, says owner of the property.

Vincent Cyr of Keller Williams, West ChesWhen sellers haven’t made arrangements ter, PA. to move in with family or find a short-term Home insurers, too, have rules. Both the rental, they can request the new owner to buyer and the seller who’s staying past closallow them to stay for a period, an arrange- ing should discuss their homeowner insurment known as a “lease-back”. ance coverage, advises Karen Collins of the

By Marilyn Kennedy Melia

H

June 25, 2021

RE-Weekly

Property Casualty Insurance Association.

Some homeowner insurance policies may cover damage during short-term rentals, but the new owner – the buyer – would need to notify the carrier in advance, adds Collins.

“If a loss were to occur,” she says, the buyer would file a claim for structural damage with his new carrier.

But the seller who remains in the home should also contact the homeowner insurer he had when he was the owner, to ask if they can extend coverage for a period for his contents in the home. If not, a renter’s policy is necessary.

Typically, “the cost of a renter’s policy is very affordable,” concludes Collins.

7

lots 2&3 laKeside drive, GlenHaven laKes

PE

$49,900 ,900 60102 STATE ROUTE 20, MARBLEMOUNT

Build your dream home on these two adjoining lots near Glenhaven lenhaven ccommunityy amenities: pool,, clubhouse etball courts, clubhouse, tennis/basketball c ea, playground, enjoy outdoor exercise area, pla stocked lake, naturee with trails and trout tr boat launches, community events; near 2 boa several area lakes. Easy commute, 1/2 way between Mount Vernon and Bellingham.

MLS# 1628528 Suzanne Jenkins Carla Fischer

G N I ND

$777,000 Mondo Restaurant has a newly remodeled kitchen with beautiful, new appliances. Great work space and tremendous storage. Public area offers very spacious seating. There is also an outside dining option. Small gift shop area. Chef creates incredible and varied menu, both nutritious and delicious.

Restaurant is situated in a beautiful location in the Cascade foothills. Well worth a day trip. MLS# 1757641 Sherry Ruderman

360-540-1552

360-941-2983 360-982-0010

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 10 building Danya Wolf sites. Shown by appointment. MLS# 1568051 360-708-8294

2xxx urban avenue, Mount vernon

$600,000

Prime commercial property with utilities in street, including P.U.D. water, Puget Sound Energy electricity; Cascade Natural Gas, fiber optics; cable; and sewer. Subject To survey and short plat. Property is located between Chicago Title Company easterly parking lot and Max Dale Restaurant’s south easterly parking area. MLS# 1649968 Danya Wolf 360-708-8294

63246 W CasCade Wy #135&136, MarbleMount $65,000.00

45153 KoKanee trail lot # 3C3 $45,000 8001 aCorn lane 3d1-162, MarbleMount $29,900 re

C du

ed

Pr

iCe

This pair of lots are a perfect in planning your dream site in the North Cascades. Along Nugget Creek and in the Cascade River Park, you’ll enjoy this level sunny location.

No need to worry about booking a year out in advance and being in tight camping spots.

Have your own site with plenty of room to Sherry Ruderman entertain friends. MLS# 1779553 360-540-1552

What To Bring: Wine/Spirits, Snacks, Food, Clothes, Firewood TURN KEY! Sweetest vacation spot located at Lake Tyee. The trailer has a bedroom and bunk beds for the littles. Every little detail of this property is absolutely adorable; from the renovations of the trailer to the cozy deck, engaging yard and firepit area. COME QUICKLY! YOU WANT Sherry Ruderman 360-540-1552 THIS ONE!

44973 KaCHess trail, d3-a4, laKe tyee $46,000

44979 KaCHess trail, d3-a6, laKe tyee $74,000 17180 MeMorial HWy Mount vernon $415,000

Tucked away on Black Tail Loop at Lake Tyee, this very

So unique in a gorgeous setting. This is the time of year to relax on your deck while smelling the aroma of dinner on the grill and enjoying the sound of the water feature. While you look over to the beautiful territorial hills, crack open your beverage and be grateful you found this perfect lot to begin your summer.

Sherry Ruderman 360-540-1552 MLS# 1783232

clean and well maintained travel trailer has room to sleep the family plus extra sleep space in the camper.

This comes with extras so come and check it out. It’s a perfect time to find the camp spot you’ve been wanting.

MLS# 1783219

Sherry Ruderman

360-540-1552

2017 CONTINENTAL PLACE, SUITE #3, MOUNT VERNON $1,200.00 PER MONTh 118 E ORANGE AVE, BURLINGTON

LE

Danya Wolf

360-708-8294

Perfectt office offic space; recently ently remodeled and currently operates es as Pacific Northwest est PPilates Studio; Appr Approximately 950 sq. feet.

Parking in front and back.

Lease includes water; garbage; sewer. Available 360-708-8294 June 20, 2021

Quiet corner in the wilderness is where you wanna be? Come check out this location and notice the birds chirping and the roar of the Cascade River. Existing structure can be renovated or tear down and start over.

It’s the perfect little getaway in Cascade Sherry Ruderman 360-540-1552 River Park. MLS# 1796088

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

$650,000 Great opportunity for a small business.

Includes commercial kitchen & other restaurant equipment. Great space out back for outdoor dining/ drive-thru. There is parking and storage.

It’s located just one door from one of the busiest corners in Burlington; E Orange Ave & Burlington Blvd. Upstairs there is 1BR/.75BA and den. The possibilities are endless in this fast growing community. Sherry Ruderman 360-540-1552 MLS# 1780005

D E AS

Danya Wolf

360.424.0300

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 101417-1

8

RE-Weekly

June 25, 2021