INSIDE
This Issue
HAVING TROUBLE GETTING A MORTGAGE LOAN? CONSIDER SELLER FINANCING PAGE 5 HOME COLOR TRENDS VEER GREEN PAGE 7 CLASSIFIEDS P7
JANUARY 28, 2022
TABLE OF CONTENTS Having Trouble Getting a Mortgage Loan? Consider Seller Financing.........................................P5 Q&A
INSIDE
Ask Our Broker.......................................................................P6
Home Color Trends Veer Green.......................P7
PAGE
5
Classifieds............................................................................P7
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STAT Real Estate Stat
6.18 million The rough number of units sold in the month of December 2021. Source: National Association of Realtors
FEATURED REALToR: MEET RUSS LANKER
Skagit Tradition Realty LLC 3780 E. College Way Mount Vernon, WA 360-424-0300 www.skagittraditionrealty.com
Russ is a consummate professional who will work tirelessly to solve the most complex real estate issues. His attention to detail, follow through and communication skills will make certain that your transaction will as go as smoothly as possible. When purchasing a new home his goal is to search for the ideal property that meets his customers’ needs and desires. And when choosing to sell your property he will work closely with you to prepare and market your home to help ensure that you receive the most from your hard earned investment. He is also a Navy veteran who particularly enjoys working with our military families because he understands and appreciates the needs, concerns and challenges of life associated with service to our country.
January 28, 2022
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Russ Lanker (360) 708-1117
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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 is renewing interest in the 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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“If, for example, a property owner has a home they are counting on for retirement, often the monthly cash flow of the property is the most important thing for them, which is why they may offer seller financing.” Before committing to seller financing as a buyer, consider the purchase price, down payment, loan term, amortization schedule, interest rate, and closing date carefully. “Buyers should still be aware of the condition of the home and any potential repairs or replacement items that will need to be done. They should also obtain an appraisal with a contingency in their agreement to be sure they are not paying too much for the home, and pay for a professional home inspection, too,” suggests Jason Gelios, a Realtor in Southeast Michigan. Both parties will need to execute a purchase agreement outlining the agreed-upon terms. Depending on your state, the executed purchase agreement and earnest deposit will be delivered to a title company or real estate attorney who will then facilitate the transaction as an impartial third party, according to Watson. buyer agrees to the idea provide. other type of lender, and Good buyer candidates and the purchase price. In “It’s easier to qualify for the they may tack on a balloon this example, say the seller financing, the transaction payment within the first five for seller financing include income or credit-challenged requires a $10,000 down may close more quickly, and years, too. Plus, there may borrowers, self-employed payment and asks for 5% in- the terms may be better than be additional paperwork purchasers, and those who terest on the loan, amortized could be obtained from a involved, and you likely need have recently filed for bankover 30 years. The buyer bank,” he says. “Additionally, the services of an attorney to ruptcy. agrees, and the agreement is you won’t have to pay for help you navigate the proDon’t expect many sellers executed. The seller’s loan is certain closing costs charged cess, which can get expensive. to offer to lend you money, broken down into monthly by other lenders, such as “The few times we have however. payments with interest and a loan origination fee or encountered a seller-financ“Very few sellers will state amortization factored in.” underwriting fee.” ing opportunity, it’s typitheir willingness to accept Bruce Ailion, a real estate On the downside, the seller cally because the seller either seller financing. A buyer attorney and Realtor in may want the loan paid off wished to continue receiving must typically make that Atlanta, says the buyer in this sooner than a traditional monthly income from the offer to the seller. And even example benefits by having mortgage lender would. Also, property or wanted to take if you find a willing seller, more flexibility than a bank the seller may charge a higher advantage of some sort of you must negotiate the terms carefully,” Ailion adds. or mortgage lender would interest rate than a bank or tax benefit,” Watson notes.
Having Trouble Getting a Mortgage Loan? Consider Seller Financing
a down payment, principal installments, and/or interot every prospective est on the terms that are home buyer is cut agreed upon by both parties out to be a tradiinvolved in the transaction,” tional home loan borrower. says James Watson, owner Fortunately, when you can’t of Omaha Homes for Cash, qualify for a mortgage loan, a home buying company in there’s another possible opOmaha, Nebraska. tion you can pursue: owner In a seller-financed transfinancing, also known as action, the seller lends the seller financing. money and mortgage to the “Simply put, seller financpurchaser for some or all of ing is when the seller of a the purchase price. property for sale acts as the “Imagine the seller of a bank and carries the loan of home is asking for $250,000 the property for the buyer. but also offers seller financThe buyer is obligated to pay ing,” explains Watson. “The
By Erik J. Martin
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The Reverse Mortgage & What You Need to Know Question:
We want to get a reverse mortgage. This will give us cash upfront and no monthly payments. What questions should we ask to get the best deal?
Answer:
Reverse mortgages are complicated and require careful study. For that reason, there are a bunch of questions you might raise. Here are the big issues to consider. n Is it true that a reverse mortgage—financing available to qualified borrowers age 62 and older—can provide cash upfront with no monthly payments? Yes and no. A reverse mortgage can provide cash upfront in a lump sum, a line of credit, monthly advances, and even money to purchase a home. However, “no monthly payments” does not mean that all monthly housing costs end. Borrowers must still pay for such expenses as property taxes and property insurance. This means that even though no monthly payments for principal and interest are required, it’s still possible to be foreclosed if other costs are unpaid. n How much cash can I get from my home? The answer depends on your age, the property’s value, the way you take cash from the program, the interest rate, and other factors. Both the National Reverse Mortgage Lenders
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Association (https://www.reversemortgage.org/about/ reverse-mortgage-calculator/) and MyHECM.com (https:// myhecm.com/calculators) have calculators that can quickly give you a good idea of the funds that might be available with a reverse mortgage. Neither requires visitors to sign in, so you can use these forms privately. n What does it cost to obtain a reverse mortgage? All mortgages include origination costs. In the case of an FHA-guaranteed reverse mortgage, a borrower can expect to pay a loan fee, closing costs, and an upfront mortgage insurance premium (MIP). n If there’s no monthly payment for principal and interest then how is a reverse mortgage paid off? A reverse mortgage is repaid when the borrower sells the property, leaves the property for an extended period, passes away, does not maintain the property, or does not make required payments for such expenses as property taxes and insurance. If the size of the debt is greater than the value of the property, then—with an FHA-backed reverse mortgage—the lender’s loss will be made up by insurance. n Can my spouse stay on the property after I die or leave the property? Generally, a spouse may remain after a borrower dies or leaves the property. Under a 2021 change, HUD rules usually allow an “eligible non-borrowing spouse” to remain
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Q&A
ASK OUR BROKER By Peter G. Miller on the property. n What about an heir who is not a spouse? In that situation, the lender will need to be repaid by refinancing the property, selling the home, etc. In some cases, heirs can have as long as a year to work out a repayment plan or other option. Speak with the lender for details. n Where can I get more information? Useful resources include: Attorneys who specialize in elder law. (Ask also about wills, living wills, and related paperwork.) Fee-only financial planners. Lenders who offer reverse mortgages. HUD intermediaries that provide HECM origination counseling by phone and in-person. (https://www. hudexchange.info/programs/housing-counseling/ hecm/origination/#hud-intermediaries-providing-hecmcounseling-nationwide) HUD counselors by location. (https://entp.hud.gov/ idapp/html/hecm_agency_look.cfm) The National Reverse Mortgage Lenders Association. (http://www.reversemortgage.org) MyHECM.com. (http://www.myhecm.com) Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.
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CLASSIFIEDS RENTALS Houses for Rent -Unfurnished
NEW TODAY 2 bedroom in Lyman, 1 bath, large kitchen, large living room, laundry room, large front yard and large front porch. $1500 first, last and $1,000 deposit. (360)-770-2137.
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Home Color Trends Veer Green By Marilyn Kennedy Melia
Phoenix-based Dunn-Edwards Paints is one firm that took a slightly different track, selecting his year, home interiors that register with a pink-tinged light brown color it calls “Art and trend-conscious buyers will be warmer; Craft.” Its southwest location was an “important with greens and earthy tones encroaching facet” in going against the green, but still opting for a natural tone, says spokesperson Sara on the antiseptic, stark grays, and neutrals that McLean. have long-reigned. For homeowners who might have been paintEach year, paint manufacturers unveil their ing in neutrals and pale greys in anticipation of “color of the year,” which their research shows selling, the new greens shouldn’t make your effort reflects the mood of the country and nudges look outdated. interiors towards new looks. “We are very mindful of the colors highlighted For 2022, there’s an unusual consensus among over the past few years because we know that the companies that the trend is green. people do not paint every year, and typically the “It’s fair to assume all of us were eager to choose colors that inspired hope and new begin- color evolution from one year to the next is quite nings” after the pandemic years, says Erika Woel- gradual,” explains Andrea Magno, director of fel, vice president for paint firm BEHR. color marketing for Benjamin Moore.
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“Neutrals and grays will forever be an integral part of color palettes,” adds Woelfel. Incorporate greens, as well as earthy hues, in small amounts, the color experts agree. “Powder rooms, pantries, front doors, and built-in niches are all great places to include a more intense spot of color,” says McLean. “If that even feels like too much, adding these colors in removable décor like bedding, pillows and accessories still conveys the fresh color image.” Bolder, deeper, and warmer colors have been seen in other periods where the country experienced a new optimism, like the “roaring twenties,” says Ashley McCollum of paint manufacturer PPG. “Post-pandemic optimism is creeping into residential design,” she concludes. 7
24094 N. weSt View Rd, MouNt VeRNoN
$850,000
After 60+ yrs this Big Lake prime property on the sunny side of the lake can now be yours. Approx. 80 ft of no-bank water front just minutes away from a nine-hole golf course. Property features a pier connected to a floating dock perfect for mooring your boat & watercraft. The approx. 4,500 SF of property bisected by N. West View Rd has an access road and additional possibilities for your needs. Besides the 2 bed 1 bath manuf. home the lot has a detached 750 SF garage/shop, out buildings and RV parking. And the large covered deck is perfect for watching eagles, seasonal waterfowl & spectacular sunsets! Russ Lanker MLS# 1848508 (360) 708-1117
NHN MouNtaiN View Rd, MouNt VeRNoN $115,000 2121 MaRket StReet. MouNt VeRNoN Located just outside the Mount Vernon City limits, this wooded 1 acre plus lot could be a building site for a stick built, modular, or manufactured home, with plenty of room. Tract has been surveyed (LeGro and Associates) and wetlands have been delineated (Oscar Graham and Pat Bunting). Power and PUD water are available at the street. MLS# 1861233 Danya Wolf (360) 708-8294
1422 eaGle RidGe dRiVe, uNit #12, eaGleMoNt $679,000
Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186
JoAnn Boudreau (360) 391-0746
2XXX uRBaN aVeNue, MouNt VeRNoN
$600,000
Custom build your commercial enterprise: 13,361 square foot commercial tract (two lots) zoned C-2. `Preliminary sketch for 5,280 square foot retail building plus 24 parking spots. Great location near recreation center; major grocery store; hotel; restaurants; offices; health club; house and farm supply stores; gas stations; banks; and I-5. New price reflects Danya Wolf Skagit County tax assessment value. MLS# 1848626 (360) 708-8294
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 ChicagoTitle Company easterly parking lot and Max Dale Restaurant’s south Danya Wolf (360) 708-8294 easterly parking area. MLS# 1649968
912 GReeNleaF aVe, BuRliNGtoN
700 N Reed St, #40 SedRo woolley
Pe Gorgeous Golf Course Condo in desirable Eaglemont Community on the 12th Fairway! Great room with vaulted ceilings, gas fireplace. 2 bedrooms plus den/office w/ French doors, craftsman style millwork. Kitchen w/ plenty of cabinets, stainless appliance, plenty of space to entertain w/ lg eating bar & wine cooler & dining w/sliding door leading to patio & beautiful yard overlooking the Golf Course and enjoy nature. Deluxe owners suite with jetted tub, walk-in closet, large garage with lots of cabinet& storage. This is truly an Eaglemont special with privacy and views! Elva Hunter MLS#1876636 (360) 202-3086
$158,800
i Nd
$389,000
NG
Beautifully remodeled traditional Burlington home offers amazing kitchen with lots of cabinets and counter space; two bedrooms; updated bath; and spacious utility room. Fine finish work; newly insulated, new siding, new carpet in the bedrooms and new light color wood laminate flooring throughout; freshly, professionally painted. Oversize garage with shop space; Danya Wolf Patrica Box partially fenced, professionally (360) 708-8234 Buyers Agent (360) 424-0300 landscaped yard. MLS# 1866940
Juanita Bunch (360) 941-5530
Carla Fischer (360) 982-0010
Pe
i Nd
$250,000
Magnificent views of Boundary Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles to Vancouver international Airport. Point Roberts is a quaint community with forests, beaches (close to Maple Beach), and the ocean yet near to all that the big city has to offer. This lot is ready for your dream home; power at the street, water at the street (Point Roberts Water District). Danya Wolf MLS# 1863417 (360) 708-8294 20787 BulSoN Rd, StaNwood
$350,000
17180 MeMoRial Hwy MouNt VeRNoN $415,000
Beautiful wooded 4.98 acres situated on south side of Snohomish County/Skagit County line. Power is in street. Solar power is also possible. Adjacent property to the east of Subject Property is fenced, open field. Zoning allows for one building site. Stanwood-Camano School District; and just ten minutes to I-5. Great country living yet convenient for commuting. Danya Wolf MLS# 1841822 (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 (SR-536);620feetalongAvonAllenRoad. Danya Wolf MLS# 1572330 (360) 708-8294
i’m a Seniors Real estate Specialist
$135,000
NG
Beautifully remodeled 1995 Nashua 52 x 28 doublewide manufactured home: 1350 square feet offers amazing kitchen including range, refrigerator, and dishwasher; a multitude of beautiful cabinets; pantry; and lots of counter space; formal dining room; spacious living room; three bedrooms and 2 full baths. Master suite offers walk in closet; master bath offers double sinks and tub for relaxing plus separate shower. Separate utility room. Nice decking; generous sized yard with storage building. Greenbelt to protect fish and wildlife adjacent to the south Danya Wolf (360) 708-8294 of lot. MLS# 1849202
Elva Hunter (360) 202-3086
wHaleN dRiVe, PoiNt RoBeRtS
John Hunter (360) 202-3086
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 YOUR SRES®
Suzanne Jenkins (360) 941-2983
360.424.0300
Phil LaMay (360) 840-3086
Russ Lanker (360) 708-1117
Brett Tacker (360) 840-7931
Carla Fischer
(360) 982-0010
Elva Hunter
(360) 202-3086
Danya Wolf Designated Broker/ Owner (360) 708-8294
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 178153-1
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