Today's Guamhome June 2015 by Todays Realty

CONTENTS 02

CLOSED! PROPERTY OF THE MONTH Pago Bay Gem

04 05

MARKET REPORT

Residential Market Snapshot from January 1, 2015 to June 1, 2015

THINKING ABOUT SELLING YOUR PROPERTY? There are ways to increase the value of your home so that we can get you the most money in the shortest amount of time.

TIPS FOR FIRST-TIME HOMEBUYERS

ICBA offers the following eight suggestions for prospective first-time homebuyers.

RECENTLY CLOSED LISTINGS

JUST LISTED

CFPB NOTICE REQUIREMENTS

Recently listed properties in the market.

On August 1, 2015 when the Consumer Financial Protection Bureauâ&#x20AC;&#x2122;s integrated mortgage disclosure rule goes into effect the notice requirements that banks must give to borrowers will also change.

REMODELING? HOW TO CHOOSE A CONTRACTOR Whether you are remodeling your kitchen or landscaping the yard, choosing the right contractor for the job can make the difference...

PROPERTY MANAGEMENT

PAGO BAY GEM A gem of gems! This modern styled home sits high atop a hill, yet boasts the charm of a country setting, and ocean views! This custom 3 bedroom 2 bath home is tastefully fenced and gated with a carport and large private yard. A downstairs covered porch and upstairs balcony offer more reasons to enjoy Guamâ&#x20AC;&#x2122;s wonderful weather. Separate living and dining areas are pluses, too. This has always been a Guam favorite! List Price: $2,450/mo Closed Price: $2,700/mo Days on the Market: 13

RECENTLY SOLD & RENTED LISTINGS 01 Yona Home

Listed: $258,000 • Sold: $195,000

Nestled in the village of Yona, this 3bd/2ba home is located at the end of As Suilo Road. Recently renovated with new kitchen cabinets and granite kitchen counter tops, ceramic tiles throughout and accordion type typhoon shutters. Days on the market: 98

02 Ordot-Chalan Pago Home

Listed: $2,450/mo • Rented: $2,450/mo

This beautifully renovated home in the heart of Ordot-Chalan Pago boasts 5 bedrooms, 2 bathrooms, laundry room, carport, huge balcony, not to mention lots of yard space. Days on the market: 13

03 Talofofo Home

Listed: $199,999 • Sold: $140,000

Guam’s lush country style 4bd/2ba home in quiet neighborhood on a cul-de-sac. New fresh coat of paint inside & out. The pitched roof portion of home has insulation. Left side concrete extension could be your dream kitchen. Days on the market: 299

04 Tamuning Land

Listed: $340,000 • Sold: $330,000

Very rarely does a South Marine Corps drive (Tamuning) lot come on the market for sale! Especially one that is priced to sell!! This high visibility spot is the perfect place for your growing business needs. 987+/-sm Days on the market: 596

A LIST OF RECENTLY CLOSED LISTINGS TO HELP YOU ASSESS THE VALUE OF YOUR PROPERTIES

05 Ordot-Chalan Pago Home

Listed: $2,200/mo • Rented: $2,200/mo

This secluded 2bd/2ba home sits on over a 1/4 acre of land. There are only 3 homes around this private abode, so its perfect for small families or a couple that wishes to have their own little private get away. Days on the market: 144

06 Ypao Gardens Condo

Listed: $1,900/mo • Rented: $1,400/mo

This gated 2bd/2ba unit is exceptionally clean, furnished, and a corner unit with extra windows! Not your typical Ypao Gardens floor plan! Renovated and perfect for the tenants wanting to be smack-dab in the middle of everything! Days on the market: 25

07 Tamuning Home

Listed: $1,600/mo • Rented: $1,600/mo

Great location near major establishments! Large newly renovated 5bd/3ba house with 1,500+/-sf of living space. Days on the market: 42

08 Villa Carmen Home

Listed: $2,800/mo • Rented: $2,800/mo

Spacious 4bd/3ba home in the gated Tamuning community of Villa Carmen. Large kitchen, double car garage, large master suite and more. Just minutes away from Tumon beaches, shopping, restaurants, medical facilities and more! Days on the market: 21

JUST LISTED

AVAILABLE LISTINGS RECENTLY ADDED TO THE MARKET

01 Western Boulevard Tamuning • $325,000

These Jonestown homes are known to have great ‘bones’ and you’ll love the extended porch that was added on! 3bd/2ba, Central a/c, inside laundry area, typhoon shutters and great storage. Buy and update, or buy and renovate. Guamhome.com/15-1811

02 North Marine Corps Drive Tamuning • $1,200/mo

Cliffside panoramic ocean views at an affordable price. Located in Tamuning just above Tumon Bay, this 2bd/1.5ba unit has all the comforts of home and an amazing view to boot. Unwind on your private patio overlooking Tumon Bay. Guamhome.com/15-1871

03 Flora Pago Condo

Ordot-Chalan Pago • $172,000

Nicely-kept 3BD/2BA unit in Central Guam with high ceilings and open living area. Beautifully landscaped grounds leading to this back-end unit. Private and quiet. Easy access to downtown Hagatna and Mangilao. Guamhome.com/15-1701

04 Marine Corps Drive Yigo • $250,000

Vacant 3,414+/-sm land right off Marine Corps Drive and 2 minutes from AAFB! The possibilities are endless! A zoned. Guamhome.com/15-1352

S E A R C H O V E R A T H O U S A N D P R O P E R T I E S AVA I L A B L E T O D AY ! 8

VISIT GUAMHOME.COM

CFPB NOTICE REQUIREMENTS On August 1, 2015 when the Consumer Financial Protection Bureau’s integrated mortgage disclosure rule goes into effect the notice requirements that banks must give to borrowers will also change. For example, the new three day rule now specifies that the Loan Estimates (LE) and Closing Disclosure (CD) statements must be delivered to the buyer 3 BUSINESS days prior to closing. If the statement is mailed to the borrower, that period extends to a full six business days in advance of closing. Let’s explore the timing needed for the PERFECTLY timed closing, assuming Day 1 is Monday (Saturdays count as a business day, but Sunday’s do not): Day 1: Buyer and Seller sign the purchase agreement and open escrow Day 2: Buyer submits loan application Day 3: Lender mails Loan Estimate 3 day notice period – Not including Sundays and US public holidays Day 7: Sunday Day 8: Buyers received Loan Estimate

Day 9: Buyer mails back “Intent to that all supporting documentation the Proceed” notice bank needs in order to make a credit decision is supplied in advance and that Day 10: Lender receives “Intent to home inspections, retracement surveys Proceed” notice and pest inspections are scheduled and completed within a two week period. Day 11: Lender starts loan processing Changes to the settlement statement Two week processing period may trigger the requirement to reissue the Loan Estimate and/or Closing Disclosure. Day 25: Loan Approval – Lender mails A failure to comply with the notice Closing Disclosure requirements can result in very heavy penalties for lenders and settlement 3 day notice period – Not including agents. Sundays and US public holidays As you can see, with these Government Day 30: Buyer receives Closing Disclosure mandated changes, communication and has 3 business days to review among the realtor, lender and settlement agent is crucial to a timely and successful CFPB requires a three day review closing of any real estate transaction. period Kim Anderson Young, president of Day 34: Buyer can sign loan documents Security Title, has over 30 years of experience in the real estate industry. Day 36: Loan documents are returned to Contact her at kim@securitytitle.net or Lender for review. 647.8100. Day 37: Lender funds the loan Day 38: Recording can occur in order to close escrow. As you can see, 30 day closings are a thing of the past. A 45 day closing is close to miraculous and even a 60 day closing will be extremely difficult to accomplish. The scenario above assumes that appraisals are ordered and delivered,

REMODELING? HOW TO CHOOSE A CONTRACTOR

by Kim Anderson Young PRESIDENT, SECURITY TITLE, INC.

kim@securitytitle.net • 671.647.8100

Finding simple solutions to complex real estate transactions.

Remodeling? How to Choose a Contractor By Barbara Pronin

Whether you are remodeling your kitchen or landscaping the yard, choosing the right contractor for the job can make the difference between confidence and sleepless nights. The design professionals at Home and Garden TV offer tips to help you choose a good one: Get referrals – Referrals are, hands down, the best way to find a qualified professional. Ask friends, relatives, and neighbors who have had similar work done whether they were happy with the work and would use the same contractor again. Check credentials – Find out via a phone call or from the contractor’s website if he or she has all the required state and local licenses along with any designations from established professional associations. Interview candidates – Narrow down your list of contenders to three. Interview all three in person, asking as many questions as you may have. Good communication will be a must throughout the job, so get a feel for which one makes you feel most confident. Check references – Ask for a couple of references and call them. Were they pleased with the outcome? Would they have done anything differently? Would they recommend the contractor to a friend? Go one step further – Does the contractor have a permanent address, email and cell phone? Carry insurance that protects you from liability? Have an established presence in the community? Get it in writing – Check the written contract carefully before you sign it. Be sure it includes: • a full price and payment schedule • a schedule for completing primary tasks • a written procedure for close-out • warranty information • a clause about dispute resolution • a waiver of lien, which would prevent subcontractors and suppliers from putting a lien on your house should their invoices go unpaid by the contractor. Reprinted with permission from RISMedia. ©2015. All rights reserved.