Wes Jones - Short Sale Specialist-Bellevue

What is happening with Washington State Short Sales and Foreclosure Numbers?

Mon, 07 Mar 2011 21:33:56 GMT

The buzz words of "Short Sale's and Foreclsoure's" continue to flood news outlets and water coolers alike. They are no longer words we can ignore in our market. Washington State continues to see increased activity in Short Sales and Foreclosures. In January alone, there were 4,981 foreclosure activities in the State of Washington! A foreclosure activity consists of a notice of default (NOD), notice of trustees sale, notice of auction date, or reposession.

These numbers are staggering and still very high, but believe it or not, they are down from previous months. However, don't let the decrease of the past few months fool you. The decrease in foreclosure activities is partially due to the moritoriums many major lenders put on foreclosures over the holiday season. As the moritorium's were lifted in December and January, we'll continue to see an increase in foreclosure filings in to the spring and summer months.

Although these numbers continue to increase, it doesn't have to be discouraging. Equity sellers who can price their homes in line with market are recieving great responses. It goes without saying, buying opportunities are everywhere, and I'm seeing some of the best deals out there since I have been in business.

King County was the largest contributing County to this enormous problem in our great State. King County led the State with 1,367 foreclosure activities. This number was almost double of the next County in line. Pierce Country was second with 884. Snohomish County came in a strong 3rd place with 781.

Foreclosure Filings by County-

King-1,367

Pierce-884

Snohomish-781

Clark-381

Spokane-249

Thurston-184

Kitsap-174

Skagit-107

Cowlitz-91

Whatcom-89

Yakima-73

Lewis-72

Mason-70

Grays Harbor-62

Island-53

Benton-48

Clallam-43

Grant-38

Kittitas-30

Chelan-29

Franklin-28

Walla Walla-23

Jefferson-17

Pacific-15

Okanogan-13

Stevens-12

Whitman-9

Douglas-8

San Juan-6

Pend Oreille-5

Klickitat-5

Asotin-4

Adams-4

Wahkiakum-3

Lincoln-3

Skamania-1

There is a good chance there is someone you know who is behind on their mortgage who could use our help. Let us help them avoid foreclosure and put us in contact with them today.

Foreclosure Numbers and Filings for Pierce County

Mon, 07 Mar 2011 21:21:19 GMT

January Foreclosure Filing Statistics for Snohomish County.

Washington State continues to see increased activity in Short Sales and Foreclosures. In January alone, there were 4,981 foreclosure activities in the State of Washington! A foreclosure activity consists of a notice of default (NOD), notice of trustees sale, notice of auction date, or reposession.

These numbers are staggering and still very high, but believe it or not, they are down from previous months. Don't let the numbers fool you. The decrease in foreclosure activities is likely due to the moritoriums many major lenders put on foreclosures over the holiday season.

King County was the largest contributing County to this new epedimic in the State. King County led the State with 1,367 foreclosure activities. This number was almost double of the next County in line. Pierce Country was second with 884. Snohomish County came in a strong 3rd place with 781.

Foreclosure Filings by City in Pierce County:

Tacoma-338

Puallup-156

Spanaway-54

Gig Harbor-54

Bonney Lake-52

Lakewood-49

Grahm-30

Orting-22

Buckley-22

Sumner-18

Eatonville-14

Roy-13

Lakebay-10

University Place-9

Dupont-7

Milton-7

Steilacoom-5

Fox Island-3

Longbranch-3

Carbonado-2

Vaughn-2

Wilkenson-1

Anderson Island-1

South Prairie-1

What are the Foreclosure Numbers in Snohomish County?

Mon, 07 Mar 2011 21:06:03 GMT

January Foreclosure Filing Statistics for Snohomish County.

Everett-198

Marysville-94

LynnWood-77

Arlington-61

Snohomish-60

Bothell-56

Edmonds-49

Lake Stevens-44

Mountlake Terrace-24

Stanwood-23

Granite Falls-14

Mukilteo-13

Sultan-11

Gold Bar-9

Darrington-7

Foreclosure Numbers and Filings for King County

Mon, 07 Mar 2011 20:55:04 GMT

January Foreclosure Filing Statistics for King County.

King County-By the City

Seattle-447

Kent-145

Auburn-113

Renton-111

Federal Way-106

Kirkland-90

Bellevue-74

Maple Valley-38

Redmond-32

Woodinville-31

Bothell-28

Issaquah-27

Sammamish-20

Kenmore-20

Enumclaw-14

Snoqualmie-13

North Bend-10

Duvall-9

Carnation-7

Pacific-7

Vashon-6

Fall City-5

Black Diamon-5

Ravensdale-3

Mercer Island-3

Snoqualmie Pass 2

Skykomish-1

Home Prices in Seattle hit post bust low in Seattle, continue to decline

Tue, 22 Feb 2011 19:22:56 GMT

Home prices in Dec. hit post-bust lows in most big cities, including Seattle

No one appriciates a positive attitude and outlook more than I do. However it's time to stop the blind cheerleading surrounding the market, look at the actual numbers as to what is happening out there, and make some informed decisions based on them. Seattle, Portland, and most of the Northwest have not hit bottom, nor will they for some time. Home values are still decling in almost every area. The upside is that there are some AMAZING buying opportunities out there right now, and buyer activity has increased. Home prices in a majority of major U.S. cities tracked by a private trade group have fallen to their lowest levels since the housing bubble burst.

The Standard & Poor's/Case-Shiller index fell in December from November in all but one of the 20 cities it tracks. The 20-city index declined 1 percent.

Only one major market saw an increase, and that was Washington DC, not Washington State.

Eleven of the markets hit their lowest point since the housing bust, in 2006 and 2007: Atlanta, Charlotte, N.C., Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Ore., Seattle and Tampa, Fla.

The damage from the real estate bubble now spreads well beyond Las Vegas, Phoenix and Miami, which built frantically during the mid-2000s. In many places, prices are expected to keep falling for at least the next six months.

"Unlike the 2006 to 2009 period when all cities saw prices move together, we see some differing stories around the country, said David M. Blitzer, chairman of the Index Committee at Standard & Poor's.

Some of the worst declines are in cities hit hard by foreclosures, which are forcing prices down. Many people are holding off making purchases because they fear the market hasn't hit bottom yet.

The housing recovery is uneven across the United States, with coastal cities in California and the Northeast faring much better than the Midwest and Southeast. One exception is Dallas, which has avoided some of the big losses seen elsewhere.

The Case-Shiller report measures home price increases and decreases relative to prices in January 2000 and gives an updated three-month average for the metropolitan areas it looks at.

If you have any questions about the market, or you just want to discuss your options. Please drop me a line.

http://seattletimes.nwsource.com/html/localnews/2014297925_apushomeprices1stldwritethru.html

Pierce County Foreclosure Activity-October 2010

Sat, 27 Nov 2010 20:44:25 GMT

King County was the largest contributing County to this new epedimic in the State with 1,899 foreclosure activities. This number was almost double of the next County in line. Snohomish County came in a strong 2nd place with 1,094. Pierce Country was third with 1,067.

Pierce County Foreclosure Activity-by City

Tacoma-428

Puyallup-177

Bonney Lake-85

Spanaway-84

Lakewood-84

Gig Harbor-49

Graham-32

Orting-25

Lakebay-21

Buckley-19

Roy-19

Eatonville-15

Universtiy Place-11

Milton-10

Longbranch-4

Fox Island-3

South Prairie-3

Sumner-3

Anderson Island-3

Ashford-1

Carbonado-1

Snohomish County Foreclosure Activity-October 2010

Sat, 27 Nov 2010 20:36:56 GMT

Washington State is NOT immune from the Nation wide foreclosure crisis. In October alone, there were 6,346 foreclosure activities in the State of Washington! A foreclosure activity consists of a notice of default (NOD), notice of trustees sale, notice of auction date, or reposession.

Snohomish County-by City

Everett-247

Marysville-139

Lynnwood-134

Bothell-123

Snohomish-93

Lake Stevens-60

Arlington-51

Monroe-50

Edmonds-48

Stanwood-38

Mountlake Terrace-32

Granite Falls-27

Mukilteo-223

Sultan-16

Gold Bar-10

Darrington-3

Washington State Foreclosure Activity-October 2010

Sat, 27 Nov 2010 20:25:58 GMT

Washington State is NOT immune from the Nation wide foreclosure crisis. In October alone, there were 6,346 foreclosure activities in the State of Washington! Per RealtyTrac, a foreclosure activity consists of a notice of default (NOD), notice of trustees sale, notice of auction date, or reposession by the lender. This number does not include the mortgagee's who are merely just behind on their mortgage. King County was the largest contributing county to this epedimic in the State. King County led the State with 1,899 foreclosure activities. This number was almost double of the next County in line. Snohomish County came in a strong 2nd place with 1,094. Pierce Country was third with 1,067.

So much for the "We didn't go to the party so we won't have a hangover" theory.

Washington State Foreclosure Activity-by County

King-1,899

Snohomish-1,094

Pierce-1,067

Clark-527

Spokane-351

Thurston-176

Kitsap-163

Yakima-134

Whatcom-112

Skagit-105

Cowlitz-98

Grays Harbor-75

Mason-62

Lewis-62

Benton-59

Island-57

Grant-47

Franklin-47

Clallam-38

Chelan-26

Walla Walla-20

Kittitas-20

Jeffeson-20

Douglas-16

Stevens-15

Pacific-12

San Juan-10

Asotin-8

Whitman-8

Adams-5

Okanogan-5

Pend Oreille-5

Klickitat-5

Lincoln-4

Columbia-2

Skamania-1

If I missed your County, or you are looking more information, feel free to contact me below.

King County Foreclosure Numbers-October 2010

Sat, 27 Nov 2010 20:04:44 GMT

King County was the largest contributing County to this new epedimic in the State. King County led the State with 1,899 foreclosure activities. This number was almost double of the next County in line. Snohomish County came in a strong 2nd place with 1,094. Pierce Country was third with 1,067.

King County-By the City

Seattle-629

Renton-194

Kent-190

Federal Way-143

Auburn-130

Kirkland-120

Bellevue Total-119

Bellevue by Zip Code

98004-31

98005-16

98006-29

98007-35

98008-8

Redmond-50

Issaquah-47

Maple valley-42

Bothell-39

Woodinville-30

Enumclaw-26

Sammamish-23

Kenmore-23

Snoqualmie-23

North Bend-16

Mercer Island-9

Duvall-9

Pacific-9

Black Diamond-7

Fall City-7

Carnation-5

Vashon-5

Medina-3

Ravensdale-2

Baring-1

If you are looking for any additional details for Counties or Cities not included in this report, just contact us below.

Successful Bellevue Short Sale listing negotiated!

Sat, 27 Nov 2010 17:50:59 GMT

This was a fantastic Bellevue listing overlooking Lake Samamish, only minutes to Microsoft, and apart of the world class Bellevue School District. This home needed some TLC but the buyer absolutely saw the value in the property and prime location. The lender was HSBC and believe it or not, they were very reasonable to work with in this situation. The bank is not seeking recourse for the differential in the short sale.

18600 NE 16th St

BELLEVUE, WA

Great opportunity to own Lake Samamish Views!

3BR/3BA Single Family House

$460,000

Year Built	1981
Sq Footage	2,510
Bedrooms	3
Bathrooms	3 full, 0 partial
Floors	3
Parking	1 Car garage
Lot Size	11,900 sqft
HOA/Maint	$0 per month

Description

Lake Sammamish and Mount Rainier views from this private corner lot home nestled above the trees. Remodeled kitchen with new cabinets, granite slab, and hardwood floors. Master bedroom with 5 piece bath and walkin closet. Spacious living room with floor to ceiling windows, vaulted ceilings, and wood burning fireplace. Extra large rec / bonus room in lower level. Newer trex deck. Minutes to MSFT, Idlywood Pk on LK Samm, Marymoor Pk, shopping,& more!

Property Features

Central heat	Fireplace	High/Vaulted ceiling
Tile floor	Family room	Living room
Breakfast nook	Refrigerator	Stove/Oven
Microwave	Granite countertop	Stainless steel appliances
Basement	Laundry area - inside

Other Special Features

Lake Sammamish Views

Mt Rainier Views

Private Lot

Cul-de-sac location

New Kitchen

Stainless appliances

Granite Counters

Additional Photos

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact Info

Wes Jones

NWTradition

wes@nwtradition.com

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Monroe Short Sale Closed!

Sat, 27 Nov 2010 17:39:34 GMT

Another closed short sale in the Lords Lake-The Fryelands area of Monroe, Wa. This home was a pre-apporoved short sale through the FHA pre-foreclosure program. If you have questions about short sales, avoiding foreclosure, or just what options are available, we have answers for you. Visit us 24 hours a day at www.WesternWashingtonShortSales.com and don't forget to download free short sale reports.

16146 Follis Ct SE

MONROE, WA

Pre Approved FHA Short Sale-Renovation Financing Approved! Call now!

4BR/2+1BA Single Family House

$194,000

Year Built	1998
Sq Footage	1,822
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	7,405 sqft
HOA/Maint	$10 per month

Description

This Short Sale is guarnteed to close through the FHA Short Sale program which has already been approved.

Amazing opportunity to own in this neighborhood for under 200k! Investment property owners listen up! With the proper fix ups, this 4 bedroom home should garner 1500 in rent. Doing some basic math, with 10% down, this will more than cash flow!

Welcome home to the fabulous neighborhood of Lords Lake in the Freyelands. Great cul-de-sac location with the detached garages out back. Fireplace, vaulted ceilings, family room & living room, plus all 4 bedrooms upstairs. Just minutes from the freeways makes this a great commute to Seattle or Everett. Near schools, parks, lords lake, and miles of trails. Cosmetic touches will go a long way.

Call la for specific pricing instructions.

Property Features

Central heat	Fireplace	High/Vaulted ceiling
Hardwood floor	Laundry area - inside	Balcony, Deck, or Patio
Yard

Other Special Features

http://www.WesternWashingtonShortSales.com

Pre Approved FHA Short Sale, can close in 45 days

Renovation FHA financing Approved

Lords Lake Community

Mintues to shopping, freeway, and Schools

Investment Opportunity!!!!!

Additional Photos

Photo 1	Photo 1
Photo 2	Photo 3
Photo 4	Photo 5
Photo 6	Photo 7
Photo 2	Photo 1
Photo 2

Contact Info

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Successful short sale in Renton!

Sat, 27 Nov 2010 17:25:34 GMT

Just sold in the Glencoe Neighborhood of Renton, Wa.  Another successful short sale, listed, negotiated, and sold by Western Washington Short Sales! The bank did not seek recourse against the seller, and the buyer got a great deal. Short sales are closing daily, if you have any questions please don't hesitate to contact us at www.WesternWashingtonShortSales.com.

1822 Whitman Ct NE

RENTON, WA

4BR/2+1BA Single Family House

$249,000

Year Built	1969
Sq Footage	1,730
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	8,045 sqft
HOA/Maint	$0 per month

Description

Well maintained cul-de-sac home in desirable Glencoe neighborhood. New interior and exterior paint, newer roof, newer garden shed, fully renovated family room & 1/2 bath on lower level. Large fully fenced rear yard with play toy and sandbox-a perfect place for kids to safely play. Large rear deck with access from dining room-great for entertaining and BBQ'ing. Additional den or bedroom area in lower level. Separate enclosed utility room in garage with shower and room for more storage.

Property Features

Fireplace	Family room	Living room
Bonus/Rec room	Breakfast nook	Dishwasher
Refrigerator	Microwave	Washer
Dryer	Yard

Other Special Features

Additional Bathroom & Storage in Garage Area

Almost Newcastle Location

www.1822Glencoe.com

Well Maintained Yard

Additional Photos

Photo 1	Photo 2
Photo 1	Photo 11
Photo 2	Photo 12
Photo 7	Photo 13
Photo 6	Photo 4
Photo 9	Photo 3
Photo 8	Photo 10

Contact Info

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Foreclosure Freeze in Bellevue, Seattle, King County, and Washingtion

Tue, 23 Nov 2010 17:24:14 GMT

Foreclosure Freeze Update: What Does it Mean for Homeowners?

You may have heard that Bank of America, Ally Financial (formerly GMAC), and JPMorgan Chase have all temporarily suspended foreclosure proceedings to investigate possible problems with mortgage documentation. Bank of America froze foreclosures in all 50 states, but recently announced they will move forward in the 23 states that resolve foreclosures through their judicial systems. Ally and Chase have continued to halt proceedings in these states.

For homeowners having problems making mortgage payments, this may seem like tremendous opportunity to stay in their homes. The unfortunate reality is that the foreclosure process will start again, and for those facing foreclosure, the real opportunity lies in the extra time to find better alternatives. The first step to take during this opportunity is to contact an educated real estate agent who is trained and experienced as soon as possible to learn about options.

For homeowners who owe more on their homes than what they’re worth and don’t what to do, I can help provide options and hope during this time of uncertainty. Together, we can take a proactive approach to a situation millions of Americans are facing everyday. We can use this extra time for developing a strategy to get past this time of distress, and move toward a brighter, more stable future.

Learn more about the foreclosure freeze with this free report.

What does the Foreclosure Moratorium mean to owners and Sellers?

Wed, 20 Oct 2010 17:02:34 GMT

A lot of people have hearing the news and are asking the question "What does the new Foreclosure Moratorium really mean to owners and Sellers?".

First off, this is nothing new, and it has actually happend the last 2 years in a row, there just was not as much talk nationwide about it because the top of foreclosure was not as prominant of a topic.

One of the reasons for the this slow down is the "robo signings" where several major lenders were foreclosing on homes without the proper documentation, doing things to quickly. Another reason for the moritorium might be there is no worse press a lender could have than a homeowner on the news, being foreclosed, with a Christmas tree or Holiday decorations in the background.

So what does this mean for homeowners facing foreclosure, a short sale, or is behind on their payments? It means that if their lender is participating in the this freeze, they are going to have additional time to make decisisions. It will give them more time to short sell, get current, or work out another arrangement.

Will this freeze last forever? No. It will probably open up again after the first of the year.

The near-term impact will be a drastic reduction in the number of foreclosed properties entering the market.In the meantime, it's going to give sellers pursuing a short sale more time to work with, but on the flipside, its going to give the bank negotiators more files to work on.Some of those files that should be foreclosed on, and since their is a freeze, will slow down the system. So the upside is you have more time to work with, but your short sale may also take longer now.

If you have any more questions about the foreclosure freeze, short sales, or anything else, please visit www.WesternWashingtonShortSales.com or email me at Wes@NWTRadition.com

For an example this is what Bank of America had to say:

Bank of America Corp. imposed a nationwide moratorium on foreclosures and the sale of foreclosed homes after it came under intense pressure from a government-run housing-finance giant worried about documentation problems, people familiar with the situation said.

The bank called the halt as concern mounted from legislators and state prosecutors about procedures used by lenders to foreclose on homes. Many banks use so-called robo signers, employees who sign hundreds of documents a day, without carefully reviewing their contents, when foreclosing on homes. Critics say that could result in improper foreclosures.

Freddie Mac, the government-run mortgage-finance company that along with Fannie Mae owns many of the mortgages serviced by banks, pressed Bank of America to expand its search for problems with the foreclosure documentation process, said the people familiar with the situation.....To read the rest of the article click here

Kirkland Highlands Remodel!

Mon, 13 Sep 2010 09:13:32 GMT

If you are looking for a home in Kirkland, this is a must see! Easy 405 and DT Kirkland access and a turn key home amoungst 700's homes!

Wes Jones | NWTradition | wes@nwtradition.com | (425) 577-9814

9516 117th Place NE, Kirkland, WA

One of the best priced homes In all the Kirkland Highlands. Tucked away with adjoining backyards next to a new developmen of 700k plus homes.

3BR/2BA Single Family House

offered at $409,950

Year Built	1983
Sq Footage	1,530
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	3
Parking	Unspecified
Lot Size	8,503 sqft
HOA/Maint	$0 per month

DESCRIPTION

You will not find many homes in Kirkland with this location & condition for this price. Great condition with a 2 year old kitchen that includes new cabinets, new flooring, granite counter tops, and stainless appliances. 3-bdrms,1.75-baths,2-car garage & family room. Very light & bright with vaulted ceiling in family/living area, huge deck off of the kitchen and lower bonus room. All 3 bedrooms upstiars and 2nd full bath. Minutes to 405, DT Kirkland and neighboring a new development by Steve Jenson homes with 700k plus homes!

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Walk-in closet	- Hardwood floor	- Family room
- Living room	- Bonus/Rec room	- Breakfast nook
- Dishwasher	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Basement
- Laundry area - inside	- Laundry area - garage	- Balcony, Deck, or Patio
- Yard

OTHER SPECIAL FEATURES

- Kirkland Highlands Location

- http://www.circlepix.com/home/RDA2ES for a virtual tour

- Remodeled Kitchen

- Granite Counters

- 3 bedrooms upstairs with Master

- Family, Kitchen, Living on Main Floor

- Downstairs is bonus room

- 2 Car Garage

- Utility room has extra room and could be converted to add another bathroom

- Fully Fencend Backyard

- Huge Deck for entertaining

- Wonderful Neighobrs and Neighborhood!

ADDITIONAL PHOTOS

Photo 2	Photo 3
Photo 1	Photo 2
Photo 4	Photo 1
Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 1
Photo 1	Photo 2
Photo 3

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 12, 2010, 10:30pm PDT

Bellevue Lake Samammish View Home For Sale

Mon, 13 Sep 2010 08:58:25 GMT

This is a great chance to own a home with a brand new kitchen in Bellevue. Lake Samammish Views and Interlake High School. A little sweat equity gets you an amazing deal!

Wes Jones | NWTradition | (425) 577-9814

18600 NE 16th St, Bellevue, WA

Great opportunity to own Lake Samamish Views!

3BR/3BA Single Family House

offered at $460,000

Year Built	1981
Sq Footage	2,510
Bedrooms	3
Bathrooms	3 full, 0 partial
Floors	3
Parking	1 Car garage
Lot Size	11,900 sqft
HOA/Maint	$0 per month

DESCRIPTION

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Tile floor	- Family room	- Living room
- Breakfast nook	- Refrigerator	- Stove/Oven
- Microwave	- Granite countertop	- Stainless steel appliances
- Basement	- Laundry area - inside

OTHER SPECIAL FEATURES

- Lake Sammamish Views

- Mt Rainier Views

- Private Lot

- Cul-de-sac location

- New Kitchen

- Stainless appliances

- Granite Counters

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Wes Jones

NWTradition

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 13, 2010, 5:42am PDT

Dont miss the PRE APPROVED SHORT SALE in the Lords Lake/Fryelands community

Tue, 07 Sep 2010 11:00:48 GMT

Its pre approved and we can get this done in under 30 days for sure! Amazing opportunity, so much square footage, beds, and baths.

Wes Jones | NWTradition | wes@nwtradition.com | 425-577-9814

16146 Follis Ct SE, Monroe, WA

Pre Approved FHA Short Sale-Renovation Financing Approved! Call now!

4BR/2+1BA Single Family House

offered at $194,000

Year Built	1998
Sq Footage	1,822
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	7,405 sqft
HOA/Maint	$10 per month

DESCRIPTION

This Short Sale is guarnteed to close through the FHA Short Sale program which has already been approved.

Amazing opportunity to own in this neighborhood for under 200k! Investment property owners listen up. With the proper fix ups, this 4 bedroom home should garner 1500 in rent.

Welcome home to the fabulous neighborhood of Lords Lake in the Freyelands. Great cul-de-sac location with the detached garages out back. Fireplace, vaulted ceilings, family room & living room, plus all 4 bedrooms upstairs. Just minutes from the freeways makes this a great commute to Seattle or Everett. Near schools, parks, lords lake, and miles of trails. Cosmetic touches will go a long way.

Call la for specific pricing instructions.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Hardwood floor	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

OTHER SPECIAL FEATURES

- http://www.WesternWashingtonShortSales.com

- Pre Approved FHA Short Sale, can close in 45 days

- Renovation FHA financing Approved

- Lords Lake Community

- Mintues to shopping, freeway, and Schools

ADDITIONAL PHOTOS

Photo 1	Photo 1
Photo 2	Photo 3
Photo 4	Photo 5
Photo 6	Photo 7
Photo 2	Photo 1
Photo 2

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 7, 2010, 7:40am PDT

Seattle Times say Most Loan Mods are a joke, Wes Jones of Western Washington Short Sales Agrees

Tue, 07 Sep 2010 02:43:04 GMT

1 in 4 homeowners nationwide are underwater. Almost 1 in 6 are behind on at least one of their mortgage payments. Its a sad state of affairs and something that is not being talked enough about.

RealtyTrac’s most recent report shows 1,810 foreclosure filings in King County alone in July, representing 32% of all foreclosures across Washington (5,682). That's 1/3 of all foreclosure happening in the state starting jut in King County! In addition, home prices have remained flat in Seattle, but I see them continuing to fall

Be carefull when you are considering a loan modification. Read the entire story below, its just a joke what banks are doing to their customers. Make sure you have the right person on your side, and advocate that you trust if you need options and are facing a missed mortgage payment.

The fact is only 50% of loan mods are going through. Of those 50%, the average saving is only $500 dollars. Of those who do qualify for a loan modification, many of those consumers are behind on their mortgage in less than 9 months. It just goes to show that the banks are not giving enough relief.

If you want to know you options, our team is always available. Check out our free reports available to you 24 hours a day . The resources are available Here.

Still curious about what a short sale is, try this page.

GREG GILBERT / THE SEATTLE TIMES

An advisor from Citi Bank briefs a homeowner on what his options are. Hundreds of homeowners came to an event at the Bellevue Hyatt sponsored by the Federal Government, HOPE NOW, to get advice, and or get their loan payments reduced by either extending the total number of years to the loan or lowering the interest rate.

Interactive | Compare mortgage servicers

Resources for homeowners

Homeowners having trouble making their mortgage payment can turn to a few places for assistance.

Treasury Department: Homeowners who want to see if they're eligible for the federal loan-modification program can call 888-995-4673. Or check www.makinghomeaffordable.gov.

Department of Housing and Urban Development (HUD): Homeowners with Federal Housing Administration loans who need assistance can call 800-225-5342.

Washington state: Housing counselors are available to help homeowners apply for loan modifications and follow up with servicers. Call the state's foreclosure-prevention hotline: 877- 894-4663.

When he tried to change the terms of his home loan, Michael Guzman was rejected because the bank didn't consider his joblessness a long-term hardship.

Kamie Kahlo's bank offered her a modified mortgage on her Queen Anne home but later told her the lower payments weren't permanent.

And Leslie Oldham was stunned her bank moved to foreclose on her Kent home before it gave her a decision on a loan modification.

"I tried everything I could to work it out with the bank," said Oldham, 58, "because the last thing I wanted to do was file a bankruptcy."

More than a year since President Obama announced an unprecedented national foreclosure-prevention program, many homeowners' experiences with the program have left them feeling frustrated and angry at mortgage servicers.

The program gives servicers financial incentives to permanently lower the monthly payments of homeowners who qualify for and successfully complete a three-month trial period. Servicers can modify a mortgage by lowering the interest rate, extending the loan's terms or deferring payment of principal.

Federal auditors say the Treasury Department has failed to hold banks and other servicers accountable for following the loan-modification program's guidelines, and state regulators say there's little they can do.

Some examples from the Government Accountability Office:

• Delayed decisions: After three months of accepting payments on a modified trial loan, banks are supposed to decide whether to make the new terms permanent. But some banks have a backlog of thousands of homeowners who have been making trial payments for six months or longer.

• Inconsistent treatment: Fifteen of the 20 largest servicers in the program didn't follow federal guidelines for evaluating borrowers' loans and may have treated similarly situated borrowers differently.

• No meaningful appeals: The Treasury does not independently review borrowers' application or loan files, nor does it have clear penalties for servicers who violate the program's rules.

The program was intended to keep 3 million homeowners from foreclosure, but it had produced only about 435,000 permanent modifications through July.

Treasury officials say the program's impact can't be measured by a single statistic. Many homeowners who were deemed ineligible for the federal program have been offered private loan modifications by their servicer.

Still, six of every 10 seriously delinquent borrowers are not getting help, according to a new study by the State Foreclosure Prevention Working Group. Struggling homeowners are alienated by the mixed messages and long delays, the group said, and almost three-quarters of modified mortgages leave borrowers owing more, not less.

"That is not a sustainable solution," said Roberto Quercia, who consulted on the study and is director of the Center for Community Capital at the University of North Carolina, Chapel Hill. "For people underwater, making the hole deeper is a recipe for disaster."

Jumbled paperwork

In March 2009, Treasury officials launched the federal Home Affordable Modification Program (HAMP), its cornerstone effort to rescue the nation's housing market, in which property values have fallen at a rate not seen since the Great Depression.

Homeowners must pass three tests to be considered: First, they must have an eligible hardship, such as unemployment. Second, their mortgage must exceed 31 percent of their gross monthly income.

Finally, the bank applies a "net present value" test to see if it will lose more money from foreclosing on their home than from modifying the mortgage.

Through July, homeowners in the program saw a median 36 percent, or more than $500, savings in their monthly payment after permanent modification, according to the Treasury.

But the number of homeowners making trial payments who were dropped from the program — more than 600,000 — now exceeds the number with permanent modifications.

"Paperwork has been the No. 1 reason homeowners have not been able to convert to permanent modifications," Treasury spokeswoman Andrea Risotto said.

The second most common reason, she said, is that homeowners are unable to keep up with payments during the trial period.

Housing counselors and lawyers for homeowners say servicers misplace documents or wrongly reject eligible applicants for no good reason — even after they've made trial payments for six months or longer.

"The servicers are claiming that the files are a mess or are incomplete," said Marc Cote, a housing counselor who coordinates Washington state's foreclosure-prevention hotline. "We have confirmation the fax was received. Then you call back in two days and there's no record of it. That's not uncommon."

Regulators at the state Department of Financial Institutions say they've been flooded with consumer complaints about mortgage issues — such as banks failing to properly credit homeowners for payments.

Department director Scott Jarvis says a series of federal court decisions since 2002 has made it nearly impossible for regulators to force national banks and thrifts to comply with state consumer-protection laws.

"It's a massive shell game," Jarvis said. "The pea is the consumer, and the consumer ends up getting shuffled around the shells and rarely gets anything resolved."

For their part, big banks and other servicers say they're helping distressed borrowers, while being fair to the majority of homeowners who pay their mortgages on time.

This year, Chase opened a loan-modification office in Tukwila that focuses on screening homeowners with Chase mortgages in Washington and Oregon.

And a coalition of big banks recently announced support for a Web portal called HOPE LoanPort that housing counselors can use to submit complete applications, verify their receipt and get status updates.

"In the end I think we all share a common goal, which is to help as many customers as possible stay in their homes," said Rebecca Mairone, Bank of America's national default-servicing executive.

Left in limbo

Cote, the housing counselor, recounts this story: On Aug. 6, a national bank told an elderly owner of an Issaquah house that her application for loan assistance — submitted March 3 — was still under review.

A week later, a trustee let the bank repossess the woman's house. The bank had denied the woman's application but never notified her in writing, as required.

"They're violating the guidelines," said Cote, whose agency doesn't allow him to identify the national bank.

Some Seattle-area homeowners echo Cote.

Guzman, of Lake Stevens, has been unemployed for more than two years and was told — incorrectly — by Chase last year that his joblessness did not count as a permanent hardship.

"Servicers continue to evolve their implementation of HAMP," Chase said in a statement.

Moreover, Chase said, it asked Guzman to reapply for loan assistance, but he has refused.

Guzman said he's already submitted paperwork three times.

"Millions of people have gone through this wringer like I have," he said.

Kahlo, who bought her Queen Anne home in 1999, said she did everything Bank of America asked her to do to qualify for relief under the federal program.

After the bank told her it wasn't permanently modifying her mortgage, she sued, alleging it had violated the federal program's rules.

Bank of America sought to dismiss the suit, saying the lower monthly payment it offered her was an alternative to the federal program.

"A participating servicer is not required to modify every HAMP-eligible loan," the bank stated in court.

Without a permanent modification, Kahlo says, she's in limbo. "I don't know if I'm sleeping in their home or my home," she said.

Declaring bankruptcy was a last resort for Oldham, a widow in Kent who manages payroll for a small construction company.

But she believed she had no recourse because Bank of America foreclosed on the manufactured home she's lived in for 15 years.

Oldham said she got behind on her mortgage because of medical bills.

She applied for a modification last year, but the bank tacked a foreclosure notice on her door before she received an answer.

Oldham complained to the state Attorney General's Office, which passed her on to the state Department of Financial Institutions. That department routinely forwards such complaints — about 540 so far this year — to federal regulators.

With Oldham, though, the state department lost track of her complaint, finally sending it along last month.

Bellevue Pool Side Condo-Just Reduced!

Tue, 07 Sep 2010 02:20:26 GMT

This is one of the best deals in all of Bellevue. If you know of anyone looking for a 1 bedroom, have them call me about our new price at 172,500!

Wes Jones | NWTradition | wes@nwtradition.com | 425-577-9814

680 122nd Ave NE #113, Bellevue, WA

Former Model Poolside Condo for Sale in the Oasis. Don't miss out!

1BR/1BA Condo

offered at $172,500

Year Built	1968
Sq Footage	752
Bedrooms	1
Bathrooms	1 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	68,240 sqft
HOA/Maint	$0 per month

DESCRIPTION

If these pictures look framiliar then they probably are...this is the model unit that was photographed and marketed for the entire condo complex! Located in the Oasis Condominiums, this model unit has the upgraded modern finishes you have come to expect. Off your ground floor gated patio is the pool and gym. You can also access this condo via the pool area and gate rather than entering through the front building entrance. Smaller building of 13 condos. High end finishes & 1/2 mile from 405.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- Walk-in closet
- Hardwood floor	- Tile floor	- Breakfast nook
- Dishwasher	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Laundry area - inside

COMMUNITY FEATURES

- Clubhouse	- Fitness center	- Swimming pool(s)
- Sauna/Spa

OTHER SPECIAL FEATURES

- Main Floor Condo-Poolside

- Can access through the pool area w/o going through the building

- High end, Modern Finishes

- Main floor patio opens to the pool

- Short Sale Opportunity

- http://tour.circlepix.com/YP3S4N

- Best Condo in the Complex, don't miss out!

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 7	Photo 8
Photo 9	Photo 10
Photo 11	Photo 12
Photo 13	Photo 14
Photo 15	Photo 16
Photo 17	Master

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

425-577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 6, 2010, 11:00pm PDT

Phantom Tax and Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Wed, 21 Jul 2010 12:40:27 GMT

Visit the IRS webpage directly.

I've been getting a lot of questions about the "Phantom Tax" when it comes to Short Sales. The question is "Am I going to have to pay taxes on the debt that is forgiven when we sold our house via short sale?". The answer is "We'll, it depends on your situation". I've provided some info directly from the IRS and your definately going want to read more about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

These exceptions are discussed in detail in Publication 4681.

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does exclusion of income mean?
Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.

Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home?
Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681.

How long is this special relief in effect?
It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
The maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982 and the detailed example in Publication 4681.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

Do I have to complete the entire Form 982?
No. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?
If you use a computer to fill out your return, check your tax-preparation software. You can also download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much debt was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.

I lost money on the foreclosure of my home. Can I claim a loss on my tax return?
No. Losses from the sale or foreclosure of personal property are not deductible.

If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt?
Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area. See Form 982 for details.

If the remaining balance owed on my mortgage loan that I was personally liable for was canceled after my foreclosure, may I still exclude the canceled debt from income under the qualified principal residence exclusion, even though I no longer own my residence?
Yes, as long as the canceled debt was qualified principal residence indebtedness. See Example 2 on page 13 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments.

Will I receive notification of cancellation of debt from my lender?
Yes. Lenders are required to send Form 1099-C, Cancellation of Debt, when they cancel any debt of $600 or more. The amount cancelled will be in box 2 of the form.

What if I disagree with the amount in box 2?
Contact your lender to work out any discrepancies and have the lender issue a corrected Form 1099-C.

How do I report the forgiveness of debt that is excluded from gross income?
(1) Check the appropriate box under line 1 on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to indicate the type of discharge of indebtedness and enter the amount of the discharged debt excluded from gross income on line 2. Any remaining canceled debt must be included as income on your tax return.

(2) File Form 982 with your tax return.

My student loan was cancelled; will this result in taxable income?
In some cases, yes. Your student loan cancellation will not result in taxable income if you agreed to a loan provision requiring you to work in a certain profession for a specified period of time, and you fulfilled this obligation.

Are there other conditions I should know about to exclude the cancellation of student debt?
Yes, your student loan must have been made by:

(a) the federal government, or a state or local government or subdivision;

(b) a tax-exempt public benefit corporation which has control of a state, county or municipal hospital where the employees are considered public employees; or

(c) a school which has a program to encourage students to work in underserved occupations or areas, and has an agreement with one of the above to fund the program, under the direction of a governmental unit or a charitable or educational organization.

Can I exclude cancellation of credit card debt?
In some cases, yes. Nonbusiness credit card debt cancellation can be excluded from income if the cancellation occurred in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See the examples in Publication 4681.

How do I know if I was insolvent?
You are insolvent when your total debts exceed the total fair market value of all of your assets. Assets include everything you own, e.g., your car, house, condominium, furniture, life insurance policies, stocks, other investments, or your pension and other retirement accounts.

How should I report the information and items needed to prove insolvency?
Use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to exclude canceled debt from income to the extent you were insolvent immediately before the cancellation. You were insolvent to the extent that your liabilities exceeded the fair market value of your assets immediately before the cancellation.

To claim this exclusion, you must attach Form 982 to your federal income tax return. Check box 1b on Form 982, and, on line 2, include the smaller of the amount of the debt canceled or the amount by which you were insolvent immediately prior to the cancellation. You must also reduce your tax attributes in Part II of Form 982.

My car was repossessed and I received a 1099-C; can I exclude this amount on my tax return?
Only if the cancellation happened in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See Publication 4681 for examples.

Are there any publications I can read for more information?
Yes.
(1) Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals) is new and addresses in a single document the tax consequences of cancellation of debt issues.

(2) See the IRS news release IR-2008-17 with additional questions and answers on IRS.gov.

Bellevue Lake Sammamish Short Sale Home for Sale

Wed, 14 Jul 2010 14:04:52 GMT

New Short Sale listing in Bellevue. Just of West Lake Sammamish, with views of Lake Sammamish and Mt. Rainier. Minutes to I-90, 520, Microsoft, and Marymoore Park.

Wes Jones | NWTradition | (425) 577-9814

18600 NE 16th St, Bellevue, WA

Great opportunity to own Lake Samamish Views!

3BR/3BA Single Family House

offered at $509,950

Year Built	1981
Sq Footage	2,510
Bedrooms	3
Bathrooms	3 full, 0 partial
Floors	3
Parking	1 Car garage
Lot Size	11,900 sqft
HOA/Maint	$0 per month

DESCRIPTION

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Tile floor	- Family room	- Living room
- Breakfast nook	- Refrigerator	- Stove/Oven
- Microwave	- Granite countertop	- Stainless steel appliances
- Basement	- Laundry area - inside

OTHER SPECIAL FEATURES

- Lake Sammamish Views

- Mt Rainier Views

- Private Lot

- Cul-de-sac location

- New Kitchen

- Stainless appliances

- Granite Counters

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Wes Jones

NWTradition

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 14, 2010, 10:49am PDT

Strategic Defaults in Bellevue and Seattle. At what point do borrowers walk?

Wed, 30 Jun 2010 13:30:06 GMT

Interesting article from the Wall Street Journal this week. Watching what is happening, in Arizona, California, and Neveda is a real good indicator of what Washington State will experience down the road.

How Far Underwater Do Borrowers Sink Before Walking Away?

At what point do borrowers who owe more than their homes are worth decide to stop paying the mortgage?

A new study from economists at the Federal Reserve Board aims to answer that question. The research found that the median borrower who “strategically” defaults doesn’t walk away from the mortgage until the amount owed exceeds the value of the home by 62%.

The study is bad news for the mortgage industry in that it backs up the idea that a growing share of borrowers are walking away from loans. Concerns are mounting among lenders and investors that some borrowers who owe far more than their homes are worth are now choosing not to pay mortgages that they can afford.

But the silver lining here is that it suggests a rather high threshold for borrowers to walk away.

“The fact that many borrowers continue paying a substantial premium over market rents to keep their homes challenges traditional models of hyper-informed borrowers” choosing to simply walk away, the authors write. The results suggest “that borrowers face high default and transaction costs” that make strategic defaults less widespread than they might otherwise be.

The study examined borrowers in Arizona, California, Florida and Nevada who bought homes in 2006 with no money down. Nearly 80% of those borrowers had defaulted by September 2009. The authors then attempt to estimate and separate out defaults caused by job loss and other income shocks from those that had been spurred simply by negative equity.

Nearly 80% of all defaults in the sample resulted from the traditional combination of income shocks and negative equity. But for borrowers that had a loan-to-value ratio of 150%, half of all defaults were strategic defaults, driven purely by negative equity.

Most defaults are typically driven by a combination of income shock and negative equity, or what’s known as the “double-trigger” hypothesis. While borrowers who lose their jobs but have equity in their homes can sell and avoid default, those without any equity are left with fewer options.

“Borrowers do not ruthlessly exercise the default option at relatively low levels of negative equity, broadly consistent with the ‘double-trigger’ hypothesis,” the authors write. “But by the time equity falls below -50%, [half] of defaults appear to be strategic.”

(Read about a separate study released on Monday that finds that around one in five mortgage defaults could be considered “strategic.”)

Empirical evidence suggests that more borrowers may be walking away from their primary residences, but this is a much bigger problem in housing markets that saw stunning home-price gains followed by a free fall. Look to the desert suburbs of Phoenix and Las Vegas, the southwestern coast of Florida, and the far-flung exurbs of California’s San Joaquin Valley and Inland Empire.

The Fed study finds, as have others before, that borrowers are more likely to walk away from homes in states where lenders can’t sue them for a deficiency judgment. The median borrower in a state where lenders have recourse to borrowers’ assets, such as Florida or Nevada, defaults when he or she is 20 to 30 percentage points further underwater than the same borrower in a non-recourse state, such as Arizona or California.

Borrowers with higher credit scores also find it more costly to default. The median borrower with a credit score between 620 and 680 walks away when their loan-to-value ratio hits 151%, while the median borrowers with a credit score above 720 walks away with a loan-to-value ratio of 168%.

Finn Hill Bothell area Home For Sale

Sun, 13 Jun 2010 21:58:53 GMT

Finn Hill Short Sale in Bothell/Juanita. Don't miss out on this large home on a great lot!

Wes Jones | NWTradition | wes@nwtradition.com | (425) 577-9814

8324 NE 143rd St, Bothell, WA

Opportunity in Finn Hill Juanita!

4BR/2+1BA Single Family House

offered at $319,000

Year Built	1969
Sq Footage	1,680
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	8,460 sqft
HOA/Maint	$0 per month

DESCRIPTION

Great for a large family or someone that desires lots of bedrooms and space. Updated windows. Granite counters, cherry cabinets, and newer hardwood floors. Wonderful fenced backyard with a covered deck that leads the ground would be great for year round entertaining. Large backyard. A second Kitchen in the basement could be used as a mother in law apt. Large 2 car garage. Located in quiet Cul-de-sac. Short sale is being negotiated by a CDPE.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Hardwood floor	- Family room	- Living room
- Bonus/Rec room	- Dishwasher	- Refrigerator
- Microwave	- Granite countertop	- Stainless steel appliances
- Basement	- Laundry area - inside

OTHER SPECIAL FEATURES

- Finn Hill Location

- Large Fenced Lot

- 2 Car Garage

- Newer Kitchen Cabinets, Granite Counters, and Stainless Appliances

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 13, 2010, 6:22pm PDT

Renton Short Sale Home For Sale in Forest Trails, Well maintained 3 bedroom 2.5 bath

Sun, 13 Jun 2010 20:25:34 GMT

Great Renton area short sale. Well cared for home only has 1 lender. Short sale negotiations in progress and going well. Don't miss out on this great opportunity in Forrest Trails.

Wes Jones | NWTradition | wes@nwtradition.com | (425) 577-9814

19803 133rd Ave SE, Renton, WA

Well cared for home in convenient Forest Trails Community

3BR/2+1BA Single Family House

offered at $239,000

Year Built	1985
Sq Footage	1,760
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	7,000 sqft
HOA/Maint	$0 per month

DESCRIPTION

A private, fully fenced yard with patio and awesome gardens. Main floor boasts a spacious living room with brick fireplace, large dining room with vaulted ceilings, a 1/2 bath, and roomy kitchen with eating space connected to the family room. Large 2 car garage which accesses to the utility room. Upper level offers 3 bedrooms including master with walk in closet and bath. Additional bath completes the upstairs.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Laundry area - inside

OTHER SPECIAL FEATURES

- Well cared for short sale opportunity

- Home is being negotiated by a CDPE

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Wes Jones

NWTradition

wes@nwtradition.com

(425) 577-9814

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 13, 2010, 5:06pm PDT

What is the CDPE Advanced Network?

Wed, 09 Jun 2010 12:44:15 GMT

CDPE Advanced members are agents who have committed to understanding and providing foreclosure avoidance solutions to homeowner facing financial hardship.

Through advanced resources, coaching, and networking, CDPE Advanced members have taken a leadership role in turning the housing crisis around. It is my personal goal to bring the best solutions to each individual homeowner.

Why do we stand out?

Industry Updates:CDPE advanced agents have acces to regular industry updates from the distressed property Institue, an industry organization dedicated to educating real estate agents on how to effectively serve homeowners in distress. The institute works closely with the federal government and lending institutions to help shape policy. Because fo this affiliation, CDPE Advanced agents are the first to know about new programs or policy chnages that directly affect the homeowners we serve, and have plans to help our clients see those benefits.

Due to their enhanced resources and current information, CDPE Advanced agents typcially close up to 90 percent of short sale transactions.

The CDPE Advance Network: CDPE Advanced agents are also involved in a network of top agents nationwide who also specialize in assisting distressed homeowners. This provides information on what is happening on the front lines, what banks and buyers are looking for, which foreclosure-avoidance tactics are working and which ones aren't. Properties facing foreclosure require a strategic approach, and CDPE Advanced Members know the strategies that succeed.

"Betweent the exclusive market information and the CDPE Advanced network of agent communication, I can offer you the most relevant and effective solutions".