Real Estate Weekly July 23, 2021

INSIDE

This Issue

SWEETENING THE DEAL SMART AND SUCCESSFUL STRATEGIES FOR GETTING A SELLER TO ACCEPT YOUR OFFER PAGE 5 DON’T COUNT ON IT: SQUARE FOOTAGE IS APPROXIMATE PAGE 7 CLASSIFIEDS PAGE 7 JULY 23-29, 2021

TABLE OF CONTENTS Smart and successful strategies for getting a seller to accept your offer ..................P5 Q&A Ask Our Broker.......................................................................P6

INSIDE

Don’t Count on It: Square Footage Is Approximate .........................P7

PAGE

5

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

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own the local real estate market expand your reach when you combine the power of our digital audience and premium print ads in the re weekly ask your multimedia account executive for details.

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July 23, 2021

STAT Real Estate Stat

Commercial Real Estate Investments on the Rise Commercial real estate acquisitions during January through May 2021 rose 1% compared to one year ago as investors acquired multifamily properties, hotels, and seniors housing.

Source: National Association of Realtors

NORTH PUGET SOUND ASSOCIATION of REALTORS®

Feature Home From cover:

525 East College Way, Ste J

2320 SUNDOWN COURT UNIT #102, ANACORTES

Mount Vernon, WA 98273

Ph:360-416-4902

www.npsar.realtor

$1,075,000

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.

Windermere real estate/anacortes P Properties 3018 commercial ave.

Anacortes,WA • 360-293-8008 www.anacortesrealestate.com

DEBBIE MACY 360-391-2422

Fabulous one level condo in the Sunset Cove neighborhood nearby to WA Park.

This home wows by showcasing the views with walls of windows to the west of Rosario Strait, Thatcher Pass, the San Juan’s & ferry activity. Spacious open floor plan featuring lovely updates with expansive living room shared with dining area & double sided fireplace. Updated kitchen boasts custom Woodhouse cabinetry, island, granite counters & ss appliances.

Oversized primary suite with floor to ceiling windows, huge bath and walk in closet. Plus addt bedroom with attached bath & french door office around the corner. Secure building with elevator & secure underground parking for two cars + storage unit. A perfect spot for full time living or lock the door & travel!

MLS: 1807084 112590-1

July 23, 2021

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

e t t d t s n

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!

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

t d p c y d c b

o o r s a July 23, 2021

seller – which sometimes includes a family photo or mini-biography about the buyer.

“I’ve also recommended leaving a small gift card to a neighborhood coffee spot and/or a nice little green plant for the seller, as plants symbolize growth and movement and last longer than a bouquet of flowers,” says Schechter. “Of course, my clients’ offers also include the requisite prequalification letter, financial statements, details about any waived contingencies, and a note about who our attorney is so the seller can see that we are ready to transact.”

Tarasa Hurley, a Realtor for Keller Williams Pittsburgh North in Wexford, Pennsylvania, believes the best approach for getting

By Erik J. Martin clients convince a seller against rival purchasers. can certainly provide a your offer accepted is to to accept their contract, “Most of what I’ve seen et’s face facts: It’s a tempting incentive for the have your agent contact brutal time to be a which 41% of listing agents involves buyers waiving seller, but it’s not guaranthe property’s listing agent home buyer. Sellagreed was the most suctheir appraisal contingency teed to win you the deal. on the phone and create a ers hold all the cards in cessful strategy among their or adding an appraisal gap “While there is truth relationship. this market, where invenrecent transactions. Over to the saying that ‘cash is clause and covering the “Many buyers have won tory remains seriously low, two in five buyers’ agents king,’ not all sellers have difference between the my listed properties because demand from shoppers is attempted to sweeten the the highest dollar amount their agents communicated appraised value and the through the roof, and home offer by providing a larger contract price in cash,” she as their top priority. If a and asked me what terms sale prices continue to set down payment or increased explains. full cash offer comes with my sellers wanted,” she sugnew records. earnest money. And several multiple contingencies, it Nikki Gonzales, real gests. “These agents were But if you are determined admitted to attempting estate investor and partner might not look as desirable to select the best terms to hunt for a home, don’t nonconventional tactics to with Tacoma, Washington- able as a lower offer with to suit my sellers, such despair. With diligence, none. A seller might look get their offers to stand out based Adeline Holmes as preferred closing date, persistence, and some – from offering a leaseback LLC, says she has had luck more favorably upon a earnest money, inspections, creativity and risk-taking, option to delivering flowers making all-cash offers that lower offer that has a better or appraisal concerns.” you may be able to land a chance of actually making to the seller to holding a release earnest money to Hurley adds that one desired residence without it to the closing table,” adds effective maneuver used by pizza party. sellers right away. completely busting your Zeidner.

Kelsey Zeidner, a Realtor “That way, the seller some of her clients is havbudget.

Amy Herman Schechter, ing them offer to pay for with The KZ Group at Pre- knows that, if for any So, suggest the findings ferred Real Estate Brokers reason the buyer backs out, a New York City agent, seller closing costs. of a recent Zillow survey in Orlando, says it’s crucial they will have made some says that, in a multiple bid “The wildest strategy I’ve of real estate agents, which for agents today to carefully money that can cover their situation, she coaches her seen is a buyer offering to reveals that 77% of agents strategize with their buyer mortgage payment and buyers to go just above the pay for a taco truck rental sometimes submitted clients and come up with asking price and draft a perhaps more,” she notes. for the seller to enjoy,” she says. all-cash offers to help their an offer that can compete Making an all-cash offer personalized letter to the

Sweetening the deal

Smart and successful strategies for getting a seller to accept your offer

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You may be able to better attract a seller if you can close more quickly, too.

That may involve pursuing alternative financing, such as using a private or hard money lender to get a short-term loan that will close quickly and then refinance to a long-term fixed-rate mortgage soon after closing, recommends Gonzales.

Be careful not to surrender your right to a professional home inspection too quickly, however, or waive an appraisal prematurely.

“Instead of completely waiving a home inspection contingency, try to limit the inspection to major structural and environmental issues or to items that cost above repair value,” advises Earl P. White, an attorney in Rutherford, New Jersey. “Likewise, you can limit your appraisal contingency to only be effective if the property appraises for some amount less than the purchase price – for instance, $50,000 below the purchase price.

Set a specific limit that makes you comfortable and capable of coming up with the additional funding required to close.”

Lastly, consider agreeing to a flexible closing date range and making the sale contingent upon the seller purchasing a new property if that is their goal, which may help cinch the deal, White adds.

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How does forbearance affect mortgage payments?

Question:

My wife and I took forbearance in 2020 because of a pandemic job loss. Our loan balance was roughly $275,000 at the time we stopped making monthly payments. We both now have jobs and want to restart our monthly payments. How does forbearance impact the amount owed to the lender?

Answer:

With forbearance, the lender agreed to lower monthly payments or to allow no monthly payments for a given period. This does not mean the debt has disappeared or is reduced.

First, interest expenses continue because the borrower was still using the lender’s money.

Second, monthly mortgage insurance cost premiums continue because the insurance company remained responsible to the lender if something went wrong with the loan.

Third, local property taxes continue. In many cases, loan servicers have paid property taxes on behalf of borrowers in forbearance.

Fourth, if HOA fees are paid from a mortgage escrow account they too must be repaid.

These costs can amount to a hefty sum. The good news is that while they must be repaid the lender

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cannot require a lump sum repayment (known as “reinstatement”) under federal forbearance plans.

Instead, there are several options.

One choice is to work out a repayment plan with the lender that combines your regular monthly payment with something extra until the additional debt is paid off.

Another option is to defer repayment until the property is refinanced, sold, or the loan is repaid.

This will keep your current monthly payments in place. It also means the debt will be enlarged to reflect the missed payments.

A third choice is to see if the lender will agree to a loan modification if you are not able to restart regular monthly payments.

Large numbers of borrowers have already restarted their payments. Black Knight reports that as of mid-May there were 2.18 million forbearance plans outstanding, down from more than 4.5 million a year ago.

Given the immense economic damage created by the COVID-19 pandemic, these are remarkable figures. They mean millions of homes have been saved from foreclosure by the forbearance program.

Equally important, the numbers are likely to get better.

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Q&A

ASK OUR BROKER

By Peter G. Miller

“As of February 2021,” according to the Consumer Financial Protection Bureau (CFPB), “there were nearly 3 million homeowners behind on their mortgages, with an estimated 2.1 million mortgages in forbearance and at least 90 days delinquent. If current trends continue there may be 1.7 million such loans in September 2021.”

That’s almost 500,000 more homes that the CFPB expects to resume making monthly payments (2.18 million less 1.7 million). However, given the economy’s surprisingly strong performance, it’s entirely possible that the number of distressed homes will be even lower. As for those owners who cannot get back on track, higher home prices in virtually all areas mean they will be able to avoid foreclosure by selling into today’s inventory-starved market.

The big question going forward concerns employment. Millions of individuals cannot find fulltime positions. They need jobs to pay such costs as mortgages, rent, auto loans, and cellphone bills. If we can get big improvements in the real job totals then we are likely to emerge from the pandemic economy with relatively few foreclosures.

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

July 23, 2021

Real Estate Weekly RENTALS Rooms for Rent

ROOM/SPACE FOR RENT for Independent Natural Health Professional Well established, popular natural Wellness Center of independent natural health professionals in downtown Mount Vernon has a space for rent. Any complementary field will be considered including: chiropractor, naturopath, massage therapist/bodyworker, counselor etc.

The space is 204 sq ft (12’ X 17’) with an interior partial wall creating 2 separate spaces to creatively suit your needs. There is an easy open flow between the 2 spaces.

Don’t Count on It: Square Footage Is Approximate

By Marilyn Kennedy Melia pace, more or less, is a major factor motivating a move.

A young family cramped in an 1100 square foot condo wants more bedrooms; a single professional needs a larger kitchen; a downsizing couple wants to trade half their space to be mortgage-free.

But home shoppers clicking through listings shouldn’t take what would seem to be an objective measure of space –the stated square footage – to be an exact count.

Many homeowners “have no idea what their square footage is,” notes Deb Tomaro, owner of a Carmel, IN real estate brokerage.

If sellers don’t have a reasonable estimate but kept papers from their purchase, they can find it on the appraisal

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report, she adds.

The square footage on Zillow and related sites also aren’t usually correct.

They’re drawn from public records which often “convey outdated information,” like not counting an addition,” says San Francisco appraiser Scott Yeargin. Public records may use measurement techniques for taxation or other purposes, different from appraisal standards.

Those standards count the footage of finished rooms that are not below ground. “An unfinished area like a garage or storage is generally not considered to be livable space,” Yeargin explains.

A finished basement would not be included in the count but is reported separately and contribute to the appraised value.

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Appraisals are key to home sale transactions because mortgage lenders don’t want the appraised value to fall short of what the buyer is paying.

In this sellers’ market, could erroneous square footage in the listing lead to an appraisal value that’s not supportive of the price?

Probably not, says Yeargin. “Generally speaking, owners are within range of the market when they list their home for sale, regardless of what they say or think their square footage is”.

But there can be exceptions. Tomaro relates one instance of a bi-level home with a lower-level living area that was partially below ground, causing a below-market valuation. Luckily, “We were able to appeal the appraisal and get it adjusted,” concludes Tomaro.

The Clinic offers wifi, copier, utilities, cleaning/ maintenance, clinic advertising, some limited dedicated parking for clients and practitioners, handicapped parking, and the clinic is wheelchair accessible.

Rent: $625 month + small shared practitioner fee towards incidental irregular clinic expenses.

360-826-2053

Save time & money selling in your local classifieds!

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60102 STATE ROUTE 20, MARBLEMOUNT

$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

H Street rd., Blaine

$1,200,000

17180 MeMorial Hwy Mount Vernon $415,000

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

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.

360-708-8294 MLS# 1649968 Danya Wolf

Juanita Bunch 360-941-5530

Carla Fischer (360) 982-0010

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

Elva Hunter (360) 202-3086

John Hunter (360) 202-3086

Suzanne Jenkins (360) 941-2983

360.424.0300

$379,000

Great Investment or bring your fishing pole! 1.74 acres with a 4 bedroom house, all-purpose buildings. Garden space, newer roof. Property sold “ As-Is “ seller will do no repairs. Do Not Disturb Tenants. Great potential, property back up to Fed-Ex on South Walnut street.

Possible light Industrial use, buyer to verify ! MLS# 1812068 (360) 202-3086 Elva Hunter

118 E ORANGE AVE, BURLINGTON

$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 MLS# 1780005 360-540-1552

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

$600,000 8001 acorn lane 3d1-162, MarBleMount $29,900

2xxx urBan aVenue, Mount Vernon

JoAnn Boudreau Patricia Box (360) 391-0746 Office Manager/Broker O: (360) 424-0300 C: (360) 941-9186

Danya Wolf

360-708-8294

471 E WhITMARSh Rd, BURLINGTON

44973 KacHeSS trail, d3-a4, laKe tyee $46,000 44979 KacHeSS trail, d3-a6, laKe tyee $74,000

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

Russ Lanker (360) 708-1117

Sherry Ruderman

360-540-1552

MLS# 1783219

Sherry Ruderman (360) 540-1552

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 foundthisperfectlottobeginyoursummer.Sherry Ruderman 360-540-1552 MLS# 1783232

Kim Schlimmer (360) 661-7670

Brett Tacker (360) 840-7931

Danya Wolf Designated Broker/ Owner (360) 708-8294

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 111004-1

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