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Real Estate in Thurston County, Lewis County, and Mason County.

Published on May 3, 2012 by in Home Page

Homes for Sale in Olympia, Tumwater, Lacey, and surrounding areas.

olympia Real Estate in Thurston County, Lewis County, and Mason County.

Our Pledge:

  • You will always get straight talk and honest advice from us, even if it costs us a commission.
  • We will provide you the information you need to make informed decisions without pressure, hype, or slick sales tactics.

We build long term business relationships based upon trust and mutual respect for our clients, for ourselves, and for the community. When it comes to real estate we take the long view. We realize that important decisions can take time and effort, and we are willing to put in the time and effort required. Whether you buy or sell in two days or in two years doesn’t matter. We are at your service. When we achieve the results you desire, we all win in the long run.

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1205 Manito Dr NE Olympia WA

Published on May 11, 2012 by in Homes For Sale, Olympia WA, Thurston County

1205 Manito Dr Olympia Home For Sale1 1205 Manito Dr NE Olympia WA

Well Maintained Home in Great Location!

3 Bedrooms + Den/Office

1 3/4 Baths

1776 SF

Bonus Room With Wet Bar

Private Backyard

Very Close to Costco, Home Depot, and I-5

$121,600

Privacy in an excellent location! Just a couple of blocks from Costco, Home Depot, and I-5. Original owner – pride of ownership shows! Tall hedge in backyard provides excellent privacy. Well-manicured landscaping. Rec room downstairs w/ wet bar for entertaining. Vinyl windows installed in 2005, seller says roof and siding updated about 15 years ago. Fireplaces upstairs and down. Gas at side of house but not hooked up. Great condition for the price, just needs cosmetic updates. Good deal!

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Olympia Short Sales – New Law Protects Sellers

Published on May 9, 2012 by in Short Sales

On June 7, 2012 the “Homeowners in Crisis – Assistance” bill (HB 2614) will go into effect in Washington State. The bill provides several protections for homeowners that sell their home for less than the amount owed on the mortgage (a short sale). The biggest protection is the mandate that banks must tell the seller whether they will still owe money after the short sale. It’s about time!!

In a short sale, the difference between the amount of the mortgage and the sale price of the home is called a deficiency. Click Here to learn more about Olympia short sales.

Your bank must tell you whether you will still owe money after the short sale.

Upon “first written notice” from a bank to a borrower approving a short sale, the bank must clearly state whether they “reserve” or “waive” the right to enforce the deficiency.

This means that the bank must clearly tell you whether they will or will not pursue the borrower to make up the difference between the amount of the mortgage and the sale price of the house.

The bank must use specific language to notify you whether you will still owe money after the short sale.

This is the language that the law says that banks must use:

 

“Please take note that [name of beneficiary or mortgagee, or its assignees], in releasing its security interest in this owner-occupied real property, [waives or reserves] the right to collect that amount that constitutes full payment of the secured debt. The amount of debt outstanding as of the date of this letter is $. . . . . .. However, nothing in this letter precludes the borrower from negotiating with the [name of beneficiary or mortgagee, or its assignees] for a full release of this outstanding debt.”

 

This will help a short sale seller to know and understand the financial consequences of a short sale.

Previously, banks used obscure and confusing language, or said nothing, about whether you will still owe money after a short sale. This uncertainty was very frustrating for sellers.

There has never been a better time to avoid foreclosure with a short sale!

New laws designed to protect borrowers, combined with federal programs like HAFA and initiatives by several large mortgage companies to standardize and speed up the short sale process, will make short sales quicker and easier than they have been in the past.

Don’t forget that the Mortgage Forgiveness Debt Relief Act expires at the end of 2012. If the Act is not renewed by Congress, there could be heavy tax consequences for doing a short sale in 2013.

Act now before it is too late!

The short sale services that Independence Real Estate provides are at no cost to you! We specialize in Olympia short sales, including Tumwater, Lacey, and the greater Thurston County area.

For a totally free, no-obligation, no-cost honest and professional consultation and analysis of your situation, call John at 866-559-8546 or use the contact form below:

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Short Sales: Quicker Approvals Coming!

Published on April 21, 2012 by in Short Sales

A short sale is when a home is sold for less than the amount owed on the mortgage (What is a short sale?). Short sales have a reputation for taking a long time to complete. Buyers have heard horror stories about endless delays and lost paperwork dragging the transaction out for months.

But there are signs that the banks are finally getting their act together and jumping on the short sale bandwagon. Recently, Bank of America announced it was streamlining its short sale process down to 20 days. Mortgage giants Fannie Mae and Freddie Mac also announced plans to streamline the short sale process, with a target of 30 days. Nationwide, the number of closed short sale transactions recently exceeded the number of closed bank-owned houses for the first time.

This means that banks are finally making an effort to make short sales faster and easier than they used to be. The banks and mortgage servicers have also come to the realization that it is better to cut their losses upfront with a short sale than to go through the lengthy and costly foreclosure process.

These changes, along with attempts by several of the biggest mortgage servicers to standardize short sale transactions, should make short sales a more attractive option for buyers and sellers alike. A streamlined and standardized short sale pipeline will reduce the unnecessary delays and uncertainty that have plagued short sales in the past.

Don’t forget: At the end of 2012 the Mortgage Debt Relief Forgiveness Act expires. If it expires without being renewed by Congress, debt forgiveness associated with short sales could saddle you with a big tax bill in 2013.

If you are facing foreclosure, a short sale is a great way to avoid foreclosure and salvage your credit. If you are a buyer or investor interested in buying distressed property in Olympia, Tumwater, or the greater Thurston County area, short sales are an incredible opportunity to get a great deal.

Whether you are a buyer or a seller, Independence Real Estate can help you navigate the short sale process to a successful conclusion. Contact Us if you would like to find out whether a short sale is right for you.

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Short Sales, Mortgage Forgiveness, and Tax Consequences

Published on March 15, 2012 by in Short Sales

In a short sale, the proceeds from the sale of a home are not enough to pay off the outstanding mortgage. In other words, the seller and the seller’s lender agree to sell the home for less than the amount of the mortgage.

The difference between the proceeds from the sale of the home and the amount owed on the mortgage is called a deficiency. For example, assume you owe $200,000 on your home mortgage. If the net proceeds (after deducting selling costs) are $150,000, then the deficiency is $50,000.

In the ideal short sale situation the lender has “forgiven” the $50,000 deficiency and released you from the obligation to pay it. Sounds great so far.

But wait! Many people don’t realize that the IRS generally considers debt forgiveness as taxable income. Ordinarily you have to pay taxes on that $50,000 of forgiven debt. Not so great…

The Mortgage Forgiveness Debt Relief Act of 2007 temporarily changed those rules, allowing you to exclude from your taxable income the amount of mortgage debt forgiven on your primary residence. If your loan and property qualify under the Act, you don’t have to pay tax on that forgiven debt. It still must be reported on your tax return, but it is not taxable.

In order to qualify, the loan must have been used to buy, improve, or refinance your primary residence, and be secured by your primary residence. Second homes and investment properties do not qualify: Debt forgiveness in those cases is still taxable.

There’s just one catch — the Mortgage Forgiveness Debt Relief Act expires at the end of 2012. Beginning in 2013, debt forgiveness on your primary residence will again be taxable.

Congress could extend the act, but the prospects of that happening do not look good. Many in Congress are focused on reducing the budget deficit, and view the Act as a cost (in missed tax revenue) that should be cut. If Congress does not extend the Act, then you would have to pay taxes on forgiven mortgage debt. That means short sales, principal reductions, and other forms of debt forgiveness could end up costing you tax money that you may not have.

Bottom line: If you are considering a short sale of your primary residence, you should do it as soon as possible in order to avoid potential tax consequences. You should always seek professional legal and tax advice before attempting a short sale.

Click here to learn more about short sales.

References:
IRS
Seattle Times

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Olympia Short Sale – Avoid Foreclosure

Published on March 13, 2012 by in Short Sales

Short Sale Sign Olympia Short Sale Avoid Foreclosure


  • Are you upside down in your home?
  • Do you owe more than your home is worth?
  • Are you behind on payments and facing foreclosure?
  • Did you try a mortgage modification, only to get double crossed by your bank and saddled with heavy penalties and additional fees?

Many people have been left behind in this turbulent economy. Much of the time, it is not their fault. Job loss and medical problems are all too common and creep up unexpectedly. Once a person falls behind, it is hard to catch up.

On top that many banks are abusing the borrower. A common tactic is to string you along for months with a song and dance about a mortgage modification or payment reduction. They’ll work out a payment plan, and after you’ve faithfully made a few reduced payments like they said, they suddenly decide that you “don’t qualify” and saddle you with a mountain of fees and certain foreclosure. They’ll even charge you a penalty for paying the reduced mortgage payments… that they agreed to accept. They’re trying to squeeze everything they can out of you before they foreclose.

So who is on your side? WE ARE! And we want to help you avoid foreclosure!

We specialize in short sales. In a short sale, we convince your lender to allow you to sell the home for less than the amount of your mortgage. This will allow us to sell your home at current market values, and the bank agrees to take the loss. That’s right, in most situations the cancelled debt will be forgiven by your lender and you won’t have to pay the difference between what you owe and what the house sells for. On top of that, a short sale is not as bad for your credit score as a foreclosure is.

The best part is that this service costs you nothing. We charge no upfront fees, and you don’t have to bring cash to the closing table. If we cannot complete a successful short sale of your home, you don’t owe us a dime! And if your bank refuses to release you from the obligation to pay the cancelled debt, or puts unacceptable conditions on the short sale, you can back out of the deal!

Call us for a free consultation. Use the “Contact Us” box on the right or at the bottom, or call 866-559-8546. We will discuss the specifics of your situation with you and help you determine whether a short sale can be successful for you.

To learn more about short sales, please keep reading.

What is a Short Sale?

  • A short sale occurs when a home is sold for less than the amount owed on your mortgage
  • Your bank agrees to take a loss on the mortgage in order to avoid the expense of foreclosure
  • Because the bank is taking the loss, you may not receive any of the proceeds from the sale of the house

Why would a bank approve a short sale?

  • Foreclosure is very expensive for banks
  • There are legal fees, property taxes and assessments, and maintenance costs associated with foreclosed property that cost banks a lot of money
  • It allows the bank to “cut its losses” up front without having to complete the foreclosure process

Why should a you consider a short sale?

  • A short sale may not damage your credit as much as a foreclosure
  • A short sale does not impact the community as negatively as a foreclosure

When may a short sale be a good option for you?

  • You owe more than the house is worth
  • You have experienced a financial hardship
  • You have no funds available to bring to closing
  • There is only one mortgage against the property, or both mortgages are held by the same bank

When may a short sale not be a good option for you?

  • There are other liens against the property (i.e. IRS, homeowner association or mechanics liens)
  • There is insufficient time prior to a foreclosure auction to market the property
  • You have a significant amount of liquid assets
  • There is more than one mortgage against the property and the second mortgage is not with the same bank as the first
  • You used the funds from a refinance, equity loan, or line of credit for something other than property improvements (i.e. cars, vacations, etc)

How can Independence Real Estate help? We will:

  • Offer a complimentary consultation and market analysis to assess the chances of completing the short sale on your behalf
  • Assist you by contacting your bank and starting the short sale process with them
  • Help you put together the “short sale package” of paperwork required by your lender
  • Remain in contact with your lender throughout the process
  • Help you determine an appropriate asking price to market your property
  • Provide full service marketing of your property
  • Solicit and present offers from potential buyers
  • Offer support and consultation throughout the selling process
  • Cost you nothing out of pocket. We are paid in commission upon the closing of a successful sale

Our area of expertise is determining whether your short sale transaction can be successful, and assisting with the marketing, sale, negotiation, and successful close of the property.
Because everyone’s personal financial situation is different, Independence Real Estate will advise you to seek legal and tax advice regarding whether the short sale is your best option. This type of advice is outside our area of expertise and outside the scope of our real estate license. There are some free resources we can refer you to.

 To learn more please call 866-559-8546 or contact us below:

 

Your Name (required)

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Your Message

 

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Can You Successfully Sell Your Home in Today’s Market?

Published on March 2, 2012 by in Market Analysis

This is a difficult time to sell you home in Thurston County, but in the right circumstances it can be successfully achieved.

 

The Perception of Value Has Changed

 

We’re in a buyer’s market. The median price of Thurston County real estate is still trending downward. Starting off at the right price is even more important now, because price is the most important component of the perception of value. Gone are the days when you could just add five or ten grand to the price that your neighbor down the street sold for.

Buyers hear bad real estate news every day. They know what the score is, and they are legitimately concerned about value. There are some great bargains out there right now, and buyers are well aware of this fact. Today’s home buyers need to feel secure that they are getting value for their money.

Because we are in a buyer’s market and buyers are concerned about value, starting the listing with the right price is the single most important component of a successful sale in today’s market.

 

What are the Financial Consequences of Selling Now?

 

In other words, how much cash will you walk away from the closing table with? Will you need to bring money to the closing table? In order to answer, you need to know three things:

  • What is the amount owed on your mortgage?
  • What are the costs involved with selling your home?
  • How much can your house be sold for?

The first two questions can be estimated fairly easily. Your last mortgage statement should give you a reasonable estimate for the amount owed on the mortgage (unless there is a prepayment penalty). A reasonable estimate for closing costs (including excise tax, title and escrow, recording fees, and commissions) would be around 8-9% of the selling price.

The last question, the current market value of your home, is our specialty.

The answer to the three questions above may leave you with negative equity. Negative equity is when the amount of the mortgage plus the cost of selling exceed the market value of the home. In this case, a short sale may be your best option. You can learn more about short sales here: http://indprealestate.com/short-sales/

 

Realistic Market Assessment, Absolutely Free

 

At Independence Real Estate, we take pride in providing professional and honest assessments of your situation. We will help you pinpoint the market value of your home, and we will give you a detailed estimate of closing costs and net proceeds. We will tell it to you exactly like it is, with no sugar coating. Our market analyses are based upon statistics, facts, and logic, not hype. We don’t make unrealistic promises about how much money you will get just so you will sign a listing contract.

We prefer to work with clients who have realistic expectations. We want you to be fully informed, so that you can make the decisions that are right for you.

We’re very excited to have the opportunity to help you find out whether you can successfully sell your home in today’s market. This service is absolutely free, and you are under no obligation to work with us at all.

To find out whether you can successfully sell your home in today’s market, please fill out the following information and we will contact you as soon as possible. You can also call us at 866-559-8546.

 

Your Name (required)

Your Email (required)

Subject

Your Message

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2.86 Acres on Holcomb Rd, Napavine WA

Published on January 12, 2012 by in Land For Sale in Napavine, Lewis County Real Estate, Holcomb Rd

Holcomb front2 2.86 Acres on Holcomb Rd, Napavine WA

2.86 Acres

Shared Well

3 Bedroom Septic Design

Surveyed

No CCRs!

 Reduced to $53,900!

Country acreage with shared well and 3 bedroom septic design. In the Napavine school district, just outside city limits. 10 minutes to I-5 and 15 minutes to Chehalis. Scattered trees on the property and nice views to the east. Creek frontage on east side of the property. Surveyed in 2007, driveway in. No CCRs!

Holcomb Client Detail

Holcomb Legal and Plat

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