Tri-City Area and Real Estate Blog

The Justice Department has announced it has reached a $25 billion dollar settlement in the mortgage lending scandals involving several U.S. Financial Institutions in which millions of families were affected.   It is being called the largest civil settlement in United States history.  

The State of Washington is expected to receive a share of approximately $648 million of the total $25 billion dollar settlement.   Of this $648 millions, $455 million will go to assist homeowners with loan modification assistance and $70 million to assist homeowners who are “upside down” on their mortgages.    additionally, families who lost their homes to foreclosure may be eligible for a one time payment and funds will go to a hotline to assist homeowners who are facing crisis. 

This settlement finally ends to the government lawsuits over servicing misconduct and faulty foreclosure practices.  Though a settlement has been reached, Federal and State authorities can still pursue charges with these institutions for mortgage fraud.   The banks named in the settlement included Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial, (formerly known as GMAC).

We’ve all heard it’s a buyers market, so your are competing with the other homeowners’s attempting to sell there homes in this market.  Your home needs all the appeal to get those potential buyers in there!  Unless your house is silver and shiny, you may want to shine it up a bit with these simple ideas can help show your home at it’s best.

Have your home pre-inspected.

When an offer is made, a home inspection must be performed. Reeling in a buyer, only to lose them to unseen problems with the house is one of the worst things that can happen.  Have your home pre-inspected to uncover any unknown issues.  Prices vary for home inspections ($250 – $500) and an agent here at Distinctive Properties can recommend a professional for you.

Check warranties and get estimates.

If the inspection turns up anything, get estimates for any repairs.  If they are affordable, repair them.  Check warranties on some items, such as furnace, dishwasher, and other real property that stays with the home.  

Make minor repairs.

Not every repair will cost you a lot.  Repair torn screens, squeaky doors, running toilets, etc.  Replace any rotten trim or other small items to increase the look of care to the home.

De Clutter.

Clutter can make the storage in the home seem small.  while you see years of perfectly fine living, other see a house that can’t hold it all.   Clear off the kitchen counters of just about everything.

Clean out closets.  Pack up lightly used items like summer clothes and camping equipment and toys.  You may want to invest in a small storage unit.  A small price to pay for curb appeal.    Store away any bulky furnishing and keep the home simple and basic.  Remember, people are looking at the home and want to picture their belongings in it.  That may be difficult with all the spaces cluttered up.  You basically want to ”depersonalize” your home by removing pictures and knick-knacks.  

Let the buyer see a blank canvas.  

Clean!

You’ve heard about first impressions and how important they are.   A buyer walks into a super clean home is left with the impression that the home is well cared for.   So clean the windows, air out the house to eliminate any natural odors from food, pets, etc.  Have carpets shampooed or steam cleaned and dust off blinds, and launder drapery. 

We hope these tips are helpful.  Visit us on our website at www.distinctiveprop.com for more information. 

The temperatures have been in the teens for the past few days.  This morning it was 16 degrees, but I didn’t have to scrape any ice of my vehicle so the air seems to be fairly dry.  However…..forecasters are saying there’s a likelihood of snow accumulation in the valleys of Eastern Washington.  

Two years ago, I came home from a long day at work to find my driveway running with water and a sheet of ice beneath.  As I clicked the garage door opener and watched the door rise, there was a cascade of water falling down across the white and blue checkerboard pattern, glistening in the light of the motion detectors.   A pipe, in the attic over the garage (un-insulated) burst when the temperatures were below freezing for several days.  With the low temps we experiencing here in the Tri Cities, I am making sure I am winter ready this year!   Are you? 

 Here are a few tips to stay safe and warm during snow and icy conditions.     

Let’s start with the most obvious…..Prevent Freezing Pipes!  Insulate your homes pipes with proper insulation or even newspapers and plastic and allow your faucets to drip a little during cold weather to prevent them from freezing. Even at a trickle of running water helps prevent frozen pipes. 

Be sure you know where your water shut off valve is located.

Avoid drafts and save on heating costs with a check of windows and doors.   How is the caulking and weather-stripping?  Does it need to be replaced?  Installing storm windows or cover your windows with plastic to keep heat in. 

Clean out rain gutters, repair leaky roofs and cut away tree branches that could fall on your house or outdoor buildings during a wind storm.

Be Safe: Avoid any fuel-burning equipment indoors.  Any fuel burning equipment should be vented to the outside.   If you are burning any fuel source, please keep a fire extinguisher close by.  A house fire can be devastating.

When driving, practice safety for you and your passengers.  Allow additional driving time so you are not rushing. 

Take it easy.  Slow your speed, braking and acceleration during your travels.  Don’t use the cruise control.

Don’t Tailgate.  The last thing you need to do is step on the brakes in the ice.  

Keep a blanket and some protein bars in the vehicle in the event of an emergency. 

 if you have any other tips to contribute, please comment below! 

HAVE A SAFE AND HAPPY JANUARY!

30-year fixed rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending September 1, 2011, matching the previous week when it also averaged 4.22 percent.  Last year at this time, the 30-year FRM averaged 4.32 percent.

15-year FRM this week averaged 3.39 percent with an average 0.6 point, down the previous week when it averaged 3.44 percent.  A year ago at this time, the 15-year FRM averaged 3.83 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from the previous week when it averaged 3.07 percent.  A year ago, the 5-year ARM averaged 3.54 percent.

1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, down from the previous week when it averaged 2.93 percent.  At this time last year, the 1-year ARM averaged 3.50 percent.

With these rates at or near historic LOWS…it is the perfect time to buy your dream home.  If you are ready to buy, sell or relocate contact Distinctive Properties, Inc. today!

509.783.1431  |  800.510.1726  |  www.distinctiveprop.com

Ever wonder what is going on in your local Real Estate Market? 

There is no need to wonder any longer.  At Distinctive Properties, Inc., we provided a weekly report showing what is happening in the area!

Check out our statistics for this week right HERE.
When you are ready to buy, sell or relocate….

Contact