Wow how the mighty have fallen….Great Deal Near Drake Park....

This home just hit the Bend market it sold in October of 2006 for $1,475,000, today it is bank owned and offered at $600,000. This four bedroom home with 2.5 bathrooms is located near Drake Park and is situated close to all that makes Bend so special. If this is something that piques your interest call me to arrange a showing.

Yikes, since I posted this earlier today there are seven offers on this property. Moral of the story if you find something you like and it is an outstanding value be prepared to step up to the plate and make an offer quickly!

It’s getting to be PPP time…

You know spring is here in the high desert when it’s 60 plus degrees one day and 30 something the next day. Two Saturdays ago we had nearly two feet of deep fairly light powder, what a way to kick off the spring season. The recent snow fall has insured that there will plenty of good riding at Mt Bachelor through the Pole Peddle Paddle and the last day of lift served skiing which falls the day after the PPP.


Speaking of PPP several clinics are coming up to help you prepare for this grand daddy of events for Central Oregon. “A Gathering for Success” features four past winners who will share their insight of how to find success on and before race day. Muffy Roy, Dan Simoneau, Marshall Greens and Sarah Max cover key issues like how to reduce time in the transitions, handle the logistics of team mates and equipment, the course and how to focus your training. The event is scheduled for Wednesday April 21st from 5:30 to 7:00 p.m. at the downtown branch of US Bank at 102 NW Oregon Avenue.

Mount Bachelor Sports Education Foundation (MBSEF) will also be hosting various hands on clinics for skate skiing, paddling, cycling and transitions with Dan Simoneau and Marshall Greene click more information call Molly at MBSEF 541-382-0002 or follow this link http://www.mbsef.org/_files/File/PPP_2010_Clinics_v2.pdf to an informational flyer.

Rebound Physical Therapy will also be hosting a clinic on Wednesday May 12th starting at 7:00 p.m. This clinic will focus the importance of a good fitting bike to achieve maximum performance on your cycling run and will be coached by Professional triathlete Matt Lieto and physical therapist Tim Evans. For more information and the location of this clinic call Gina Miller

541-585-2540.

If clinics are not for you maybe the tired advertising slogan works best, “Just Do It”. While it’s not yet time to put the winter toys away it is definitely time to bring out some of the warm weather toys and enjoy what spring has to offer.

Things must turning around …

One of the things I find great about Bend is the ability to enjoy a truly fine morning of powder skiing and the ability to be back in the office by noon. Today we had one of the few truly deep snow experiences of this ski season. It was one of those Pacific Northwest storm days with piles of deep snow drifted everywhere. For those who know where to go the snow was deep, deep enough for true face shots!! Not quite the type that suffocates you with mouthfuls of fine powdery snow but the type that would cover your goggles and blind your path for a short time.


Could this be the end to the El Nino cycle? Could things be turning around? An omen from above? It has been said in the El Nino years the snow producing weather pattern does not return until the spring season. I say bring on the daffodils, the Easter Bunny and bucket loads of powder. It is never too late to have a great powder season.

Help is coming for distressed property owners…

Are you one of the legions who for a myriad of reasons need to sell your home and have found that your equity has evaporated? Has your lender sent a notice letting you know that foreclosure may be in your future? Have you explored your options and determined that a short sale is your best avenue of retreat? Have you dreaded the long drawn out and uncertain process of the short sale? Help could be right around the corner, that is if your loans are backed by Fannie Mae or Freddie Mac and your lender is one of those who have volunteered for the program.


The federal government’s Home Affordable Foreclosure Alternative program (or HAFA) is set to start providing relief to qualifying homeowners starting April 5 running through December 31, 2012. HAFA establishes short sale rules and incentivizes borrowers and lenders to work together to avoid foreclosure. The new guidelines will have the borrowers receiving preapproved short sale terms from their lenders before they put the home on the market. The predefined steps will make the process easier to understand for all involved in the sale.

The first step is to determine your loan is backed by either Fannie or Freddie. This can be done by going to http://loanlookup.fanniemae.com/loanlookup/ or https://ww3.freddiemac.com/corporate/. If you have a loan back by either you can then apply for a home loan modification through the Home Affordable Modification Program (HAMP) http://www.makinghomeaffordable.gov/. If you are backed and you do not qualify for a home loan modification or you have started the loan modification process and have missed a payment during the trial modification period you will qualify for the HAFA program.

A few more stumbling blocks include:

• That you are delinquent or you will be defaulting in the near future,

• You can demonstrate that you have a hardship,

• The home is your principal residence,

• Your mortgage was originated before January 1, 2009,

• Your monthly housing payments exceed 31% of your gross income,

With the new HAFA rules, if you do not qualify for a home loan modification your lenders will have to offer you a short sale within thirty days. You the borrower will then have fourteen days to respond to the lenders short sale agreement.

Once an offer to purchase has been made you and your broker will have three days to submit the offer to the lender along with the buyers’ mortgage pre-approval letter. Should there be any other liens on the property you will need to include the status of negotiations with those lien holders. Once all has been submitted the lender will have ten days to approve or deny the offer.

One of the great benefits of the program is the requirement that the lenders release you from any further obligation to repay the difference between the balance of the loan and the sale amount. The ability of the lenders to pursue deficiency judgments has been a black cloud over many a short sale. Lenders (or the collection agencies that they sell the bad debt to) have the ability to pursue a deficiency judgment for up to ten years and in some cases up to twenty years. They can do this because in a short sale the terms of the loan have been modified and the foreclosure process is avoided. No foreclosure means no protect by state foreclosure statues (a discussion for another time).

To get more lenders on board HAFA provides incentives for second mortgages lien holders, up to $3000. While this may not seem like much when tens of thousands may be owed on a note it is far better than the big goose egg they would have received previously. Not forgetting the role that loan servicers play in moving the short sale process along HAFA offers them up to $1000. HAFA also offers the mortgage investors who agree to share the short sale proceeds with the second lien holder up to $1000. And last but not least HAFA provides up to $1500 to assist the homeowner in relocating.

If sounds like a good fix for you and you would like help in navigating this process, call or email me. I would love to provide you with some relief.

Will your lender be seeking a deficiency judgment against you ….

The other day I was interviewing with a prospective client about their distressed property and the options available to them. After researching their options on the internet they were confused about whether a lender has the right to pursue a deficiency judgment against them if they were to short sell their home. Not wanting to go through the ordeal of selling their home only to have the unresolved debt stall their fresh start they asked for my take on the subject.


The first recommendation was that they seek professional counsel from a qualified real estate attorney and CPA. I then shared some of the research that the Oregon Realtors legal hotline had recently provided its members. The hotline offered that currently in Oregon since the short sale of a property is a voluntary modification of terms of the loan agreement, the new agreement can contain any terms the parties agree to. In a voluntary modification like a short sale the deficiency is the unpaid balance of the note. A note holder can sue in court for the unpaid balance of the note unless the maker of the note bargains for and gets “full satisfaction” of the note. Should the borrower get only the note holders verbal agreement to waive their lien and not foreclose that would leave the borrower exposed for the unpaid balance.

To get “full satisfaction” the borrower needs to ask for it!! Otherwise the lender is allowed to waive their lien on the property, forego foreclosure and continue to hold the note as an unsecured debt. Since the note is no longer secured by the property and has become a personal debt, the lender is no longer bound by the foreclosure laws of Oregon. The lender is now free to pursue a judicial judgment for the unsecured debt. In Oregon the statue of limitations for pursuing a judgment is ten years, with the possibility of an extension for another ten years. Just when you thought you would be rebuilding your credit in the next two to four years this dog could be following you around for the next ten years if you do not ask for and receive in writing “full satisfaction” to your lien.

You like the home but wish it had newer kitchen, larger bedrooms or a newer roof….

You have been searching and have found a property you really like but it needs a little love or maybe the rooms are too small and you want to expand them to make it the home you desire. Since 1978 HUD has provide a program design specifically for the buyer who is has found a home they like but needs some immediate attention. The program is designed to help provide a loan package for you to purchase and rehabilitate a home that has been completed for at least one year. The beauty of the program is that it rolls both the purchase price and renovation costs into one loan with a down payment as low as 3.5%.


There are two versions of this program available 203(k) and the 203(k) streamline. Both offer a loan to value rate maximum of 96.5% on the purchase and 110% on the renovation. The streamline program offers fewer restrictions, in this program there is no minimum renovation expense but it does have a capped at $35,000. All properties must be appraised prior to the loan and a value must be determined for the work to be performed. All work done must start within thirty days of closing and be completed within six months of closing. If you can keep your costs down to $15,000 no inspection of the completed work is required.

There are limits to the scope of work that can performed, slab granite counter tops won’t make the grade but a new roof, new appliances, upgrades to heating/cooling systems, flooring, new windows and much more are acceptable.

Ask your mortgage broker to explain the full benefits of how this program can benefit you! If your broker is unfamiliar with the program contact me and I would be glad refer you to a mortgage specialist who is familiar with all aspects of this great program.

Up Coming Dates to Consider

Larry Wallace over at True North Mortgage sent out an email this morning highlighting some important dates some important dates for homebuyers.

March 31st: The Fed is scheduled to stop subsidizing home loan interest rates.
It is entirely possible that they will extend the subsidy, should they choose not to extend look for higher interest rates and higher monthly payments.

April 30th: Tax credit for purchasing a home. The home has to be “in contract”, (i.e. accept offer to purchase) or lose the credit.

June 31st: Tax credit for home purchase must close escrow or lose the credit.

Spring/Summer: FHA mortgage insurance will become more expensive. The effective date is still pending.

Spring/Summer: FHA to reduce allowed seller paid closing costs from 6% to 3%. This will mean the buyer needs to provide more cash at closing. The effective date is still pending.

Missing these dates will make a home purchase much more expensive, it could even leave priced out of buying a home!!

You can contact Larry at larryw@bendbroadband.com or at his office 541-323-8783

Happy Holidays!!!

Happy holidays to all!!!

While Santa may not be bringing us a white Christmas here in Bend, he did leave early present today with eight inches of light new snow and clearing skies up at Mt. Bachelor.

This past Sunday and Monday had brought some much needed very wet snow, which has glued itself nicely over the many heavily traveled rocky areas of Mt. Bachelor. Though the coverage has improve tremendously the last few days caution still needs to be exercised on the exposed ridges that face to the south and in the trees. Rocks on the ridges and fallen trees from last year’s ice storm have left some unexpected surprises when skiing off in the Outback and Northwest territories.

All in all, the skiing has been fantastic for early season. Today with the boot top to knee deep powder shots would have to rate as one of the better in this very young season.

The rest of this holiday week looks to be mostly sunny and cold, terrific for those of you who have waited to start your season.

For those of you checking out the ideal property for your own ski chalet or future retirement home, call me. There are some awesome properties available that are outstanding values. Interest rates are starting to inch up, making now the time to make your move. I can help those of you who are looking to move up find a home and take advantage of the current tax rebates programs that are available only until this coming April.

TO ALL A HAPPY HOLIDAY SEASON and A FUN FILLED NEW YEAR!!!

Jumping into the virtual tour world!!

Technology today is so amazing!!

Last week I attended a seminar on virtual marketing. Marketing by virtual touring has been around for some time and I had always thought it to be a process better left to the techies who thrive on the challenges brought on by having the newest and best gizmo. This seminar showed how far technology has come and how the software these days is quite intuitive. The ease of using this marketing tool and its ability to link to so many virtual viewing sites with just a few key strokes is amazing.

It is a great tool to share with my clients. By taking photos while we tour homes, I can present my clients with web link or CD of the properties we toured to help refresh their memory. Or for my listing clients I can provide a tour of their property for the buying public to see. Through zoom and panning movement these tours bring the property to life. The static photos used in most advertising just do not give you the same feel for a property.

It will be interesting to see what new tools will lay ahead and where they will take us.

This link will show a gallery of properties I currently have listed. http://www.visualtour.com/inventorygallery.asp?u=183639&mp=100&ss=0&s=bd&fn=rBQnhf+2r1jDR%3F8

Wacky Fall Weather and other musings...

Just when you think you might have a handle on the weather of Central Oregon, you get humbled. After thirty plus years around these parts you would think I would learn. Most years in Central Oregon October is one of our nicest months of the year punctuated with warm days and cool nights. This year is a little unsettled, one weekend we are on the lake enjoying temperatures in the 70's, the next we are building snowmen in the backyard snowing. Just to confirm the wacky nature of our weather, today we are experiencing some freezing rain, but I am sure by next week we will be back in the 70's. While the snow and freezing rain is a taste of what is to come in the months ahead, it is definitely not the norm we like to see in October.

No matter the weather fall is a great time of the year to get out and enjoy the many offerings of the region. The wet weather has settled the dusty mountain biking trails making them tacky and fast. Riding the various trails and elevations offers a wide array of fall colors. Those who enjoy hiking will find the same holds true for them, fewer people and splendid scenery. For those who like the links fall is a great time to get out and enjoy the many of the course in the area. A good many are offering discounted pricing and more accessible tee times.

Round out that fall day excursion with the seasonal beer offerings from one of our many breweries. Several award winning beers make their fall appearance with Jubel ale from Deschutes Brewery being the most decorated. On a warm fall afternoon the patio by the Deschutes River at Bend Brewing serves up head brewer Tonya Corbett's several award winning brews. Looking for good food cheap with pool and music too, I like the eclectic Silver Moon Brewing. Head brewer and owner Tyler Reichert has grown his brewery into a locals favorite. Possibly you want to watch this weeks big game with a bunch of rabid fans, J.C.'s Pub is the place to go. Pool tables and plenty of televisions a bunch of loyal Beaver and Duck fans. Try there offshoot Ten Barrel Brewing beers.

Fall also brings a flurry of activity in the real estate market. Many folks from out of the area are exploring the great housing values Central Oregon has to offer. With the market making a mild recovery this summer many are still finding prime properties at tremendous values. When combined with interest rates hovering around five percent or lower many are taking advantage of the market to buy and make Bend their home. Just think if Central Oregon were your home you would be that much closer to all the things we like most about being here. Interested in learning more about the real estate market in Central Oregon give me a call, I am always glad to help.

BP

First Time Homeowner Rebate Coundown

Just sixty days left before the $8000 first time homeowners tax rebate expires this November 30th. Are you in position to take advantage of this program? If not it is time to move fast before this fabulous program gone.

The program is designed to bring first time home buyers or those who have not owned a home for three years or more into the market. This program combined with ultra low interest rates and home price that are in full retreat, a new home buyer has never had it better.

"Time is of the Essence" is a common phrase in real estate but never more relevant than now with home sales transactions taking anywhere from thirty to ninety days to close. Since the banking collapse many new laws have inacted to protect consumers. These laws have added more layers to the process of buying and closing a home. Ironically these laws meant to protect may now cost many the opportunity to buy a home.

First time buyers need to have there ducks in a row. First off having pre-approval from your lender is essential. Do the research in selecting a mortgage professional, make sure that they have a history of moving quickly to get all the paperwork processed in a timely fashion.

With pre-approval in hand, time will be short to find the right property, one that meets your physical and financial needs. There are a wide variety of buying situations that may provide the timing and value you need to close quickly.

Bank owned properties offer a tremendous value, they have their quirks but generally have fewer strings attached leading to a quicker closing.

With the short timeline most short sales are out of the picture. Short sales require the seller to get the approval of their lender(s). This is a time comsuming process sometimes taking over 120 days. Once the sale has approval you will need to tack on the lenders time needed to close out the sale. Occasionally there will be short sales available that have already been approved by the lender(s) for a previous buyer who's deal fell through. These properties can provide an opportunity to buy low with out having the unbearable wait.

Probably the least cumbersome is the conventional home sale. No need to deal with the sellers lenders here.

If you are looking to purchase in the Bend market, let me be your guide.


Bill Panton
Broker, Duke Warner Realty
1033 NW Newport Ave.
Bend, Oregon 97701
bpanton@dukewarner.com
cell 541-420-6545
office 541-382-8262
fax 541-385-3272