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Former MyNorthwest.com Content Contributor

Tom Kelly

Tom Kelly was formerly a Content Contributor to MyNorthwest.com.

The benefits of buying property in receivership

Mortgage defaults and delinquencies are common. Distressed properties account for nearly one-third of residential transactions. Foreclosures, short sales, banks’ REO (real estate owned) and bulk sales have become terms and methods for purchase and sale. The newest member to the party is the receiver sale, or receivership, which has been increasing the past few years […]
15 years ago

New video to assist state’s homeowners facing foreclosure

A new video that explains consumers’ rights and options under the Foreclosure Fairness Act is now available on an informational website made possible by the Washington Association of Realtors (WAR). The video, which lays out the notifications, timelines, and processes of default and foreclosure, was designed to assist if homeowners who in trouble with their […]
15 years ago

Tacoma group awarded HUD fair-housing grant

Tacoma-based Fair Housing Center of Washington and Spokane’s Northwest Fair Housing Alliance were two of the national organizations awarded grants by the U.S. Department of Housing and Urban to assist people who believe they have been victims of housing discrimination. The HUD grants will help groups investigate alleged housing discrimination, educate the public and housing […]
15 years ago

Denied, quit on a home loan? Join the 30-percent club

Credit has gotten tighter, and more buyers are being left out or becoming so frustrated they’re giving up. More than two million people were turned down for mortgages last year, according to the Federal Financial Institutions Examination Council. About 30 percent of buyers are either denied a mortgage or drop out of the application process, […]
15 years ago

Familiar tune: Local home sales up, prices down

Northwest Multiple Listing Service member brokers reported 4,988 closed sales during September, surpassing the year-ago volume by 991 transactions for a gain of nearly 25 percent. The number of completed transactions in the four-county Puget Sound region (King, Pierce, Snohomish and Kitsap) jumped 32 percent from the same period in 2010. With inventory at its […]
15 years ago

$1,495 for ‘loan mod’ but no service provided

A U.S. district court has shut down operations that allegedly charged consumers a $1,495 up-front fee based on phony promises that they would get mortgage relief assistance. In addition, the firms jeopardized their clients’ privacy by tossing their personal information into unsecured dumpsters, according to the Federal Trade Commission. The settlements with Residential Relief Foundation, […]
15 years ago

Ready to write? True crime author’s getaway available

Ann Rule’s true crime novels have flown off bookstore shelves for years but her Seahurst waterfront retreat remains on the market at $999,750 after a $500,000 price reduction. The two-lot, two-home private parcel on 123 feet of no-bank waterfront is reached by a private tram and features an unobstructed view of the Olympic Mountains, Vashon […]
15 years ago

‘Don’t shoot the messenger’ appraisers say of lower values

Appraisers are increasingly taking the heat for more transactions being canceled or delayed after more appraisals reportedly are coming through that don’t meet the contract price. In August, the National Association of Realtors reported that 18 percent of real estate professionals saw contracts fall through when lenders rejected loan applications or appraisals came in lower […]
15 years ago

Seattle chosen No. 2 in top cities for young people

Kiplinger has chosen Seattle as No. 2 in its Top 10 Cities for Young People, citing the city’s starting salary of $46,700 as one of the main reasons. Kiplinger researchers screened for cities with high starting salaries for college grads, using data from Payscale.com. The magazine also looked for a cost-of-living score near or below […]
15 years ago

The rain has arrived: 3 quick early season tips

If the coming winter is anything like the last one, Puget Sound residents will want to do everything possible to prepare their homes for nasty weather. Here are three basics to consider the next time you see a break in the skies: Keep the wet out. Water is a major enemy of your house. Check […]
15 years ago

Former foreclosure expert sees ‘catfish recovery’ until 2014

Rick Sharga, former senior vice president at foreclosure tracking firm RealtyTrac, told attendees at a weekend real estate conference that the housing market hit bottom this year and that “we’re looking at a catfish recovery.” Sharga, now an executive vice president with Carrington Mortgage Holdings, said the market would bounce along the bottom before starting […]
15 years ago

Short-sales losing appeal among first-time buyers

Buying a home in a short-sale transaction may offer a huge bargain – sale prices average 27 percent lower than non-distressed properties – but more first-time home buyers say the processing delays aren’t worth the trouble. Among first-time buyers, the short-sale purchase share dropped to 39.7 percent of all short-sale transactions in August – the […]
15 years ago

Appraisers add form to better value ‘green’ homes

The Appraisal Institute recently released a form to help appraisers factor in energy-efficient home features when valuing homes. The forms can also be used by real estate agents in describing “green” properties on most multiple listing services. Everything from energy efficient appliances to solar panels will now get more attention on appraisals with the added […]
15 years ago

More needs to be done to help housing – Bernanke

Ben Bernanke, chairman of the Federal Reserve, urged lawmakers to form “strong housing policies to help the housing market recovery” and advance the economy. His remarks come at a time when more than 6.3 million homes are 30 days or more behind on their mortgage payments or in foreclosure, according to Lender Processing Services. The […]
15 years ago

Quality of tenants . . . and other commercial basics

Location is a must in both residential and commercial real estate. However, much like the way a lender now scrutinizes a potential home buyer, a commercial investor must take the time to research the quality of tenants already in place in a commercial property. “In-place income” is critical when making a decision to purchase any […]
15 years ago

Pre-2008 mortgage fraud cases continue to surface

Mortgage fraud soared during the second quarter, as debt elimination scams and cases of misrepresenting income, occupancy, or debt led the pack, the Financial Crimes Enforcement Network reports. Another common mortgage fraud scam found in the second quarter involved fraudulently using Social Security numbers on loan documents. Overall, mortgage loan fraud suspicious activity in the […]
15 years ago

Drop in shadow inventory seen as positive sign

Residential shadow inventory is on the decline, falling in July to 1.6 million units and representing a supply of five months, according to a new report from CoreLogic. One year ago, nationwide shadow inventory stood at 1.9 million units, marking a six-month supply. Shadow inventory is 22 percent lower than the peak reached in January […]
15 years ago

Reverse mortgage ‘trailing spouses’ playing both sides

The example might come under the main category of “You Can’t Have It Both Ways.” Probably the last straw for the reverse mortgage lenders that exited the market this year (Bank of America, Wells Fargo, Financial Freedom, Seattle Mortgage) was not only the “trailing spouse” controversy but also the fact AARP filed a case on […]
15 years ago

Foreclosure reviews could take another year

A review of about 4.5 million foreclosures from 2009 and 2010 from the nation’s banks could take “another year and more,” according to top federal official. John Walsh, acting head of the federal Office of the Comptroller of the Currency, said 14 major banks will be reaching out to borrowers who may have been wrongly […]
15 years ago

Thought women were shoppers? Not so with mortgages

In a recent research paper in the Journal of Real Estate Finance and Economics, three researchers examined why women usually pay more for mortgages than men. The authors found that women pay higher rates because they are more likely to choose lenders by recommendation while men tend to search for the lowest rate. Research analysis […]
15 years ago

Owners’ lawsuit blames builders for ‘inflating the bubble’

A lawsuit is being revived in federal court from a group of California homeowners who allege that eight major homebuilders are responsible for the loss in value of their homes and for their neighborhood becoming less desirable. The homeowners had purchased homes from 2004 to 2006 in new developments built by the eight major builders […]
15 years ago

Turn your old 401(k) into a real estate IRA

Investing in real estate Individual Retirement Accounts has been available and legal since 1974. Still, consumers attempting to nail down a piece of property with their IRA continue to hear “you can’t do that” from many accountants. Not only are self-directed IRAs allowed by Section 408 of the Internal Revenue Code, but there are also […]
15 years ago

New survey suggests sluggish national market until 2015

The weak U.S. economy will likely dampen the housing market until 2015, according to a new survey of economists, analysts, and real estate professionals. Home prices are expected to grow only slightly at 1.1 percent annually through 2015, the survey by MacroMarkets LLC and Pulsenomics notes. Yet, some local markets may see – or already […]
15 years ago

Kirkland company buys RealEstate.com for $8.25 million

Kirkland-based Market Leader, an online marketing and technology company targeting real estate professionals, has acquired RealEstate.com, one of the most recognized addresses in the online real estate world, for a reported $8.25 million in cash. The acquisition includes the RealEstate.com website as well as a national network of more than 250 participating brokerage companies and […]
15 years ago