Archive for February 2009

FHA spot condo approval


With so many urban centers being classified as "declining markets," it is now more important than ever to be as familiar with every possible option for obtaining affordable financing for our borrowers and buyers. Because of the new requirements issued by Fannie Mae, Freddie Mac and the private mortgage insurers, every loan officer and realtor needs to know what it takes to get FHA financing for a borrower buying a condominium unit.

Loan officers: it's your business.
Selling agents: knowing will help you market your condo listing to a larger universe of qualified buyers and, if the condo is not eligible, save you the time of having to show a unit to unqualified buyers.
Buyers' agents: the same is true -- no sense in showing someone a condo in a project you know has by-laws containing a right of first refusal. Here's some history and the basics.
Prior to 1996, only condominiums in HUD approved condominium developments were eligible for FHA-insured mortgage financing. Because of all of the red tape involved in getting condo approval, combined with the easy financing terms available earlier this decade, relatively few of those developing or converting condominiums in the last ten years obtained project approval from the HUD. In the Renton WA, for example, a recent search of that zip code on the HUD "
condominium lookup" engine revealed serveral approved project . Fortunately -- and I can't be sure whether it was an act of foresight -- in 1996 HUD issued a rule permitting the insurance of loans secured by condominiums in non-approved projects on a "spot approval" basis.
Here's what every loan officer and salesperson needs to know:
To be eligible for spot approval, 1) the project must be complete, 2) it must have been in the hands of the association for at least one year, 3) 51% of the units must be owner-occupied, 4) there can be no legal restrictions on conveyance of a unit, e.g. right of first refusal; 5) the owners association must provide evidence of appropriate insurance, 6) no more than 10% of the units in a project with 30 or more units may secure FHA insured mortgages and no more than 20% in a project with less than 30 units; 7) 90% of the units must have been sold, 8) no single entity may own more than 10% of all units, and 9) the units must be owned in fee simple or an eligible leasehold interest. A copy of the relevant Mortgagee Letter can be found
here.
Lonnie Snyder

REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

Structures - Foundations - Brick

Brick foundations are usually seen in older homes. It is no longer cost effective to install brick foundations and this type of foundation is often not as durable compared to other modern installations such as poured concrete or cement block. A brick foundation is installed in much the same way that a solid brick house is built except it is below grade and should rest on a solid footing. It is not uncommon however that some of these foundations were not placed on footings and now may be settled badly. Brick foundations are inspected carefully for the particular defects that they are prone to such as, settling, water seepage and deterioration of the bricks themselves. Many brick foundations have been sealed with wire lathe and cement stucco giving them a look of a poured concrete foundation.
You should always use a qualified home inspector.
Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

Best Priced Condo at Renton Ridge

WOW 3Bed 2 Bath for only $199,950
975 Aberdeen Ave NE C-303 Renton WA. 98056
Can't belive what a great condo we have here at Renton Ridge. Call today to see it for your self. 206-406-2710.


Directions: Go East off exit 5 of I-405. Turn R onto Sunset Blvd. NE. Make a sharp R. onto Aberdeen Ave NE (At blinking yellow light) Renton Ridge is in 1/2 mile on the left. Take 2nd Renton Ridge entrance. go R.









Beautiful top floor condo recently remodeled. Features include new flooring, designer paint, light fixtures and stainless steel appliances. You will love the open kitchen; large master bedroom with walk-in closet; vaulted ceiling, and view of greenbelt. Stackable washer and dryer and all appliances are included. Convenient to the freeways and shopping. Club house with an outdoor pool, athletic court, play ground. Perfect for the first time home buyer wanting an upscale home. 1 year AHS Warranty
Call me to see this wonderfull home.

I pull out all the stops to sell your home.


Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/

Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

Structures - Foundations - Stone

Stone foundations are usually seen in older homes. They were seldom used in construction dating after WW II. Stone foundations can be prone to settling and water seepage. A unique problem to stone foundations is that the foundation itself can be a source of Radon gas, which is an environmental hazard. This type of installation is also prone to such problems as settling and water seepage. A stone foundation when maintained well is a very aesthetically appealing installation, but must be inspected carefully. Joints wear quickly because they are usually not smooth and uniform. Shifting or settling can occur because of the uneven nature of stones.
You should always use a qualified home inspector.
Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

One of a kind Cave Home

One of the fun things I get to do in my job is see all the wonder homes and the great personal touches that people make to there homes.

Living in the great state of Washington with the hills, trees, and water there are wonderful ideas and a few crazy ones that I get to look over.

Well we all know that Real Estate is tough for a lot of people right now. I came across this story and wanted to pass it on.



You can check out there ebay ad here.

Great people we all hope the best for them. Hope you enjoy looking at the one of a kind cave home.
Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

Homes for sale: $250,000 or Less

There are some good deals right now. Here is a list of homes that are for sale right now in the Renton WA. area that are @250,000 or less.

Click Here for list.

If you have any questions please call or email me.

Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

New Stimulus Plan Passed

Officially titled the American Reinvestment and Recovery Act of 2009, it is the largest spending free-for-all in history. But does it do anything for housing?
There are really only two provisions that address housing.
First it allows the temporary increases in conventional loan limits for high cost areas to remain.
Secondly, it expands the First Time Homebuyer Tax Credit.
The First Time Homebuyer Tax Credit was already in effect last year but was set to expire July 1, 2009. It has now been extended to December 31, 2009. Here is how it works:
- Up to an $8,000 tax credit for a first time home buyer that purchases a primary residence.
- A "first time home buyer" is someone that has not purchased a home in the past three years but they are allowed to have owned a home prior to that.
- There is an income cap of $95,000 for a single filer and $170,000 for those filing jointly (modified adjusted gross income).
- You can decide to apply the tax credit to your 2008 return or your 2009 return. - This is not free. You have to pay the money back by getting a smaller refund each year until it is repaid.
- Uncle Sam is not going to be mailing anyone an $8,000 check that buys a home.
- State housing loans are now eligible for this program

Working with REO (real estate owned) properties and with sellers in foreclosure.

We’ve seen markets deal with the onslaught of short sales and foreclosures 15 years ago, but nothing comes close to what we are seeing today. The volume and rapidity of the properties cropping up is unparalleled.
What can agents do that are out there struggling to assist people fraught with problems?
While it may be easier said than done, it is important to consult an expert. There are resources out there available to the public such as the Housing and Urban Development website, free credit counseling services, attorneys with extensive experience with distressed seller issues, etc. It is even possible to use Google to find attorneys who advertise their credentials as distressed property experts. The thing never to do is to give advice or guidance when you are not qualified to do so. Taking a three-hour short-sale class does not make one an expert on giving advice on the short-sale process. However, there is much that an agent can do in concert with an attorney. I always advise agents to help the seller find an attorney before they do anything else.
Let’s assume there is a hardship as stated above. What is the process for the agent/seller to follow?
List the property at a price based on a detailed market analysis. The agent needs to be sure that they make other agents in the MLS aware that it is a possible short sale and that ‘all transactions including the amount of compensation, are subject to bank’s approval.’ The fact is that even if a home is listed at market value and a buyer comes along and makes an offer commensurate with that value, the bank may not accept the sale. There are cases where the bank’s price opinion may be higher than the offer on the table, and the bank may counter or refuse the offer if it does not conform to what they believe is accurate. I often suggest that the agent take a video of the home to truly document condition as some appraisals are done without a full walk through. Without documentation it may be difficult to make the case to the bank about why the home is not worth what the bank’s appraiser determined. Agents should always meet the bank’s appraiser at the property and provide them with comps. They may not use the agent’s comps, but the documentation could come in very handy if a conflict ensues. This is not to be taken as gospel that any bank will debate with either an agent or an attorney. Some will, others will not.
Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.

What is a short sale

When the sellers owe more on their mortgage(s) than the value of their home, the sellers are in a shortage situation if they decide to sell. There will not be enough money to pay off the loan(s). The seller would need to come to the table with proceeds to satisfy the lien(s). That is not the same as being able to justify a short sale where the bank determines that the seller is worthy to be allowed to sell the home at less than the outstanding lien(s), and the bank will accept as their loss the shortage. In order to be considered for short-sale eligibility one would have to have a hardship such as divorce, medical expenses, job loss, death of family member or some similar life catastrophic situation. In addition, the sellers’ expenses must exceed his/her/their assets/income, they are behind on their payments and have no way to repay the bank. Simply owing more than the home is worth yet wanting to sell regardless of a lack of hardship is not a reason to apply for a short sale.
Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
E-Mail : snyder@kw.com
Website: http://www.callsnyder.com/
Blogsite: http://renton-real-estate.blogspot.com/
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington’s Kent, Renton, Newcastle and South Bellevue.