Dasmarka Real Estate

A big part of my job is matching sellers with buyers. Be sure to call me if you're looking to buy a short-sale home!
Short-Sale Process Requires Professional Help
Conducting a short sale is not a simple process, as it requires negotiations with the lender (often more than one lender is involved) as well as the buyer, who may not understand the unique intricacies of the process. That's where my expertise becomes essential. We understand the complexities and critical timing of short-sale procedures and can guide you--whether you want to sell your property as a short sale or you're interested in purchasing a short sale. Please feel free to give me a call for more information. We'll be happy to discuss all your options!
Short Sale Beats Foreclosure On Credit Report
A foreclosure is a court settlement process involving legal action and possible attorney fees. A short sale, on the other hand, is a negotiated settlement with the lender--no attorneys required. Both show up on the borrower's credit profile, but the difference between a foreclosure and a short sale is the difference between broken credit and badly dented credit. The "short sale" consumer has better options sooner in terms of buying another home, qualifying for loans or credit cards, securing reasonable interest rates, finding rental housing, even applying for insurance.
Often Lenders Prefer Short Sales To Foreclosure
Foreclosing is an expensive, time-consuming process for lenders (costing an average $50,000 per property, according to a 2007 report by the Joint Economic Committee of Congress). In a foreclosure, the lender sells the property at auction--which may also result in lower net than the outstanding mortgage--or repossesses and sells the property as "lender owned" real estate, which is a "non-performing asset" that negatively impacts the lender's ability to make loans. In short, lenders want your money not your home.
You Need An Offer To Get Short-Sale Approval
Lenders generally do not "pre-approve" borrowers to conduct a short sale. Instead, the seller-borrower finds a buyer, who makes an offer that is presented as part of a short-sale package for the lender's consideration. The package will include information such as the purchase contract, an estimate of the net from sale, a complete seller's financial disclosure and a hardship letter stating why the seller can no longer make payments. The lender often requires other information as well.If the lender is open to a short sale, their loss mitigation department orders a Broker's Price Opinion (BPO), asking a knowledgeable real estate professional to render an opinion on the market value of the property (by looking at sold prices of comparable properties, the cost of making repairs and any other factors that might impact the property's value).Assuming everything is to the lender's satisfaction, if the buyer's offer meets or exceeds the BPO, chances are the lender will accept the short-sale offer and "forgive" the difference between the offer and the outstanding mortgage.
New Law Waives Income Tax On Forgiven Debt
Until recently, mortgage debt forgiven by a lender was considered to be part of the borrower's taxable income, meaning the taxpayer would have to pay income taxes on the forgiven amount. That rule has changed: On December 20, 2007 President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007, which excludes forgiven mortgage debt from taxation. The exclusion only applies to a taxpayer's principal residence and to indebtedness forgiven between January 1, 2007 and January 1, 2010. The excludable amount of debt is limited to $2 million. Other restrictions apply; consult a knowledgeable tax professional for all the details.
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.

If you're planning to buy investment property and financing it through a lender who sells to Fannie Mae, keep the date December 1st in mind. Nail down your mortgage commitments quickly -- in the next six weeks if you can.
That because Fannie -- who's traditionally been a key source of funding -- plans to load on extra fees across the board for investor loans purchased after December 1st because of market conditions. Freddie Mac is imposing similar fees, but its increases take effect November 7th.
Making things even tougher, some large private mortgage insurers plan to stop underwriting investor loans altogether, effectively cutting off financing support for low-down payment, high leverage rental home deals, no matter where the property is located.
Fannie's new fees will hit the full range of investors, from those with low down payments to those who are able to put down substantial cash. As of December 1, investor applications where the down payment is between 10 and 15 percent, can expect a 3.75 point adverse market fee -- that's up from two and a half points currently.
Loans where the investor put down 20 to 25 percent will be subject to a three point add- on, and even investors making hefty down payments of 40 percent or more will have to pay one and three quarter point add-ons.
The new fees come on top of earlier Fannie Mae restrictions, including limiting investor applicants to no more than four rental properties, plus a variety of restrictions on condos, including bans on mortgages in projects where more than 49 percent of the units are owned by investors.
FHA just announced a new rule change involving conversions of homes into rentals that you ought to know about as well. Though not aimed at bona fide investors, the policy change prohibits consideration of rental income on applications where an owner of an existing home proposes to acquire another unit as a principal residence using FHA financing while renting out the first home.
In a directive to lenders, FHA said it wants to avoid situations where home owners factor rental income from a vacated unit into their applications, and then don't -- or can't -- come up with the rent money needed to support the vacated house, which may then go into foreclosure.
FHA announced two key exceptions to the new policy: Relocations required by an employer where the applicant can show that there's already a one-year lease on the vacated home, or where applicants have at least a 25 percent equity stake in the property they are leaving behind.
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.

Top 10 home maintenance tips for the fall
Well fall is here and time to think about getting your home ready for winter. Fall maintenance is an important homeowner duty because it helps make homes more energy efficient during the winter months, and will safeguard homes against potential seasonal 'disasters' such as leaking roofs or home fires due to neglected chimneys. Here are ten tips to a safer warmer winter.
TIP #1 Check the heating system. Check the filter, pilot light and burners in a system fueled by gas or oil. Fireplaces, boilers, water heaters, space heaters and wood burning stoves should also be serviced every year. Filter changing is something homeowners can and should do themselves at least once every 2 months. Have the specialist inspecting your unit show you how to change the filter. Clean ducts in the heating system. Clean and vacuum dust from vents, baseboard heaters and cold air returns. Dust build-up in ducts is a major cause of indoor pollutants. Ducts should be professionally cleaned about every three years.
TIP #2 Have the chimney inspected by a qualified chimney professional. Chimneys should be checked and cleaned, if necessary, on an annual basis. If you are using a wood stove this season, be sure that the stovepipe was installed correctly according to the manufacturer's recommendations and local codes. If there is any doubt, a building inspector or fire official can determine whether the system is properly installed. If you have a chimney that will not be used, consider having it sealed shut.
TIP #3 Test fire alarms and smoke and carbon monoxide detectors. Often alarms and detectors go unattended. Batteries should be checked every six months to ensure that they're working. Vacuum out the dust.
TIP #4 Remove excess leaves and damaged branches surrounding the house. Dead branches have the potential to break and fall, ruining roofs, decks, vehicles or people.
TIP #5 Maintain gutters. Remove all debris that can slow or impede the ability of the water to drain effectively from the roof. Trapped water can be destructive not only to the gutters themselves but to the adjoining roof as well. Make sure gutter water drains away from your home.
TIP #6 Inspect the roof. Look for damaged or loose shingles, gaps in the flashing at joints with siding, vents and flues, as well as damaged mortar around the chimney.
TIP #7 Inspect exterior walls, doors and windows. Check walls and window sills for damage such as cracks, gaps, loose or crumbling mortar, along with splitting and decaying wood. Caulk exterior joints around windows and doors, which helps keep the home weather tight and lower heating bills. Check windows and doors to make sure locks work properly and that they are in good condition. Clean tracks and lubricate hinges. Repair or replace any cracked windows.
TIP #8 Maintain steps and handrails. Repair broken steps and secure loose banisters and handrails. Broken steps can cause a dangerous fall. Similarly, a person slipping will grab a handrail for support.
TIP #9 Inspect the attic and basement or crawlspace. Insulate Voids in the Attic - The entire attic floor above a living space should be insulated with at least 6 inches, except around electrical fixtures such as recessed lights that aren't rated for contact with insulation. Damp basements and crawl spaces can become mold and mildew problems. Watch for leaks from your hot water heater, plumbing system and seeping rain water. Locate and maintain a clear access to your main water shut off valve. If you have a sump pump, test, clean and lubricate it.
TIP #10 Shut down sprinkler systems and outside faucets. Homeowners can shut down outside faucets, while the underground sprinkler system weatherizing is best performed by industry professionals to prevent cracked pipes by having the system flushed before the cold sets in.
There's something for everyone in Renton. And here at the Renton Real Estate Blog it is our effort to keep you up to date, informed not only what is happening in Renton Real Estate but also in the community.
To see the latest news and announcements about exciting events and Real Estate opportunities in the City, have a look here
If you search Google for Renton Real Estate you will find many blog and other web sites that bring out the interesting facts, not only about Renton Real Estate blog, but about the community and it'd unique features. For example...
Discover the magic of Renton and enjoy the convenient, spectacular location, outstanding value, hometown hospitality, and business-friendly environment.
Nestled on the south shore of beautiful Lake Washington, Renton is centrally located in the heart of the Puget Sound area - just 10 minutes from SeaTac International Airport, Seattle and Bellevue. Renton also offers terrific views of the Olympics, the Cascades and Mount Rainier.
Get the best of the Northwest, without high prices, hassle, traffic and expensive parking!
Come visit us
Lonnie Snyder
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
Email: Snyder@KW.com
WebsiteBlogsite:
Lonnie Snyder is a full time real estate agentand REALTOR® with Keller Williams Realty specializingin Residential Real Estate for buyers and sellersin Washington's Kent, Renton, Newcastle and South Bellevue.

Air Quality
The following information on air quality is vital to the knowledge base for anyone who owns a home or is selling or buying. We appreciate the opportunity to share the information with you, and hope you gain perspective on air quality.

Indoor air quality

One sure path to energy efficiency in houses is eliminating air leaks. If you cut down the amount of air that has to be heated and cooled, you cut your utility bill substantially. But plugging up all those air leaks means less fresh air inside and this has brought on other problems.
One of the first to be identified was elevated concentrations of volatile organic compounds in the air. Commonly called VOC's, these compounds are used in the manufacture of the many synthetic building products used in most new houses today, including carpeting, flooring, paint, cabinetry, countertops, and the structural framework itself. Hundreds of off-gassing VOC's have been identified, but the one that has captured the most attention is formaldehyde. It is a potent eye and nose irritant and causes respiratory effects. It is also classified by the US Government Environmental Protection Agency as a probable human carcinogen.
EnviroCheck Indoor Air Quality
In response to the concerns raised by health officials and the public over the last fifteen years, manufacturers of some building materials and furnishings have altered their chemical formulations, significantly reducing the amount of VOC's off gassing from their products.
A brand new house will still have a significant amount of VOC's in the air because the rate at which the VOC's off-gas is highest initially. This phenomenon accounts for the "new house smell" that most new house buyers experience. Delaying a move-in and airing out a house by opening all the windows and running all the exhaust fans will benefit the occupants, even if this is done for only two days, advised John Girman, Director of the Center for Analysis and Studies for the Indoor Environmental Division of the US Government Environmental Protection Agency.
What Causes Poor Indoor Air Quality?
Continuing to keep the windows open and ventilating the house for several days to several weeks, if weather permits, can also be beneficial, added Al Hodgson of Lawrence Berkeley National Laboratory in Berkeley, California, who has been studying indoor air quality for the last 18 years. After the first month or so, the rate at which the VOC's off gas from building materials may fall off, but Hodgson's research indicates that the off-gassing phenomenon will continue at a slow and steady pace for months or even years. Hodgson measured the indoor air quality in eleven new, but unoccupied houses one to two months after their completion. Some were monitored over a period of about nine months. Overall he found that the concentrations of VOC's in the houses were not "alarming," although the concentrations of some compounds were high enough to produce an odor. The levels of formaldehyde were too low to have a smell, but high enough to cause discomfort in some individuals.
Although the level of VOC's in new houses does fall off over time, buyers can reduce it at the outset by their selection of finishes. Hodgson's research has shown while carpets are generally low emitters of VOC's, a reasonable quality, medium-grade, nylon, certified green label carpet may emit less than the basic grade carpet that most builders offer as standard. Installing the carpet with tack strips instead of an adhesive eliminates a potential VOC source altogether. Synthetic fiber carpet padding emits less than the rebonded padding that most production builders provide. Hodgson's "certified green label carpet" refers to the green and white Carpet and Rug Institute emission test sticker found on carpeting that meets their emission standard. Their testing program was established after sensational stories about "killer carpets" appeared in newspapers and TV news programs in the early nineties. In a New England lab, mice were exposed to carpet samples and subsequently died. Scientists in other labs including the EPA were never able to replicate these results and the reason for the mice's demise remains unclear. After the Carpet and Rug Institute started its carpet- testing program, it raised the emission standards, which has further reduced carpet emissions. Even so, carpeting can still have an odor that makes people think that they are being exposed to something awful, Hodgson observed. Vinyl flooring is a stronger emitter than carpet, but it too should not be a cause for concern, Hodgson said. The oil-based alkyd and water-based latex paints used in most houses are another source of VOC's. The alkyds, which create a harder, more washable surface, are usually used for bathrooms, kitchens, and the trim around doors, windows and baseboards. They produce a terrible smell and emit hundreds of VOC compounds, but these are almost entirely dissipated after about 48 hours, said John Chang, of the EPA labs in Triangle Park, North Carolina. The latex paints have a different smell and emit only four or five VOC compounds, but these continue to off gas for days and weeks after the paint is dry. "Low VOC" latex paints are now available, but some of these emit formaldehyde and buyers should check the paint emission data, he advised. Hodgson is currently studying the man-made wood products used in residential construction because most of them contain formaldehyde, and formaldehyde concentrations in the indoor air of new houses have been found to be higher than in other building types. Large quantities of these wood products including cabinet materials, doors, door and window trim and baseboards are found in the finished space of new houses. Man-made wood products are also used extensively in their structural framework. Hodgson is looking at the emissions of formaldehyde and VOC's from each product as well as the amount of exposed surface of each product. He is finding that bare surfaces of wood products can have relatively high emissions, but that surfaces with laminate and vinyl finishes generally have low emissions.
Information
This newsletter is for informational purposes only. We do not recommend any other company or entity.
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.

Lot of persons want to know if they should buy now. I say yes. Home prices in Renton are at a 3 year low. We have not see price drops like other places in the nation but there has been about a 6% drop. True it is harder to get a loan but if you really want to stop paying rent and buy your own home there are steps we can do to make that happen.

First Time Home Buyers all do have the extra benefit of the new tax credit. This tax credit is due to the passage of HR 3221. The Housing and Economic Recovery Act of 2008. If you or someone you know has been considering buying a home, this benefit is worth considering
What can you do with a $7500 interest free loan? Here are a few ideas:

Fund an IRA.
Pay off a credit card.
Fund an emergency reserve savings account (interest bearing.)

Who Qualifies?
* Homebuyers who have not owned a home in the past three years.
* FTHB's who purchased a principal residence between April 9, 2008 and July 1, 2009.
* Maximum credit is 10% of the sales price up to $7,500.
* Tax credit is repaid over 15 years to the IRS.
* This is realty an interest free loan from Uncut Sam. If the home is sold, the tax credit balance is repaid at that time.

Who Doesn't Qualify?
* Purchases from a person who is related to the homebuyer.
* If the property is sold or ceases to become a principal residence before the end of tax year.
* If modified Adjusted Gross income exceeds $95,000 (individual) or $170,000 (joint). Credit phases out for individual AGI between $75,000 - $95,000 and between $150,000 - $170,000 for joint filers.

Always check with your Tax Advisor.

Renton is one of the most enjoyable cities to just spend the day with your family to enjoy the sites. One of the biggest unknown part of Renton is the art work that has been placed around the city for your enjoyment.
Renton Municipal Arts Commission Next Meeting
October 7, 2008
Council Conference Room, Renton City Hall
4:30 p.m.
The Renton Municipal Arts Commission was formed by Resolution 1320, on August 9, 1965. Overseeing an annual budget, the Commission is charged with the responsibility of acting in an advisory capacity to city government in connection with the artistic and cultural development of the city.
The Commission consists of 12 members appointed by the Mayor and subject to confirmation by a majority of the members of the City Council. Of those 12 members, at least four must be residents of the city. Its membership includes representatives from many diverse fields, with special interests in architecture, art, music, literature, education and other cultural disciplines. All members of the Commission are appointed for three-year terms, and all serve without compensation for services.
The Commission operates with a set of policies and procedures established by the members.
Commission responsibilities:
The Commission is responsible for reviewing the design, execution and acceptance of works of art funded or otherwise acquired by the city.
The Commission, along with the Mayor, annually reviews all capital improvement projects anticipated within the following two-year period to determine which projects are appropriate for inclusion of works of art and to estimate the amount allocated for this purpose. Whenever a work of art is to be funded under the One Percent for Art ordinance as authorized under Ordinance No 3749 in 1983, the Commission selects the appropriate work of art and recommends that artwork to the City Council. The Commission may initiate contracts with artists for these works of art.
The Commission is responsible for directing maintenance, inspection and rotation of works of art selected and installed for the city. The Commission keeps an inventory of all city-owned artworks.
The Commission may seek alternative funding sources for visual and performing arts programs.
2006 - 2007 Accomplishments:

• Placed and dedicated the artwork “Home” by artist Dawn Murin at Heritage Park.
• Placed and dedicated the artwork “Duwamish” by artist Doug Kyes at the Henry Moses Pool.
• Recruited new Arts Commission membership representing artists and graphic design. Integrated a new youth member.
• Provided funding and participated in Arts Unlimited art walks and the Renton Annual Art Show.
• Networked with other South King County arts organizations. Lobbied in Olympia for additional art funding.
• Continued local arts shows in the Carco Theater lobby.
• Staffed Renton River Days art booth with interactive “build your own” art projects for children.
• Teamed with Renton Parks to host the Renton River Days Kids Day coloring contest.

2008 Goals:

• Place artwork “Welcome to Renton” by Glassworks at the Tiffany Park Community Center.
• Continue to seek alternative funding sources for visual and performing arts programs.
• Find a new enhanced location for the artwork “Emerging” currently located at Carco Theater.
• Repair and move the artwork “Equui” at Burnett Linear Park.
• Update city artwork brochures and Arts Commission website content.
• Carry on the Bravo Award program to recognize individuals and organizations that support the arts in Renton.
• Replace and update missing or damaged identification plaques for City artwork.
• Seek community participation with the upcoming Municipal Arts Commission Master Plan
• Pursue and support performing and visual art opportunities within the Renton community.

Looking for something to do? Want to help out the community? Here is a small list of a few things that are going on that could be fun for you and the family.


Green and Clean Saturday

October 4, 2008
Heritage Park, 233 Union Ave NE
9:30am to 11:30am
Get ready to roll up your sleeves, enjoy the changing autumn leaves, and help make a difference in one of our newest parks. Make it a family day! Children under 14 must be accompanied by an adult or guardian. Call 425-430-6600 for more information or to register your group, yourself, or your family! Check-in begins at 9am. Heritage Park, 233 Union Ave NE

Renton Municipal Arts Commission Next Meeting

October 7, 2008Council Conference Room, Renton City Hall4:30pm

Teen Summit

October 8, 2008
Renton Community Center
8:00a. to 1:00pm
A fun-filled day of motivational speakers, educational break-out sessions such as money management, heathy lifestyles, career pathways, going green and much more! This event if FREE to Renton youth in grades 7 - 11 and lunch is provided. Contact the Renton Community Center at 425-430-6700 to register. Renton Community Center

Renton Shredathon

October 11, 2008
Sams Club Parking lot, 901 S Grady Way
9:00am to 12:00pm
Free - up to five boxes containing paper documents to be destroyed in a truck-mounted shredder. Donation of canned goods will be accepted for Renton Food Bank. A cooperative program between Renton Police, Sams Club, Iron Mountain, and Food Bank. Sams Club Parking lot, 901 S Grady Way

Speaker Series at the Museum

October 14, 2008
Renton History Museum, 235 Mill Ave
4:30pm to 6:00pm
The program features a screening of Land of the Giants, a documentary that explores the story of the old Indian trail that became the seven-lane Interstate 90. The “giants”—huge hemlock, cedar, fir and spruce trees—gave rise to a thriving lumber and logging industry. The film’s co-producer Chuck Brodish will tell the story behind the video. High school through adults. Renton History Museum, 235 Mill Ave