Month: May 2014

Mortgage Rates And Other Fun

Carl Setzer

One of the drier topics in Real Estate, or so it seems. Yet for most home buyers, this is one of the most critical factors in the whole home purchase equation. The rates below were provided by my colleagues at Jolene Messmer’s Cobalt Mortgage Team.

So, the main message: mortgage rates are either stable or slightly down, depending on which loan type you look at. I keep hearing that rate will rise, that the current rates are unsustainablely low, so the main bet seems to be on WHEN rates will rise back up. So, “when”, not “if” they rise.

So, low rates keep home buying affordable, but low inventory pushes prices up. It’s challenging, to be sure. Still, though, this is one of the best times to buy. Much like the African proverb, “the best time to plant a tree was 10 years ago, the second best is now”, it’s easy to find missed opportunities, harder to see them now. For those who manage to buy in the near term, though, the appreciation should be exceptional.

Rates 5-30-14

Average Rate 5-30-14

Challenges with Bank Owned Properties

Carl Setzer

One that’s coming up a great deal lately: multiple entities at an institution hitting for updates. It’s really funny, and a bit frustrating, when I send a message to person X, and then person Y (who I’ve often never heard of) hits me with a request for the same information. Twice now, I’ve been hit by three people within a few minutes time, asking for the same update, without any clear connection to the sale, and with a demanding sense of urgency. Yeah, first world problems, but a source of frustration nonetheless.

Digg is back | VentureBeat | Social | by Gregory Ferenstein

Carl Setzer

I’m quite happy to read that Digg is Back over at VentureBeat. I was a heavy user at Digg some time ago. As the article notes, several key changes caused me to drift away, mostly to Reddit. Now, though, I’ve grown weary of the crowd at Reddit…meaning the trolls. The ugly commentary and rude treatment of each other there made me wander off. So, I’m pleased that Digg is making some sort of a comeback.

Yet I’m skeptical. In the internet world, comebacks have met minimal success. AOL, Yahoo! and MySpace come to mind, mainly. But we’ll see. Anything is possible. And their is a niche to be filled for the wonky-types, at least.

Oh, and I just discovered the Digg Reader. Building in a RSS reader could make this particularly glorious to me. Just starting the exploration, so we’ll see what comes of it.

Memorial Day 2014

Carl Setzer

Memorial Day

 

I always thought that Memorial Day started to honor the veterans of WWI. Turns out, at least per Wikipedia, that it actually started as Decoration Day after the Civil War. Though it often is considered the harbinger of summer (around here, it really tends to be a false-start for summer, but I digress), it’s function is to remind us of those who died in military service. We aren’t so fond of anything hinting at moroseness, but there really is value in considering the costs born for our way of life. Many have paid the ultimate price for us. That should give us pause. Let’s not take it for granted. Let’s not forget. And let’s remember those who willing serve and not put them in harms way mindlessly.

An Evening At The Lynnwood Rollaway

Carl Setzer

My son’s school had their final skating party of the year this evening. My memory calls this the Lynnwood Rollaway, though it’s now called Bowl & Skate. Whether Rollaway is legit, or some weird memory glitch, I’m unsure. Whatever the name, these are fun, though it’s different for the kids than the adults. Catching up with the other parents: fun. For me, though, there’s one additional piece. This rink is where I spent a great deal of my pre-teen and early teen years. Many formative moments happened here. It’s a key part of my, as well as the city’s history. I wonder how many first kisses, romances, fights, breakups, ups and downs, all within these same walls.

Oddly, to me, the space looks very much the same. Now, that could just be a memory trick. Memory is quite malleable. But, the visual cues seem unchanged.

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I’m not sure how clearly these pictures will come through, but you should at least glean the basic idea. Anyway, it’s pleasing to me that the space has maintained that essence, and that my son gets to experience it…at least as close to that as we can. History continues.

Everett’s “Cruzin’ to Colby” Car Show this Weekend

Carl Setzer

I have fond memories of cruising downtown Everett, back before the anti-cruise ordinance. What a great way to hearken back to those halcyon days…without all the traffic.

This is one of the Pacific Northwest’s premier car shows, drawing more people into downtown Everett than any other single event.  And, besides bringing over 190,000 people into downtown, more than $140,000.00 has been raised for local charities. Entertainment and helping the neighborhood? Truly a win/win!

Sunday there will be a “parade” of hot-rods and classic cars down Colby Avenue in the early afternoon. Then on Monday there’s the car show. Starting at 8:00 am, cars and vendors will line the streets. It’s quite the show!

All the details are available here:

http://www.seattlerod-tiques.com/Cruzin.aspx

 

A Lynnwood Eyesore Is Gone

Carl Setzer

Between 76th and 68th on 196th, South side of the street was this old, dilapidated building, which was just decaying due to neglect. This building one housed the Enterprise, years ago. Before that weekly was absorbed into the Herald. Later in its useful life, it became an AA meeting hall. Finally, though, it became uninhabitable. Boarded up for years, it housed graffiti, pretty vandals, and drugs. Fencing it off simply slowed things them by a few minutes. As time wore on, ownership ignoring the space had me convinced this would either simply collapse from decay, or catch fire.

Yesterday, though, driving past, the building was crashed. Clearly deliberate work. I’m glad to see the space finally being cared for. The space really brought down the area, which is otherwise pretty nice.

I’ve wondered if there was soon be legal issue being wrangled for the space. Those sorts of things can drag on for years, and often are why one sees terrible properties sit for ages. Who will be benefit from it, who will pay? Things that must be figured out before work can even start. And, there always the chance the City ordered the work done and will the seek a judgment against the owners.

Anyway, I’m quite pleased the eyesore is gone. And I look forward to finding out what will go in.

Critical Communication

Carl Setzer

A sad moment this morning when one of our cooperating agents notified us about problems. Basic ones, really: some of the required signatories on the contract were hard to reach. The challenge, though, was this  offer was for a HUD owned home, with pretty rigid deadlines. However, they’re not ironclad. But waiting until a day or two past the due date to notify that there are problems isn’t effective. Sadly for the buyers on this one, HUD cancelled the contract. They can rebid, and have a decent chance of getting it with the same bid, but the bidding process will be opened to everyone again. Thus, they do have a real chance of losing out to someone else.

It’s important to note that, given lead-time, a time extension could have been granted. So, the lesson to take-away: communicate early, especially if there are problems. Please…

Bank Owned Properties and Condition Disclosures

Carl Setzer

My team focuses on what are known as REO, or Bank Owned properties (that includes government owned ones, too, fyi). One thing that comes up from time-to-time is on the form 17, which is the disclosures sheet. In a “normal” transaction, the seller will fill this form out stating the current state of the property, itemizing any issues.

Since the bank took over the property in a foreclosure and has never occupied it, they have no knowledge of the property’s state. Thus, nothing to disclose, thus (2) a blank form. There is a spot, on the last page (page 5) to “waive” this form (we go the additional step to add lines on the form and such, to make it abundantly clear). Several institutions (ie: HUD) won’t sign as sellers, but we collect the buyer’s side for the sake of state compliance.

Form 17

So, to sum up: banks “don’t know nothin'”, thus cant’ disclose “nothin'”.

 

July 1st Bringing Significant New School Snack Standards

Carl Setzer

 

Just got this via email from the Edmonds School District. There are some pretty big changes a-coming, so I’ll share in full for your edification.

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New Federal “Smart Snacks in School” Will Impact Vending, Fundraising

Effective July 1, food sold to students will be under new, restrictive nutritional requirements

The District must comply with new federal USDA nutrition regulations regarding food and beverages sold on campus to students during the school day. Called “Smart Snacks in School,” students will see new food and drinks in vending machines, student stores and school meal a lá carte lines. Additionally, food-based fundraisers must comply with these new federal requirements frommidnight until 30 minutes after a school’s scheduled end time.

Regulations require foods sold to be low in calories, sugar and salt with more focus on whole grains, fruits and vegetables. The new regulations will take effect July 1.

Board Director Gary Noble asked what vending machine companies are doing to supply school districts statewide. Stewart Mhyre, Executive Director of Business and Operations, said vending machine companies “are scrambling” to come up with appropriate packaging for new products.

Board President Diana White expressed concerns about the financial impact to Associated Student Body (ASB) groups.

Mhyre said there are two large financial concerns related to this change. As much as $150,000 in a lá carte sales in the school meals program could be lost, which represents 3 percent of the food services overall revenue. The program already operates on slim margins, Mhyre said. Additionally, he added, ASB leaders worry they could lose as much as half the revenue they currently earn from items sold in vending machines.