Lake Washington Moorage For Sale

Here is your chance to own a prime 45′ Covered Lake Washington Moorage gated Parkshore Marina. Facilities include a clubhouse with a large laundry room, showers, storage units with every slip and secure parking. Telephone, cable and high speed internet connections available at every slip. This slip has finger piers on each side and is 15 feet wide with a wall on one side for maximum protection. One of the best slips at Parkshore Marina.  The marina is one of the best managed and best maintained marinas on Lake Washington.  For more information on Parkshore Marina, visit www.ParkshoreMarina.org

You will be glad you invested in your very own 45′ Covered Lake Washington Moorage slip.  Contact owner/agent, Larry Cutting at 206-228-3994. 

From Rags To Riches

  

When I come across a diamond in the rough like this little home in Tacoma, I always try to shop them to customers first.  These usually are the easy ones.  The ones that need only paint and carpet.  Usually ending up at about $5k repair costs.  This home was once loved by the previous owner.  He installed new siding, roofing, furnace, windows, mouldings, bathroom and laminate flooring.  Then he bought another house and let his brother move in.  (NEVER rent to relatives!)  His brother paid him one rent payment and then stopped.  He tried to sell the home he bought in 2004 for $115k and then put another $20k into it for $175k, then he proceeded to reduce the price over and over until I bought it for $48k.  The bank approved the short sale and I now have a new rental home.  But here is where the fun starts.  My helper Alfredo and I went into the home on the first day and realized that this one would be a cake walk.  Although it was extremely dirty and their color choices would keep Philip Sternola up at night, it wasnt that bad.  There were no holes in the walls, all of the mouldings were in tact, no broken windows.  In fact, we decided even to keep the laminate flooring that I despise so much.  Only because it was installed properly and was in great shape, you just wouldnt know it with all the dirt on it.  The first phase of any project is what I call the clean slate.  Remove all of the items that will be in your way or will not be part of the finished product.  I craigslisted the appliances, they were gone in 20 minutes, people will take anything free.  Removed the gutters from the home so new ones can be installed.  They were the plastic type that leak.  And last but not least, gut the kitchen.  It was the only thing that the previous owner hadnt touched.  Next we decided to put back the laundry room in the kitchen that was removed for whatever reason.  All of the plumbing and wiring was still there but was covered over with sheetrock.  When we had the lower part of the wall removed, it exposed all of the old iron plumbing that looked not so good.  I went to the local Lowe’s and got the PEX type plumbing and after spending a good 4 hours cutting out the old plumbing we installed nice, new, snap together plumbing for a total cost… wait for it….$473!  This stuff is super easy to use and install.  After we got water back on, we cleaned…  and cleaned..  It still amazes me how someone can live in filth.  We washed every hard surface of the home and in each room we must have changed the water in the bucket about 10 times.  YUCK!  The next thing we did was prep the home to paint.  Inside and out.  I was masking off the inside while Alfredo pressure washed the exterior.  When it was ready, we sprayed the inside first.  We always spray the doors and mouldings, then roll the walls and ceilings.  It makes for a nice finish when its done.  Then we sprayed the outside.  The total time spraying only took about 3 hours.  Prep time… days.  Then we painted the trim outside.  Like I always say.  Paint is a miricle worker.  We didnt modify the exterior at all but it looks like a totally different home.  The next thing was the kitchen.  Since it was a small house, we only needed 6 cabinets.   Took like 2 hours to install and that included the sink and countertops.  All in all I would do it all again 10 times over  if I was fortunate enough to have the opportunity to come across a nice little find like this.  Here is a break down on the numbers.  Purchase price: $48,000.  Materials: $3840.  Labor: $1320.  And 2 weeks of my life that I will never get back.  The tenant moves in next week for $875 a month.  I gave him a good deal so he would stay a long time.  I have a good feeling about this investment since 2 homes have come on the market within 3 houses of this one on the same street for $140k and $170k.  The one for $140k is already under contract.  YAY for me!  Check out the other pics.

Home Buyers Discover That Bidding Wars Are Back!

Remember the good old days (2005)?  I most certainly do.  When I would write offers with escalation clauses only to find out that there were multiple offers and my clients offer, although generous, wasn’t enough to win the bid.

Well, it’s back!  Of the last 4 offers I have written, all of them were involved in some type of bidding war.  There was only one that the seller, a bank, asked for highest and best.  I didn’t win that one, but I did win one of the other 3.  Just to think that only 6 short months ago, homes would sit on the market just waiting for a low-ball.

I guess it would be fair to say also, this time it’s different.  This time it’s not like the frenzied unrealistic offers that we saw in the good old days, where there were too many buyers, qualified or unqualified trying to buy the same house.  This time it’s due to a supply shortage if you can believe it.  Only a year ago you could pick from an inventory that was an investors candy store.  Not this year.  The prices are going up, the inventory is going down, and the condition of the homes that are left over is pathetic on a good day.  I have to say, I am sure glad I picked up the 9 properties I bought the last 3 years.  Because if I wanted to pick up that kind of inventory now, with that kind of cashflow, it would be impossible.

This leads me to believe only one thing.  The bottom of the market has come and gone.  Yesterday I was telling Kevin, my friend, customer, and seasoned investor, that the market is on it’s way back up and if he wants to get some more good cash flowing properties he better give me the go ahead and find him something.

Larry Cutting, Designated Broker, American Classic Homes Real Estate

Phone: 206-228-3994

E-Mail: larrydcutting@hotmail.com

Company Website: http://www.AmericanClassicHomes.biz

Personal Website: http://www.LarryCutting.com

Larry Cutting is a professional real estate broker and owner of American Classic Homes Real Estate specializing in Residential Real Estate for buyers and sellers in South King County’s most popular neighborhoods such as Renton, Newcastle, Bellevue, Seattle, Tukwila, Burien, Kent, Auburn, Covington, Maple Valley, SeaTac, Des Moines, Normandy Park, Federal Way, and Fairwood.

Fannie Mae and and Freddie Mac Speed Up The Short Sale Process

It’s estimated that there are over 11 million homeowners with an underwater mortgage.  So this new federal policy coming down the pike could be good news: Starting in June, when you want to do a short sale to avoid foreclosure, you may not have to wait for months and months to negotiate a settlement with your bank.

Instead, if your loan is owned or securitized by either Fannie Mae or Freddie Mac, you can expect a response within 30 business days, with a final decision no later than 60 days. If you don’t hear back during the first 30 days, the bank will be required to send you weekly updates telling you precisely where the holdups are and when they are likely to be resolved. This is definately not how it works today. Banks who don’t comply will face monetary and other penalties.

The mandatory timelines should help speed up what used to be a long drawn out process.  They are being imposed by the Federal Housing Finance Agency (FHFA), who regulates Fannie and Freddie in conservatorship. Short sales represent an important alternative to foreclosure, and involve the lender or loan servicer agreeing to accept less than the full amount owed by the borrower.

Though they can be complex and messy, and can take anywhere from several months to more than a year to complete, short sales are turning into a mainstay of the real estate market. According to a report from the foreclosure data firm RealtyTrac, short sales jumped by 33 percent in January compared with the same month the year before. In 12 states — including California, Arizona, Colorado, Florida, New York and New Jersey — there were more short sales recorded during January than sales of foreclosed properties.

This trend is welcome but the total time required to complete short sales is still far too long. The 30-day and 60-day mandates address just one of the key points of delay in the process, but regulators promise a series of additional steps during the coming months designed to speed transactions. They include clearer guidelines on borrower eligibility, property valuations, compensation for lenders holding second liens, and mortgage insurance issues. All of these are points of friction that can delay short-sales agreement for weeks or months.

Real estate agents like me, who specialize in short sales, agree that setting mandatory timelines is a step in the right direction, but won’t solve all the problems. The new rules and promises are great if they really happen.  Only time will tell.

National Open House Weekend April 28-29, 2012

The annual National Open House Event is coming up this weekend on Saturday April 28th and Sunday 29th. The Washington REALTORS association anticipates several hundred properties will be open to the public. So far, there are over 650 properties in King County are participating. That number will surely rise to over 1000.

Everyone – including first-time buyers and investors – will be able to learn more about home ownership from experts who are hosting the open houses. The National Open House Weekend is a stress-free event where prospective home buyers can arrange their own customized tours (with or without an accompanying Realtor) as part of the Open House showcase.

Several agents from American Classic Homes Real Estate will be holding open houses.  Go to www.AmericanClassicHomes.biz to find one near you.

Call for more information on the Nationwide Open House Weekend.

Larry Cutting, Broker American Classic Homes Real Estate

Phone: 206-228-3994

E-Mail: larrydcutting@hotmail.com

Company Website: http://www.AmericanClassicHomes.biz

Personal Website: http://www.LarryCutting.com

Larry Cutting is a professional real estate broker and owner of American Classic Homes Real Estate specializing in Residential Real Estate for buyers and sellers in South King County’s most popular neighborhoods such as Renton, Newcastle, Bellevue, Seattle, Tukwila, Burien, Kent, Auburn, Covington, Maple Valley, SeaTac, Des Moines, Normandy Park, Federal Way, and Fairwood.

Renton Bank Owned Real Estate

Now is a great time to buy Renton Bank Owned Real Estate.  Currently there are 45 properties available in the Renton area.  I have always loved getting a bargain and helping my clients do the same. In my opinion, bank owned is the only way to go.  On repo’s the negotiation is simple, no hurt feelings of sellers, etc..  This makes for a smooth easy transaction in almost all cases. I specialize in helping my clients purchasing Renton Bank Owned Real Estate and have done so for many many years.  If you want a great deal and want to pick up some Renton Bank Owned Real Estate for yourself or for an investment give me a call or go to my exclusive website dedicated to bank owned www.RepoToday.com

 

For more information on Renton Bank Owned Real Estate call Larry Cutting, Broker American Classic Homes Real Estate Phone: 206-228-3994 or visit www.RepoToday.com

E-Mail: larrydcutting@hotmail.com

Company Website: http://www.AmericanClassicHomes.biz

Personal Website: http://www.LarryCutting.com

Larry Cutting is a professional real estate broker and owner of American Classic Homes Real Estate specializing in Residential Real Estate for buyers and sellers in South King County’s most popular neighborhoods such as Renton, Newcastle, Bellevue, Seattle, Tukwila, Burien, Kent, Auburn, Covington, Maple Valley, SeaTac, Des Moines, Normandy Park, Federal Way, and Fairwood.

Renton Condo at Fairway Greens for only $31,200!

I helped one of my clients pick up this nice Renton Condo at Fairway Greens for only $31,200!  It closes today!  This Renton Condo at Fairway Greens is very clean and efficiently laid out 1 bedroom condo in a desirable Fairwood Golf Course Community. This main entry condo features a very private ground floor patio, a great galley kitchen with all appliances, dining room and a living room featuring a cozy wood burning fireplace. Spacious bedroom, full bath, plus utility room with washer/dryer. Outdoor pool, sport court & exercise room. This is a Fannie Mae Property approved for HomePath Financing.  I already have a tenant that will move in next week for $695 per month.  thats over $500 cashflow per month for this Renton Condo at Fairway Greens.

Price: $31,200

1 Bedroom & 1 Bath

See more pictures at: http://www.americanclassichomes.biz

Call for more information on this Renton Condo at Fairway Greens today!

Larry Cutting, Broker American Classic Homes Real Estate Phone: 206-228-3994

E-Mail: larrydcutting@hotmail.com Company Website: http://www.AmericanClassicHomes.biz

Personal Website: http://www.LarryCutting.com

Larry Cutting is a professional real estate broker and owner of American Classic Homes Real Estate specializing in Residential Real Estate for buyers and sellers in South King County’s most popular neighborhoods such as Renton, Newcastle, Bellevue, Seattle, Tukwila, Burien, Kent, Auburn, Covington, Maple Valley, SeaTac, Des Moines, Normandy Park, Federal Way, and Fairwood.