Chris Farkas Bellingham Blog: October 2009

30 Year Fixed Rate Mortgages are still below 5.0% - Bellingham Homes For Sale

GOOD NEWS - 30 Year Fixed Rate Mortgages are still below 5.0% and today's 2 Year Auction is going extremely well meaning we might see the rates dip a bit lower.

MORE GOOD NEWS - Fast Closings for Mortgages - With the rates as low as they are and the 1st time Homebuyer Tax Credit deadline the end of November, the number of mortgage loans in process is high. In the field in it common for refinance mortgages to take a minium of 45-60 days to close and I've heard of loans that started 5 months ago that still are in process and not closed! As for purchase mortgages, they too are experiencing longer processing times. Especially FHA.

This information courtesy of: Pennie Talbot-Whitish Mortgage Loan Officer Horizon Bank, Cornwall Office 1500 Cornwall Ave. Bellingham, WA 98225 360.756.2540 360.224.6558 Cell phone 360.733.1872 Fax number pennie.whitish@horizonbank.com www.horizonbankmortgage.com/PennieWhitish

Chris Farkas

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1 comment • Chris Farkas • October 27 2009 08:04PM

Investing In Short Sale Property

The market is flooding with properties that are priced quite down to earth and this is providing the real investors of the US and overseas with some valuable opportunities to earn some real cash. In fact, the earnings you can expect from investing in short sale property can vary anywhere between $25,000 and $200,000 or beyond, the sum being contingent upon your investment, your investment pattern, the location of investment and so on and so forth

With the greater number of property foreclosure incidents occurring across the whole of United States, more and more people are being forced to short sale their homes in order to avoid foreclosure auction, thereby losing home. Short sale is proving to be highly beneficial to all these homeowners by settling their due mortgage at a much lesser rate than what they actually owe to the bank or the lender organization, that is, less than the loan balance. Moreover, since they are under the threats of facing foreclosure and obviously are short of real money, they can hardly avail the traditional means of selling their homes through realtors or to other prospects. The obvious choice for them remains property, thereby avoid foreclosure short sale and it is to this beginning that the real estate industry in the US is gaining on some real momentum.

The market is flooding with properties that are priced quite down to earth and this is providing the real investors of the US and overseas with some valuable opportunities to earn some real cash. In fact, the earnings you can expect from investing in short sale property can vary anywhere between $25,000 and $200,000 or beyond, the sum being contingent upon your investment, your investment pattern, the location of investment and so on and so forth. Most of the times, you can expect to get a short sale property at only 60% of the original rate, which you can sell in the open market, after necessary refurbishments, to earn you over 30% of the price value of the property under concern.

However, how much profit you make is determined by your vision and certain aspects that you need to keep in mind in order to make a deal worthy of investment. Let yourself be open to several options in investment, although keeping in mind what would fetch you more returns and which would not. Deciding on a particular property for investment is of crucial significance as your choice can make or break a deal in no time at all. Always predicate your choice of property on the ability to make profit out of it – for instance, take into consideration the location of the property and how viable it will be in the open market, when you intend to sell it at a later point in time.

Assess the property of your concern very well before you opt to buy it. For example, consider the number and extend of repairs and refurbishments you will need to do in a particular property to make it viable to a general buyer. Remember, every dollar you put in for repair or refurbishment is a part of your investment and it will definitely affect the returns you wish from it. However, if you foresee good profit opportunities, investing after a property will not be a bad deal. For this you need a general understanding of the real estate market and its forces. It is advisable to consult a short sale expert agency for their assistance in this domain. From negotiating with a seller to that with the concerned mortgage authority - the short sale experts - they will best help you address every aspect involved in the closing of a successful real estate deal.

Chris Farkas

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1 comment • Chris Farkas • October 13 2009 09:15PM

World Habitat Day Supported by Habitat for Humanity

Proud to be part of EXIT Realty International's support of Habitat For Humanity. For more information please visit my web site at www.RealBellingham.com/Habitat

Chris Farkas

Please watch my new TV Show on YouTube
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EXIT Realty Associates
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Via The Team at EXIT Realty (EXIT Realty Corp. International):

EXIT Realty and Habitat for HumanityEXIT Realty Corp. International is proud to work with its charity of choice, Habitat for Humanity, by sponsoring builds throughout North America. While EXIT Realty's work with Habitat is focused here at home, both organizations are acutely aware of the basic right of people around the world to adequate shelter. To further this initiative the United Nations has declared the first Monday in October World Habitat Day. The World Habitat Day website states, "The idea is to reflect on the state of our towns and cities and the basic right of all to adequate shelter. It is also intended to remind the world of its collective responsibility for the future of the human habitat." Habitat for Humanity is a proud supporter of World Habitat Day.

Habitat for Humanity's website states, "The theme of this year's observance of World Habitat Day, Planning Our Urban Future, is meant to underscore the urgency of meeting the needs of city dwellers in a rapidly urbanizing world."

Find out more about the work of Habitat for Humanity around the world here: www.habitat.org

0 comments • Chris Farkas • October 13 2009 08:32PM

Teal is the New Green: EXIT Realty Announces Alliance with EcoBroker® International

For more information on Green real estate please check out my web site at www.RealBellingham.com/green

Chris Farkas

Please watch my new TV Show on YouTube
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Via The Team at EXIT Realty (EXIT Realty Corp. International):

Teal is the New Green - EXIT RealtyThe green real estate movement is today’s mantra for everything from energy-efficient appliances and toxin-free building materials to all-natural cleaning supplies or water-saving products.  Everywhere we turn, marketing screams for our lives to “go green!”  Whether it’s the bag you pack your groceries in, separating recyclables before putting out the garbage or checking the tags on what you buy to ensure it’s organic, day-to-day living centers around being – or quickly becoming – eco-friendly.

With that in mind, EXIT Realty Corp. International announced today the launch of its green initiative, “teal is the new green”,  which includes training, resources and other tools to assist their agents in marketing themselves as proficient green REALTORS®.  The centerpiece to this initiative is a new alliance with EcoBroker® International, the world’s first and largest green designation program for real estate professionals.

EcoBroker's® green designation training and ongoing support will provide EXIT Realty agents with the resources to be constructive green ambassadors in an ever-changing business and consumer world.  They will be able to knowledgeably assist clients in their pursuit of properties that provide affordability, comfort and a healthier environment.  EXIT-EcoBroker certified professionals will also help sellers effectively market their properties with green features. EcoBroker® is the only designation which is taught by experts in both the green industry and the real estate industry.  With over 5,400 agents trained world-wide, they are the largest green designation program for real estate.

“We are also the only green certification program that requires our members to take four hours of additional education each year,” says John Stovall, VP Business Development for EcoBroker® International.  “Our annual Advantage Course will keep EXIT-EcoBrokers on top of the latest information in the world of green real estate.”

EXIT-EcoBrokers will be equipped with additional energy and environmental information as well as tools to help them provide added value to all of their real estate transactions.  “This training helps our agents address the newest topics in real estate, such as green home certification programs like ENERGY STAR® ", says Tami Bonnell, President of the US Organization of EXIT Realty Corp. International.  “It also provides practical solutions to assist them in working through issues that may arise in any real estate transaction, such as mold, radon, or poor indoor air quality to name just a few.”

For more information please visit www.exitrealty.com/thinkgreen

0 comments • Chris Farkas • October 13 2009 08:28PM

EXIT Realty Pledges a Total of Over $1.68 Million to Its Charity of Choice, Habitat For Humanity!

For more information on how you can help in the Bellingham and Whatcom areas, check out my web site at www.RealBellingham.com/habitat

Chris Farkas

Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast
          

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

 

View Sample Market Report

Via The Team at EXIT Realty (EXIT Realty Corp. International):

EXIT Realty Corp. International and Habitat for Humanity 

Mississauga, ON (Grassroots Newswire)– In spite of the challenges faced by the real estate industry this past year, EXIT Realty Corp. International proudly continues its support for its charity of choice, Habitat for Humanity.  At the EXIT Realty International Convention held last week in Washington DC, Christine Ireborg, EXIT's liaison with Habitat announced that pledges to date have exceeded $1.68 million. View our latest video presentation here. 

"EXIT Realty couldn't be more proud to partner with Habitat for Humanity to help make the dream of homeownership come true for deserving families across the U.S. and Canada," said Ireborg. "We wanted to identify with an organization that shares our values and philosophies; an organization based on giving back."  A portion of every transaction fee collected by EXIT Realty Corp. International is dedicated to its charitable fund.

EXIT Realty has 11 corporately sponsored builds under its tool belt with the current one in Newark, New Jersey scheduled for dedication later this year.  EXIT Realty associates will be swinging hammers once again at upcoming builds in these cities:

November 2009 – Austin, Texas
January 2010 – Florida
Spring 2010 – Salt Lake City, UT
Spring 2010 – Columbia, SC 

EXIT Realty brokers and agents can pre-register to participate in these builds by logging into the EXIT Resource Center.  For more information about EXIT Realty's work with Habitat for Humanity, please visit www.exitrealty.com/habitat.

0 comments • Chris Farkas • October 13 2009 08:17PM

October Update - Bellingham Homes For Sale

Existing home sales are up 3.4 percent over the same time last year, according to a recent report by the National Association of Realtors® (NAR). Helped by the $8,000 tax credit to first time buyers, existing home sales are on pace to reach 5.1 million units for 2009, up from the 4.93 million units projected in August 2008.

Existing Home Sales By Region

"Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” said Lawrence Yun, NAR chief economist.

Although existing home sales are up from this time in 2008, the overall numbers are down from just one month ago. "The decline demonstrates we can’t take a housing rebound for granted," Yun said. In the previous four months, sales had risen over 15 percent. Low mortgage rates have contributed to the overall market rise. Freddie Mac reported an average national commitment rate of 5.19 percent in August for a 30 year conventional fixed rate mortgage, down considerably from 6.49 percent offered in August 2008.

Chris Farkas
Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
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Chris Farkas

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0 comments • Chris Farkas • October 03 2009 02:19PM