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Is there EVER a good time for a flat tire? It’s happened to all of us at some time or another. And it always seems to happen at the most inopportune time and place, right? You’re cruisin’ around out in the middle of absolute NOWHERE and “POP!” your tire blows! (This is when you discover that your spare is also flat, is one of those really small junior size, embarrasing tire wannabes, or maybe it’s missing altogether)

After walking several miles in the blazing Sahara, you find the closest local gas station, “Jimmy Joe Bob’s Friendly Gas & Repair.” Jimmy turns out to be a 300 pound WWF reject who looks like he HAS gas, and is anything BUT friendly. He informs you that the only replacement tire within 100 miles will cost an arm, a leg, and your first-born child.

Well, if you’re a newcomer to the Kitsap Peninsula, your tire troubles are finally over!

Welcome to the Discount Tire Company!

Located in East Bremerton, in the Fred Meyer Shopping Plaza, the Discount Tire Company offers superior service and selection. With over 600 stores in 18 states, Discount Tire Company is the world’s largest independent tire and wheel retailer. Founded in Ann Arbor, Michigan, in 1960 by Bruce Halle, the Discount Tire Company is the classic tale of one man’s vision, faith, and hard work. He grew his “one-man” operation into one of today’s most successful and recognized names in retail tire sales & service.

Visit any Discount Tire Company store and you’ll quickly realize the reason for Mr. Halle’s legacy of success. Prompt, attentive service and excellent savings make the Discount Tire Company the smart choice for your next tire purchase.

Their motto may say they’re “The Low Price Leader!” but they’ll treat you like a million bucks!

Discount Tire Company

5023 State Hwy. 303

Bremerton, WA 98311

360.479.6852

www.DiscountTire.com

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Posted in Bites of Washington, Bremerton WA Real Estate, Business Bites, Kitsap County Bites | 2 Comments »

Tags: bremerton real estate, Kitsap County Bites, kitsap real estate blog, port orchard real estate, real estate blog, silverdale real estate

“Beauty is in the eye of the beholder” or so the saying goes. The perception of beauty can be applied to Real Estate. I am referring to the rundown, lawn-overgrown, plywood-covering-the-windows, missing shingles and grafitti decorated houses that can be found in many neighborhoods. You know the one I am talking about. It has had 7 different real estate signs in the front yard in the last 3 years, but still sits vacant. It has trails through the tall grass where the local kids have their shortcut paths. Several cats seem to live on the grounds, but nobody knows for certain how many. And if you listen to the big kids talking to the little kids in hushed tones, it is haunted.

These properties exist all over America. Large cities and small communities have them. The property owners, if they are local folk, are well-known by Real Estate Agents and the arrival of the property owner can clear a Real Estate office faster than a tossed grenade. “I want to list my house” sends shivers up the spine of anyone within earshot. And the favorite office prank is to introduce the property owner to the newest agent in the organization.

I’m not trying to make Realtors® sound bad here. I just wanted to create a little drama to start off this article. Admit it, by the end of the second paragraph you had a little bit of a grin on your face!

Did you know that Uncle Sam is just waiting to ride to the rescue on properties like this? These dilapidated homes are an opportunity waiting for both the enterprising fixer-upper buyer AND the Realtor® who will think outside of the box. Not only is Uncle Sam waiting to help, he’s willing to offer help with low interest rates, reasonable closing times, reasonable closing costs and approval of the whole transaction is based on what the ugly house will be worth after it’s finished! Repeat after me: “America is the best county in the world”.

Let me introduce you to FHA 203(k) rehab loans. They have been around for years. They are surprisingly easy to use. The interest rates make experienced Loan Officers say “You’re kidding right?” and they say it because it is low.

I won’t bore you with the intricate (well maybe not quite intricate) details of how this loan program works, you can find those at the HUD website. What I will do is propose an idea for using them to your advantage. Stop looking at these houses as an eyesore, and start thinking of them as property possibilities. This is good, old-fashioned sweat equity just waiting to happen. This what America was built on. A little bit of help from Uncle Sam, a healthy dose of labor and viola!; you can have a great home with all the upgrades and equity thrown in on top.

If you are a Realtor® wondering how to make it through these tough times, you really ought to take some time to talk to a knowledgable Loan Officer about how the program works. There are probably properties that you see every week that can be marketed as Fixers-With-Financing. The property owners will love you. The neighbors will recognize your name (think future neighborhood farming). The buyers will be thankful for your creativity. And you have another listing!

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Posted in Buyers, Miscellaneous, Mortgage Bites, Real Estate Bites, Sellers | 4 Comments »

Tags: bremerton real estate, fha 203(k), fha rehab loan, kitsap real estate blog, port orchard real estate, poulsbo real estate, real estate blog, seattle real estate blog, silverdale real estate

This is the ninth installment in an on-going series of posts dedicated to helping 1st Time Home Buyers successfully achieve their home purchasing goals.

We have been identifying and discussing, in chronological order, key events in the home buying process. In our last time together, we talked about the importance and value of conducting a home inspection in a post entitled, “Home Inspection or Home Alone?”

Today’s topic is: “Potential Pitfalls in the 11th Hour”

Okay, so we’ve conducted our home inspection and have successfully negotiated with the Sellers for those items which need to be corrected/repaired prior to closing. We now enter into the “Pending” phase of the home buying process. Typically, there isn’t too much more drama left, but it is helpful to understand that there are still some additional steps in the transaction that may lead to unforeseen challenges or delays.

The Lender’s Appraisal

Immediately following the inspection, your mortgage specialist will order up the appraisal. The underwriter for your loan will need to know if the house you are purchasing is worth the value/price you have agreed to pay.

There are several possibilities that may occur as the result of an appraisal:

1. The property appraises at the full value of your agreed purchase price and with no conditions for funding. This is the most preferred result, and typically ensures a timely closing.

2. The property appraises at the full value, but there are some conditions for funding that need to be remedied prior to closing. Even though you may have conducted a thorough home inspection and negotiated the corrections with the Sellers, the Lender may still require for other issues to be resolved before they can provide funding. This is especially prevalent in VA or FHA transactions. Both VA and FHA loans typically employ more stringent standards, focusing primarily on safety and structural concerns, when conducting their appraisals. Shortly after the appraisal has been done, your Mortgage specialist will receive notification of value and the called-out conditions for funding. These additional conditions or issues will need to be negotiated with the Sellers for correction and hopefully can be resolved in a timely manner.

3. The property appraisal comes in under value. In this instance, the appraiser has determined through their analysis that the current market value of the property is below the agreed purchase price. In most cases, the financing contingency of your contract provides language which protects you as the Buyers, and offers you some options to address this discrepancy:

A. Depending on the variance amount, you may be able to ask the Seller to lower the sales price to match the appraised value.

B. As the Buyer, if you have the resources, you can bring in cash to make up the difference.

C. In some instances, depending on the type of loan, you can request that the Sellers pay for a reappraisal by another company that is acceptable to the Buyer’s lender.

D. If any of these options are not feasible, most financing contingencies allow the Buyers to back out of the contract and retain their earnest money deposit.

Homeowner’s Insurance

Since I haven’t covered this point yet, now is as good a time as any. Typically, once you’re under contract, as a Buyer, you will want to make contact with your insurance agent to determine if the property can be reasonably insured. There may be instances where the current owners have submitted significant claims against the property, thereby making homeowner’s insurance very costly or difficult to obtain. Once again, your contract should contain language that protects you in this event, and allows you to terminate the contract, if necessary.

Seller’s Remorse

This rarely occurs, but it needs to be mentioned. Every once in a great while, a Seller may have second thoughts about letting go of their precious home and treasured memories. If you’ve ever seen the Steve Martin movie “Father of the Bride” you’ll understand exactly what I’m talking about.

As a professional agent, I always counsel my Buyers not to worry or be overly anxious about these kinds of issues and the potential for challenges to occur. If and when they happen, we’ll deal with them head-on, and work with the Sellers to achieve a mutual resolution agreeable to both parties.

Hopefully, with a capable, professional agent working hard to represent Your Best Interests, the 1st Time Home Buying process will be a smooth and enjoyable adventure!

For the final installment, go to Are We There Yet?

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Tags: bremerton real estate, first time homebuyers, ftb, kitsap real estate blog, port orchard real estate, poulsbo real estate, real estate blog, seattle real estate blog, silverdale real estate

This is the eighth installment in an on-going series of posts dedicated to helping 1st Time Home Buyers successfully achieve their home purchasing goals.

We have been identifying and discussing, in chronological order, key events in the home buying process. In our last time together, we talked about the key ingredients to making a well-drafted offer in a post entitled, “Make Them an Offer They Can’t Refuse!”

Today’s topic is: “Home Inspection” or “Home Alone?”

  So, by this point, your offer has been accepted and you’re under contract with the Sellers. The next major step in the home buying process is the Home Inspection. We had touched briefly on this subject previously in the series (“Do I need $$$ to Buy a House?”), but now, we will deal with it at length.

Here are some commonly asked questions & answers regarding Home Inspections:

• Why do we need a home inspection? Regardless of how new or well maintained a house might be, you owe it to yourself to have a qualified professional inspect the home thoroughly. The old adage definitely applies here: “An ounce of prevention is worth a pound of cure.” Meaning that it is better to pay for a complete inspection up front, than to discover some more costly problem after the house is yours!
• My Uncle is a handyman/contractor. He says he can do our inspection for free! You may have a relative or friend that is handy, or has construction experience, but you really need to use the services of an experienced, certified professional. Ask your Agent to recommend several inspectors. Interview each one. Shawn Martin, of Martin Home Inspection Services in Vancouver, WA suggests you ask the following questions: What is their experience and qualifications. Are they licensed or certified? Do they belong to an association? Do they have insurance? What specifically does their inspection cover? What kind of documentation or final report will they provide upon completion of the inspection? What happens if something major is discovered AFTER closing that that inspection missed?
• How much does a Home Inspection cost and how long will it take? Most inspections typically run about $300 to $500, depending on the size of the home and the extent of the inspection. In some states, this cost includes a full pest inspection as well. You can figure approximately 2 to 3 hours for the inspection, again varying on the size of the house.
• What is normally involved in a Home Inspection? Most Home Inspections involve a complete evaluation and assessment of all structural, mechanical, electrical, and plumbing systems and their primary components. Your inspector will want to make sure that the home is safe, structurally sound, and that all primary systems are operating properly.
• Should we be present during the Inspection? I always advise my Buyers to attend the Home Inspection. You can learn a lot about a house during this time. A good inspector will take additional time with the Buyers to point out the features and functions of various systems in the home. Moreover, if any problem items are identified, you can see them first hand.
• What happens if the Inspector finds something major wrong with the house? Once again, Shawn Martin also advises, “Don’t get too excited and worked up. 1^st Time Buyers have a tendency to over react when a negative inspection issue is identified. Almost every house is going to have something come up on the inspection report.” However, if there is a huge defect that is uncovered, you will usually have the opportunity to request the Sellers to remedy or repair the problem. It is a negotiation process. The Sellers may agree to your request, or simply offer a credit at closing. In most instances, if the Seller’s response is not to your liking, you can elect to back out of the contract and retain your earnest money. Consult your Real Estate Agent for specific rules and regulations that are applicable to your particular region.
• Are there other inspections we might need to have done? As I have mentioned before, in some States, a full pest inspection is included in with the cost of the Home Inspection. If not, one should be conducted by a licensed pest inspector. Additional inspections may be required, depending on the property, such as septic or well. Sometimes these additional inspections are required by contract to be paid for by the Sellers or can be negotiated, as such, into the contract. In addition, your Home Inspector may determine that further inspections be performed by more advanced and trained specialists – i.e. roofing contractors, heating & cooling technicians, etc..

Once the inspection is completed and all relevant issues are resolved to the satisfaction of both parties, the transaction moves forward into a “Pending” status, and you’re the next step closer to successfully achieving your 1^st Time Home Buying Adventure!

For the next installment, go to Potential Pitfalls in the 11th Hour

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Tags: bremerton real estate, first time homebuyers, ftb, home inspection, kitsap real estate blog, port orchard real estate, poulsbo real estate, real estate blog, seattle real estate blog, silverdale real estate

The between-the-lines message in Mike Crowley’s statement in the Tacoma News Tribune appears to  be that new home construction is expected to fall apart in a few short years!

Wait a moment. Let me back up a bit and give you some details first.

• Mike Crowley is the executive vice president of the Master Builders Association of Pierce County.
• Senator Weinstein D-Mercer Island has proposed a bill; SB-5550 
• Senate Bill 5550 is a very simple bill which would make warranties mandatory on new home construction.
• Mike Crowley thinks this is a bad idea.

Mr. Crowley apparently made the following statement (as reported by the News Tribune) concerning the Senator’s bill:

“It’s one more thing that will raise the price of housing”

Senator Weinstein’s bill, SB-5550, if passed by the House, would require that new homes in Washington State be warranteed against the following ;

• any defects in materials or workmanship – 2years
• any defects in electrical, heating, plumbing, cooling and ventilating systems (with some exclusions) – 3 years
• defects leading to water penetration – 5 years
• any structural defects – 10 years

Unless I am missing something crucial here, the only way this bill can lead to any significant increase in the cost of New Home Construction is if these types of defects are common. After reading the bill through several times, I am impressed with it’s simplicity. This bill is designed with one purpose. It will give protection to consumers from builders of shoddy homes. None of the items in Senator Weinstein’s list is unreasonable.

If you are anything like me, you don’t expect your home to fall down in the first 10 years. If you are anything like me, you don’t expect it to spring water leaks in the first 5 years. And if you are anything like me, the other two items on SB-5550 seem to be reasonable expectations for the purchaser of a New Home. Clearly, Mr. Crowley is not like you and me!

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Posted in Bite Me Blogs, Bites of Washington, Buyers, Kitsap County Bites, Miscellaneous, Real Estate Bites | 4 Comments »

Tags: bremerton real estate, kitsap real estate blog, port orchard real estate, poulsbo real estate, real estate blog, seattle real estate blog, silverdale real estate