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New construction here in Kitsap County WA has been hard hit of late due to the economic downturn and lenders tightening their purse strings.

However, one area builder appears to be thriving in this challenging market, Quadrant Homes.

A Fortune 500 company and wholly-owned subsidiary of Weyerhauser Corporation, Quadrant Homes “More House. Less Money” is Washington State’s Largest Home Builder, with over 14 active developments from Mount Vernon to Yelm.

I had the good fortune of selling one of the first homes in the Stendahl Ridge development in Poulsbo WA. At first, many area agents were somewhat wary and hesitant at showing Quadrant properties to their Buyers. There was a lot of negative buzz floating around at the time, whether real, imagined, or otherwise, to the effect that Quadrant salespeople weren’t exactly ‘Buyer Agent’ friendly.

I think part of this mis-perception stemmed from Quadrant’s required procedure of generating their own purchase & sales contract on-site, and their seemingly ‘overbearing’ control over the entire transaction. Add to that the rather unique practice of paying out the Buyer’s agent commission at the beginning of the transaction versus at the completion of building. Many who take agency representation seriously felt that Quadrant was intentionally forcing the Buyer’s agent out of the equation.

Having been through the process as a Buyer’s agent myself, I can certainly understand how such attitudes could occur. However, such was not my experience.

In order for Quadrant to deliver on their promise of “More House. Less Money” they have to tightly control the entire process from start to finish. If you’ve ever been involved in a new construction project, you know how quickly things can go south! And as far as being paid up front, who in their right mind would complain about something like that?

I am currently working with some awesome 1st-Time Home Buyers right now who are under contract on one of the homes in Phase 3 of Quadrant’s “The Ridge at McCormick Woods” in Port Orchard WA. We are working closely with Dan Spurlock, the Development Community Manager. Dan commands an impressive knowledge of Quadrant’s products and is intimately versed in all stages of the construction process. He skillfully guided my Buyers through each section of the contract, careful to explain key portions in detail, and answer all of their questions. I have every confidence that my Buyers will continue to be treated with the utmost courtesy, respect, and care.

If you’re a 1st-Time Buyer or just looking for a great value in a home purchase, give me a call @ 360-440-4758, and I’d be glad to give you a personal guided tour of ‘The Ridge at McCormick Woods!

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Posted in Port Orchard Real Estate | No Comments »

Tags: dan spurlock, Kitsap County WA real estate, port orchard real estate, quadrant homes, the ridge at mccormick woods

In the most recent issue of US News and World Report, Silverdale WA and Bremerton WA were both ranked in 1st place among the Top Ten US Housing Markets for the Next Ten Years.

Citing a recent study conducted by Moody’s Economy.com, Associate Editor Luke Mullins shared findings that the home prices of neighboring cities Silverdale WA and Bremerton WA should expect to increase by an average of 5.2 percent annually from the fourth quarter of 2008 through the same period of 2018.

Situated near the heart of the Kitsap Peninsula, Silverdale and Bremerton WA share more than 300 miles of scenic Puget Sound coastline with other area cities like Port Orchard, Poulsbo, and Seabeck.

While the attractive Pacific Northwest location is certainly a huge draw that brings new residents to the area, the study points to the area’s stable economies as the primary determining factor for the projected future growth.  A large military presence/community— of the U.S. Navy in particular — helps to insulate the local economies somewhat from the widespread volatility being experienced in other markets around the county.

With the current low mortgage rates and the $8000 tax credit, this can be an excellent time for 1st Time Home Buyers to enter the market. And, with the number of bank-owned properties and short sales, there is also opportunities for investors to acquire some bargain-priced properties.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood.

Posted in Kitsap County Bites | 2 Comments »

Tags: Bremerton WA Real Estate, Kitsap County WA real estate, port orchard real estate, poulsbo real estate, seabeck wa real estate, Silverdale WA Real Estate

As a licensed real estate professional here on the Kitsap County Peninsula in scenic Washington State, perhaps the favorite part of my job involves helping 1st-time home buyers realize their dreams of home ownership.

Such was the case with a young Navy couple, TR & Arwen, who closed on their home in Port Orchard WA.

This was one of the most enjoyable transactions I’ve had the privilege of being involved in for quite some time!

TR & Arwen came over from Hawaii, under orders courtesy of Uncle Same and the U.S. Navy. At the time, TR was in the process of making Chief Petty Officer, so it was a very eventful time for both of them!

I had first made contact with Arwen nearly a year prior to them actually coming over from Hawaii. She found me through ActiveRain, one of several Internet social networks that I participate on. We exchanged e-mails, shared MySpace profiles, poked each other on Facebook, and kept in consistent contact throughout the entire process.

When they arrived here in Kitsap County WA, we were fortunate to find a really great home in Port Orchard WA. It had been recently remodeled – new paint, carpets, appliances, kitchen cabinets & counters. Downstairs was the perfect ‘Man’ room for TR. There was even a fenced yard for the dog.  We were able to negotiate an extremely attractive contract with the Sellers, and close ahead of schedule without any difficulties.

This is what being a licensed real estate professional is all about – helping valued clients to achieve their home buying and selling goals & dreams!

This transaction was the direct result of my involvement on various social networks on the Internet. While the vast majority of my business comes from past clients & referrals, with the current market conditions being what they are, it’s helpful having another source of potential clients, especially Buyers!

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Rich Jacobson is a licensed real estate professional providing empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood.

Posted in Buyers | No Comments »

Tags: 1st time buyers, first time buyers, Kitsap County WA, port orchard real estate

Some tenants are better than others. Yet no matter how ethical a tenant might be, or how diligent in paying the monthly rent, even terrific tenants can get badly hurt by a foreclosure.

Landlords don’t usually discuss their financial problems with their renters. Why would they? If the property owner is falling behind on his/her mortgage payment, they fear that if the tenant finds out, the tenant might just follow suit and quit making the rent payment. And the landlord, headed for foreclosure,  needs money badly. Tenants of rental properties are often among the last to know about a pending foreclosure.

A landlord’s  foreclosure leaves a tenant in a precarious position and can potentially have a lasting effect on the tenant’s future ability to rent as well as throwing the tenant’s life into disarray while they scramble for housing unexpectedly. The scramble for a new home is a short-term problem. There are other pitfalls for renters, that can last for years beyond the foreclosure, and have a much more significant impact on the renter’s future.

When a lender “takes back” a home through foreclosure, the lender’s primary goal is to sell the property as quickly as possible. Empty properties are easier to sell than occupied properties. The lender, determined to sell quickly, must take steps to make the house as sell-able as possible. These steps often include emptying the house of it’s occupants. In other words, and eviction takes place. And here is where tenants can get hurt.

An eviction is a formal, legal action. Many legal actions are part of the Public Records. And Public Records are part of a Credit Report. So a tenant can end up with an Eviction on their Credit report! This can happen even if the tenant does not fight the eviction. Many lenders will “follow protocol” just to be sure future litigation cannot happen. Protocol in this case is a legal eviction. The lender, wishing to have a perfect “paper trail” of documents, can insist on following the letter of the law with regards to an eviction. They insist on following the process to it’s bitter end.

The ripple effects of the current mortgage market continue to surface in unexpected ways.  If you are a renter and find yourself in this unpleasant situation, document everything (make copies of any communications, and make written notes of any verbal conversations). You might want to consider speaking with legal counsel just to be safe. And make copies of all your rent checks (front and back) in case you ever need to prove that you made all your rent payments on time.

Posted in Credit Bites, Foreclosure, Miscellaneous, Real Estate Bites | 1 Comment »

Tags: bremerton real estate, kitsap real estate, port orchard real estate, poulsbo real estate, silverdale real estate, washington state foreclosure

John and Mary are frightened and more than a little upset. They need to ask for an extension on the closing of their new home purchase because the financing is not ready. They made an offer on their new home 26 days ago and had no idea their Loan Approval Letter was not worth the paper it was written on! Now their Earnest Money is at risk and the money they already spent on a moving company is in question. In addition, they have already paid for the appraisal.

When is a loan approval not a loan approval?

This is not a frequent occurance. It does happen often enough that savvy Realtors® and experienced sellers are somewhat wary of Mortgage Pre-Approval Letters from loan officers they don’t know through previous transactions. The reason they are wary is simple. Experienced Realtors® know that Pre-Approval Letters are written by loan officers, and loan officers can’t approve loans!

The who’s who of a mortgage transaction.

A Loan Originator is the real name for a person like me who is more commonly called a Loan Officer. A loan originator does exactly what the title implies. He or she creates (or originates) mortgage business. A loan originator’s primary job is to supply a never-ending flow of new loan clients. The title of Loan Officer is rather misleading. A good loan originator does not have to work very hard to maintain a flow of business. Previous happy clients and satisfied Realtors® will keep him or her pretty busy without the need to spend much time marketing.

After they find a client to work with, loan originators are responsible for making certain everything that must be done to close the loan, is indeed accomplished. This includes coordinating a Title Company, an Appraisal Company, a mortgage processor, two Realtors® (one for the buyer and one for the seller) and of course, the borrower. But, a loan officer does not approve loans.

The Loan Underwriter is an employee of the bank. The underwriter’s job is to make sure the borrower (represented by the Loan Originator) fits the Lenders Guidelines for Approval. The underwriter is the person who actually approves the mortgage loan. Very few borrowers ever speak with a Loan Underwriter. Many underwriters prefer it that way. They are busy people who want to be able to move quickly from one loan to the next. There jobs are dependent on speed and accuracy. Getting bogged down with client phone calls does not help with either speed or accuracy.

Whether you, as a borrower, are working with a Bank or a Mortgage Broker, your primary contact is probably a Loan Originator, not an underwriter.

How do you make sure your Pre-Approval Letter is worth something?

A Loan Commitment Letter is the document an underwriter sends to the loan officer once a loan is approved. This is the real thing! A commitment letter will detail every aspect of the mortgage. It will include the terms and interest rate. It will itemize the “Conditions” (the items that must be provided or explained for final approval). The commitment letter will be dated and it will have an expiration date. It may be signed by the underwriter. The Loan Commitment Letter is a formal, legally binding document.

So, if you want to be sure your pre-approval is really an approval, request to see the Commitment Letter! If you are unfamiliar with anything in the letter, have your loan officer explain the unfamiliar portions. It is after all, your loan commitment letter and there is no reason you shouldn’t see it!

In Washington State and many others, the seller has the right to request this proof from the Buyer’s Agent. If the seller has a savvy Agent, the Agent will verify the validity of the Pre-Approval Letter by requesting a Loan Commitment Letter.

In John and Mary’s case, had they simply known to ask for a copy of their Loan Commitment Letter, they would have found out that the loan was not yet approved when the Pre-Approval Letter was written. It shouldn’t have happened the way it did, but this happens often enough that as an educated borrower, you must verify that your pre-approval is a genuine approval.

Posted in Miscellaneous, Mortgage Bites | 5 Comments »

Tags: bremerton real estate, first time homebuyers, port orchard real estate, poulsbo real estate, silverdale real estate