Foreclosures, bank owned properties, real estate owned (by lenders, REO’s) are at the top of the list of hot topics in the real estate and lending industries.  A perceived slowdown in the national real estate market; new higher risk mortgages, and concerns about increasing interest rates have brought lots of attention to a sector of the market that has gone unnoticed for the past few years.

Aside from the traditional reasons that people get into trouble, a new and very significant foreclosure concern is that home owners may become overextended by adjusting mortgages, sub-prime loans, and other “creative” financing options that have become available in recent years.  There are solutions available to those in this situation; a realtor experienced in what is called a “Short Sale” can literally save the day, creating a good deal for the homeowner, the lender, and a buyer.  Confronting the problem is more than half the battle.

In a forclosure situation, a realtor experienced in foreclosures, and the multi-tiered negotiations required to resolve them are the homeowners best bet.  Just as you would employ an attorney or CPA, you hire a realtor to confidently and confidentially take charge of the situation, negotiate resolution (usually in the form of a sale), and hopefully put some of your investment back into your pocket.  The key to all of this is the bottom line$; Lenders know what is in their best interest, and their best interests are not met thru foreclosure.  The time to resolve the problem for the homeowner is sooner rather than later.  The longer the party in default waits before taking action, the less likely it is that the situation will be resolved before the foreclosure.  (You should also consult with an attorney; your realtor will be able to refer you to one who specializes in real estate)

For homebuyers and investors, the time to take action is also sooner rather than later.  Information is available thru realtors, as well as the internet, regarding property owners in default.  The internet information/subscription services are useful, but the data provided is often dated and incomplete.  If you are looking to buy foreclosure properties, by all means check them out on the web, and then get your realtor involved.  Lenders would prefer to work with a professional third party, and they expect the third party realtor to be compensated for his or her efforts.  A win-win for the all. 

If you are interested in buying foreclosure properties, or if you need to sell your home, contact your real estate agent….we have the answers.

Phil Sharp Homes, Phil’s site for Olympia, Lacey, Tumwater and Yelm Washington Homes and Real Estate for Sale

Real Estate Website for home buyers and sellers serving at Ft. Lewis, McCord AFB, and other military installations in western Washington.  Phil Sharp; Retired Army Realtor.

Finding the right realtor is not just about calling the agent with the best looking website or advertising; it is about finding someone whose personality is compatible with yours, and someone who will help you buy, or market and sell, your home in a manner that suits you.  Then you get to the nuts and bolts;  when you hire a realtor, you are not just entering into a contract with him or her, you are engaging the services of that agents’ entire network. 

An accomplished realtor should have a network of associates who can assist in all aspects of your transaction.  Starting with the Title company used by your agent to produce a title report, to a contractor to repair items identified by the buyers inspector, your agent should have these people in a back pocket ready to resolve the inevitable issues that arise in the course of buying or selling a home. You should expect, as a matter of routine, for your agent to bring up his or her network at your first meeting.  I routinely discuss the following with clients before representing them.

· Title costs and procedures
· Inspections/inspectors
· Reputable lenders (things to consider when finding the right lender)
· Contractors (plumbing, electric, landscape, paint, minor to major repair, etc.) 

Your Realtor should also have the following “on tap” if needed:

· Land use planner/engineer (especially if you are looking to build)
· Septic designers and well drillers
· Architect or draftsman (many folks plan to add additions etc. after purchase, do you know if the people that issue the permits will?)
· Wetland/environmental experts (for all of the reasons mentioned above)
· Many others!!! 

As realtors, we represent ourselves as experts in the field of real estate.  The term “real estate” is very broad, it includes not only our homes, but the roads that serve them, the water, the sewer, community impacts, and everything else we take for granted until it affects our purchase or sale.  No one person will have all of the answers; but you should insist that your expert know what questions need to be asked, and of whom.   

Phil Sharp, Abbey Real estate Inc. & Sharp and Sharp Holdings LLC:  Whether you are buying or selling a home, the name of the game is exposure. Marketing is what I do, on this site and numerous others; Ask me, I can prove it! And Get to Know Your Realtor©

See Additional Pictures 905 Deerbrush Dr SE Olympia, WA 98513-2155 $224,000 3 Bed, Two bath home on large (1/4 acre) lot in the Meadows, 12 min. to Ft. Lewis, and less than one block from the Meadows Elementary School. Home features recent upgrades to include wood floors, window treatments, wood burning insert, and appliances. Large private fenced yard with room for entertaining, RV parking and gardening. Perfect home for a family and in need to be close to the freeway. Directions: S on Marvin, L on Steilacoom, R on Deerbrush to home on R
Listing #: 27059484	Year Built: 1984

Lot Details

Curbs, Open Space, Paved

 Property Type Residential

Street, Sidewalk

 Tax ID 61790021400

View	Territorial

 Beds: 3 Baths : 2

Roof	Composition

 Approx Square Feet 1116

Style Code

10-1 Story

 Lot Sq Ft (approx) 11761

Total Covered Prkg

2

 Lot Acres (approx) 0.270

Parking Type

Garage-Attached

 Map Coordinates 14, E4

Exterior

Wood

 County Thurston

Interior Features

Bath Off Master, Dble Pane/

 Community Meadows

Strm Windw, Pantry, Skylights,

 School District North Thurston

Vaulted Ceilings, Walk-in

 Elementary School Meadows Elem

Closet

 Jr. High/Middle Schl Nisqually Mid

Energy Source(heat)

Electric, Wood

 Senior High School River Ridge High

Heating/Cooling

Wall

 Potential Terms Cash Out

Floor Covering

Ceramic Tile, Hardwood, Vinyl,

 Lot Topog./Veg. Garden Space, Level

Wall to Wall Carpet

 Site Features Cable TV, Deck,

Appliances That Stay

Dishwasher, Range/Oven,

  Fenced-Partially, Patio, RV

Refrigerator

  Parking

Phil Sharp, Abbey Real estate Inc. & Sharp and Sharp Holdings LLC:  Whether you are buying or selling a home, the name of the game is exposure. Marketing is what I do, on this site and numerous others; Ask me, I can prove it! And Get to Know Your Realtor©

     Coffee house chat has it that the real estate market has somehow changed for the worse, but can’t put a finger on it.  I disagree; people are listing homes, they are selling homes; they are happy, and they are making money.   The psychological effect of down markets in other parts of the country, record new construction numbers in Thurston County, and unreasonable expectations from some sellers has definitely had an impact on our collective perception of the market.  The facts, however, are that we are buying and selling homes at a brisk pace, interest rates are great, and our geographic location and projected growth bode well for the future.  
     If you are thinking of selling your home, think of it just as you would selling yourself, your business, or anything else of value.  You must stand out among the masses, you must not be distressed, and you must not be too expensive.  Many sellers, who really are anxious to sell, are acting like unmotivated sellers;  the highest price in the neighborhood, thinking the buyers will have “vision” when it comes to the yard devoid of grass, the little hole from the doorknob behind the front door….these things tell your buyers that they can keep looking, this home isn’t going anywhere.
     I don’t mean to say that you should make your home like new before putting it on the market, but it is in your best interest to make it “Show” in its best light.  Your agent should make suggestions regarding clean-ups, repairs, and weather or not you will get a return on the investment.  Remember though, the return may not come in dollars; it may come in the form of a contract, resulting in a quick and hassle free sale.  I have personally patched the hole behind the door, seeded the yard, and cleaned the windows in order to make a property show well and sell, the goal being to close the tranaction and make all concerned happy.
     A number of techniques to help a home “show well” have come (back) into style.  Not very long ago, there were so few homes on the market that price was the only consideration.  Buyers were willing to seed the yard and patch the hole.  Not anymore; an increase in inventory has created  competition, and competition has become our collective “speed bump” in Thurston County.  If you want to overcome the “bump”,  curb appeal is the name of the game, and it applies to the entire property, from the attic to the crawl space to the price.  Clean it up, pretty it up and paint it if needed.  Don’t give YOUR buyer a “negative” to compare with the house up the street. 
     In addition to the obvious, staging is something else that can be very helpful.  Demonstrate the use of space (as well as spaciousness) with small items of furniture, decorative curtains, vases with plants and flowers, and tasteful wall hangings; all help your buyers get a personal feel and ideas for what they will do upon moving in.  Your realtor should be willing to help with some staging, and can also refer you to companies that provide this service for a fee.
     There are several key elements to making a sale, not the least of which are the item which is for sale, and the needs of the buyer and seller.  Two of the previous three are within your control.  The third, the buyers, are out there; just look at the stats in the Sunday Olympian.  The buyers that make up those stats bought the home that appeared to be the best deal for them, both in terms of price and desirability.  Those buyers were looking for the same things you were when you bought; a solid home without questionable issues at a fair and reasonable price.  People don’t come back for a second look if the home doesn’t meet those criteria.  Not if you repeatedly drop the price, not if you fill the hole, and not if you seed the yard; get it right the first time or YOUR buyers just won’t come back for a second look.

Phil Sharp, Abbey Real estate Inc. & Sharp and Sharp Holdings LLC:  Whether you are buying or selling a home, the name of the game is exposure. Marketing is what I do, on this site and numerous others; Ask me, I can prove it! And Get to Know Your Realtor©