A recent economic forecast from the National Association of Realtors (NAR) reports existing home sales are expected to grow by 1.2% this year and 5.1% in 2012. And although the median existing home price is predicted to dip about 4% this year, it should recover and go UP 2.6% in 2012. Sales should also jump to 5.22 million units from this year’s projected 4.97 million.

Yes!!!! Did you know that an increase of 1% on an interest rate for $100,000 = approx $12,000 dollars less house for the same payment? So if you are looking at getting a loan of say $250,000-$300,000 that would cost you $30,000-$36,000!!!  Rates are expected to go up. You better get on it! Call me with any questions!

E-mail me and I’ll send you a free list of foreclosed or pre-foreclosed homes for sale in the Lynden area or in other area of Whatcom County.

Yes you can…Sometimes!  VA allows us to finance up to 4 units using VA financing as long as the borrower will occupy one unit as a primary residence.  This would apply to duplex, triplex, fourplex.  One parcel, one parcel #.  What about condos? A condominium is an individual property in itself with it’s own parcel #.  Theoretically, a veteran could purchase 1 condominium owner occupied.  All condominiums using VA financing must be prior VA approved.

According to the language in the NWMLS purchase and sales agreement, when a buyer purchases a home from a seller anything fixed to the home is included in the sale unless stated otherwise.  What happens to the satellite dish that is fixed to the home? Shouldn’t it automatically transfer to the new buyer? The answer…? No it is neither the buyer or the seller’s property. In most cases the satellite dish company owns the equipment. If the new seller wants it gone then all they must do is pick up the phone. Or if they would prefer to use it they can sign up for service and I’m sure the satellite dish company will be more than happy to put them in a new contract!

Here is the scenario…I have some buyers who would like to purchase a condo and they would like to buy the condo now and rent it out. In the meantime they will be attempting to sell their home. Once their home sells they would move into the condo. Creative way to buy their next home without having to feel pressured to sell their home right away and potentially for less money than if they had more time right? But is this possible? Condo financing is much more difficulty anyway let alone being non owner occupied.

Can it be done? Yes The 30-year fixed rate of 4.50% has a zero loan fee today for an investment condo purchase with a 25% down payment.  The Homeowner Association would need to be reviewed for FNMA financing eligibility.  We would need to check with the HO Association because they limit the number of rentals in order to obtain FNMA financing.  They may be at their cap percentage and may not allow a unit to be purchased as a rental.