I am consistently asked “why I would list the house for short sale instead of just walking away?”

Besides the financial benefits, the short sale process is the right, honorable choice instead of foreclosure. I am talking about when the home owner is just abandoning the property and not even considering the short sale. Why not when given an opportunity to create win-win among home owner (who is on title), the bank (lien holder) and provide extending benefits to real estate agents and the neighborhood community (where the home is located). The sale is handled just like any other sale.

When divorce, death, loss of income or any life circumstances strike a family, the home owner may not able to maintain the loan current, the first thing the home owner must do is to sit down with a short sale experienced listing agent to talk about how to plan out the sale.

All banks are motivated to complete a short sale vs foreclosure. The foreclosure is an expensive process to the bank. It is a legal process against the homeowner and later the bank has a vacant home. The condition of the home cannot be predicted after the home owner moves out.

Here are some emotional benefits of short sale:

• One may feel better knowing that they are selling their home, handled just like any other sale.
• Knowing who is buying the house, choosing the buyer for the future of the home.
• Avoiding  the social stigma, “my home was foreclosed”
• Integrity! Even one may not pay the full amount on the loan, home owner and listing agent are working with the bank to come to mutual agreement instead of walking away and be irresponsible.

Here are some financial benefits of short sale:

• If the loan is current, even though finding Fannie Mae loan could be very difficult but Fannie Mae guidelines allow the new buyer to purchase another home immediately.
• If the loan is current, one can qualify for FHA loan, as long as moving 600 miles away.
• If the loan is current, the lender will not have deficiency against the home owner.
• If fallen behind, 30 days late, FHA loan requirement is to wait about 3 years; Fannie Mae is 2 years for a new home purchase versus to wait 7 years after a foreclosure.
• Credit Bureaus report the short sale as “paid in full for less than agreed or settled for less”.
• FICO score drops from 50 points to 130 points as reported by some clients, mainly due to being in default rather than completing the short sale. Foreclosure impacts the credit scores about 105 points to 160 points.
• Loan application includes a question “Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years”, not have you ever had a short sale? The application is immediately denied with foreclosure history, lying is mortgage fraud.
• The lien holder will send in 1099C (cancellation of debt) to the home owner, under Mortgage Forgiveness Debt Relief Act of 2007, the provision excludes the debt as a taxable event on all primary residence purchases.

IRS website states: “This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return. More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.”

• A job application may be denied if the prospective employer runs a credit check if there was a foreclosure in the last 7 years, not over a short sale.
• Home owner may be qualifed for HAFA Program, as outlined at their website “Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.

During the short sale, home owner may reside in the property until the lien holder approves the sale. Just like any other sale, the home owner will have the closing date to plan out their move and walk around to neighborhood, holding their heads up to say goodbye to their neighbors instead out being forced out of the house by the bank  the middle of the night with no goodbyes…

In closing, feel free to call Sebnem Oden, Realtor®, Broker for additional information about your bank’s short sale procedure and never forget to contact a licensed professional for legal and tax advice before making a decision between short sale and foreclosure. In order to have affordable help for expert legal advise for this and any other legal help, go to www.RightsInUS.com

Oh by the way, if you happen to know anyone who would like the level of service I provide.   My purpose for you to be outrageously happy with the help I provide that you will gladly introduce me to friends, family and co-workers who are struggling with their home value being less than the mortgage amount.

Make it a happy day!

• Bennett Home, Award winning, respected WA builder almost 30 years
• Superbly maintained by original owner since 2007
• Corner lot, adjacent to lush trees
• Approx. 3525 square feet
• Open, airy and spacious floor plan
• 4+ Bedrooms and 3.25 Bathrooms
• Main floor designed for entertainment, Family Room, Living Room, Dining Room, Kitchen and Office
• Main Office/Den with French doors and deep closet
• Family room has gas fireplace for chilly Northwest days
• Gourmet kitchen offers plenty of room for several cooks in the kitchen
• Granite slab counters, Double oven, Large kitchen island, maple cabinets
• Large size pantry with double doors
• Generous size Master Bedroom suite
• Spacious Recreation Room on third floor with closet and full bath, could be 2nd Master suite!
• 4 Bedrooms on the second floor with 2 Baths
• Laundry Room with full size washer and dryer
• Fabulous upgrades of millwork
• 3 car garage
• 2 Decks
• Large yard with raised beds for gardening
• Back yard is fully fenced, adjacent to lush green lot and trees
• Northshore School District
• Short sale, bring all offers

I visited a friend’s house which is on the market to sell in Everett…. Located at 612 Colby Avenue…Wow, what a cutie!!!!

Perfect home for that first time buyer or down sizer. All on one level for convenience and located in one of the most desirable area of North Everett. It is so close to West Marine View Drive for a stroll or Everett Community College… Oh, it is also so close to American Legion Memorial Park, great place to check out Evergreen Arboretum Gardens

The home has been completely remodeled in 2004 with all major systems replaced. New hardie siding, vinyle double-paned windows, electrical, furnace, HVAC, plumbuing and water heater… and more

Living room centered around the slate-fronted gas fireplace and gleaming refinished hardwood floors… Yes, you will have to take your shoes off…

You may stop and gaze out to the mountain range and the Legion Memorial Golf Course

Enjoy the master suite with plush carpet, attached 3/4 bath and walk-in closet.  On the opposite side of the home, are 2 additional generous bedrooms, which share a full private bath.

Kitchen with newer appliances, granite counters, oak cabinets and laundry nook.

Open floor plan flows from kitchen, to dining area, living room and rear covered patio.

Attached single garage with workspace, and alley access to large rear yard complete the package.

Priced to sell at $315,000″

It is so worth checking out if anyone is interested to live at North end of Everett…

Feel free to call me for a private tour!

VIRTUAL TOUR

Sebnem Oden

206 619 3652

• Built 2001, approx. 1861 square feet
• Open, airy and spacious floor plan
• 3 Bedrooms plus Office/Den & 2.5 Bathrooms
• Part of the garage converted to office/den with exterior access door
• Main floor with Living room, Dining room and Kitchen designed for relaxation & entertainment
• Living room has gas fireplace for chilly Northwest days
• Spacious kitchen offers plenty of room for several cooks in the kitchen
• Large size pantry with double doors
• High ceiling in hallway brings abundance of light
• Hardwood floors through out
• French doors lead to generous size Master Bedroom Suite with 5 piece Master Bathroom & Walk-in closet
• Delightful territorial views from Master Suite
• Walk-in closets in all bedrooms
• Laundry Room with utility sink for full size washer & dryer
• Fully fenced small back yard, adjacent to lush green trees
• Well manicured landscaping by HOA
• Corner lot, adjacent to lush trees in the back
• Short walk to North Creek Park
• Bring all offers, short sale.

Well, there are many predictions out there about the real estate market, just like the weather predictions, 2012 predictions, is it a boy or a girl predictions? Who do you believe, who do you listen to?

I do not have a crystal ball and no one I know has one either…. I do like to look at statistics and share with you so that you make up your own predictions about when to buy, if to buy, when to sell and if to sell…. Should I wait to buy? Should I wait to sell?

Here I am, just sharing the information which is available to me as a Realtor from the Local MLS. You make up your own mind where you think the Real Estate Market is going… Some  look at the past to make choices about the present moment and/or  to predict the future… Does the past repeat itself? It is up to you…

Yes, the inventory declined by 4% July 2010 vs June 2010. We had 50,782 active listings in January 2010 so the inventory is higher compare to January by 21%. For the year, we are up 21% in active inventory.

Pending Listings which are waiting to close are up 1% comparing June 2010 vs July 2010.  Year to date, pending listings +2%.

Sold Listings which are closed transactions are down 26% comparing June 2010 vs July 2010.  Since we had record high month in June 2010 due to First Time Home Buyer’s Tax Credit.  Year to date, sold listings are up 30%.

Current Economic forecast is labeled as “modest” by The Federal Reserve’s board of governors last week.  It is a slow slog, we are recovering… The news can be discouraging if one gets guided by it…

I say consult a Realtor about  your specific situation and know your options…

Sebnem Oden, Realtor

206 619 3652

sebnem.oden@exprealty.com

www.ProKeyRE.com

Woodinville is a great destination for anyone who loves fun-filled, romantic or relaxing getaways. It is a high spirited business community where Woodinville Business Owners collaborate to make their community as fertile as the soil in Woodinville.

Today, Woodinville is a destination for many visitors. Woodinville residents are a strong community of people who love and preserve their home town proudly.

Here are some exciting reasons to visit Woodinville, one of the best places to live in the Pacific Northwest.

1. Woodinville Wine Country is home of 50+ wineries including Chateau Ste. Michelle and Columbia Winery, conveniently located just a short trip from Downtown Seattle. Several wineries offer daily tours and wine tasting. Wineries are friendly and welcoming to all visitors. Some of them are also available for private, by appointment only tours and they can be reserved for special occasions.
2. Château Ste Michelle’s Summer Concerts You may shake hands with stars like Crosby, Stills & Nash, BB King, Ringo Starr and his All Starr Band, James Taylor, Chris Isaak, Lyle Lovett, Smokey Robinson, Gipsy Kings, Chicago who sung at Chateau Ste. Michelle’s Summer  previous Concerts.
3. Redhook Brewery Woodinville is home of Redhook Brewery. Founded in 1981 in Seattle in an old transmission shop, in 1982, the first Redhook Ale was poured. The original Ale was inspired after spicy Belgian Ales. Most beer drinkers get confused and surprised by the flavor of Redhook Ales… Great place to stop for a tour and taste…
4. Sammamish River Trail connects to Burke-Gilman Trail; 10.9 mile long recreational trial, Bothell to Marymoor Park, one may bike, walk dogs, roller blade, or run from Seattle to Woodinville.
5. Willows Lodge is a welcoming, calming and comfortable grounds, just gives taste of richness to one’s life experience for as a  day visit, business meetings, spa visit, wine and dining, weddings and many more…
6. Herbfarm Restaurant, unique menus showcasing the exceptional foods and wines of the Pacific Northwest. It a must visit… Always booked out days, so call ahead of time.
7. Molbak’s Garden Center offers incredible range of flowers, plants, decorating ideas, events…. Such an inspirational place to have fabulous ideas for home and garden
8. Woodinville Heritage Center is dedicated to preserve.    The Society’s mission is to acquire, preserve and perpetuate the artifacts and history of the greater Woodinville area. The Woodinville Heritage Society holds general meetings at Brittany Park Retirement Center on the 3rd Saturday of January, March, May, July, September and November at 10:00am.
9. Woodinville’s Jerry Wilmot Park lies along the 10-mile Sammamish River Trail that connects Blyth Park in Bothell to Marymoor Park in Redmond. Just over a mile south of downtown Woodinville, the Sammamish trail connects with the half-mile Woodinville Valley Trail that will take you across the Sammamish River to the wineries and brewery.
10. Woodinville Farmer’s Market
11. is located at the Carol Edwards Center, NE 175^th Street and 133^rd Avenue NE,
12. The market is open 9am to 3pm every Saturday from May 1st to October 9th, 2010. Great      place to hang out to speak to local neighbors, farmers and new friends… Market’s motto is “Eat local, eat fresh, eat well!!”

If you have any other favorites in Woodinville, please email me and let others know… Check out properties for sale at www.ProKeyRE.com

Sebnem Oden, Realtor

206 619 3652

As seen above chart, Residential active listings units dropped 20.55% from 8707 units in 2008 to 6918 units in December 2009 while Pending Residential units increased 55.10%, as Dec 09 pending listings were 1413 units compare to 911 units in December 2008.  There is a huge increase in sold units at 57.37%, 1462 units closed in 2009 vs 929 units in 2008.  Snohomish County Sold Residential unit increase is at 89.02% when compared to 2008.

As seen above chart, Median Price declined all across for Active, Pending and Sold Listings.  For December 09 sold median price was $380,000, dropped 6% compare to Dec 2008 while year to date Median price dropped further to 11.62%.

As seen above chart, the other important indicator to watch is “Days on the market” (DOM). There isn’t a significant difference, as little as 1.19% for Dec 09 and 6.85% for the year.

Over all, Inventory of homes dropping while sold home units are increasing. December 2009 Market Trend is showing a promising future for buyers and sellers. Yes, values are declining as there is activity out there…..

If you would like more personalized information for your area, please contact me via emailSebnem.oden@exprealty.com or visiting my website www.ProKeyRE.com

Wishing you a prosperous real estate future….

I often get calls from my active buyers asking “when to buy”. My sellers are asking me “when you sell”. Each party wants to know how long to wait before pulling the trigger.  My answer is “when it is the right time for you, your budget and your family”.  Each person has a different life event that calls to buy or sell real estate.

Northwest Multiple Listing Service (MLS) reported as following stats for Dec 2009.

As seen above chart, Residential active listings units dropped 19.01% from 4362 units in 2008 vs 3533 units in 2009 for the month of December while Pending Residential units increased 38.02%, as Dec 09 pending listings were 628 units compare to 455 units in December 2008.  There is a huge increase in sold units at 89.02%, 654 units closed in 2009 vs 346 units in 2008.

As seen above chart, Median Price declined all across for Active, Pending and Sold Listings.  For December 09 sold median price was $287,000, dropped 19% compare to Dec 2008 while year to date Median price dropped further to 13.06%.

As seen above chart, one other important factor to watch is “Days on the market” (DOM). Due to better pricing of the homes as they get listed, DOM has dropped 12.3% for sold listings in December 2009 vs 2008.

Over all, Days on the market is shortening, Inventory of homes dropping while sold home units are increasing. December 2009 Market Trend is showing a promising future for buyers and sellers. Yes, values are declining as there is activity out there…..

If you would like more personalized information for your area, please contact me via email Sebnem.oden@exprealty.com or visiting my websitewww.ProKeyRE.com

Wishing you a prosperous real estate future….

Downtown Kirkland opens its doors to romantic couples, their friends and family for a very special event on Valentine’s Day 2010.  Special Celebration will be held on Valentine’s Day February 14th 2010 in Historic Hall in the heart of Kirkland, WA

Couples will hold their wedding, renewal of vows or commitment ceremonies. The event is held by www.KirklandWeddings.com is a membership organization of Kirkland based business’ collaboration. Kirkland based companies provide product and services to support weddings so couples may save money for Honeymoon and Reception. Local Kirkland Restaurants are available for Reception celebrations. Make sure to book in advance!

All participants must register before Feb 1^st, 2010 and are offered $350 package. Ceremonies will be held on Sunday, February 14^th 2010 for 24 hours on each hour of the day.  Marriage license must be obtained by each couple from State of Washington and submitted to KirklandWeddings.com before February 5^th, 2010

Below are the services included in the package:

• Seating for up to 30 guests with the use of Heritage Hall in Kirkland, WA
• Decorations and fresh flowers
• Ceremony Text available
• Service of the Wedding officiate
• Traditional Wedding Music
• On-site Wedding Coordinator
• Bride’s fresh flower bouquet
• 30 minutes of professional photographer’s time
• One photo 5×7 and other pictures are available to purchase

Here are several more details to be aware of:

• Music could be provided if the musicians are available. Early registry could be helpful to reserve the musician.
• Witnesses could be provided upon request.

To get more information an details of the event, please contact www.KirklandWeddings.com

This quaint river-side towne is famous for its Historic Homes and Gardens. Snohomish architecture contains a delightful variety of styles.  As an example, Blackman House is a must see. A Dutch colonial style with Queen Anne Towers, it is located on the corner of Fourth Street and Avenue D. Snohomish architectural collections reflect Queen Anne Victorians, English Tudors and Dutch Colonials as a testament to the diversity of Snohomish pioneer residents. Historic Homes Tour are offered for those who appreciate a stroll among gorgeous historic homes.

 Snohomish Garden Club held its 25th Annual Snohomish GardenTour on July 26th 2009 featuring gorgeous gardens among Historic Snohomish Homes on a lovely Sunday afternoon.  Do not miss this Summer’s 2010 Garden Tour.

Historic Downtown was a busy hub for milling, timbering and farming in 1860s. Today, there are delightful varieties of charming shops on First Avenue where visitors can take a day and…  

• Discover antiques, collectibles and modern gift shops,
• Explore Native American artifacts and stain art glass shops,
• Recall your parents past with nostalgic vintage and contemporary items at Pegasus Theatre Store
• Relax at Bee Hive Day Spa
• Enjoy a nice selection of brews at Fred’s Rivertown Alehouse,
• Snohomish Bakery will entice and satisfy you with arguably the best European pastries and breads in Washington- my personal favorite! 

The Snohomish and Pilchuk Rivers border the town and provide a long list of recreational activities for the whole family. A natural choice for a scenic route through downtown is the Snohomish Riverfront Trial.

For those with more lofty ambitions or the need for adrenaline try out Airial Ballon Co’s Hot air balloon for stunning views of Snohomish River Valley and Harvey Airfield for Skydiving lessons, helicopter tours and even chartering your own plane.  

Snohomish Farmers Market is available on Thursday Evenings, 3pm until 7:30pm May 14th – Sep 24th. And offers wide varieties of cut flowers, fruit and farm fresh vegetables.

In Snohomish’s Ghost Sightings are common, especially at the Oxford Saloon. You may want to stop by to check out the picture album of ghosts… You may meet Joe, Madame Kathleen and Mr Peterson.

Some of the upcoming events are fun for kids all ages, GrandFrog Day, Easter Parade, Snohomish Festival of Pumpkins, Kla Ha Ya Days… Snohomish activities list is endless…

Snohomish is a strong cohesive community even though many residents commute to Everett, Seattle and Eastside. Snohomish residents take pride in maintaining the historic values of their town and are proud to be Snohomish Residents. The county is also well managed fiscally. Snohomish residents enjoy lower real estate taxes than their King County neighbors

The town of Snohomish is very dear to my heart since one of my best friends lived and owned a business, Casa e Cucina Francesca in town. Local residents are very welcoming and friendly to visitors or to new home owners. If you know anyone who would like to make Snohomish their home, there is a wonderful Victorian is for sale located at 324 Avenue E, Snohomish, WA 98290.

This True Victorian was crafted in 1890 and sits on 1/4 acre lot in Snohomish’s Historic District. The garden boasts 70+ types of Roses and delicious Wine Grapes to eat or make wine. The outdoor pond makes a great place to relax watching the Hot Air Balloons float by from the valley below.

Inside this home the gourmet Kitchen was recently updated with granite counters and elevated maple cabinetry (ideal for taller cooks). The Wood floors were just refinished and are beautiful. Sconces & chandeliers reflect Victorian Era romance! Enjoy the cozy gas fireplace during chilly winter nights. The original 1890′s deed, signed by United States President, US Grant  and the original Heirloom Oil painting of the home make this a truly unique home of historic significance.

This wonderful Victorian is only a short stroll to the shops and restaurants described above.