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Tacoma Home Seller Sewer Inspections Postponed Until December 2010

Friday, October 1st, 2010

The City of Tacoma updated the city website September 29th. with the information that the City Council voted to delay the implementation of the Side Sewer Inspection Program. ( I loving call it Project Fiber) Until December 1st 2010. During the time between now and December the city may be considering changes to the proposed ordinance as the city staff continues to review the program.

What does this mean for people who are buying or selling a home in Tacoma? Currently it means nothing is changing in the process of buying or selling a home in the city limits of Tacoma. However, as of December 1st. 201 it can mean that the City of Tacoma will require all sellers to provide a video and written report of the condition of the side sewer pipes for all properties sold within the city limits.

In my opinion the way the current ordinance is written that the side sewer inspection requirement will be another hurdle that buyers and sellers will have to overcome even if the home is a short sale or a bank owned foreclosed property. Who exactly will pay for the inspection and or the repairs? If a seller is not able to make their mortgage payment how can they be expected to repair a sewer line? If the property is foreclosed on this will be just one more thing for the bank to not agree to repair. The burden will revert to the buyer. What buyer will agree to pay for a sewer line inspection much less any repairs on a short sale? This will only continue to keep downward pressure on prices of homes in Tacoma. I realize that having broken sewer pipes is not an ideal situation however, in our current economic situation many buyers are not willing to take on one more burden even if the home is what they are looking for.

I hope the City of Tacoma will come to realize that the side sewer ordinance while logical on many levels is going to be a burden both on prospective home buyers in Tacoma but on home sellers and the City itself. It is time to flush the side sewer ordinance.

Posted in Buying a Home, Ramblings, Selling a Home, Tacoma | No Responses »

Looking to buy a home in Tacoma? What are you looking for?

Monday, September 27th, 2010

You’ve decided you want to look at houses in Tacoma, or perhaps you think you want to buy a home in Tacoma. Where are you looking to find information on houses for sale in Tacoma? I offer a search function here on Classic Homes Northwest yet, it is not utilized by as many people as I would like. I am looking for feedback on my home search tool so that I can make adjustments to better serve anyone who wants to look for a home. Currently I do not require registration so that you can look without giving out any information unless you want to. I hope you will take a few minutes and take a look at the home search tool and provide me with some feedback.

You can Search for All Homes for Sale in Tacoma Here.

What do you like about the home search tool?

What do you not like about the home search tool?

How can I improve the tool to better meet your needs?

Any feedback will help me help others who are looking to buy a home in Tacoma. My goal is to be the best Realtor that I can be and all feedback helps me move towards my goals.

Thanks for taking some time and helping me improve.

Posted in Buying a Home, Tacoma | No Responses »

National Perspective: When/If the housing market will improve

Thursday, September 16th, 2010

National magazines and the media have been discussing the housing market and if it will recover. In my local market of Tacoma Washington our market did not take the big hit that other cities did. We still however did lose a lot of homes to foreclosure and to short sales. Slowly things are showing signs of life here. A long journey is ahead for certain.

Time Magazine ran a cover story on Rethinking Homeownership. The article gives several reasons why the author feels that homeownership should not be the American Dream. Interesting points being made in the article. You can read the Time article by following this link to the Time Magazine website.

Forbes Magazines Blog has a post entitled Why Housing Will Come Back. The author paints a much different picture than the author of the Time Magazine post. Another set of interesting points are made in this article. Read the Forbes Blog Post by following this link.

I highly recommending reading both posts and to continue to educate yourself on the topic of homeownership. Is it right for you? Only you know the true answer to that question. Real estate is a very personal and very local decision. What works for you in Tacoma might not work for you in Toledo. To make a blanket statement that housing is good or bad is a fools folly. To make a decision that makes sense for you and your family is the smart way to proceed.

When you are ready to buy or sell a home in Tacoma I will be here to help you make sense of our local market. For national questions I will consult my Magic 8 ball.

Posted in Buying a Home, Ramblings | 1 Response »

Funding for the USDA Guaranteed Rural Housing program has been restored

Wednesday, September 8th, 2010

As of September 8, 2010 the USDA will begin obligating section 502 Single Family Housing Guaranteed Loans.

This news was released in a press release on September 7, 2010

The systems enhancements will

Phase out the old 2 percent fee structure for purchase loan guarantees

Allow for a new up front fee of 3.5% as authorized by Congress

Enable lenders with access to Rural Development Guaranteed Underwriting System to begin submitting new loan requests. This is great news!

The first priority will be to fund the backlog of approximately 1.6 BILLION in conditional commitments. NOW, if you thought USDA was for beef think again! Folks there are a lot of ways to finance homes and the USDA is a option that you need to consider if you are buying in rural Pierce County or anywhere in the United States that is considered rural by the USDA.

If you would like a list of lenders who can help you with obtaining a USDA home loan in Pierce County please use the contact form in the sidebar.

Posted in Lending, USDA Financing | 2 Responses »

Tacoma Side Sewers a Bedtime Story

Tuesday, July 20th, 2010

Effective October 1st. 2010 the City of Tacoma will begin to require a side sewer inspection for all homes sold in the city limits of Tacoma. It is only July why do you care? Why do I care? Let me tell you a little story….

I have a client who is getting ready to bring a home on the market. The home is part of an estate so very little is known about the home. My seller is a very thoughtful person and wants to make sure that the basic systems in the house are functioning as they should be. She called a company that was offering a free sewer line inspection. Free as long as there is an easily accessible clean out opening. Free as long as you do not want the DVD of the inspection. (The city of Tacoma requires the DVD to review the inspection) Almost $500 dollars later my seller is told that the side sewer is in need of repair. Almost $8,000 worth of repair. My seller is collecting additional bids and will have the work completed as she feels it is important. Now that we know the sewer line is broken it is material fact so this is a good thing to have done.

Here are some take away items from this little story.

Side sewer inspections will be expensive for the seller to have done
Sewer repairs are not going to be inexpensive to have repaired.
Waiting until the last minute will cause your home sale to take longer to close.
Buyers will be nervous that if the sewer line is broken what else is?
Lenders are going to be requiring the work to be completed and then they will most likely want to make sure the work is done prior to releasing the funds.
In Tacoma we now have another hurdle to get over to close on sales.

I am leaving out short sales, and REO’s. Who will pay for this if there is no money to pay for the inspection or repairs?

Just helping get you ready for buying and selling homes in Tacoma. Being prepared will help you make the best decisions. Get things taken care of prior to bringing your home on the market. Buyers knowledge is power too!

When you are ready to buy or sell a home in Tacoma please give me a call. Together we can put together a plan to help insure the success of your purchase or sale. I can be reached at (253) 219-1194

Posted in Buying a Home, Selling a Home, Tacoma | 2 Responses »

Perhaps the Closing Date For the $8,000 Tax Credit Has Been Extended

Wednesday, June 30th, 2010

It’s official…. the tax credit has been extended…..will this be the last time?…..Like a bad comedy skit we will not know until it’s over.

Update to the update… We are waiting on the Presidents signature to extend the closing date until September 30th. For more information.

Update- Went to press too soon…nothing has been decided for certain. In the meantime watch the video and get a laugh….

Like a bad TV skit the government simply cannot close the doors on the tax credit. If you were under contract prior to April 30th. 2010 you now have more time to close your transaction. Extended to September 30th. 2010. Or…… perhaps this video give you a better idea.

I hope you enjoyed the clip from Almost Live a comedy show from Seattle during the 1980′s…

Also, I wish I could take credit for finding the clip and using it in this context but my friend Don Reedy in San Diego posted this on Bloodhound Blog yesterday. I simply am copying Don. If you need a Realtor® in San Diego with a great sense of humor and some seriously sharp business skills give Don a shout!

Posted in Buying a Home | 1 Response »

Classic Homes Northwest

Helping people buy and sell classic homes in Tacoma and the Pacific Northwest