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Education and Information – Portland, Oregon Real Estate Information
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Category Education and Information

Trump Suspends Planned Rate Reduction

One hour after President Donald Trump took office the Department of Housing and Urban Development suspended the pending insurance premiums planned rate cut.  This shows the next administration is going to be very cautious and conservative.  While this will restrict some borrowers from buying a more expensive home (or any home at all) overall it will help to insure that the FHA is still viable and able to insure these higher risk mortgages without needing another bail out.  The new administration wants more time to evaluate and analyze the FHA mortgage insurance rates before agreeing to change the rates.  See the article below for more details.  

 http://www.oregonlive.com/front-porch/index.ssf/2017/01/hud_suspends_fha_mortgage_insu.html#incart_river_index

 

 


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Real Estate Investment Tip #14

Watch the Schools – You can find out valuable real estate investing information through the school system. For example, look at: http://www.greatschools.org/oregon/portland/ There are multiple sites like this that rank schools. There are sites that rank them also on how well students fare on tests in math and English (in which most informed parents will be very interested).

What does this have to do with investing? These areas are desirable to parents. And new home buyers that are also new parents will often consider this to be one of their top criteria in finding a home. The homes in these areas go up in value quickly and often sell quickly.

Contact Geoffrey Pohl for all of your real estate needs.


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Outdoor Space So Attractive, Your Smart Phone Pales by Comparison

Eighty percent of homebuyers say patios and decks are “essential” or “desirable” (source: “What Buyers Really Want” from the National Association of Home Builders).

Yet studies also show that the majority of home buyers do not use their backyard. Why? Digital devices of course.

Remember the good old days when children went outside to play because there wasn’t anything else to do? And then TV came along and our moms had to turn off the TV and give us a piercing glare to send us outside. Now there are video games, smart phones and tablets all vying to keep us indoors.

The fact is – your Mom was right. It’s much healthier for all of us to spend time outside and now you own a home with outside space. You no longer have Mom to encourage you to leave your home so you have to take matters into your own hands. What can you do?

Read More


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Real Estate Myth #5: Homes with Swimming Pools are Always Difficult to Sell

False. Yes, there are higher maintenance and utility costs. Buying a home, though, is often as much of an emotional decision as a logical one. And there are ways to make a pool more appealing, such as sliding a sturdy canopy over the top which can turn your pool into a safe, walkable patio. Removing your pool before you sell may not be necessary. Rather than cater to a market that doesn’t want your home, you can cater to the market that does. And many families feel a pool adds value to the home rather than detracting. Before making decisions such as removing your pool – consult an expert. Talk with your trusted Realtor.

Tip: if you are considering buying a walkable pool cover simply search on Google for “Guide to buying pool covers you can walk on.”

Contact Geoffrey Pohl for all of your real estate needs.


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Spring Prep – Part 2: Your Home

Spring is here and it is easy to get spring fever and forget our home ownership responsibilities. However, a quick check on your home in the spring might very well save you time and even large amounts of money. Here’s what you want to look at:

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Spring Prep – Part 1: Your Landscape

Preparing your landscape for summer before your yard spirals out of control can save you time and hassle. Here are some quick reminders:

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8 Ways to Save For Your Downpayment

The housing market is on the upswing, the unemployment rate is ticking downward (5.2% in March, 2015) and the economy is improving. What this means is that many renters are once again eyeing the possibility of home ownership. There is one major hurdle to jump over however . . .

Your downpayment.

The median home price in Portland right now is $281,000 and the days of creative lending are, for the moment, a thing of the past. Most lenders want some kind of down payment and often the minimum required amount is 5%. If you just put 5% down on a $281,000 home that comes to $14,000 for your down payment.

Time to build up your savings account? Let’s get started.

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Top 10 Kid-Friendly Home Tips

Children. Change. Lives.

You may have seen the State Farm commercial recently with a father that says, “We’re never having kids.” Then, “we’re never moving to the suburbs.” Then, “We’re never having one of those (pointing to a mini-van).” And, of course, we see him move a little into the future after each statement and he is experiencing exactly what he said they would never experience. At the end of the commercial, he is sitting with his family of four on the couch, lights low, movie playing, everyone snuggled up together and he says, “I’m never letting go.”

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The Good News/Bad News About Flooring Options

The good news is that you have an array of options that is staggering. The raw material used to create your new floors ranges from old-fashioned hard woods to gin bottles, corn sugar, cork, bamboo and old wine barrels.

The bad news is that you have an array of options that is staggering. Trying to make a decision about which flooring works for which room can be daunting. In this article we will just have a quick overview of your choices and in later articles we will break down those choices and help you determine which flooring option work best in your situation.

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Two Heavy Hitters in Home Design – Which Will Win You Over?

When deciding on your future home, you have lots of decisions to make. But one of the most compelling decisions and the one you might want to start with is:

Modern or Traditional?

Now some might throw “Contemporary” into the mix and they would be right to do so. While some think Modern and Contemporary are the same there are some differences. But that is a discussion for a different article. In this article we want the champ and the best challenger to go head to head. And Modern and Traditional are the big hitters in 2015. Read More


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HOT Fireplace Trends of 2015

Why are fireplaces a hot topic (last pun – I promise) of conversation when buying or remodeling a home? The reason is that fireplaces are becoming the focal point of the “talking spot” within your house. Each house has an area where the family or guests gather to talk and enjoy each others company. Especially with the burgeoning technology that tends to pull us apart (cell phones, games, IPads, etc.) – more and more families are looking for technology that pulls us together. And now we have that technology encompassed in an age-old concept – the fireplace.

Courtesy of Gordon's Fireplace Shop

Courtesy of Gordon’s Fireplace Shop

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20 Energy Saving Ideas for Summer

That’s right – summer is coming. Fun in the warm sun. Fun in the outdoors. Fun on a picnic. Fun on a boat. Fun with high energy bills . . . wait, what? That’s not fun. But you know what? Maybe we can make it fun when that energy bill comes in much lower than expected. Here are 20 tips you can implement today:

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Will housing continue to recover?

Rueters recently reported that Home Depot posted its strongest-ever fourth quarter in terms of sales growth, driven by demand for home renovations, including paint, flooring and appliances. The pickup in home renovations can be explained in part by the improved financial position of many households over the past three months due to an improving jobs market and lower gasoline prices. To what is all of this data pointing?

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TurboTax of the Lending World?

Guess what is coming to Portland next? A company that claims to be able to accomplish with refinance loans what Turbo Tax accomplished with tax services.

The company is called Lenda. Mike Francis with the Oregonian reported on 02/25/15 that Lenda has just launched its service in Oregon.

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More Hot Trends of 2015

Today, we continue our look at the hottest real estate trends of the year. The third contender represents a trend in society where we see websites that allow you to take off-the-shelf legal documents to use for your business, off-the-shelf websites services with ready-made websites you can adapt to your personal or business use and now . . .

Read More


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Hot Trends in 2015

What is trending in real estate this year? What has everyone talking? Let’s take a look.

In real estate, trends are slow to arrive and they often hit commercial spaces first. And though they may entice buyers and sellers, it is worth remembering that trends are just that – trends. They might stay awhile, they might not. But while they are here they certainly are appealing and create a buzz – and when selling a home a buzz certainly doesn’t hurt. In this post, we will look at the first two:

Read More


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Real Estate Investment Tip #29

Watch The Fringe. The Sellwood area, just outside of Portland, was not always in demand. However, when it came into demand, there was a very easy way to note the change – property values skyrocketed. As we watched this happen, you knew one thing for sure – the fringe areas (the ones right next to Sellwood) would be jumping up in price soon. As an investor, you want to look for areas that are overpriced. Other factors are areas close to major transportation like the new light rail in Milwaukie. Milwaukie is close to Sellwood and has a new rail system. That is definitely an area to watch.

To find out what’s planned, you can check with the local light rail, railroad or bus company to see if they will be expanding service in the area. The local town hall or planning department will also have this information. Investors use their money wisely. They look for the indicators. And even first-time home buyers can make good buying decisions using the tools of the investors. Watch here for more articles on investing.

– Geoffrey Pohl, your expert on Portland Real Estate and Portland


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Real Estate Myth #2

Real Estate Myth #2: Even when the housing market recovers, home price growth will be only 4 to 6 percent per year — much less than historical average returns for the stock market.

Lawrence Yun, Chief Economist of the National Association of realtors addresses this myth and helps to debunk it. Most buyers put less than 20 percent of their own money into a home purchase; this borrowing power can translate to a greater rate of return. This is how Yun explains it: Home price appreciation historically has been about 1 to 2 percentage points higher than consumer price inflation, which translates into about 4 to 6 percent per year. But this growth rate cannot be viewed as a rate of return like the stock market. The reason is that most people do not buy a home for all cash, instead making a cash down payment and borrowing the rest. The leverage this borrowing creates can magnify returns — and losses. If price growth returns to historic norms, the price growth of 4 percent can easily turn into 20 to 30 percent rate of return if the home buyer makes a down payment of 10 or 20 percent. Conclusion: make sure you understand your real return on your what you are investing (your monthly mortgage), factoring in tax advantages as well.

  • Geoffrey Pohl, expert on Portland real estate and Portland

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How much is your home worth?

How much has the price of your home changed in today’s market? How much are other homes in your area SuccessSignselling for?

There are many reasons why you might want to find out the value of your home and we at Pohl Real Estate would love to help you with an update. Even if it is not yet time to sell, knowing the value of your home can bring peace of mind and help you understand one of the most important pieces in your financial portfolio.

Take advantage of this free service by calling 503-488-5848 or e-mail geoffrey@pohlrealestate.com.

Geoffrey Pohl, offering expertise on Portland real estate and Portland

Image courtesy of scottchan at FreeDigitalPhotos.net


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Homebuyers Use Internet as Primary Research with Web Searches Climbing 253% in Four Years!

It is true. The internet has had a tremendous impact on the real estate industry with buyers using the internet to find their home. This article states that in the last four years 90% of homebuyers use the internet as their primary research tool.


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Want to Add Value to Your Home?

The Portland real estate market is appreciating so here are ten ways to increase the value of your home. Some will be easy and some more complicated but use your budget accordingly to gain the highest dollar value sale.

1. Clean and Declutter. Increase your homes inside square footage … visually that is. You would be surprised at how often this is overlooked. I  always tell my clients to pack first and commit to the sale. Removing the wall of family photos, the collections of horses or pigs or cows, and the extra furniture will go along ways towards giving it a larger cleaner look and feel.

To Read More


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Lucky Number 13

With the State of Washington topping the ranking at number 1, Oregon slides in at number 13. The report categorizes Oregon as an over achiever in the index that uses broadband adoption, network quality and economic structure as indicators on how to rank each state.

Read Full Article


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Flopping…?

When a seller is actually wanting as low of a price as  possible on their home that is called flopping. The idea is that if a seller  can show that they have tried to sell their home, to no avail, the bank might  be willing to lower the value of the property in order to unload it.

Read Full Article


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Bank Owned Properties are Heading Down

The Federal Reserve Bank in NY reported that banks owned  approximately 4,452 foreclosed homes in Oregon. The inventory has been  shrinking and if trends continue, foreclosed homes owned by the bank could be  cut by 45% around this time next year.

Read Full Article


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Portland Ranks #5!

Great news for the construction industry within the Portland Metro Area, 4700 construction jobs have been added between August 2011 and August 2012. This is a 10% growth in employment puts Portland at number 5 in the country for gains in the construction industry.

Read Full Article


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Portland’s Silicon Forest Indicates that Jobs are Up

Portland’s Silicon Forest ranked number six in the nation for the amount of technology jobs posted online from January to August 2012. This ranking confirms Portland’s status as a hot spot to technology jobs. In addition this jump in tech jobs, tech salaries are up too, specifically 12% in 2011 to an average of $82,000.

Read Full Article


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Homeowner’s Associations Can Go Down With Windbags

Ever heard the expression “TMI” too much information?  This little expression can cost an HOA thousands of dollars. There is a fine line as to what the board of an HOA should tell their members and what they shouldn’t. If a board is required to disclose certain material facts it’s just as important how you disclose those facts as it is what the facts are.

To catch more of the HOA Leader’s Article


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Radon…in Portland?

Do you live in Portland? Do you live in a radon hot zone? Have you heard that radon is the number two cause of lung cancer and your really freaked out? Yes there are studies that show that certain areas of Portland have high radon levels compared with the entire country and yes there can be cause for real concern. If you smoke or have lung issues and your home has a high exposure to radon it’s going to increase your likelihood that you’ll have a problem too. Freaked out yet? Want the good news? Ok the good news is first and foremost if there is a problem it can be remedied. Radon is one of those issues where your home could have very high levels but your neighbors home might not have any at all. What do you do now, you ask? First, get some tests completed by professionals to see if you have a problem. You can call any radon inspection company and for $150 they’ll come out and put equipment in your home for 48-96 hours testing the radon exposure. You’ll need to keep the doors and windows shut the majority of time so a good time to do it is just before a vacation or extended weekend.  You can also buy different kits at Home Depot as well. If the results are deemed unsafe when compared to EPA (Environmental Protection Agency) or the World Health Organization standards, then you have options. There are many radon remediation companies out there that will help to eliminate or reduce the radon in your home. They will put special equipment in your basement or home to get the radon out of your home. Then they will retest the home after so you’ll see the differences.

To catch more of the Portland Tribune article click here


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Equity Increases for NW Washington County Homeowner’s

If you live in Northwest Washington County…you must read this article regarding the equity in your home!

Equity Increased


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Portland Inventory Slashed!

Need help understanding what real estate inventory means? Is it good? Is it bad? How does it help me with my real estate transaction?

Inventory Slashed


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Understanding Property Disclosures

Why is it so important to understand property disclosures? Read the article below to learn why understanding this is so important to a home sale.

Understanding Property Disclousres


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What are some Common Fees you pay at Closing when you are Buying?

Escrow or Settlement Fee

Lender’s Title Insurance

Lender Endorsements

Early Issue Title

Title Services

Courier Fees

Deed Recording Fees

Trust Deed Recording

Other Recording Costs

Government Recording Charges

Tax Prorates

Tax Reserves

Insurance Prorates

Insurance Reserves

Origination Fees

Discount Points/Rate Locks

Underwriting Fees

Processing Fees

Flood Zone Fee

Appraisal Fee

Home Inspection Fee

Home Warranty Fee

Depending on the loan type you could have many other charges as well.

Article


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What is a Lease Option to Purchase and Why Would a Buyer or Seller want to Engage in this type of Contract?

A lease option to purchase is contract between a prospective buyer and seller whereby the seller agrees to lease the seller’s home to a prospective buyer with the option to purchase the home at a given price within a given time period.

Why would someone want to enter into a lease option if they are a seller of a home?

If you are the seller and are unable to get enough money when trying to sell your home the conventional way you might try alternate way to deal with the debt obligation (your asset) owed to the bank. With a lease option because it’s flexible and unconventional you as a seller can charge the prospective buyer more rent as well as get a higher price for the home. Typically, with a lease option you’ll get “option consideration” which is an amount of money to lock in the prospective buyer’s option. Usually sellers will want to get enough option consideration that will cover the home of repairs should the prospective buyer have no desire to purchase and trash the home. Also the rent the prospective buyer will pay will be increased as usually some of the rents they pay may go to the purchase price of the home when the time comes that they can secure financing. You as a seller are doing the buyer a favor by allowing them to live in your home while the buyer is straightening out their affairs with the hope that they will be able to purchase in the future. Some of the reasons why a prospective buyer could not purchase right then might be credit, reportable income, or interest rates. As the buyer is living in the home they could be cleaning up their credit, getting a better job and in the future be ready to purchase. In a down market when real estate is declining it’s hard to sell a home on a lease option because by the time the buyer is ready to purchase it may not appraise for what you originally agreed or the buyer may not want to purchase it period because the home is worth so much less. In an up market it’s a win win because the seller will get the price they originally wanted and the buyer will have increased equity and value over time and be even more invested in the home.

Why would someone want to enter into a lease option if they are the buyer of a home?

If you are buyer and have issues with credit, income, or temporary problems and want to purchase a home but simply cannot get financing right now you might turn to a lease option. If the market is climbing you will have the ability to lock in the price of the home for a certain period of time such as 12-24 months. If you lock in the home price at $200,000 and in 24 months the home appreciates by 5% per year then it’s going to be worth $220,000. That’s $20,000 of value in two years that you would not had if you were just renting. Also many times the seller of the home will make it easier for you to purchase the home down the line by offering to give part of rents as downpayment for the home and the option consideration you pay for this contract will in most cases be applied right to your downpayment. This can be a great win-win!

Article

 


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What is a Short Sale as it Relates to My Home?

A short sale is when your real estate is not worth as much as you owe on the home.

Can you ever do a short sale if your home is paid off and nothing is owed? The answer is no. A short sale only occurs when you are shorting the bank of money that’s legally owed to them in your financing contract.

Why would you ever do a short sale? If you need to move but are upside down on your mortgage you would need to conduct a short sale to sell your home.

Can you give me an example of a short sale? Sure you if you owe $300,000 to ABC bank and your home is now worth $250,000 you are $50,000 short of what you can get a buyer to pay you for your home. Your options at this point if you must sell your home is to 1. pay the difference between what someone is willing to pay and what is owed to the bank (in this case $50,000), 2. walk away from the home and give it back to the bank and suffer a foreclosure on your credit along with the debt obligation owed back to the bank., 3. ask the bank to help you sell your home by conducting a short sale. If you don’t have $50,000 this is your only option of getting rid of the home without going through foreclosure.

Why would a bank want to give up money you owe them and agree to a short sale? The bank is not in the real estate business and it’s cheaper for a bank to accept a short sale and take the loss than to go through all the legal proceedings of a foreclosure. It’s better for most banks and it’s better for you.

Article


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What’s The Deal With My Old Woodstove?

As of August 1, 2010 There is a new Oregon law that requires removal of uncertified woodstoves when selling a home. In 2009 the Oregon Legislature signed Senate Bill 102 into law which requires the removal of uncertified woodstove from a home when it is         sold. The law is supposed to protect Oregonians from uncontrolled wood smoke. The fear is that residential wood burning is a significant source of air pollution, which includes fine particulate and air toxics.  As the homeowner you are required to destroy this device.

Here is the DEQ’s fact sheet.

Here is a list of the EPA certified woodstoves and fireplace inserts.

Here is a list of the DEQ certified woodstoves and fireplace inserts.

For frequently asked questions on the new Oregon policy please check out the  Oregon DEQ FAQ here.

Article


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With All The Information I Can Get On the Internet Why Would I Need A Real Estate Professional?

Well that’s a good questions but there is a good answer too. Yes information is everywhere now. You can learn the ins and outs and details of every home and you may know it better than most Real Estate Agents. However the knowledge an experienced Real Estate Agent has is invaluable when moving you through a real estate transaction. Not only will they have represented hundreds of buyers and sellers in which they’ve gained tremendous experience but they will be able to bring a level of calm and structure to the transaction that will guide you through until the day of closing.

The Real Estate Agent will have access to the most updated statistical data and trends which translates into saving you many thousands of dollars. From inventory reports to time on market to how many homes were listed but never sold they will be able to provide you all the information you need to be able to make smart decisions for your family. You will also need their unbiased opinions and advice in order to sell your home. From staging the home to preparation to dealing with the ins and outs of buyer home inspections and negotiations a Real Estate Agent will be able to guide you through every aspect in the most positive way for you.

Yeah ok but what about buyers? Well as a buyer yes you can look at most all the homes available on the market on-line and you can call the listing agents to try and get inside but the fact of the matter is that a listing agent has a legal obligation to the Seller to make them the most money for the transaction and they’ve already negotiated with the Seller what amount will be paid to the Buyer’s agent on the transaction. A good Buyer’s agent will not only make the process seamless for you but they will be able to capture and secure you the best deal you can possibly get because they can crunch the numbers and analyze the market so that you are not paying too much. They will also be able to advise you on every aspect of the home inspections and warranty information. Plus there fee that has already been negotiated to be paid by the Seller so you’d be silly not using a Buyer’s agent because you don’t need to pay them. Why would you ever not use a Buyer’s agent?

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How Can Community Organizers Help?

Community Organizers and Volunteers’ goal is to increase property values and they create the sayings like “you didn’t just buy a home, you bought a stake in the neighborhood”. When people move into the neighborhood the community organizers give the residents the expectation that they need to do more to help the neighborhood. When they push the residents to keep their properties up to date and clean it causes a chain reaction and establishes pride within the community as well as the individuals and neighbors. Community organizers know that everything is incremental. This work does not happen over night it takes years of consistent pressure and volunteerism to make a neighborhood attractive.

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Community Workshops: What are they and what do they accomplish?

A community workshop helps residents to learn how to replace the common problems that the neighborhood homes face. For example, if a neighborhood in Portland has stucco siding than over time that stucco siding will look horrific with the Northwest weather. So if the community gets together and gets a contractor to teach the homeowners how to best clean their siding or what is the best paint to use so that the siding doesn’t mildew and stain than not only will each resident be knowledgeable about how to best take care of their siding but many residents will meet the contractors that know how to take care of the problem and could get a bulk discount for work. When a few families start cleaning or replacing their problem siding than it makes the neighborhood like nicer and ultimately puts pressure on those that still have the ugly old siding to replace theirs next. Nobody wants to have the ugliest house in the neighborhood. They get the residents talking and networking and helping in each in community. Momentum is everything in a neighborhood. People want to be proud of where they live and want their values to increase so these community workshops are instrumental keeping a community strong and vibrant.

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How Can Putting On Events In Your Community Increase Demand and Increase Values?

What does putting on events do for a community? If there are events taking place in a neighborhood people are more apt to take care of their properties and lawns which ends up encouraging other to do the same. When outside people come to the neighborhood they notice that the neighborhood is kept up and clean. In addition when newcomers visit it plants a seed about the reputation and quality of the residents as well as puts the homes on display. People want to live in a fun and welcoming community so putting on these events gives life to a quiet or drooping neighborhood. People want to have fun and these events help the residents meet each other as well as network with others who have in interest in keeping the neighborhood strong. When a neighborhood is personable people work and try harder to keep it great.

Here are some examples of events you can put on in your neighborhood:

1. Wine tasting

2. Dog shows

3. Poker nights and card games

4. Community garage sales

5. Neighborhood home tours

6. Rehab neighborhood tours

7. Poetry and book readings

8. Potluck dinners

9. Plant swapping

10. Block parties

11. Community workshops

12. Hair fashion shows

13. Kids play times and summer games

14. Blood pressure screening

15. Donating blood to the American Red Cross

16. School supply giveaways

17. Donating Christmas trees or clothing to boy scouts

18. Buying girl scout cookies

19. Garden tours of the neighbors

20. Live music

21. Seasonal festivities

22. Window box displays.

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Neighborhood Associations – Building Pride and Appeal for Your Neighborhoods!

Have you ever thought you could increase values in your neighborhood when prices are dropping just by being a good neighbor? Well think again. Good neighborhoods have good association and community groups that ensure pride and appeal and if you’re neighborhood is more appealing than other similar neighborhoods than it’s safe to say your value will also be more appealing.

What are some of the key ingredients to maintaining a great neighborhood association? Here are a few below.

1. Public safety groups help to reduce crime and help moral in the community

2. Neighborhood watch programs also reduce crime and keep neighbors checking in on other neighbors.

3. Keeping the community and common grounds all beautiful and looking clean and neat. This helps to instill pride and has a carryover effect making other want to help to keep their environment clean and beautiful.

4. Newsletters and publications

5. Handing out welcome kits with information on local businesses and contractors that are familiar with the neighborhood or even members of the neighborhood.

6. Putting on events

7. Use the community as the selling point.

8. Community Workshops? What are they and what do they accomplish?

9. Build great community organizers and volunteers.

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Oregon Banks Are Hit With Large Volumes of Bad Loans

According to figures by the Federal Deposit Insurance Corporation (FDIC) Oregon’s 33 chartered banks lost about $280,000,000 in the first 6 month of this year. The bad loans from these banks climbed 78% in the past year pushing 5.4% of all loans to be in noncurrent status. A noncurrent loan simply means that the homeowner is behind on their payments. Oregon bank foreclosure holdings have tripled to $268,000,000 from one year ago. Two years ago Oregon banks held $4,000,000 in foreclosed properties.

When comparing Oregon banks to National banks the Oregon banks are far worse off than the rest of the nation. This is caused by people’s inability to pay their mortgage which is caused by people not being able to hold a job, which is caused by tough environment for businesses to operate. There is approximately 12.2% unemployment in August compared to 9.7% nationally. Oregon’s banks have their assets tied up in real estate. Approximately 65% of the banks’ assets are involved in real estate according to the FDIC. Single family home prices are stabilizing but the land values continue to decline because the banks are not doing construction loans anymore.

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Hot Off The Press: Obama Administration Announces Plan for State and Local Governments Finance Agencies

This program was created to increase the finances of working families and allow them to have more access to affordable rental housing as well as home ownership. Washington says it will have great long term effect and have little to no cost to the taxpayer.

Furthermore this program stimulates low mortgage rates and helps low and middle income borrowers to purchase or rent affordable homes for the long haul. This initiative is divided into two separate parts, the bond purchase program and the program to facilitate liquidity. The bond purchase supports new lending. The temporary credit improves access of the Housing Finance Agency (HFA) to liquidity for HFA bonds.

The Department of the Treasury and HUD, together with the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, have developed this initiative to maintain the viability of HFA lending programs and their infrastructure. The two main aspects of this initiative are:

1. New Issue Bond Program. This program will provide temporary financing for HFAs to issue new mortgage revenue bonds. Using authority under the Housing and Economic Recovery Act of 2008 (HERA), Treasury will purchase securities of Fannie Mae and Freddie Mac backed by these new mortgage revenue bonds. The program can support several hundred thousand new mortgages to first-time homebuyers this coming year, as well as refinancing opportunities to put at-risk but responsible and performing borrowers into more sustainable mortgages. The new bond issuance will also support development of tens of thousands of new rental housing units for working families.

2. Temporary Credit and Liquidity Program (TCLP). Fannie Mae and Freddie Mac will provide replacement credit and liquidity facilities available to HFAs that will help reduce the costs of maintaining existing financing for the HFAs. The agreements will serve to help relieve financial strains experienced by HFAs and enable them to continue their important work. Treasury will backstop the GSE replacement credit and liquidity facilities for the HFAs by purchasing an interest in them using HERA authority.

In regards to the tax payer having little effect here is what the white house press release said in their statement. “Pricing under the program will reflect both the cost of any financing required by Treasury as well as a fee designed to cover any risk posed by the HFA. While there is risk that losses could exceed estimates, the fee schedule Treasury has adopted is designed to cover net losses under most stressed conditions and thus would minimize risk to the taxpayer.”

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Understanding Your Mortgage Statement

The Making Home Affordable Website provides a good example of a what a mortgage statement is. Click here to see a copy of a typical mortgage statement and what everything means.

Below are some key terms in the mortgage and real estate business organized alphabetically. For further clarifications on any of these terms please feel free to e-mail me at info@pohlrealestate.com.

Amortization — the process of paying off a debt by making regular installment payments over a set period of time, at the end of which the loan balance is zero.

Balloon Mortgage — a mortgage loan that requires a large payment due upon maturity (for example , at the end of ten years).

Collections — the efforts a lender takes to collect past due payments.

Convertible ARM — is an Adjustable Rate Mortgage loan that can be converted into a fixed-rate mortgage during a certain time period.

Deed — a legal document under which ownership of a property is conveyed.

Deferred Payments —loan payments that are authorized to be postponed as part of a workout process to avoid foreclosure.

Delinquency — failure to make a payment when it is due. A loan is generally considered delinquent when it is 30 or more days past due.

Equity — ownership interest in a property after liabilities are deducted.

Escrow Account —an account where a homeowner’s regular installments to cover taxes and home insurance are held in trust until due.

Escrow Analysis — a periodic review of escrow accounts to make sure that there are sufficient funds to pay the taxes and insurance on a home when they are due.

Fixed-Rate Mortgage — a mortgage loan with a fixed interest rate that remains the same for the life of the loan.

Forbearance — the lender’s postponement of legal action when a borrower is delinquent. It is usually granted when a borrower makes satisfactory arrangements to bring the overdue mortgage payments up to date.

Foreclosure — the legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments.

Foreclosure Prevention — steps by which the servicer works with the borrower to find a permanent solution to resolve an existing or impending loan delinquency.

Hazard Insurance — insurance that is generally required under mortgage contracts to pay for loss or damage to a person’s home or property.

Home Equity Line of Credit — a way of borrowing money against the equity in one’s home to pay for things such as home repairs, college education, or other personal uses.

Interest-Only Mortgage — a mortgage where the borrower pays only the interest and none of the outstanding principal balance on a loan for a specified amount of time.

Investment Property — a property not considered to be a primary residence that is purchased in order to generate income, profit from appreciation, or take advantage of certain tax benefits.

Lender Placed Insurance — insurance placed on a home or property by a lender to protect their interest in the collateral which secures the loan.

Mortgage Insurance — insurance that protects lenders against losses caused by a borrower’s default on a mortgage loan. Mortgage insurance (or MI) typically is required if the borrower’s down payment is less than 20% of the purchase price.

Mortgage — a legal document that pledges property to a lender as security for the repayment of the loan. The term is also used to refer to the loan itself.

Refinance — the process of replacing an existing mortgage with a new one by paying off the existing debt with a new, loan under different terms.

Repayment Plan — a borrower promises to pay down past due amounts on a mortgage while continuing to make regular monthly payments on a home.

Servicer — a firm that works on behalf of the lender in support of a mortgage, including collecting mortgage payments, ensuring payment of taxes and insurance, managing escrow accounts, managing communications with the borrower, and loss mitigation or foreclosure when necessary.

Title — the documented evidence that a person or organization has ownership of real property.

Work Out — a way to resolve or restructure a loan to prevent someone from going into foreclosure through a loan modification, forbearance or short sale.

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Making Home Affordable Plan

On February 18, 2009, President Obama announced his Making Home Affordable Program (MHA). This program was originally designed to help up to 7-9 million families avoid foreclosure. What the program does is it allows the federal government to get involved in your mortgage if it’s owned by Fannie May or Freddie Mac. The help comes in the way of a restructuring or refinancing of your mortgage that’s owned by them.

The program is designed to keep people in their homes by helping responsible homeowners behind on their payments or at risk of defaulting. It also helps prevent neighborhoods and communities from falling values with foreclosure after foreclosure.

To see if you are eligible for the Making Home Affordable Plan you can visit the governments website Making Home Affordable. They will ask you a series of questions such depending on whether you’d like to refinance or get a loan modification.

Some of the questions from this program may be:

Home Affordable Refinance:         If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

1. Are you the owner of a one- to four-unit home?

2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?

3. Are you current on your mortgage payments? “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.

4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house? You may be eligible if your first mortgage does not exceed 125% of the current market value of your home. For example, if your property is worth $200,000 but you owe $250,000 or less on your first mortgage, you may be eligible. The current value of your property will be determined after you apply to refinance. If unsure, click “Yes” for Question #4 and go to Refinance next steps.

Home Affordable Modifications:         If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Some of the questions under this program may be:

1. Is your home your primary residence?

2. Is the amount you owe on your first mortgage equal to or less than $729,750?

3. Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan or have you suffered a hardship that has increased your expenses (like medical bills)?

4. Did you get your current mortgage before January 1, 2009?

5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues, if applicable) more than 31% of your current gross income?

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Portland’s Inventory Slashes Lower in 2009!

At the end of January Portland’s real estate climate saw all-time high levels of inventory.  There were 19.2 months  worth of real estate inventory.  This meant that at the current rate of sale in January it would have taken approximately 19.2 months to clear off the existing inventory.   Now with statistics out for March 2009 Portland is now at 12         months of inventory.  Portland has somehow shredded 7.2 months of dead weight off their market.  It was a much needed confidence booster for the area as well as getting supply that high just created a real lack of motivation to sell and even a lack of motivation to buy.  Buyers were hesitant to pull the trigger because they did not feel their good deal was good enough.  Many buyers had too many houses to choose from which caused a real lack of motivation.  If they didn’t get that home they were feeling like “oh well there’s another one where that was.”

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Be Aware Con Artists Target Real Estate for their Next Fraudulent Scam!

When times are bad and money is more difficult to earn these days the scam artists come out of the woodwork needing a paycheck. One of many real estate scams that are hitting the nation is identity theft. Scam artists will get your information from your trash and recycle, from phishing on-line, stealing your mail or your wallet. They will then take out mortgages in your name and fraudulently sign the paperwork and leave with your equity in your home after they’ve transferred the deed over to them without your knowledge. Do you know anyone that cannot sell their home and has to rent it out? Well landlords need to be very cautious who they rent to. Make sure the renters are not using your home as a location to scam you or others. Check on your property regularly, make sure they are who they say they are and work with your neighbors of that home so if they notice anything strange going on they will work with you.

Another scam going around right now is for lenders or mortgage brokers to offer loans to customers and then get the person to pay an out of pocket fee for service. An upfront fee is very unusual. Another big scam is involving relocation companies. You may contact a moving company or get solicited by a moving company that sole’s purpose is to get your stuff and sell it. Make sure you ask to see a copy of their insurance policy, ask how long they have been in business, ask for a reference and get a detailed estimate of work to be performed. You need to make sure they are legitimate. This same advice should be used when working with a contractor. Anyone who may have to access your home should be flagged.

Here are some helpful items to remember: never keep your social security card and or birth certificate in your wallet. Never respond to an e-mail from your bank and never pay in advance for a loan or loan fees, be very leery of wiring money and whenever someone tries to initiate a conversation with you document the conversation very well and never give out your personal identifiable information. If they say they are from your bank, then simply hang up and you call your bank to make sure your bank really is trying to get a hold of you. If it was not your bank make sure to record the phone number, call the police and let your bank know too. If something does not seem right than it’s probably not. Life is tough enough, don’t be a victim from these pathetic desperate people!

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I Found A Buyer For My Home but Now What Do I Do To Protect Myself? Can You Help Me To Close The Transaction?

Yes. At Pohl Real Estate we’ll listen to what you’ve already agreed to with the buyer and we’ll put the transaction together as well as make sure all documents are in place to not only protect you but also the buyer. We do this for a very nominal fee and it’s worth every penny. Many times when buyers or sellers come to me to help them put a transaction together they forget about or don’t think about a lot of items that I deal with everyday.

If you are asking yourself any of these types of questions give me a call we’ll work out a fee agreement based upon your needs.

1. I’ve heard I need title insurance is that something I can skip?

2. I’m wanting carry back a loan for the buyer but I’m not sure how to set that up? Will they pay me or can I get them to pay an independent third party? Should I record the note? How do I prepare the note? What about a trust deed? What about making sure the buyer has an insurance policy? What if my loan will be a second mortgage how will that impact me should he stop paying me? What if the buyer wants to assign the Note to another party?

3. How do I make sure that all the stuff that’s in the home will stay in the home?

4. What about alarm systems and water and sewer systems?

5. What about home warranties?

6. What happens if they want a home inspection and something comes up? Who should fix it? What if I just want to lower the price? What if I want them to pay for it? Do I have to fix the items? How do I make sure that I get what I want in the contract?

7. Do we need an escrow company? What do they do and why?

8. Are the taxes paid in full? How do I know? What happens if I buy a home and they owe taxes who’s responsibility is it then?

9. What is earnest money?

10. What if the other party claims that I would pay for something when I wouldn’t? How do I make sure I protect myself?

11. Can I tell the buyer that something in the house works when I know it doesn’t? Is it there responsibility to check?

12. If the buyer pays a downpayment or earnest money and at the last minute they don’t want to buy the home do I get to keep that money as consideration?

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Thinking about buying a new home, but have a ton of questions?

We’ve put together some great questions to ask yourself if you are in the market to buy a new home. Visit our website for all the great resources during your home buying process!

Questions to Ask When Considering Buying a Home.


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Pohl Real Estate’s New Blog

Thanks for visiting our blog. We look forward to bringing you the very best information as it relates to Portland, Oregon real estate! For now to search for homes in Portland feel free to use our completely interactive home search and save go here.


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