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Important Questions to Ask Your Lender

The mortgage loan process can seem intimidating, complex and confusing, so I thought I might take this opportunity to share some good questions to discuss with your lender when applying for a home loan. Just print this page and take it with you when you meet your mortgage professional!

General Mortgage Questions:

• What kind of fixed-rate and adjustable mortgage loans available?

• How long can I “lock-in” the financing at the current interest rate and what is the lock-in policy?

• Is a float down lock available in case rates drop after I have locked-in?

• What are the other fees a lender may charge me in conjunction with my loan?

• Are funds for a second mortgage available?

• Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all mortgage loans are paid off early.

• What is the “grace” period?

• How late can a monthly payment be made before a late charge is assessed?

• What will happen if a payment is missed?

• If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?

• Do you have to pay “points” to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A “point” is 1% of the loan.

• Will the lender require mortgage insurance?

• Is the loan serviced locally or is the servicing sold?

• What will the total closing costs be?

Questions on adjustable rate mortgages:

• How often will the interest rate be adjusted?

• Is there a maximum limit on each rate change?

• How often will the monthly payment be adjusted?

• Is there a ceiling on payment adjustments?

• Can the term of the loan be extended?

• What is the maximum rate that can be charged over the life of the loan?

• Is there any potential for negative amortization?

• What is the annual percentage rate?

There is no reason to be afraid or intimidated by the process…just make sure you work with someone who inspires your confidence…and ask the right questions!

Written by Bob Weaver at eXp Realty in Wilsonville, Oregon. Bob is a veteran real estate agent, specializing in the Greater Portland, Oregon real estate market,  including the Wilsonville, Villebois, and Charbonneau areas.

Bob Weaver
Helping you with online searching & Real Estate questions
eXp Realty Greater Portland Area
503-705-3098
bob.weaver@exprealty.com
www.wilsonvillepowersearch.com
www.portlandpowersearch.com

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Villebois Featured in Ultimate Open House Tour

This weekend marked the annual Ultimate Open House and New Home Tour, hosted by the Home Builders Association.  The tour, designed to kick-start the buying season,  featured homes across the Portland metro area, including several in the Villebois community of  Wilsonville.

“The Ultimate Open House is the best new home shopping event of the year and offers astute home buyers an ideal way to obtain a comprehensive, convenient, first-hand look at Portland’s new home market,” said Dave Nielsen, the chief executive officer of HBA. “There is a wide array of homes to appeal to people’s personal taste, lifestyle, location requirements and budget. Additionally, we have incorporated a number of high performance homes that are Energy Star® and Earth Advantage® certified that will appeal to Portland’s passion for green-built homes.” Read More…

Thousands of Portland-area residents turned out to view the many homes held open over the weekend. In case you missed it, go ahead and give me a call to schedule a private tour. I specialize in the Wilsonville, Oregon area, and the Villebois community in particular.  My schedule is flexible, so give me a call and we’ll set up a time that works for you!

Written by Bob Weaver at eXp Realty in Wilsonville, Oregon. Bob is a veteran real estate agent, specializing in the Greater Portland, Oregon real estate market,  including the Wilsonville, Villebois, and Charbonneau areas.

Bob Weaver
Helping you with online searching & Real Estate questions
eXp Realty Greater Portland Area
503-705-3098
bob.weaver@exprealty.com
www.wilsonvillepowersearch.com
www.portlandpowersearch.com

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5 Things You Should Know About Short Sales

It can be awfully tempting to get excited by the draw of a great deal. There are certainly enough people out there these days going on and on about them, especially in the real estate world. In particular, the hype surrounding short-sales and foreclosed, bank-owned homes has reached a fever pitch recently.

So, What is a Short Sale?

A short sale is, essentially, an agreement between a bank and a troubled homeowner to sell their home for less than the amount of the loan, in lieu of a foreclosure. This is becoming more common as market prices are falling below the current mortgages held by these struggling owners. The bank, rather than dealing with the expense and hassle of actually throwing somebody out on the street, decides to be “nice” and let them off the hook for a reduced amount, assuming a buyer can be found who is willing to pay a price deemed acceptable by the bank. Hypothetically, this is a good deal for all parties:

The Seller can get out from under the financial burden of a sinking ship and, hopefully, begin the road to economic recovery. The credit stain of a short-sale is far less severe than that of a foreclosure. I’ve heard of people qualifying for new home loans in as little as two years after a short sale, rather than the 7-10 years following a foreclosure.
The Buyer can get themselves a new home with a discount of anywhere from 10%-50% off of what the Seller originally paid.
The Bank can dispense with a troubled asset and put some much needed capital back into its coffers.

All of this can and does happen, though it is not nearly as simple as you would like to think. In fact, most of the time it is a ridiculous quagmire of pointless red tape, mixed signals, and limitless frustration. Here are a few fun facts that I thought should be shared.

5 Fun Facts About Short Sales

1. Short sales are anything but short… The average short sale purchase takes anywhere from 60-120 days from the date of “mutual acceptance”. The Seller has to agree to the initial offer (mutual acceptance), but it is the Bank who really calls the shots, and they can be…difficult* to get answers from. They will commonly take weeks or months to even acknowledge the Buyer’s existence, much less respond to an offer. If they don’t like an offer, they’ll probably just ignore it. If they do like it, it may still take weeks to negotiate inspections, closing details, etc.
* nearly impossible

2. There is no guarantee… It is entirely common for Buyers to wait for weeks and weeks with no response whatsoever, only to find out that the Bank either A) never saw their offer, or B) got a better one and took it. This puts buyers in the unfortunate position of simply hoping that their offer gets accepted…especially those buyers who are buying a place to live, rather than as an investment. I commonly find myself having to explain this reality to prospective clients…“If you need a place to actually live and have any kind of set timeline in place, you should really just forget about a short sale. There are other factors to consider besides the price…”

3. Banks aren’t as motivated as you think… Between tax write-offs for losses, Private Mortgage Insurance (PMI) covering those losses, and Government bale-outs, the Banks aren’t in any particular hurry to change their behavior or do any favors. Sure, to the outsider it would make sense for the Banks to cut whatever deals they could with struggling homeowners. It seems like common sense…stop the bleeding, put some money back into circulation, slow the accelerating depreciation of home values, etc. Good for everybody, right? Unfortunately, many of the banks are being rewarded for their greed and failure, rather than common sense and good business practices.

4. You don’t really know what you’re getting… Though this one tends to apply more to foreclosed, Real Estate Owned (REO) properties, it is pretty common with short sales. Unsurprisingly, people who are about to be kicked out of their homes tend to be a little disgruntled. They are not always inclined to leave the place looking clean and nice, the way it looked in the pictures the listing agent took 6 months earlier when they still thought they could cover their losses. (That one might be a little inside, but if you’ve ever looked at a short sale listing online, then in-person, you’ll know what I mean.) Generally speaking, the condition of the house will depend largely on whether or not it is still occupied. If the Sellers are still living there, it will probably be in pretty good condition, or, at the very least, in whatever condition they are accustomed to keeping it. If the home has already been vacated, watch out! It is quite common for the vacating Sellers to take whatever isn’t nailed down…and sometimes the nails themselves. If you’ve ever seen the History Channel show “Life After People” you’ll know that it doesn’t take long for a structure to deteriorate in the absence of maintenance. Plumbing and wiring problems, leaks and pest issues are all very common. With an ordinary listing, the sellers will continue to maintain the property, even after vacating. Sellers of short sales usually have much bigger problems…

5. The sellers are real people… This is one of those things that buyers often forget to think about.. When considering the purchase of a short sale, it is important to be mindful of the fact that your “great deal” is someone else’s lost dream. Sellers of distressed properties are usually normal, kind and productive people who have fallen on hard times via job-loss, divorce, or illness…sometimes all three. Remember that these are commonly desperate people who just want to move on with their lives with what little remaining dignity they can salvage. Please don’t take advantage of that. If it’s a short sale, sure, you might be able to haggle down the price a little. At that point it is the bank’s money, after all. Often, though, a homeowner will try to sell before they are totally underwater. In these cases, they have little-to-no room to negotiate much of anything. I would urge prospective buyers to be as sympathetic as possible.

Written by Bob Weaver at eXp Realty in Wilsonville, Oregon. Bob is a veteran real estate agent, specializing in the Greater Portland, Oregon real estate market,  including the Wilsonville, Villebois, and Charbonneau areas.

Bob Weaver
Helping you with online searching & Real Estate questions
eXp Realty Greater Portland Area
503-705-3098
bob.weaver@exprealty.com
www.wilsonvillepowersearch.com
www.portlandpowersearch.com

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Wilsonville’s Villebois Village Center Grows

As a longtime resident and Realtor in the  Wilsonville, Oregon area, I have been excited to watch the development of the Villebois community.  The following is an excerpt from a recent press release from the developers, Costa Pacific Communities.

“Costa Pacific Communities recently began construction on the Village Center in its award-winning master-planned community, Villebois, in Wilsonville, Ore.”

“Based on the intimacy and character of traditional European villages, the bustling Villebois Village Center will be a pedestrian-friendly mix of condominiums, row homes, plazas, apartments, green space and boutique shops and services. The Village Center will include approximately 650 new homes constructed by Costa Pacific Communities as well as several buildings that will feature ground-level retail space with residential above. ”

“Two of Costa Pacific Communities’ newest housing products currently under construction in the Villebois Village Center include the Carvalho Condominiums and the Seville Rows. With direct access to the heart of the community, these new homes offer a carefree lifestyle in both three-story townhome-style and one-level flat designs. Ranging in size from 1,291 to 2,321 square feet, the two home styles boast distinct two bedroom floor plans that feature flexible living space with loft areas and bonus rooms that can be used as additional bedrooms. Homes are priced between $320,000 and $580,000. ”

“It’s always exciting to see the vision become reality,” said Costa Pacific CEO Rudy Kadlub. “You know you have a great plan when the more you build, the better the place looks.”

“Additionally, the Village Center will be home to Piazza Villebois – a lively plaza and dedicated community space for residents to sit and enjoy their morning coffee or spend hours chatting with old friends. Piazza Villebois will also be a location for popular events such as live musical entertainment, a local farmer’s market and other seasonal festivals. With funding from an EPA grant for rainwater management, permeable paving stones line the Piazza and Promenade, connecting the Village Center to the rest of the Villebois community. ”

“The sustainability aspect of the Village Center doesn’t stop at its pavers – all of the homes constructed at Villebois are Earth Advantage-certified and more than 90 percent of the materials from the previous buildings on-site have been recycled. Costa Pacific Communities was also careful to preserve existing trees and incorporate native plants into the landscaping throughout the 42-acre community. This unique juxtaposition gives Villebois the distinctive feel of an established, mature neighborhood, yet it offers the modern-day conveniences and amenities today’s sophisticated buyers desire. ”

“Villebois also gives residents access to more than 160 acres of parks, playgrounds and open space, perfectly suited for enjoying nature and cultivating a true sense of community. A greenway winds through the community and a regional trail system – which includes Tonquin Trail, a 19-mile path linking Wilsonville, Tualatin, and Sherwood, Coffee Lake Wood Trail and the Villebois Greenway Trail – connects Villebois to the surrounding area. The community is also located near Graham Oaks Regional Park and just a few short miles north of Champoeg State Park.”

Many of the homes and park systems have already been completed, so there is plenty to see and do. If you would like to take a look at the current site, or get some information on the upcoming Villebois developments, give me a call any time at 503.705.3098, or e-mail me at bob.weaver@exprealty.com.

Written by Bob Weaver at eXp Realty in Wilsonville, Oregon. Bob is a veteran real estate agent, specializing in the Greater Portland, Oregon real estate market,  including the Wilsonville, Villebois, and Charbonneau areas.

Bob Weaver
Helping you with online searching & Real Estate questions
eXp Realty Greater Portland Area
503-705-3098
bob.weaver@exprealty.com
www.wilsonvillepowersearch.com
www.portlandpowersearch.com

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Spring is Coming to Wilsonville!

Wow, time is really flying by.   I just looked up and realized it was February,  my favorite month.   My hometown, Wilsonville, is busy preparing for Spring and all of the wonderful activities it brings. On the Willamette river, boats are going into the water at Wilsonville docks.   Charbonneau and Langdon Farm Golf Clubs are drying out their courses,  with some great tournaments planned.

What is  happening in Wilsonville real estate?

• 20 homes sold in Wilsonville since  January 1st.
• First time home buyer credit extended until April 30th, with closings allowed through June 30th.  Now is the time to get out there and find your new home and get that great tax break!
• A new area of Villebois has opened for sale. (call me for details!) NW Oregon’s premier urban village is really starting to take shape, with beautifully landscaped green areas, parks and tree-lined avenues.
• Wilsonville Meadows prices are still holding up.  Even in this tough market, the popularity of this wonderful community has helped to keep it’s value strong and steady.

Check out Portlandpowersearch.com to see what is on the market in Wilsonville and the Greater Portland area.

Written by Bob Weaver at eXp Realty in Wilsonville, Oregon. Bob is a veteran real estate agent, specializing in the Greater Portland, Oregon real estate market,  including the Wilsonville, Villebois, and Charbonneau areas.

Bob Weaver
Helping you with online searching & Real Estate questions
eXp Realty Greater Portland Area
503-705-3098
bob.weaver@exprealty.com
www.wilsonvillepowersearch.com
www.portlandpowersearch.com

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Bob Weaver, your Wilsonville Realtor

My name is Bob Weaver. I am a real estate broker with eXp Realty, the World’s first Web 3.0 real estate company. We are the industry leaders in online marketing strategies and virtual technology, helping our clients achieve their real estate goals with ease and success. I specialize in marketing and selling homes, and have certification as a Seniors Real Estate Specialist (SRES).

As a resident of Wilsonville, Oregon, I have spent 20 years helping my wonderful clients buy and sell their homes in the Greater Portland area. With over 200 total transactions to-date, my experience has earned me a keen eye for selling homes in any kind of market condition. I handle negotiations with finesse and care, making every effort to ensure the best possible results for my clients. My goal is to get my clients the best possible terms, with the least possible stress, whether they are buying or selling. I bring creativity, wisdom, and a good old-fashioned smile with me to the table, and my customers appreciate it! I’m also an all-around nice guy, too, if you don’t mind me saying so…

Originally from Long Beach California, I have spent my life in service to my community and my Church. Three years as a missionary in Africa taught me the values of honesty, teamwork and giving. It is with these values that I approach my work, my family, and my life.

I have chosen eXp Realty because I understand and appreciate the modern real estate business. Paper flyers, magazines and open houses just don’t cut it anymore. The best agents need the best tools, and eXp Realty is unmatched, offering the very best tools available to make sure that my clients are well cared for. We offer exceptional service, information and market knowledge for our buyers, and unbeatable online marketing power for our sellers.

A note on Social Media…

It is very important to me to be accessible to my clients. Buying or selling real estate can be quite stressful, and it is my #1 job as an agent to make sure that I take care of those I work for. That is why I make every effort to be available- either by cell phone or e-mail, or social networks like Facebook and LinkedIn. I am here to answer your questions, anywhere at any time.

If you’d like to know more about my services, please feel free to call me at 503-705-3098 or visit my website by clicking here.

Here are a few kind words from past clients:

• “…Bob went above and beyond what was expected of any real estate representative is expected to do. I am proud to have had the opportunity to have done business with him. I believe that he would have shown the same enthusiasm if I had been a seller.” Ron Elton, Owner Subway & Jamba Juice Wilsonville

• “We found Bob to be one of those few agents who has the knowledge, experience, education and professionalism to handle difficult real estate transactions.” Richard & Nancy Greenwell

• “Bob is always attentive to the needs of all parties involved. He is positive and results driven, striving to resolve issues. I have done business with Bob twice in three years and will have him represent me on any future dealings.” Wendy Clinton, Wilsonville, OR

Written by Bob Weaver at eXp Realty in Wilsonville, Oregon. Bob is a veteran real estate agent, specializing in the Greater Portland, Oregon real estate market,  including the Wilsonville, Villebois, and Charbonneau areas.

Bob Weaver
Helping you with online searching & Real Estate questions
eXp Realty Greater Portland Area
503-705-3098
bob.weaver@exprealty.com
www.wilsonvillepowersearch.com
www.portlandpowersearch.com