Blog Tour USA in Seattle

2 Bloggers on 1 RV with faces of bloggers plastered all over the exterior visiting 24 cities..Blog Tour USA will be arriving in Seattle next week on July 25.

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Ardell will be touring the guys from Sellsius around town to see our fine city and then she will host a dinner at her home in Kirkland.   I’m really looking forward to meeting Rudy and Joe of Sellsius and other fellow local real estate bloggers.   I’m bringing dessert for the event…sweet!

A Tribute to John Wickwire

Johnwickwire_3I was very fortunate in my real estate career to have worked with many talented people. I began at Safeco Title in 1986…one year later, Chicago Title Insurance Company purchased Safeco and that’s when I first met John Wickwire.   I was maybe 19 or 20 years old and worked in the title unit that was next door to "Unit 2", where John was in command.   After a few years of being a Title Technician, I begged and pleaded to become a sales person (management wanted me to be at least 21 years old)…after a year as a home equity rep, I had the opportunity to call on mortgage and escrow companies in south west King County.  With all of John’s years in the title biz, we wound up sharing many accounts together.

John was like a Dad to all.  He probably sometimes cared too much about his co-workers.  His heart was always in the right place and his brain was a sharp as a tack.  He’s one of the few Title Officers who could quickly weigh out risk and make a decision that would make sense.   He was not the typical "text book" T.O.  After 5 years at Chicago Title, I moved to another title company to be paid commission and it would be another four years before our paths would cross again.

Chicago Title was starting a "boutique" title company in King County:  Washington Title Company.   I was one of the first people hired to start it (I was actually hanging around with four others waiting months for it to "open"…what was I thinking?!).   John came over once we were open as our first Title Officer and eventually became the Chief Title Officer.   He was a great addition to our maybe 8 or so employees at that time!  (Now Washington Title in King County has been renamed Ticor…and has a few more employees than when they started).

JohnJohn was a rock.  Everyone relied on his experience, brilliant mind, leadership and dry sense of humor.  He was old fashioned yet cutting edge at the same time.  You can ask anyone, John was the best.

John was born on July 19, 1947 and passed away on September 12, 2005.  He’s a Dad to three beautiful daughters.  There is not anything on this earth he was more proud of or had more love for.  Two of his daughters are pictured here with John on the day he received an award for his dedication and contributions to the title insurance industry.

On the corner of the bar at Pike Place Bar and Grill is a bronzed plaque reserving a seat for their favorite patron.   We miss you, John!   I just wanted to wish you a happy birthday and to let you know we think about you all the time.

Affordable Kent Townhome

Kohl_3This town home is conveniently located on the East Hill of Kent just off of 104th.    With a two-car garage, 3 bedrooms and 2.5 bathrooms…what else could you want?   How about a private fenced backyard…you can have it all.   

This home is offered at $307,000.

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MLS#27107903

24626 103rd Avenue SE, Kent, Washington 98030

Property taxes: $2,734

I’m not a real estate agent; I am a Mortgage Planner who is happy to help you finance this fine home.

For more information, you can Kohl3contact your Realtor or the listing agent, Jim Whitnell of Re/MAX.

What will mortgage interest rates be in October?

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Who knows…it could be a trick or a treat!  This is a question asked earlier this week  from one of my past clients.   She has a friend who is buying a home that is new construction.   The builder has "encouraged" her friend to use their preferred lender by offering $5,000 towards closing costs.  The builder’s lender is refusing to quote rates, which unless they’re locking for 120 days or more…the rates they quote are useless.  Technically, if the LO has taken a loan application, they are required to provide a Good Faith Estimate within 3 days.

Lenders do offer 120 day locks.   There may be a non-refundable upfront fee and the rate is the higher (the longer the term of the lock, the higher the rate or cost for that rate will be).   If rates are lower in October than they are today for a 120 day lock, you’ve lost your upfront fee.   Even if you decide not to close on that property, that fee is gone.    Not to mention, 9 times out of 10, builders take longer than they anticipate to complete construction of the home.    At this point, they’re just pouring the foundation. The LO knows the buyer cannot or will not lock that rate yet.

I should add that this home buyer is well qualifed so being preapproved is not an issue.   I don’t advise getting preapproved from a Mortgage Professional and then ditching them over 0.125% in interest rate.   It’s very possible that the builder may require you to get preapproved from their lender even if you’re seeking financing elsewhere, in this case, I wouldn’t feel too badly about shopping them.   It’s not your fault you’re being forced to provide your financial information to a lender who’s shacked up with a builder.

My advice to my past client’s friend is to:

  • Request a Good Faith Estimate based on a 30 day quote just to see for the heck of it what the LO would disclose for fees associated with the rate.
  • Compare other lenders using the same scenario to get an idea of what the builder’s lender fees are compared to other lenders offering the same rate.
  • When the construction is closer to 60 days out, obtain updated GFEs.  At that point, you’re in a good position to lock in  your rate.   
  • It doesn’t hurt to ask!  The $5,000 credit may be legit or built into the rate.  It was probably all ready factored into the sales price of the home, however it’s too late to negotiate that once the purchase and sale agreement has been signed and some builders will not budge.   Should you want to work with your lender vs. the builder’s lender, there is no reason why your agent cannot submit an offer asking for the same credit.   

Seven days of rain for Seattle

My garden says "THANK YOU, Mother Nature" for the next several days of summer showers.

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Rescuing Homebuyers from Lending Tree

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I have a couple of clients who did not feel like “winners” having banks compete for them via Lending Tree.  Recently, I helped a family by closing their purchase in 5 days…the lender they obtained from Lending Tree did not perform after having their loan for over 30 days.   Here are a few nice words from my new clients:

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Mortgage Porter tweaks

I’m doing a little tidying up around The Mortgage Porter.   You may not even notice…so I thought I’d point it out.  I’ve swapped the list of monthly Archives for one link to the archived post.   

Currently, after you click the link (located on the left side of the page) you’ll be redirected to a list of all my old post.   The "Months" have active links…I’m still working on adding links to each title (in my spare time).   

It was actually pretty fun to do (listing out all of the articles I’ve done).   Showing how long you’ve been posting does seem like a well earned badge…but it’s nice to polish up the blog a bit, too. 

Friday Fun Post: An Evening with JP Patches

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I can personally assure you that you will be hard pressed to find a more fun way to spend an evening than to do so with local treasure JP Patches

On August 9, 2007 at 7:00 p.m. all (well most) of your wildest dreams will come true at the Museum of History and Industry.  You can spend an evening with JP Patches and ask him all the questions you were afraid to (when you were you where a little tikey turkey).   

This event is a fund raiser to benefit JP Patches’ statue fund and Children’s Hospital.   

For more information, or to buy tickets click here.