Justice Department reaches Mortgage Settlement.

The Justice Department has announced it has reached a $25 billion dollar settlement in the mortgage lending scandals involving several U.S. Financial Institutions in which millions of families were affected.   It is being called the largest civil settlement in United States history.  

The State of Washington is expected to receive a share of approximately $648 million of the total $25 billion dollar settlement.   Of this $648 millions, $455 million will go to assist homeowners with loan modification assistance and $70 million to assist homeowners who are “upside down” on their mortgages.    additionally, families who lost their homes to foreclosure may be eligible for a one time payment and funds will go to a hotline to assist homeowners who are facing crisis. 

This settlement finally ends to the government lawsuits over servicing misconduct and faulty foreclosure practices.  Though a settlement has been reached, Federal and State authorities can still pursue charges with these institutions for mortgage fraud.   The banks named in the settlement included Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial, (formerly known as GMAC).

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Increase your curb appeal.

We’ve all heard it’s a buyers market, so your are competing with the other homeowners’s attempting to sell there homes in this market.  Your home needs all the appeal to get those potential buyers in there!  Unless your house is silver and shiny, you may want to shine it up a bit with these simple ideas can help show your home at it’s best.

Have your home pre-inspected.

When an offer is made, a home inspection must be performed. Reeling in a buyer, only to lose them to unseen problems with the house is one of the worst things that can happen.  Have your home pre-inspected to uncover any unknown issues.  Prices vary for home inspections ($250 – $500) and an agent here at Distinctive Properties can recommend a professional for you.

Check warranties and get estimates.

If the inspection turns up anything, get estimates for any repairs.  If they are affordable, repair them.  Check warranties on some items, such as furnace, dishwasher, and other real property that stays with the home.  

Make minor repairs.

Not every repair will cost you a lot.  Repair torn screens, squeaky doors, running toilets, etc.  Replace any rotten trim or other small items to increase the look of care to the home.

De Clutter.

Clutter can make the storage in the home seem small.  while you see years of perfectly fine living, other see a house that can’t hold it all.   Clear off the kitchen counters of just about everything.

Clean out closets.  Pack up lightly used items like summer clothes and camping equipment and toys.  You may want to invest in a small storage unit.  A small price to pay for curb appeal.    Store away any bulky furnishing and keep the home simple and basic.  Remember, people are looking at the home and want to picture their belongings in it.  That may be difficult with all the spaces cluttered up.  You basically want to “depersonalize” your home by removing pictures and knick-knacks.  

Let the buyer see a blank canvas.  

Clean!

You’ve heard about first impressions and how important they are.   A buyer walks into a super clean home is left with the impression that the home is well cared for.   So clean the windows, air out the house to eliminate any natural odors from food, pets, etc.  Have carpets shampooed or steam cleaned and dust off blinds, and launder drapery. 

We hope these tips are helpful.  Visit us on our website at www.distinctiveprop.com for more information. 

 

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Tri Cities forecast is snow…Are you ready?

The temperatures have been in the teens for the past few days.  This morning it was 16 degrees, but I didn’t have to scrape any ice of my vehicle so the air seems to be fairly dry.  However…..forecasters are saying there’s a likelihood of snow accumulation in the valleys of Eastern Washington.  

Two years ago, I came home from a long day at work to find my driveway running with water and a sheet of ice beneath.  As I clicked the garage door opener and watched the door rise, there was a cascade of water falling down across the white and blue checkerboard pattern, glistening in the light of the motion detectors.   A pipe, in the attic over the garage (un-insulated) burst when the temperatures were below freezing for several days.  With the low temps we experiencing here in the Tri Cities, I am making sure I am winter ready this year!   Are you? 

 Here are a few tips to stay safe and warm during snow and icy conditions.     

Let’s start with the most obvious…..Prevent Freezing Pipes!  Insulate your homes pipes with proper insulation or even newspapers and plastic and allow your faucets to drip a little during cold weather to prevent them from freezing. Even at a trickle of running water helps prevent frozen pipes. 

Be sure you know where your water shut off valve is located.

Avoid drafts and save on heating costs with a check of windows and doors.   How is the caulking and weather-stripping?  Does it need to be replaced?  Installing storm windows or cover your windows with plastic to keep heat in. 

Clean out rain gutters, repair leaky roofs and cut away tree branches that could fall on your house or outdoor buildings during a wind storm.

Be Safe: Avoid any fuel-burning equipment indoors.  Any fuel burning equipment should be vented to the outside.   If you are burning any fuel source, please keep a fire extinguisher close by.  A house fire can be devastating.

When driving, practice safety for you and your passengers.  Allow additional driving time so you are not rushing. 

Take it easy.  Slow your speed, braking and acceleration during your travels.  Don’t use the cruise control.

Don’t Tailgate.  The last thing you need to do is step on the brakes in the ice.  

Keep a blanket and some protein bars in the vehicle in the event of an emergency. 

 if you have any other tips to contribute, please comment below! 

HAVE A SAFE AND HAPPY JANUARY!

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Weekly Tri City Real Estate Statistics

each week, Distinctive Properties compiles data and post the results on it’s website and this blog.  Here is out stats for 1-09-2012; http://www.distinctiveprop.com/files/files/01.09.2012RealEstateStats.pdf

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Land for Sale!

There is 2.8 acres of commercial real estate for sale by the city of Kennewick!  This land is located in a prime-future growth area on Highway 395 next to the September 11th memorial site.    A multi million dollar hospital is planned just west of this site. 

There are several developers interested in the  land and they must compete for that right.  Bids must be submitted by January 31st 2012.  the city will pick the bidder who’s proposal best suits the the use of the property. 

What would you like to see in this area that best suits the community needs and future direction?

In addition, there will be 1742+ acres in 7 parcels up for auction on January 17 @ 7pm in Benton County.  For more information on this sale, visit www.mbauction.com

 

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First Amendment to CCR’s

 The undersigned being the owners of not less than seventy-five (75%) percent of the lots in Meadow Parke Estates, adopt the following amendment to the Covenants, Easements, Conditions and Restrictions for Meadow Parke Estates.

Whereas, on July 17, 2002 the Covenants, Easements, Conditions and Restrictions for Meadow Parke Estates (hereafter referred to as “Covenants”) were signed by the Owner/Developer of Meadow Parke Estates and filed with the Benton County Auditor under auditor’s file number 2002-027732, and

Whereas, the Covenants are binding upon and relate to the real property located in Benton County, Washington described on the attached Exhibit A, and

Whereas, not less than seventy-five (75%) percent of the lot owners in Meadow Parke Estates have signed and approved the following amendment to the Covenants,

Now, therefore, it is hereby agreed as follows:

1.  Amendment:  Article VI, Section 6.15 of the Covenants is hereby amended to read as follows:

Section 6.15 Driveways, Parking and Storing of Vehicles and Trailers.  All driveways shall be completely paved.  No property owner shall construct or maintain a roadway for ingress or egress to property in subdivision, except driveways to the platted streets.  No direct access from any lot to Lorayne J Blvd shall be permitted.

No Owner of any lot shall store, in excess of forty-eight (48) hours, any van, camp trailers, camper, camper truck, boat, boat trailer, horse trailer, recreational vehicle, commercial vehicle, bus, truck, or any other similar machinery or equipment of any kind on driveways, public streets, or upon any lot, except standard sized pickup trucks.  SUV’s and passenger cars.  Exempt from the foregoing restrictions are boats, campers, recreational vehicles and utility trailers which may be stored on the side yard alongside the garage if such vehicles or equipment are screened from view by a solid fenced or screen at least six (6) feet high.  The solid fencing or screening shall screen the vehicle or equipment from view on all sides except the side facing the home on the lot where the vehicle or equipment is stored.  Exempt from the foregoing are boats, campers, and recreational vehicles which may be stored in driveways or alongside garages from Memorial Day through Labor Day.

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Now may be the ideal time to buy!

Homes have never been more affordable than they are right now.   Lower interest rates coupled with declining home prices put buyers at an ideal advantage.  Now may be the best time to consider a home purchase.  Consumer Confidence appears to be on the rise as reflected in an increase in fourth quarter homes sales for 2011.

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Tri Cities Ranked No. 1 …

According to the Eighth Annual Farmers Insurance Group study, the Tri Cities is ranked the No. 1 most-secure place to live in the United States among mid-sized cities.  Factors considered in the study were extreme weather, risk of natural disasters, housing depreciation, foreclosures, air quality, environment hazards, terrorist threats, life expectancy and job loss numbers.  The study included 127 U.S. metropolitan areas with populations between 150,000 and 500,000.  This marks the 2nd time the Tri Cities has captured this position; it was also No. 1 in 2005 and has appeared in the top 20 six times.  Other Washington State cities included were Olympia at No. 4, Bellingham at No. 7, Bremerton-Silverdale at No. 13, Yakima No. 14 and Spokane at No. 20.

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Don’t forget your CHIMNEY …

In your annual home maintenance routine.  Over time creosote accumulates in your chimney which can cause chimney fires, which in turn causes cracking in the structure.  This can potentially allow dangerous carbon monoxide fumes into your home.  Make a chimney inspection part of your annual home maintenance program and you’ll have peace of mind that you did.

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