Bellingham Real Estate

Fun Facts About Short Sales

5 Things You Should Know About Short Sales

It can be awfully tempting to get excited about “amazing,” “smokin” or “crazy” deals. There are certainly enough people out there blabbering 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 over the past 18 months. It seems almost impossible these days to walk 10 feet or listen to the radio (for those of you who still do that) for 10 minutes without seeing or hearing somebody expounding on the fabulous virtues of investing in “troubled assets”.

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.

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.
* pretty much 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 cash being delivered in vault-sized briefcases, 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 that is very significant to me, personally, but is one of those things that buyers would prefer not to think about, like how many people have died in that cute 100-year old craftsman they’re so excited about. Oh, how ironic. I opened up a section on sympathy and sensitivity with a joke about dead people… Welcome to the complicated world of Rob LeRoy. But I digress… 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. Sure, I know…it’s just business. I guess…but that’s just not the way I want to live my life or treat the people in it.

Whew! Sorry to end on such a downer. To make up for it, I invite you to watch this fantastic video that highlights the fun that can be had buying foreclosed, bank-owned homes and short sales.

Thanks for reading! For questions about this article or to hire me as your agent, you can reach me at 206.883.6668 or rob.leroy@exprealty.com

Also, please take a look at my website, www.TheRealEstateNovelist.com, or find me on Facebook!

Please forward this to anyone you think might be interested. I’m always excited to expand my readership!

Bellingham Real Estate

Custom Chuckanut Home with a Stellar View

Recently, I stopped by an open house on Chuckanut Drive. It was a gorgeous Sunday afternoon with clear blue skies and a cool 65 degrees.  My plan had been to drive down Chuckanut to Larrabee State Park to get some pictures of the San Juan Islands across the bay. I noticed the open house and decided to drop in.

The place looked very cool from the outside, obviously a custom design intended for its hillside perch overlooking  the dark blue waters of Chuckanut Bay.  At the very least, I figured, I could get some great pics of the bay from the deck, which looked to be a good 60 feet higher than the road, offering unobstructed views of the water and the islands beyond.

Once inside, I was so impressed with the creative custom design and the impressive flood of natural light, and of course the view, that I thought I’d better write about it.  The design does an impeccable job of maximizing the West-facing view by integrating several large windows with a large, entertainment-sized deck. The layout is open, with the kitchen and main living area flowing together nicely with the deck space wrapping around the North and Western sides of the house.

Click the thumbnails below for full-sized pictures. Click here to see the full collection.

View Map

This home sits just off of Chuckanut Drive about 5 minutes south of Bellingham’s Fairhaven neighborhood and features 2 bedrooms and 2.5 bathrooms, with a total of 2200 square feet. The 2006 design is eco-friendly, featuring abundant natural light and radiant heat under the polished concrete and bamboo flooring. Just behind the home is the Bellingham inter-urban bike and walking trail that extends connects Fairhaven to Larrabee State Park. The current list price is $779,000.

For more information on this home, or other Chuckanut or Fairaven real estate, please give me, Rob LeRoy,  a call at 206.883.6668, or e-mail me at rob.leroy@exprealty.com.

Also, please take a look at my website, www.TheRealEstateNovelist.com, or find me on Facebook!

Bellingham Real Estate

The Winding Wonder of Chuckanut Drive

Chuckanut Drive is, hands down, my favorite place to drive in the World. Admittedly, I haven’t had the chance to take the James Bond chase-scene route into Monte Carlo, but I’m pretty sure it would only be a close second.

Chuckanut Drive’s winding roadway hugs the hills between Bellingham’s Fairhaven neighborhood South to the wide valley North of Mt. Vernon.  Regardless of the weather, the 30+ minute drive shows off the absolute best of Northwest Washington’s geographical character, including  incomparable views of Bellingham Bay, the San Juan Islands, and a peak at Mt. Baker at the Southern end.

Of course, words fail to capture the wondrous majesty of this truly unique highway. So, I took some pictures.  This past week, in spite of the fact that the Winter Olympics have been happening right up the road, has been unbelievably beautiful. With clear blue skies and temperatures in the mid 60’s, conditions were set to get some truly fabulous pictures.

Click on the thumbnails below to see full-size pictures. You can also click here to see the complete collection of pictures I took.

The pictures are in order from South to North, between Mt. Vernon and Bellingham.

Thanks for reading!

For more information on Chuckanut Drive or Chuckanut Drive real estate, please e-mail Rob LeRoy at rob.leroy@exprealty.com, or call me directly at 206.883.6668.

Bellingham Real Estate

A View to Remember on Chuckanut Shore

South of Bellingham, down the hill from the beautiful Chuckanut Drive, lies a small, cozy community of about two to three dozen homes perched on the cliffs above Bellingham Bay, overlooking the San Juans and the tiny Dot Island.  The setting is reminiscent of the cliffs of Malibu, California, mixed with the forest greens and cobalt blues of the Pacific Northwest.

Resting quietly at the center of this little community is a wonderfully updated 1960’s-era Cape Cod-style home with a commanding 180-degree SW facing view of the islands and the bay, with 103 feet of saltwater-frontage, complete with private dock.

The home itself contrasts perfectly with the breathtaking views by offering a refreshingly warm, intimate atmosphere, especially given it’s nearly 3200 square feet.  The main floor is comprised of a study, two living areas (one at each end) and dining area, surrounding a central kitchen.  A patio extends along the length of the house looking over the water. The layout is such that just about every room has a view of the islands.  There are a total of four bedrooms and three bathrooms.  Having received a face-lift in 2000, the home features Scandinavian-inspired character, with bright, vibrant colors, excellent natural light, and the best in modern appliances.  The decor is tasteful and inviting, carefully arranged by a loving owner with a true eye for design. Given the evident symmetry of home and decor, the owner’s are willing to include much of it with a sale.

Click on the pictures below for full-sized versions. Click here for a Virtual Tour.

Externally, this home and neighborhood have a lot to offer. In addition to the home’s 103 feet of private waterfront, there is a community boat launch nearby, as well as a  private beach available to owners.  The home itself has a private dock. The water is not deep for large vessels, though there is plenty of room for deep-water moorage out in the bay, with access by dinghy.  There is also a two-car garage, with guest parking available across the street.

View Larger Map

Priced at $1,595,000, this home is a real treasure.  It is quiet, private, and unquestionably special, perfect for anyone looking to live in understated luxury while enjoying the peaceful serenity offered by one of the most incredible natural settings in the World.

Owner financing is available at competitive rates to qualified buyers.

For more information on this luxury Bellingham home, please e-mail Rob LeRoy at rob.leroy@exprealty.com, or call me directly at 206.883.6668.

Please visit my website, www.TheRealEsateNovelist.com

Bellingham Real Estate

It Feels Like Spring in Fairhaven…



I love Fairhaven. It is such a cool place… The classic brick architecture, boutique pubs and restaurants, open community space, and of course the beautiful setting overlooking Bellingham Bay and the San Juan Islands.  I’ve lived just about everywhere in the Northwestern U.S., from San Francisco to Boise to Seattle, and I have to say that Fairhaven is in the top 5 neighborhoods in any of those cities.

Today, February 6th, 2010, was an absolutely gorgeous 65 degrees.  I seized the opportunity to get some pictures of some of Fairhaven’s most unique buildings and locations.  Click on the thumbnails for full-sized pictures. Click here for the full gallery of the 89 shots I took on this amazing day.  For those of you out there who still think the Northwest is all rain and no shine..let me I offer you a very different perspective.

Thanks for reading!  Please leave your comments below. If you have any questions about Bellingham, WA or real estate, in general, please feel free to email Rob LeRoy directly at rob.leroy@exprealty.com or call me at 206.883.6668

Originally published on my website, www.TheRealEstateNovelist.com

Bellingham Real Estate

Home-Staging Consultations FREE with New Listings!

If you are thinking about selling your house this year, you might want to get ready sooner, rather than later. With the impending expiration of the First-Time-Buyer tax credit, many experts in the industry are nervous about the potential market adjustment to follow. Given that first-time buyers accounted for an astounding 47% of all home sales last year, it stands to reason that there is the risk of a slump in sales following the expiration of the tax credit.  At the very least, it looks clear that there are a whole lot of would-be buyers running around scooping up whatever they can find while there’s still time. With the expiration of the tax credit set for June 1st, time is of the essence, and I’m here to help.

How About  a Free Home Staging consultation?

From now until April 30th, I will be teaming up with Bellingham Home Staging to provide complimentary home staging consultations on all new listings.  The fabulous Kimberly Lee of Bellingham Home Staging will give your home the makeover it needs to sell quickly for a great price.  So yes, you will have to lose the fuzzy tapestry of dogs playing poker ( I really miss mine from college…), and she’ll probably make you hide any self-portraits from past vacations (sorry, but buyers don’t need to see you in a thong…), but it will be worth it. Don’t worry, we won’t mock you for having bad taste (at least I won’t)…it’s not your fault. Some people just have a gift for design…just like some people have a gift for writing humorous real estate articles…ahem… I should clarify that Kimberly will be telling you what to do…not me. I’m too nice to tell you that you have bad taste. I will, however, bring donuts. What is Home Staging?

“Home staging is a proven advertising method in real estate, interior design, and retail that uses principles in design, psychology, and marketing to make a house more attractive to the emotions of a purchaser. As Consumers, we see this every day when we look at our favorite issues of Better Homes and Gardens, Martha Stewart Living, shop at Ikea, or look through a Crate and Barrel Catalog. Items are placed, arranged, and organized to make the consumer want or need them. Everything is neat, orderly, and neutralized to attract a wide range of buyers who have differing styles and tastes. Ultimately, we want buyers to see and feel themselves living in your house. “ – Kimberly Lee.

If you have us list your home, you will get much more than this fantastic staging consultation. You’ll also get a custom blog article to accompany the MLS listing. I’ll write and in-depth portrait of your home that goes well beyond the limitations of the MLS, print media, and other traditional marketing avenues. You’ll see your home prominently featured on this website (with 7,000 monthly visitors!), as well as several similar sites to maximize exposure across the entire internet*. We’ll also broadcast the details by email to our database of thousands of website subscribers. For examples of my previous listing articles, click here, here and here. The combined force of our staging and unbeatable online marketing strategy will give your home the exposure it needs to sell for the best possible price in the shortest amount of time.

*87% of home buyers use the internet to look for homes, and 85% use buyers agents, who of course search online, as well.

For more information on Bellingham Home Staging, click here or join the Facebook fanpage here!

For more information on the benefits of home staging, in general, click here.

Click the thumbnails below for some before-and-after staging shots

Thanks for reading!  Please leave your comments below. If you have any questions or want to schedule a listing consultation, please feel free to email Rob LeRoy directly at rob.leroy@exprealty.com or call me at 206.883.6668

Be sure to check out my other website, TheRealEstateNovelist.com!

Bellingham Real Estate

Rob LeRoy’s Happy Client Stories

Here are some of the nice things my past clients have had to say about working with me.

“You are heads above any of the other realtors we have worked with!” – Shelley T., Bellingham, WA

“As soon as I requested info on real estate in the Bellingham area, you were the first to respond.  Then you asked the right questions to learn what we wanted and sent me not only relevant listings, but also information about the area and other activities that helped convince us NW Washington was where we wanted to live. So when we arrived for our area tour, we were already pretty sure we wanted to live here.

Of course our wish list evolved as we actually toured the area and homes, and certainly your candid assessment of the different areas helped us more quickly focus on the areas that were right for us.   We saw a lot of homes, and you helped us screen well over a hundred before eventually buying one in an area you led us to.  The search was intense for several days, and we appreciated your energy, positive attitude, and daily research to help us reach our goal.

It was a pleasure to work with you!”  - Carl L. Anacortes, WA

“Rob made our home buying experience so easy. Buying a home sight unseen could have turned out very badly. However, he understood our needs and desires and was able to help us find the perfect home for us from across the country.” - Matt and Allison E., Bellingham, WA

Bellingham Real Estate

Bellingham Country Estate

Enter this serene country estate through a large rustic gate blacksmithed by the owner himself.   This is just a taste of the multitude of attributes this estate and property has to offer.

If you’re looking for a quiet ” room to roam” property spread out from your neighbors, yet close enough to all that the city has to offer, this is it.   Just about 15 minutes to Bellingham, 45 minutes to Mt. Baker and 25 minutes to the Canadian Border, very central and ideally located allowing you to still live the country life.

Miss the sounds and wonder of wildlife?  You’ll have it in your own backyard.  In the still of the night you can hear the coyotes howl, or on occasion the owls’ hoot.  One look out your bedroom window and behold “ the deer and the antelope playing” .   In the spring comes the fabulous honk of the geese and their gaggle.  Witness Mother Goose herself as she teaches her young goslings the ways of the world in the large shared pond at the north end of the property.  There is so much to explore here and we haven’t even hit the home yet!!

Situated on five acres of rolling pasture sits a 3200 sq.foot palace of a home designed and built by the owner.  It is a 3+bedroom, 2.5 bath incredible fortress with soaring ceilings and massive windows in the great room that allows in light even on the darkest of our NW days.  The great room is combined with the gourmet kitchen complete with concrete counters, high-end appliances, custom made cabinetry and beautiful tile-back splash. The maple flooring hand laid and the slate tile flooring hand cut and laid by the owner.  There is a Garden room off of the great room with a mosaic-themed tile floor and plumbed for a hot tub or to protect your prized plants in this climate controlled environment.
What you see on the surface belies the craftsmanship beneath/behind the walls.  The owner built this to withstand the cold and blustery winters as well as hot days of summer.  The insulation is above the normal requirements therefore, keeping your energy costs down in all climates.  Pretty much everything about this home is above and beyond the norm.

Maybe you own your own business and need a property large enough for your home, family and business?  In addition to the home is a 3000 sq.ft heated shop complete with office space.  You have to see it to believe it and appreciate it.  Also, other outbuildings to house your equipment or maybe house your farm animals.  This  would  be a great property for the hobby farmer.  So much space to plant your garden, or a few grazing animals such as sheep and horses.  Sit back on your covered deck and watch the eagles soar.

There is so much more to mention, but I really suggest you come and see this marvel for yourself.

Call me, Roberta Soares,  for a private tour at 360-303-3898.

Bellingham Real Estate

Rob LeRoy’s Guide to Bellingham, Part 8: Wall Art

The City of Bellingham is well known for encouraging and cultivating a vibrant artistic community. Venues like the Mount Baker Theater and Western Washington University host world-class speakers and performers, while small galleries, bars and restaurants display works from the many talented local artists.  However, some of the best works are actually to be found outside, adorning the walls of some of Bellingham’s most beautiful historic buildings. The walls of the city are host to a unique and varied collection of impressive, sometimes eccentric murals, some of which date back to the 19th century.  The wall art tradition in Bellingham is beloved and ongoing, with older classics carefully protected, and new works anticipated and encouraged.

Click on the thumbnails below to see the full-size versions. Click here for more full-size pictures from my gallery.

Follow these links to read Part 1: Breakfast, Part 2: Lunch, Part 3: Dinner, Part 4: Dive Bars, Part 5: Live Bars, Part 6: Classy Pubs, Part 7: Hotels

Thanks for reading!  Please leave your comments below. If you have any questions about Bellingham, WA or real estate, in general, please feel free to email Rob LeRoy directly at rob.leroy@exprealty.com or call me at 206.883.6668

Bellingham Real Estate

Lake Whatcom’s Hidden Waterfront Hideaway

Looking for the perfect waterfront vacation home? How about a private corporate retreat?  Or maybe you’ve dreamed of owning a bed-and-breakfast or an income-producing vacation rental, perfect for grand weddings and family reunions… Here it is, the estate at Chesley Park on the shores of the beautiful Lake Whatcom.

Nestled at the southern tip of Bellingham’s Lake Whatcom is a small waterfront community of a few dozen beautiful homes.  Many of these are vacation homes, owned by snowbirds from all over the World. Just up the hill, overlooking the lake is a magnificent estate that rests on almost six acres.

The estate consists of a carriage house, a main residence, a couple of outbuildings for parking, storage and landscaping equipment, as well as 460-ft of shared Lake Whatcom waterfront, including a dock. The main residence is a grand, custom-designed marvel consisting of 6 bedrooms and 5.5 bathrooms. Designed and built in the early 90’s by its one and only owner, the home is like none other. The innovative floorplan includes a Great Room with 30-ft ceilings, a library, and a huge kitchen designed for traditional entertaining. The large deck extends from the dining and living area and faces north toward the private orchard and Lake Whatcom’s majestic blue waters. The carriage house offers 1725 square feet with 2 bedrooms and 2.5 baths, with a double garage.  The finishes are high quality, though somewhat dated.  The right buyer with an eye for design could polish this gem into a shining masterpiece.

Click here for additional full-size pictures of the estate and surrounding area.

As a family friend of the owners, I have spent some time at this wonderful home over the years.  My personal feeling is that it is perfectly suited for a bed-and-breakfast, vacation rental or corporate retreat. It is possible to comfortably accommodate 15-20 people between the main house and carriage house. There is room for weddings and all sorts of gatherings in the front yard with the lake as a backdrop. Parking is ample, and the setting defines the words serene and private.  Weddings at comparable properties often go for thousands per day. Vacation rentals of this size can rent for thousands per week. The house is set up such that there is a true Master Suite on the main floor, apart from the rest of the house, perfect for a live-in operator of a bed-and-breakfast.  The opportunities and possibilities are myriad…limited only by the imagination and ambitions of an inspired new owner.

Currently listed at $1.25M, this home is truly unique. There is nothing else like it anywhere… 6 acres, 460-sf of Lake Whatcom waterfront, 8 bedrooms…surrounded by private forests… It may be beyond the scope of most of us, but there is a special someone out there for whom this magnificent estate will be a dream come true.

For more information, or to schedule a tour, contact Rob LeRoy directly at 206.883.6668 or by email at rob.leroy@exprealty.com

Thanks for Reading!

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