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The Importance of a Great Lender

by Rob Levy, Prudential Northwest Properties
When given the opportunity, I educate our clients to select a lender based on a number of variables rather than simply based on rates and fees. In any transaction, from the simplest to the most complex, a lender can literally make or break the closing. There are multiple opportunities for a lender to show their range of services, the most critical of which include customer service and time management skills. It would be silly to ignore the importance of rates and fees, but time and time again we on The Rob Levy Team have seen how an initial dollar break can cost a client the equivalent or more in time, heartache, and frustration if their selected lender doesn’t follow through on their commitments.
 
Fortunately, we had the help of a terrific lender last week during what could have been a very frustrating transaction. There were a couple of critical repairs that needed completion prior to closing, and we were on a tight timeline. The transaction was further complicated because the seller was difficult to reach and the buyer was on vacation; accordingly, collecting signatures and scheduling the work were difficult at best. Here’s where the lender’s time management and customer service skills came into play. We literally got the final approvals and signatures needed on the day of closing. Ordinarily, a lender would not produce documents for a buyer to sign without the completion of the repairs, and the collection of the signatures noted earlier. Using his creativity, foresight, and flexibility, our client’s lender went to bat for him. The lender was able to convince the bank that documents should be produced, and that the signatures and approvals needed would be produced by the date of closing. What sounds like a simple feat was in reality no small battle, and saved our client a mountain of frustration, not to mention rescheduling his Hawaiian vacation! If you are considering purchasing a home in the Portland area, please visit with us at www.RobLevy.com and talk with us about critical factors in your lender selection. We can refer you to a terrific lender, and take no bonuses or commissions for doing so. Again, your lender can make or break your transaction, and with The Rob Levy Team, your best interest is our number one priority!
This entry was submitted by Cathy Hill, Transaction Coordinator of the Rob Levy Team

The Importance of a Great Lender

by Rob Levy, Prudential Northwest Properties
When given the opportunity, I educate our clients to select a lender based on a number of variables rather than simply based on rates and fees. In any transaction, from the simplest to the most complex, a lender can literally make or break the closing. There are multiple opportunities for a lender to show their range of services, the most critical of which include customer service and time management skills. It would be silly to ignore the importance of rates and fees, but time and time again we on The Rob Levy Team have seen how an initial dollar break can cost a client the equivalent or more in time, heartache, and frustration if their selected lender doesn’t follow through on their commitments.
 
Fortunately, we had the help of a terrific lender last week during what could have been a very frustrating transaction. There were a couple of critical repairs that needed completion prior to closing, and we were on a tight timeline. The transaction was further complicated because the seller was difficult to reach and the buyer was on vacation; accordingly, collecting signatures and scheduling the work were difficult at best. Here’s where the lender’s time management and customer service skills came into play. We literally got the final approvals and signatures needed on the day of closing. Ordinarily, a lender would not produce documents for a buyer to sign without the completion of the repairs, and the collection of the signatures noted earlier. Using his creativity, foresight, and flexibility, our client’s lender went to bat for him. The lender was able to convince the bank that documents should be produced, and that the signatures and approvals needed would be produced by the date of closing. What sounds like a simple feat was in reality no small battle, and saved our client a mountain of frustration, not to mention rescheduling his Hawaiian vacation! If you are considering purchasing a home in the Portland area, please visit with us at www.RobLevy.com and talk with us about critical factors in your lender selection. We can refer you to a terrific lender, and take no bonuses or commissions for doing so. Again, your lender can make or break your transaction, and with The Rob Levy Team, your best interest is our number one priority!
This entry was submitted by Cathy Hill, Transaction Coordinator of the Rob Levy Team

Siding Issues Still Surfacing in Portland, Oregon area homes.

by Rob Levy, Prudential Northwest Properties
Last week I was meeting with a client about selling their home in the northwest area of Washington County, and I again ran into issues with LP (Louisiana Pacific) siding.  For those not familiar with these issues, starting about in the mid 80's several wood products manufacturers came out with "look alike" cedar horizontal siding substitutes to take the place of cedar.  These for the most part were man made particle board and glue combinations and looked great.  For various reasons, some - not all - of them started to delaminate causing rot and fungus to grow inside the siding, and the siding to fail.  In some cases there were class action lawsuits over several years amounting to several million dollars to settle these cases - yet I keep running into houses with the bad siding on them where the sellers never knew about the issue, or the claims.  
 
If you are thinking about selling a home in the Portland Oregon area in the near future, please do research this at our site under "Recommended Links" at www.RobLevy.com and check and see what type of siding you have, and if you need to deal with it.  If you are buying a home here, and we are representing your interests, be sure to get a full home inspection and talk to us about the siding issues.  If there are any concerns, we can get a siding expert to evaluate and suggest remedies for the home, whether that be residing the house, or treating what is already there.

Siding Issues Still Surfacing in Portland, Oregon area homes.

by Rob Levy, Prudential Northwest Properties
Last week I was meeting with a client about selling their home in the northwest area of Washington County, and I again ran into issues with LP (Louisiana Pacific) siding.  For those not familiar with these issues, starting about in the mid 80's several wood products manufacturers came out with "look alike" cedar horizontal siding substitutes to take the place of cedar.  These for the most part were man made particle board and glue combinations and looked great.  For various reasons, some - not all - of them started to delaminate causing rot and fungus to grow inside the siding, and the siding to fail.  In some cases there were class action lawsuits over several years amounting to several million dollars to settle these cases - yet I keep running into houses with the bad siding on them where the sellers never knew about the issue, or the claims.  
 
If you are thinking about selling a home in the Portland Oregon area in the near future, please do research this at our site under "Recommended Links" at www.RobLevy.com and check and see what type of siding you have, and if you need to deal with it.  If you are buying a home here, and we are representing your interests, be sure to get a full home inspection and talk to us about the siding issues.  If there are any concerns, we can get a siding expert to evaluate and suggest remedies for the home, whether that be residing the house, or treating what is already there.

Market Slowing - But Appreciation Still 17.4%

by Rob Levy, Prudential Northwest Properties

According to the Portland MLS (RMLS) For the 12 months ending in July, 2006 vs. the previous 12 months, the average price in the Portland Metropolitan area appreciated 17.4% according to RMLS.  The average price rose from $263,500 to $309,400 and the median price rose from $220,400 to $260,000 for an increase of 18.0% for the same 12 month period.  The average sales price for all the sales in the month of July 2006 was $325,700 with an average market time of 38 days.  At the end of July there were 9,555 active listings listed in the MLS representing a 3.5 month supply. This is still well below the 5.5 months considered optimum and a balanced market.

Market Slowing - But Appreciation Still 17.4%

by Rob Levy, Prudential Northwest Properties

According to the Portland MLS (RMLS) For the 12 months ending in July, 2006 vs. the previous 12 months, the average price in the Portland Metropolitan area appreciated 17.4% according to RMLS.  The average price rose from $263,500 to $309,400 and the median price rose from $220,400 to $260,000 for an increase of 18.0% for the same 12 month period.  The average sales price for all the sales in the month of July 2006 was $325,700 with an average market time of 38 days.  At the end of July there were 9,555 active listings listed in the MLS representing a 3.5 month supply. This is still well below the 5.5 months considered optimum and a balanced market.

Underground Oil Tank (UST) Issues

by Rob Levy, Prudential Northwest Properties

 

 

 

 

 

I have been running into issues of late where buyers and particuarly home sellers are not fully aware of the rules and regulations regarding either in use or abandoned heating oil tanks.  There were some significant changes in the law here in Oregon last year, and the following are a few highlights, plus a link to more information from the DEQ website.

Oregon law (ORS 466.878) requires the owner to pump out all heating oil from an abandoned (unused) underground heating oil tank when: (1) The tank is no longer used as a heating source. (2) The tank has been replaced with a new one, and (3) The home or business is sold. Also, many lenders will require the tank be decomissioned either in place, or removed from the property and you will need to follow the rules from DEQ regarding the decommissioning of the tank which involves getting soil samples from around, and under the tank to confirm whether it has leaked or not.  If it has leaked, then it can be decommissioned in several ways, all of which are explained on the site.  If you have an active, or unactive heating oil tank, I urge you to read this information so you are aware of the issues that may come up upon the sale of your home.  For buyers, we also urge you to read this so you are aware of issues we will be asking the seller to take care of for you when we write an offer on a home.  The page link can be found HERE.  If the link doesent work, click on the following or paste into your browser.

http://www.deq.state.or.us/lq/tanks/hot/homeownersfaq.htm

Portland Prices are FAIR VALUE – Money.com

by Rob Levy, Prudential Northwest Properties

CNN/Money.com recently released a report on how overpriced some of America’s cities area.  It is amazing in their opinion that cities such as Modesto, CA is a whopping 71% over where they see prices should be.  Other cities of note in the west are Los Angles / Anaheim CA at 57% overpriced, San Bernadino / Riverside 64% overpriced and Santa Barbara 81% overpriced.  By overpriced they mean that in Santa Barbara’s case ( the largest overpriced area in the USA according to this article) homes are priced at 81% more than they should be.

 

So where do homes in Portland, Oregon fit in?  The same article says we are a “fair value” at 15% over what homes should be.  Of course we have special circumstances here such as an urban growth boundary past which you cannot build, which causes prices to be higher within, but as we have always been the Portland area is still the bargain basement of the west coast’s major cities..

 

More information can be found by reading the article by clicking HERE

The Market's Changing, What Can We Expect?

by Rob Levy, Prudential Northwest Properties

We have always had an interesting relationship with our neighbors to the south of us.  It’s interesting to think there are 37 million Californians and only about 3.5 million in the ENTIRE state of Oregon.

In studying the very cyclical real estate market in California, it appears that the last four down cycles have produced a mass migration to Oregon, and I'm trying to figure out if the same will happen this time around.  For sure, there will be the people who "cash out" of their home and move here purchasing a wonderful home where their kids can go to great schools, etc.  The Rob Levy team have sold many this year and have many more such buyers in the works.  Also for sure are the investors who are now seeing prices fall in many parts of California and are looking here for investments, we have several we are working with right now. 

But what we are finding interesting - and for the first time in my 18+ years of being one of Portland's top selling real estate teams - is kids coming.  By this I mean recent college grads who grew up in LA, SF, San Diego on most any big city, and have just gotten out of college and now can’t afford a home anyplace near the home they were raised in.  We have sold, and are selling many homes to such clients as they are moving here for affordable housing (in comparison), plus the similarity of the time zones, political climate, and the close proximity ( they are 2 hours away from home with a non-stop flight.  A recent study indicated that some 60% of college grads plan on living at home!  (Please if my three boys currently in college read this, your Mom and I are planning on selling the home and buying a studio condo :-)).

So the big question is as California clearly has entered a slow down, plus in a recent report showing that 24 of the 28 largest markets are declining in value, will the migration begin in earnest as before?   Well, let’s look at what’s also different this time....    The one major thing I can put my finger on is while we are in a robust economy, there aren’t the proliferation of high paying jobs here as in the last few cycles, but more service sector jobs - which indicate a need for more investor homes.  But, it’s the lifestyle, dummy!  That’s what brought me here 22 years ago, and Sandy on my team, and Cathy on my team, and Sandra on my team and Alicia too.  With what we have to offer - mountains, ocean, rivers, beauty, great schools, ease of life, minimal commutes, and that all important UGB (urban growth boundary) which will continue to drive up costs within I just don’t see anything more than a slowdown here to more reasonable appreciation of maybe 7-10% vs. the 18% we have been seeing – and that’s just healthier for all of us.  

But as with all predictions, time will tell........      Thanks for listening…… ROB 

My Trip to Star Power in NYC

by Rob Levy, Prudential Northwest Properties

I have been asked to speak this week at the national Star Power convention in New York City.  Each summer, real estate agents get together from around the country and discuss trends and strategies for improving their customer service and overall business.  It's really an honor to be with so many dedicated professionals who care so much about others and are willing to share everything they know.

One of the topics that was discussed during the opening sessions was something called "Living in the Dash."  The idea is that we all have a very limited time to make a difference before we pass away, and the only thing left, when it's all said and done, is represented by that small dash between the date you were born, and the date you die.  Someone living between 1920-2009 will appear to have lived a full life, but the real fulness comes from what you did during that time.  Was life in the Dash everything it could have been?  It was a really empowering concept that got a lot of people thinking.  It's really important that we enjoy the life we live and share what we can with others.  I think that's why I like being a real estate agent in Portland: meeting new people, making friends, and helping people with their dream homes.  There's no other job like it!

Displaying blog entries 291-300 of 301

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