Refinance NOW before home prices drop further

I’ve been talking about my predictions that the Seattle area housing market is headed for significant price drops over the next year, averaging about 10% to 20% below the peak home prices of 2018. We are already seeing this start to happen. If you are planning to keep your home for many years, that’s not a big problem. Just ride out this housing slump and home prices will eventually bounce…

What to do if you are facing foreclosure in Washington State

You’ve probably seen the news about skyrocketing foreclosure rates across the country.So far, Washington’s foreclosure rate is far below the national average, but the number of foreclosures is expected to increase dramatically over the next six to 12 months. The reason for this sudden increase in foreclosures is that many homeowners were lured into bad loan programs by unscrupulous mortgage loan officers. In some cases, loan officers used “stated income”…

Home Prices to decline in Seattle area home market, Part 2

Q:You predicted that home prices in the Puget Sound region will fall about 10 to 20 percent over the next year. As I understand it, you are basing your prediction on previous real estate cycles, specifically the early 1990’s price drop and flat market that followed the housing boom of the late 1980’s. But this market is very different. We have never had home prices go so high, so fast….

Don’t Become a Target for “Trigger Lead” Buyers!

Q:We recently applied for a mortgage to refinance our home. Within a few days, we were getting phone calls all day and night from other mortgage companies trying to sell us a loan. We only talked to one mortgage company. How did the other mortgage companies get our phone number? We put our phone number the “do not call” list a couple of years ago, so how can they call…

What if I discover defects in a house after I’m in a lease-option contract to purchase it?

Q:I read your article on lease-options and was wondering if you could answer a question. We are in a lease-option now. We have recently discovered problems with the house that we will want repaired before we buy it but we have already put money down (earnest money) and signed the agreement. We will not want to buy the house if the seller does not rectify the problems. I do not…