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Eugene, OR Real Estate News

By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
When there are people in trouble, there is almost always someone around to take advantage of them. Now, with an increase of foreclosures, we have a number of foreclosure scams starting or continuing to operate. Homeowners facing foreclosure should beware of foreclosure scams. Scammers can cause the homeowner to lose both the home and the equity they have built.  Many scammers contact homeowners offering to "save" their houses. Property information is a matter of public record and fairly accessible by anyone interested in obtaining it. In addition to the informa­tion recorded with the county when the home was purchased, notifications of default filed by the lender or a lien holder or if the house is subject to an auction or to be foreclosed are all public record. Unfortunately, unscrupul...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have become re-aquainted with a new (at least to some) site for great information about Oregon lending and investing. It is the Oregon Department of Finance and Corporate Securities website. One of the items on the website is an announcement for a "Wise and Safe Investing Forum" to be hosted in Eugene in December. The way the market is going, this could be an excellent use of time. AARP Oregon and the Department of Consumer and Business Services are hosting a FREE investment education forum entitled "Wise and Safe Investing." The forum is Tuesday, December 2 at the Valley River Inn in Eugene and begins at 9:30 a.m. A number of speakers will provide information you can use immediately and all participants will receive free resource materials on wise and safe investing plus a compliment...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
If you, or someone you know, is behind or going to get behind on the mortgage payments, there may be a way to keep your home and maintain your credit rating if you confron the problem early. The most common mistake people make when they get behind on their mortgage payments is to ignore the problem. I know that there are some people that don't even open the foreclosure warning they get from the lender. Not all of the following methods will result in saving your credit and two will not save your home but will keep you out of foreclosure. Forbearance - Ask your lender if you can reduce or suspend your montly payments for a short period of time. This option may be available if, for example, you are expecting funds that would help bring your loan current. Sometimes the delinquent amount can...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
I encourage every one of my sellers to get a whole house and pest and dryrot inspection up front, before I list their home in the MLS and launch the marketing campaign. Sometimes the reaction I get is "That's the buyers responsibility - why should I pay for an inspection?" This is what I tell them: For many buyers and sellers, the most stressful event in a real estate transaction is the review of the inspection report. For the buyer (who begans to question whether they overpaid the moment after they sign acknowledgement), the report represents the potential for getting out of the deal with earnest money in hand. Other potential drawbacks about the property or neighborhood are re-visited, and competing properties began to look more attractive in comparison. Fear of choosing the wrong hom...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
They say the way to stay young is to continually learn something. Based on that, I think I am about 20, instead of 61 and I learned something new today. There is a program outlined in FHA Mortgagee Letter 2003-19 called a "partial claim" and it is available to people with FHA loans that are more than 4 months and less than 12 months delinquent on their mortgage. There are specific criteria, actually, it would be pretty dumb if there weren't. One of them is that you are now able to make the payments and another is that you don't have the money to cure the delinquency. Considering we are talking about the government, this is pretty reasonable. The full qualification are: Have overcome the cause of the default; Have sufficient income to resume monthly mortgage payments; Do not have suffici...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have a simple question today. Do you know the difference between a pigeon and a stock broker?               The difference is that pigeons can still make a deposit on a new Mercedes. I kind of guess that maybe loan officers and Realtors may be in close to the same category but truth to tell, I would rather be a loan officer than a stock broker right now. How about you?
Comments 13
By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
HUD had delivered the basic brushstrokes for the new Hope for Homeowners program that came into effect Oct. 1 with the Housing Bill of 2008. Interestingly, apparently there is no list of lenders available yet as to who will be doing these loans. However, the following is very interesting: List of participating lenders COMING SOON The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes. The program is effective from October 1, 2008 to September 30, 2011. As many as 400,000 homeowners could avoid foreclosure through this program over the next three years. If you are having trouble making your mortgage payme...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Any of you that have been reading my blog posts in the past, know that I am pretty eclectic in my taste in food. If you have met me, you probably can figure out that I like to eat. There may be those that are surprised that one of my favorite things to eat is raw fish, but not just any raw fish. For instance, I have never been known to bite a rainbow after I pull it in and for that matter, I like my catfish breaded. However, I do like properly prepared Sushi and Sashimi and will go out of my way to get the good stuff. There are and have been several excellent Sushi restaurants in Eugene and now, there is another one. I was pointed to Izumi by my friend Scott Vollstedt, a real raw fish officianodo. Scott, not only knows what to order, but he even know the special things you can do to it....
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
The Laurel Hill Valley is a unique little enclave in East Eugene. The main route in, Riverview Street, is poorly maintained, and without sidewalks, which adds a rural flavor, and there is an intersting mix of old and new development in this peaceful neighborhood. I was dropping off flyers at one of my condo listings early yesterday morning and got a chance to shoot some wild turkeys (digitally of course). We see quite a few of these in the south hills and outlying areas around Eugene and Springfield, usually traveling in what appears to be a family group. The lighting in this shaded glen was not the best, but I stopped the car, turned on the flashers and grabbed my camera. The big birds were polite enough to wait until I snapped my zoom lens on and I was able to a get a couple of decent...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
According to a survey by Remodeling magazine, homeowners can expect less of a return on upgrades than in the recent past.  In the bubble years of '05 & '06, nearly half the projects undertaken could be expected to return up to 90 cents on the dollar, but in the past two years, nothing has even come close, based on the magazines' survey of thousands of real estate professionals. Consumer Reports magazine has gone a step further and surveyed licensed appraisers, but regional differences in home values make it difficult to gauge what portion of your remodeling dollar you get back at closing time. Projects that pay: Deck additions still top the list at 85.4% of value recovered, based on a national average. Minor kitchen remodels can return 83% of the investment if you focus on cosmetics lik...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
OK, I am a finance guy. I make loans for a living. I watch the markets. I read a huge amount of information about the mortgage melt down, about the market forces, about toxic mortgages, about the bail out, the saving of main street and so forth. But I just don't understand how this is that important: Both McCain and Obama have voiced their support for increasing the FDIC coverage of bank accounts from $100,000 to $250,000. And this is important how? If I had $250,000 cash available you could be damn certain I would have enough intelligence to put it in 3 different banks. I am, without a doubt, not the sharpest pencil in the box. I may be a french fry short of a Happy Meal. It is possible I am a half a bubble off plumb. And, I have (litterally) been know to fall off the turnip truck. I a...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
So, the question is: "What is going to hurt my credit more, a short sale or a foreclosure or a deed-in-lieu of foreclosure?" Here are the most recent guidelines from Fannie Mae:   Bankruptcy (except Chapter 13) 4-year time period applied from either the discharge or dismissal date     Chapter 13 Bankruptcy 2-year time period from the discharge date, or     4-year time period applied from the dismissal date   Extenuating Circumstances 2 year time period from the discharge or dismissal date               Multiple Bankruptcy Filings 5-year time period from the most recent dismissal or discharge date     Multiple BK Extenuating Circumstances 3-year time period from the most recent discharge or dismissal date     Foreclosure 5-year time period from completion date     Additional requirements...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I woke up this morning to the news that the Office of Thrift Supervison had taken over the operation of Washington Mutual Banking Corp. and sold its assets to J.P. Morgan Chase. When I logged into my WAMU account, there was a new message over the artwork. It said: " WAMU Customers, Welcome to JP Morgan Chase." Customers, such as me, should see no change in their banking operation at this time. I am sure that J.P. Morgan will make some operation changes as time goes by. More than likely people currently working for WAMU will be looking for a job soon. More indication of hard times in the financial markets.
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
When it comes to home maintenance it's always "better late than never", but who wants to work outside when it's too cold to move your fingers! Here are my top 5 things to take care of before cold and damp becomes the default condition: Clean your roof, muck out the gutters, clear the downspouts, and seal corner joints if necessary. I see a lot of roof and fascia (wooden trim) damage caused by rain gutters that are unable to do thier job because they are packed with leaves, and in some cases hosting a crop of grass! If you don't like heights, hire a handyperson. Clean the deck, and seal the surface. This is another area where a little neglect can cause a lot of damage, and a dirty deck is slippery when wet, so don't risk damaging yourself! Touch up missing paint or finishes on your home ...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I cannot be more succinct about what is happening than my title. We are in a very strange time in the real estate industry and there are sharks out there trying to make money out of other peoples misery. I personally find this attitude repugnant. Let me give you an example, there are credit counseling companies that are non profit and don't charge their clients for getting them a lower interest rate on their credit cards. Then there are for profit companies that perform the same service and charge more than enough for doing the same thing. OK, I know that doesn't have anything to do with real estate, so here goes my statement on this. There are companies out there charging anywhere from $2,000 to $10,000 to re-negotiate your mortgage for you. They are not doing anything that you can't d...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Are you aware of Fannie Mae's HomePath website? They answer the following two questions for home owners: I Am Current on My Mortgage. I Want To Stay That Way I Am Worried About Losing My Home Both questions are covered in a very upfront and business like manner. I am impressed with the information available here. There are also links to the Home Loan Learning Center, Home Preservation Foundation and HopeNOW. For home buyers, the basics of home buying are covered, along with a link to Fannie Mae owned homes. According to my search, there is only one in Eugene and two in Springfield. Apparently, there are 157 in Oregon. The REO search is an interesting tool. The link to the HUD Tips for Avoiding Foreclosure is also an excellent reference. The number one tip is: "Don't ignore the problem."...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
Inventory, listings, sales, and sale prices decline for the August 2008 reporting period. Each month the RMLS (Regional Multiple Listing Service) publishes market statistics for it's service area. Being a Eugene area Realtor I focus on the data for Lane County. Being intimately familiar with these numbers helps me to serve my clients, both buyers and sellers, in a continually changing market. For the month of August, total inventory stands at 8.1 months, down from 8.8 in July and up from 5.1 one year ago. This means at the current rate of sale, with no new listings entering the market, it would take 8 months to sell all of the approximately 2,500 currently listed properties. New property listings have decreased 18.6% and closed sales are down 28.7% since August 2007. Average sale price ...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I just received notice that the Big Look Task Force will be in Eugene Friday to get feeback on land use. This will be used to help make decisions about farm and forest lands, urban communities, issues related to sustainabiltiy, climate change, housing choice and economic prosperity. This will be a town hall format held at Lane Community College from 6:30 to 8:30 p.m. If unable to attend the town hall, you can fill out a survey about your thoughts on land use. For a complete copy of the Big Look Task Force recommentations in June of this year, visit: "Choices for Oregon's Future." Here are the talking points of the town hall meeting: 1.  "One size does not fit all" -- there must be increased flexibility in our land use system that accounts for the regional differences throughout the stat...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
Like farm-fresh eggs? How about the good feeling of feeding your family a healthy protein source from happy organic free range hens? If you own your own single family home, chances are you can be an egg farmer! In Eugene and Springfield the requirements are few… No Roosters allowed. Sorry boys, no one likes a 4:30 wake up call on a Sunday morning.  Zoning must be Low Density Residential (R1). If the square footage of your lot is between 0 and 10,000 square feet you can keep up to 4 hens.  At 10,000 square feet you can keep 5 hens. And for each additional 1,000 s.f. you can add an another hen. Make sure to check the CCR’s for your subdivision for additional restrictions beyond what the county and city impose. And the benefits are many: Chickens are voracious bug eaters and they also peck...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
I grew up in this town, and have wonderful childhood memories, but after high school I couldn’t wait to get out and explore the world. Moving back 20 years later, I have a new appreciation for all the Eugene area has to offer, and I love sharing – especially with my clients who are new to town. The following list is by no means exhaustive, but it hits some of the high points for me!Walk among the mighty oaks.The Willamette valley once featured a vast savannah of open grassland dotted with indigenous oak trees. Less than one percent of this unique habitat remains, but you can get a feel for what once was at the Mount Pisgah Arboretum. There are miles of trails, a lazy fork of the Willamette river, and a summit with an expansive view. There are also seasonal activities for all ages.Climb ...
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