Information on Living, Life and Real Esate in Whatcom County

Information on Living, Life and Real Esate in Whatcom Countyhttp://livewhatcom.com/In this blog you will find a mixture of the latest happenings, stories and important Real Estate News and information. All focused on Living, Working and Thriving in Whatcom County.en-usMon, 02 May 2011 12:05:00 GMT10GDRSSFeeds v1.0USDA - RD financing is Backhttp://livewhatcom.com/blog/2010/04/26/usda-rd-financing-is-back<div>If you have been looking for an affordable home in the rural areas of our county then you have probably came some information on USDA Rural Development loan (RD - Loan).  With all of the changes in the real estate community dealing with financing etc. it has become increasingly difficult to purchase a home with a low or now down payment.  Many people have turned toward the USDA RD loan to assist them in qualifying for financing.  Recently we were told that the USDA RD loan program would be coming to an end because a lack of funds for the program.  April was to be the final month where the funds would dry up.   Good new hit the media and I just received it today that the "<font face="Arial">Rural Housing Preservation and Stabilization Act of 2010"  was unanimously signed and the much needed financing option will be back in effect.  (see the following article) </font><a title="Rural Housing Preservation and Stabilization Act of 2010" href="http://www.house.gov/apps/list/press/financialsvcs_dem/pressKanjo_04222010.shtml">Rural Housing Preservation and Stabilization Act of 2010  <br /> </a></div> <div> </div> <div>Go to our<span style="color: #0000ff;"> <a title="Preferred Lender Page" href="http://www.livewhatcom.com/index.cfm/page/83395/parent/69206/Preferred_Lenders.html">Preferred Lender Page</a></span> to see a list of USDA approved lenders.  <br /> </div> <div> </div><P><a href="http://livewhatcom.com/blog/2010/04/26/usda-rd-financing-is-back" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/04/26/usda-rd-financing-is-back#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/04/26/usda-rd-financing-is-backMon, 02 May 2011 12:05:00 GMTWhatcom County Parkshttp://livewhatcom.com/blog/2011/03/24/whatcom-county-parks<div> As I was heading to work today, it dawned on me that I wasn't wearing my coat... Wow! I think it might finally be Spring?   While there is a small chance of rain this weekend there is always hope.  I found these great links on the Bellingham City Website   <a title="Bellingham Parks and Trails" href="http://www.cob.org/services/recreation/parks-trails/index.aspx">Bellingham Parks and Trails</a> and for <a title="Whatcom County Parks" href="http://www.co.whatcom.wa.us/parks/recreation.jsp#picnic">Whatcom County Parks</a>.  </div> <div>Enjoy! and if you take a great picture of your family or some amazing image of nature in Whatcom County while you are enjoing all that it is, please share with us your pictures. </div> <div> </div> <div>Enjoy!</div> <div> </div> <div>LiveWhatcom.com</div><P><a href="http://livewhatcom.com/blog/2011/03/24/whatcom-county-parks" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2011/03/24/whatcom-county-parks#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2011/03/24/whatcom-county-parksThu, 24 Mar 2011 10:54:00 GMTBellingham a great place to Live!http://livewhatcom.com/blog/2011/01/25/bellingham-a-great-place-to-live<div> </div> <div> </div> <div><a title="Best Small Places For Business and Careers" href="http://www.forbes.com/lists/2008/5/bestplaces08_Bellingham-WA_2704.html">Best Small Places For Business and Careers</a>   Ranked 55th overall</div> <div> </div> <div><a title="37 best places to live" href="http://www.sunset.com/travel/outdoor-adventure/best-places-to-live-00418000070574/page7.html">best places to live</a> Sunset Magazine article West's best spots to suit your lifestyle</div><P><a href="http://livewhatcom.com/blog/2011/01/25/bellingham-a-great-place-to-live" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2011/01/25/bellingham-a-great-place-to-live#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2011/01/25/bellingham-a-great-place-to-liveThu, 24 Mar 2011 10:53:00 GMTIs it cheaper to own than Rent?http://livewhatcom.com/blog/2011/01/25/is-it-cheaper-to-own-than-rent<div><br />    <p>2011 is going to be a great year for real estate. We just got the December numbers back and home sales are up!  The timing couldn't be better for people to start having confidence in buying a home or investment and income properties.</p> <p>This is encouraging, because of a surprisingly slow spring and summer market in 2010.  I know personally I have notice a drastic increase in phone, and Internet activity and subsequently increased in sales activity, especially in the last week or two.</p> </div> <div>I was sent a link to an article this week that I thought was worth sharing.   The title of the article is " <div class="detail_header">HOMEOWNERSHIP MORE AFFORDABLE THAN RENTING IN 72 PERCENT OF MAJOR U.S. CITIES DESPITE GROWING CONSUMER PREFERENCE TO RENT</div> "  Pretty catchy title.  While Bellingham is not on the list Seattle which has much more higher priced properties and similar rents to ours is on the list of being on the line.  Based on information that we have gathered it is definitely feasible to move from a moderately priced rental home or condo and be able to find a reasonable replacement for close to the same amount as rent.  Not including the additional bonuses of tax savings and other financial benefits you receive when owning a home.  Contact us at <a href="mailto:info@livewhatcom.com">info@livewhatcom.com</a> if you would like to know more about these benefits, or contact your CPA or other tax professional.  </div> <div> </div> <div>If you would like information about home financing options contact Mike Gish at Bank of the pacific (he is the one who sent me the article), or any of our other <a title="prefferred lenders" href="http://www.livewhatcom.com/index.cfm/page/83395/parent/69206/Preferred_Lenders.html">preferred lenders</a> from our <a title="Mortgage Information" href="http://www.livewhatcom.com/index.cfm/page/69206/Mortgage_Information.html">Mortgage Information </a>page.   </div> <div> </div> <div>Here is the link to there article, I hope you enjoy it: <a title="HOMEOWNERSHIP MORE AFFORDABLE THAN RENTING..." href="http://info.trulia.com/index.php?s=43&item=113">HOMEOWNERSHIP MORE AFFORDABLE THAN RENTING...</a></div> <div> </div> <div>Thanks for reading,</div> <div> </div> <div><a title="LiveWhatcom.com" href="http://www.livewhatcom.com/"> <div>LiveWhatcom.com</div> </a> </div><P><a href="http://livewhatcom.com/blog/2011/01/25/is-it-cheaper-to-own-than-rent" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2011/01/25/is-it-cheaper-to-own-than-rent#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2011/01/25/is-it-cheaper-to-own-than-rentTue, 25 Jan 2011 16:15:00 GMTWinter Home Checklisthttp://livewhatcom.com/blog/2010/12/05/winter-home-checklist<span style="font-size: 26pt"><strong> <div align="left">I recently had a conversation with <a title="Jefferson Livingston Pillar to Post" href="http://www.pillartopost-nwwa.com/Default.aspx?cookieset=true">Jefferson Livingston of Pillar to Post</a> during a resent home inspection that I was attending for a buyer client.  I was curious if he had some suggestions for myself and others looking for tips on winterizing your home.  He provided me with this checklist.  I hope you find it useful and informative.  Thanks Jefferson. </div> <div align="left"> </div> <div align="left"><br /> <span style="font-size: 24pt"><strong><span style="font-size: 24pt">WINTER</strong></span>  CHECK LIST</span></strong></div> <div align="left"> </div> <div align="left"></span></strong></span> <span style="font-size: 14pt">Here are a few helpful hints on preparing your home for the winter months</span></div> <p><strong><span style="font-size: 10pt">Roof Structure</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">Remove moss from roof. (Avoid pressure washing as this often causes more damage than good. Solutions & instructions can be found at most home improvement centers.)</span></li> <li><span style="font-size: 10pt">Check condition of flashing & repair any loose or damaged shingles.</span></li> <li><span style="font-size: 10pt">Clean gutters. (Even small amounts of debris can clog downspouts.)</span></li> <li><span style="font-size: 10pt">Keep trees & branches trimmed 6 feet from roof & off power lines.</span> </li> </ul> <p><strong><span style="font-size: 10pt">Exterior Items</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">Trim all vegetation 12 inches away from siding.</span></li> <li><span style="font-size: 10pt">Keep earth 6 inches below/away from siding & all other wood while maintaining a gentle slope away from the home.</span></li> <li><span style="font-size: 10pt">Remove all debris away from home such as leafs to help keep pests away.</span></li> <li><span style="font-size: 10pt">Store firewood at least ten feet from home to help avoid pest infestation. </span></li> <li><span style="font-size: 10pt">To help protect your home from water keep all gaps and joints in siding, even around doors & windows, caulked and keep well painted and sealed. <strong></strong></span></li> <li><span style="font-size: 10pt">Add storm windows in older homes for better heat efficiency.<strong></strong></span> </li> </ul> <p><strong><span style="font-size: 10pt">Crawl Space</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">Insulate plumbing lines to help protect them from freezing. </span></li> <li><span style="font-size: 10pt">Keep all foundation vents unblocked year round, except during freezing weather, to provide adequate ventilation especially in the winter months when it is most damp. (Measure & purchase correct size vent plugs before freezing weather arrives.) </span></li> </ul> <p><strong><span style="font-size: 10pt">Fireplace</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">Have chimneys & flues professionally cleaned before use. (Soot build-up can lead to flue fires which often cause house fires.)<strong></strong></span> </li> </ul> <p><strong><span style="font-size: 10pt">Furnace</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">Gas/propane furnaces should be serviced on an annual basis.</span></li> <li><span style="font-size: 10pt">Replace/clean filters.</span></li> <li><span style="font-size: 10pt">Have heat registers professionally cleaned (or vacuum out as far as possible) to cut down on dust or other impurities in the air.</span> </li> </ul> <p><strong><span style="font-size: 10pt">Interior</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">Check weather stripping around doors & windows.<strong></strong></span></li> <li><span style="font-size: 10pt">Replace smoke alarm batteries.<strong></strong></span></li> <li><span style="font-size: 10pt">Add <a title="Carbon monoxide detector" href="http://en.wikipedia.org/wiki/Carbon_monoxide_detector">carbon monoxide monitors </a>if your home uses gas or propane for any appliances or has an attached garage. ( They are also needed if you burn wood)<strong></strong></span></li> <li><span style="font-size: 10pt">Add UV lights where desired to help cope with the not-so-bright NW winter.<strong></strong></span> </li> </ul> <p><strong><span style="font-size: 10pt">Plumbing</span></strong></p> <ul style="margin-top: 0in" type="disc"> <li><span style="font-size: 10pt">If you do not have "frost free" hose faucets turn water to facets off or insulate them at interior & exterior.<strong></strong></span></li> <li><span style="font-size: 10pt">Remove all hoses. Even if you have "frost free" faucets freezing water from hose can damage lines.<strong></strong></span> </li> </ul> <p><strong> </strong></p> <p align="center"><strong>For other useful home inspection information including our popular </strong></p> <p align="center"><strong><em><u>RESIDENTIAL CONSTRUCTION AND REMODELING ESTIMATES GUIDE</u></em><u> </u></strong></p> <p align="center"><strong>go to <a href="http://www.pillartopost.com/">www.PillarToPost.com</a> or call us at 360-392-8731 or toll free 866-350-POST.</strong></p><P><a href="http://livewhatcom.com/blog/2010/12/05/winter-home-checklist" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/12/05/winter-home-checklist#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/12/05/winter-home-checklistWed, 08 Dec 2010 12:40:00 GMTHome energy conservation - Energy Audithttp://livewhatcom.com/blog/2010/12/01/home-energy-conservation-energy-audit    <p align="center"><strong><span style="font-size: 16pt">How efficient is your home? Is an Energy Audit for you?</span></strong></p> <p style="text-indent: 0.5in"> </p> <div>I recently purchased and older home that we call "The Cottage" as an investment.  We didnï't spend a lot of time inspecting the home for heat loss or <a title="Energy efficiency" href="http://en.wikipedia.org/wiki/Efficient_energy_use">energy efficiency </a>etc. As I watch the news reports of the forthcoming snow and below freezing temperatures I decided I should probably look into it before it was too late.  I decided to contact Jim from <a title="Sustainable Energy" href="http://en.wikipedia.org/wiki/Sustainable_energy">Sustainable Energy </a>Solutions. One of the tools that he had was a <a title="Thermal imaging camera" href="http://en.wikipedia.org/wiki/Thermal_imaging_camera">thermal imaging camera</a>. I was excited to put my home to the test. I was surprised, but the little cottage faired pretty well. I ended up with a couple little insulation project that I can easily take care of on a weekend. I recommend giving it a try. In the process I asked Jim a few questions and found what he had to say very informative. I asked him if he would share some information on the <a title="livewhatcom.com" href="http://www.livewhatcom.com/">LiveWhatcom.com </a>blog, so here it is. Thanks, Jim</div> <div><br />  </div> <div style="font-size: 10pt"><strong><span style="font-size: 10pt"><strong>Why have a home Energy Audit</strong></span>?  </strong></div> <div> </div> <div><span style="font-family: Verdana">All forecasts in the NW indicate that it is going to be a cold and snowy winter. Even with the cold winter already here, there is still time to improve your home's building envelope to save money on utility bills. About 46% to 56% of an average US household utility bill goes towards heating and cooling. If you have a central heater 10% to 20% can be lost in the ducting. And up to 40% is lost through roof, outlets, and cracks in the structure. From checking insulating around the door to making sure there is a correct amount of insulation in your attic and wall, a few dollars spent now pays off in the long run. </span></div> <p style="text-indent: 0.5in"><span style="font-family: Verdana">Since we live in a cooler climate we are usually more concern about heat lose form the home. One step a person should do is to ensure that here is the correct amount of insulation in the walls and attic. Not only can not enough insulation cause heat lose but, compressed, wet, or missing insulation can also contribute to heat lost. Areas were there are electrical or phone jacks are potential areas for heat lost as well. This also includes plumbing and venting for the home. And donï¿½t forget to inspection the weather stripping around your doors and ensure it is in good shape. Your windows should also be chalked and sealed inside and out. Doors and windows are weak points in your home so special attention should be taken. </span></p> <p style="text-indent: 0.5in"><span style="font-family: Verdana">The next step to reducing ones heating bills is to make sure your heater is in good working condition. The ducting in a central heating unit should be inspected for holes or damage. Un-insulated and faulty ducting should be identified and fixed to reduce the amount the furnace has to work. Baseboards should be kept clean and should have plenty of space around them to radiate heat into the room.   </span></p> <p style="text-indent: 0.5in"><span style="font-family: Verdana">So how does one go about checking if there is the correct amount of insulation, or if there is heat lose for the home? Having an energy audit that includes thermal imaging will identify any areas of concern. A thermal imaging analysis of your home will show you right away where you can make improvements. An energy audit will show how you are using your utilities and ways you can save on them. A complete <a title="Home Energy Audit" href="http://en.wikipedia.org/wiki/Energy_audit">energy audit </a>can shave hundreds of dollars off your utility bills year after year.  </span></p> <p style="text-indent: 0.5in"><strong>If you would like further information on how to better weatherize your home please contact Jim at Sustainable Energy Solutions. I would be more than happy to schedule an energy audit or send some information your way.  </strong></p> <div><strong>Sustainable Energy Solutions</strong></div> <div><strong>Jim LeVain, Certified Energy Consultant<br /> Phone: 360-201-9526 </strong></div> <div><strong>Email: jimlevain@comcast.net</strong></div><P><a href="http://livewhatcom.com/blog/2010/12/01/home-energy-conservation-energy-audit" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/12/01/home-energy-conservation-energy-audit#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/12/01/home-energy-conservation-energy-auditWed, 01 Dec 2010 16:03:00 GMTHome Affordable Refinance Program (HARP)http://livewhatcom.com/blog/2010/11/23/home-affordable-refinance-program-harp<div> The other day I was talking with a passed rental investor client of mine who happens to be a mortgage loan officer.  He told me about a program that he and others had used for personal refinancing purposes and found it to be very helpful and worth doing. I asked him to share what he knew of the programs with my other clients and readers of this blog.  I hope this information is informative and helpful.  Feel free to email or call Tyler or myself if you would like to discuss this further. Thank you Tyler for putting this together for us. </div> <div> </div> <div>Thanks,</div> <div> </div> <div>LiveWhatcom.com Team</div> <div>   <p align="center"><strong><span style="font-size: 18pt">Home Affordable Refinance Program (HARP)</span></strong></p> <p style="line-height: 13.5pt"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; color: black; font-size: 9pt">Mortgage interest rates for conventional purchase and refinance transactions continue to be at all-time historic lows. What if a current homeowner wishes to take advantage of the low interest rate environment, but his home no longer holds the amount of equity it once did? What if he bought his home with 20% down, but his home is worth 10% less now? What if he owes more than his home is actually worth? If the homeowner has a strong credit history, stable employment, and can demonstrate the ability to make regular monthly mortgage payments, he may be eligible to participate in the Home Affordable Refinance Program ï¿½ despite the deterioration in value of his home. </span></p> <p style="line-height: 13.5pt"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; color: black; font-size: 9pt">General HARP eligibility criteria include:</span></p> <ul type="disc"> <li style="line-height: 13.5pt; color: black"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">Borrower is the owner a one-unit to four-unit home ï¿½ including primary residences, second homes, or investment property.</span></li> <li style="line-height: 13.5pt; color: black"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">The loan on the home is owned or guaranteed by Fannie Mae or Freddie Mac. You can check ownership status through these avenues:</span> </li> </ul> <table style="border-collapse: collapse; margin-left: 39pt" border="0" cellspacing="0" cellpadding="0" width="600"> <tbody> <tr style="height: 13.75pt"> <td style="padding-bottom: 0in; padding-left: 1.5pt; width: 220.25pt; padding-right: 1.5pt; height: 13.75pt; padding-top: 0in" valign="top" width="294"> <p><strong><span style="font-family: 'Calibri', 'sans-serif'; color: black; font-size: 10pt">Fannie Mae:</span></strong></p> </td> <td style="padding-bottom: 0in; padding-left: 1.5pt; width: 229.45pt; padding-right: 1.5pt; height: 13.75pt; padding-top: 0in" valign="top" width="306"> <p><strong><span style="font-family: 'Calibri', 'sans-serif'; color: black; font-size: 10pt">Freddie Mac:</span></strong></p> </td> </tr> <tr style="height: 13.75pt"> <td style="padding-bottom: 0in; padding-left: 1.5pt; width: 220.25pt; padding-right: 1.5pt; height: 13.75pt; padding-top: 0in" valign="top" width="294"> <p><span style="font-family: 'Calibri', 'sans-serif'; color: black; font-size: 10pt">1-800-7FANNIE </span></p> </td> <td style="padding-bottom: 0in; padding-left: 1.5pt; width: 229.45pt; padding-right: 1.5pt; height: 13.75pt; padding-top: 0in" valign="top" width="306"> <p><span style="font-family: 'Calibri', 'sans-serif'; color: black; font-size: 10pt">1-800-FREDDIE</span></p> </td> </tr> <tr style="height: 13.75pt"> <td style="padding-bottom: 0in; padding-left: 1.5pt; width: 220.25pt; padding-right: 1.5pt; height: 13.75pt; padding-top: 0in" valign="top" width="294"> <p><span style="font-family: 'Calibri', 'sans-serif'; color: #548dd4; font-size: 10pt">www.FannieMae.com/loanlookup </span></p> </td> <td style="padding-bottom: 0in; padding-left: 1.5pt; width: 229.45pt; padding-right: 1.5pt; height: 13.75pt; padding-top: 0in" valign="top" width="306"> <p><span style="font-family: 'Calibri', 'sans-serif'; color: #548dd4; font-size: 10pt">www.FreddieMac.com/mymortgage </span></p> </td> </tr> </tbody> </table> <p style="text-indent: -0.25in; margin: 5pt 0in 5pt 0.5in"><span style="font-family: Symbol">·<span style="font: 7pt 'Times New Roman'">         </span></span><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; color: black; font-size: 9pt">The existing loan closed prior to February 28, 2009 (Fannie Mae) or May 31, 2009 (Freddie Mac).</span></p> <ul type="disc"> <li style="line-height: 13.5pt; color: black"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">The borrower is current on his mortgage payments.</span></li> <li style="line-height: 13.5pt; color: black"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">The amount the borrower owes on his first lien mortgage does not exceed 125% of the current market value of his property.</span></li> <li style="line-height: 13.5pt; color: black"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">The borrower has a reasonable ability to pay the new mortgage payments.</span></li> <li style="line-height: 13.5pt; color: black"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">The refinance improves the long term affordability or stability of the borrowerï¿½s loan.</span> </li> </ul> <p style="line-height: 13.5pt"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; color: black; font-size: 9pt">The HARP program is available through June 10, 2011, but homeowners should contact an experienced an knowledgeable mortgage loan officer today to take advantage of this program, and truly historically low interest rates.</span></p> <p style="line-height: 13.5pt"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; color: black; font-size: 9pt">Additional information and a no-obligation, eligibility analysis can be obtained by calling Tyler Olson at 360-752-8268, or via email at </span><a href="mailto:tolson@bannerbank.com"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">tolson@bannerbank.com</span></a><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; color: black; font-size: 9pt">. Interested homeowners can also apply for a HARP refinance directly at  </span><a href="http://tolson-bannerbanklo.mortgagewebcenter.com/"><span style="font-family: 'Lucida Sans Unicode', 'sans-serif'; font-size: 9pt">http://tolson-bannerbanklo.mortgagewebcenter.com/</span></a></p> </div> <div> </div><P><a href="http://livewhatcom.com/blog/2010/11/23/home-affordable-refinance-program-harp" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/11/23/home-affordable-refinance-program-harp#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/11/23/home-affordable-refinance-program-harpTue, 23 Nov 2010 10:26:00 GMTTell us how you feel about the current Real Estate Market condition.http://livewhatcom.com/blog/2010/10/08/tell-us-how-you-feel-about-the-current-real-estate-market-condition  <div> </div> <p><span style="line-height: 115%; font-size: 10pt">We all are completely aware that the real estate market has seen better days in the last few years. The media is doing a good job confusing us all of what is fact and what is perception. It seems that you as a reader or watcher have a choice to fallow the many articles <span style="color: red"><a title="For home ownership" href="http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html?mod=WSJ_RealEstate_) "><span style="color: #3366ff">for</span></a> </span></span><span style="line-height: 115%; font-size: 10pt">or <span style="color: red"><span style="color: #3366ff"><a title="Against home ownership" href="http://www.time.com/time/business/article/0,8599,2013684,00.html"><span style="color: red"><span style="color: #3366ff">against</span> <span style="color: #3366ff">home</span></span></a></span></span> ownership in the current market. </span><span style="line-height: 115%; font-size: 10pt"> Is the <a style="color: #3366ff" title="Is the American Dream alive?" href="http://www.nytimes.com/2010/09/02/opinion/02case.html?scp=1&sq=american%20dream&st=cse ">"American Dream"</a><span style="color: #3366ff"><span style="color: red"><span style="color: #3366ff"> </span></a></span></a></span></span><span style="line-height: 115%; font-size: 10pt">of home ownership still alive or should we be striving for something else? We believe it is. There are definite benefits in home ownership as investment, <span style="color: red"><a title="Personal... reasons for home ownership" href="http://www.realtor.org/Research.nsf/files/05%20Social%20Benefits%20of%20Stable%20Housing.pdf/$FILE/05%20Social%20Benefits%20of%20Stable%20Housing.pdf"><span style="color: #3366ff">personal</span></a></span><u>,</u> cultural and direct financial reasons.</span></p> <p> </p> <p><span style="line-height: 115%; font-size: 12pt">We want to hear from you. What is your advice for someone looking to buy their first home? How much do you value home ownership vs. renting? If you are a first time home buyer or are reentering the real estate market what are the questions that you have or your concerns? Is there any information that we can provide to you that would help address concerns or reinforce positive reasons?</span></p><P><a href="http://livewhatcom.com/blog/2010/10/08/tell-us-how-you-feel-about-the-current-real-estate-market-condition" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/10/08/tell-us-how-you-feel-about-the-current-real-estate-market-condition#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/10/08/tell-us-how-you-feel-about-the-current-real-estate-market-conditionFri, 08 Oct 2010 13:15:00 GMTLake Whatcom Water shed Ruleshttp://livewhatcom.com/blog/2010/09/28/lake-whatcom-water-shed-rules<div> </div> <div>  <strong><span style="font-family: 'Arial', 'sans-serif'; font-size: 12pt">Bellingham watershed land clearing rules take effect October 1<sup>st</sup></span></strong> </div> <p style="line-height: normal; margin-bottom: 0pt"><strong><sup> </sup></strong></p> <p style="line-height: normal; margin-bottom: 0pt"><strong><span style="font-family: 'Arial', 'sans-serif'; font-size: 10pt">It is time again for the annual no clearing, no dirt disturbance and no digging ordinance to go in affect.  Every year for the past few years the area surrounding Lake Whatcom both in the city of Bellingham and unincorporated Whatcom County (known as the Lake Whatcom Water shed) Restricts land disturbance from the 1st of October until the 31st of May. </span></strong><strong></strong></p> <p style="line-height: normal; margin-bottom: 0pt"><strong> </strong></p> <p style="line-height: normal; margin-bottom: 0pt"><strong><span style="font-family: 'Arial', 'sans-serif'; font-size: 10pt">If you live inside the Bellingham watershed many of you may know that there are restrictions as to when you can clear land. This article taken from the Bellingham Herald will give you a clear idea of when and what you can do within the watershed. You can also visit </span></strong><span style="font-family: 'Arial', 'sans-serif'; font-size: 10pt"><a href="https://remote.windermerewhatcom.com/owa/redir.aspx?C=f8bb5454a8f94c578915afff5e97d761&URL=http%3a%2f%2fwww.cob.org%2fservices%2fenvironment%2flake-whatcom%2findex.aspx" target="_blank"><strong><span style="color: blue">http://www.cob.org/services/environment/lake-whatcom/index.aspx</span></strong></a></span><strong><span style="font-family: 'Arial', 'sans-serif'; font-size: 10pt"> for further information.</span></strong></p> <p style="line-height: normal; margin-bottom: 0pt"><strong> </strong></p> <p style="line-height: normal"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 10pt">BELLINGHAM - Restrictions for land clearing in the Lake Whatcom watershed will take effect Friday, Oct. 1, and after that date landowners could be fined up to $1,500 per day for violations.</span></p> <div style="line-height: normal"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 10pt">City law restricts clearing in the watershed from Oct. 1 to May 31 of each year, when no land-clearing work is allowed. Already-cleared land with more than 500 square feet of exposed soils, including vegetable gardens, must be protected with approved coverage techniques, including the following, according to Bellingham Public Works:</span></div> <div style="line-height: normal"> </div> <ul> <li> <div style="line-height: normal"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 10pt">Well-established grasses, sod or vegetated surfaces that won't erode. </span></div> </li> <li> <div style="line-height: normal"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 10pt">Wood chips, mulch or straw that fully covers the exposed area to at least three inches.</span></div> </li> <li> <div style="line-height: normal"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 10pt">Crushed rock or gravel not less than three-quarters of an inch that's at least four inches deep.</span></div> </li> <li> <div style="line-height: normal"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 10pt">Finished landscaping that, through plantings and/or mulching, prevent erosion and captures storm water runoff.</span></div> </li> </ul> <span style="font-family: 'Verdana', 'sans-serif'; color: black; font-size: 7.5pt"> <p style="line-height: normal; margin-bottom: 0pt"><br /> <br /> Read more: </span><a href="https://remote.windermerewhatcom.com/owa/redir.aspx?C=f8bb5454a8f94c578915afff5e97d761&URL=http%3a%2f%2fwww.bellinghamherald.com%2f2010%2f09%2f27%2f1635722%2fbellingham-land-clearing-rules.html%23ixzz10l1g03Bh" target="_blank"><span style="font-family: 'Verdana', 'sans-serif'; color: #003399; font-size: 7.5pt">http://www.bellinghamherald.com/2010/09/27/1635722/bellingham-land-clearing-rules.html#ixzz10l1g03Bh</span></a></p> <p style="line-height: normal; margin-bottom: 0pt"> </p><P><a href="http://livewhatcom.com/blog/2010/09/28/lake-whatcom-water-shed-rules" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/09/28/lake-whatcom-water-shed-rules#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/09/28/lake-whatcom-water-shed-rulesTue, 28 Sep 2010 23:15:00 GMTBellingham Farmers Markethttp://livewhatcom.com/blog/2010/06/02/bellingham-farmers-market  <div style="line-height: normal; margin-bottom: 0pt"><span style="color: #800000"><span style="color: #800000"><span style="font-family: Arial; color: red; font-size: 10pt"><span style="color: #800000"><span style="color: #800000"><span style="font-family: Arial; color: #800000; font-size: 10pt"><span style="color: #800000"><span style="font-family: Arial; font-size: 10pt"><a title="Bellingham Farmers Market" href="http://www.bellinghamfarmers.org/" target="_blank"><span style="font-family: Arial; font-size: 10pt"><span style="color: #800000">Bellin</span><span style="font-family: Arial; font-size: 10pt"><span style="font-family: Arial; font-size: 10pt"><span style="font-family: Arial; font-size: 10pt"></a><a title="Bellingham Farmers Market" href="http://www.bellinghamfarmers.org/" target="_blank"><span style="font-family: Arial; font-size: 10pt"><span style="color: #800000">g</span></a><a title="Bellingham Farmers Market" href="http://www.bellinghamfarmers.org/" target="_blank"><span style="color: #800000">h<span style="font-family: Arial; font-size: 10pt">am<span style="font-family: Arial; font-size: 10pt"> Farmers Market</span></span></span></span></a></span> <div> </div> </span></span></span></span></span></span></span></span></span></span></span> <span style="font-family: Arial; font-size: 10pt">This last weekend I had some alone time with my daughter and the weather seemed like it was going to hold. I didn't really have anything planned for a Saturday morning and I hadn't yet gone to the Bellingham Farmers Market since it had opened in early spring, so we decided to pack up and head out. The <span style="color: red"><span style="color: #800000"><a title="Bellingham Farmers Market" href="http://www.bellinghamfarmers.org/" target="_blank"><span style="color: red"><span style="color: #800000">Bellingham Farmers Market</span></span></a> </span></span>is one of my favorite things that happens in Bellingham during the Spring and Summer months. You can count on being fed and entertained all at the same time. If my kids don't want to go, which is the usual, I just bribe them with the opportunity to get some fresh <span style="color: red"><span style="color: #800000"><a title="Kettle Corn" href="http://en.wikipedia.org/wiki/Kettle_corn"><span style="color: red"><span style="color: #800000">Kettle Corn </span></span></a></span></span>from one of the vendors. I take food pretty seriously, so the first thing I like to do is survey the options. The food options have doubled in size since its opening. We walked the perimeter and inside of the market building. The main structure is a cool piece of Bellingham architecture. Many of the structural beams etc. are recycled bridge beams from (I think ) the <span style="color: red"><span style="color: #800000"><a title="Nooksack River" href="http://en.wikipedia.org/wiki/Nooksack_River" target="_blank"><span style="color: red"><span style="color: #800000">Nooksack River </span></span></a></span></span>bridge.   Anyway, my usual purchase would be a <span style="color: red"><span style="color: #800000"><a title="Mount Bakery" href="http://www.mountbakery.com/" target="_blank"><span style="color: red"><span style="color: #800000">Mt. Bakery </span></span></a></span></span>berry scone and a ham and cheese croissant. As I walked the fresh cooked food isle, passing by <span style="color: red"><span style="color: #800000"><a title="Hemplers" href="http://www.hemplers.com/" target="_blank"><span style="color: red"><span style="color: #800000">Hempler</span></span></a></span><span style="color: #800000">s</span> </span>hot dogs, <span style="color: #800000"><a title="Bread Farm" href="http://www.breadfarm.com/" target="_blank"><span style="color: #800000">Fresh Bread</span></a></span>, <span style="color: #800000"><a title="Ethiopian Food" href="http://www.bellinghamfarmers.org/Vendors/28.aspx" target="_blank"><span style="color: #800000">Ethiopian</span></a></span>, <span style="color: red"><a title="Mexican Food" href="http://www.bellinghamfarmers.org/Vendors/62.aspx" target="_blank"><span style="color: #800000">Mexican</span></a></span>, <span style="color: #800000"><a title="Mallards Ice cream" href="http://www.mallardicecream.com/" target="_blank"><span style="color: #800000">Mallards</span></a></span> Ice cream and others were all very good and appealing. I was just ready to go with the usual until I stumbled upon a wonderful find. I saw a dad with his kids on a Saturday, like myself probably giving mom a much needed break and it caught my eye. (I was on a similar mission) Both kids were sitting on bikes attached to a custom wood counter and seemingly attached again to a blender of all things. This was defiantly worth checking out. I am a gadget guy...   I look above and I see the sign that says <span style="color: #800000"><a title="Juice Peddler" href="http://vimeo.com/11624256" target="_blank"><span style="color: #800000">Smoothie Peddler</span></a></span>..of course! We decided to give it a try with a mixed berry medley. My 4 year old couldn't reach the peddles, so we shared the seat. Within minutes, if not seconds we had a "smooth" smoothie that was well worth the work and the $5. We took our smoothie and the experience "to go" and walked through the rest of the market. The <span style="color: red"><a style="color: #800000" title="Hoola Hoop lady" href="http://www.bellinghamfarmers.org/Meet-Our-Vendors/Hooplah!-(see-Beaucoup-Bags)/179.aspx" target="_top">hula-hoop lady </a></span>is always a favorite. My son has become quite the natural hula-hooper, I don't know where he got the skills, I know he didn't get them from his mother or I, but nonetheless, he found them at the Market. I recommend spending some time listening to one of the street musicians or checking out <span style="color: #800000"><a style="color: #800000" title="the Balloon guy" href="http://www.bellinghamherald.com/2009/09/02/1051370/the-balloon-guy-brings-a-bit-of.html" target="_top">the</a></span><span style="color: red"><a title="the Balloon guy" href="http://www.bellinghamherald.com/2009/09/02/1051370/the-balloon-guy-brings-a-bit-of.html" target="_top"><span style="color: red"> <span style="color: #800000">Balloon guy</span></span></a></span>, he's actually pretty funny, not to mention talented in all that is balloon. Lots to see and do; Pick up a creative <span style="color: red"><a title="hand made gifts" href="http://www.bellinghamfarmers.org/Meet-Our-Vendors/24.aspx#Crafters" target="_blank"><span style="color: #800000">handmade gift</span></a></span>, experience food from different a different culture or a local producer, <span style="color: red"><a title="Fresh local vegitables and fruits" href="http://www.bellinghamfarmers.org/Meet-Our-Vendors/24.aspx#Farmers" target="_blank"><span style="color: #800000">fresh vegetables and fruits</span> </a></span>and much more. This is no <span style="color: red"><a title="Pike Place Market" href="http://www.pikeplacemarket.org/frameset.asp?flash=false" target="_blank"><span style="color: #800000">Seattle Public Market</span></a></span>, but is well worth the trip and worth doing every few weeks. I hope you have a memorable trip to the market the next time you go. If you have a fun story or experience that you would like to share, please do. Comment on this blog entry or email us at </span><a href="mailto:info@LiveWhatcom.com"><span style="font-family: Arial; font-size: 10pt">info@LiveWhatcom.com</span></a><span style="font-family: Arial; font-size: 10pt">   and we will share it with the community. </span></div> <p style="line-height: normal; margin-bottom: 0pt"> </p> <p style="line-height: normal; margin-bottom: 0pt"><span style="font-family: Arial; font-size: 10pt">Please share with us your stories of ï¿½Living Whatcomï¿½ and we will share them with the community. Email us at </span><a href="mailto:Info@LiveWhatcom.com"><span style="font-family: Arial; font-size: 10pt">Info@LiveWhatcom.com</span></a></p><P><a href="http://livewhatcom.com/blog/2010/06/02/bellingham-farmers-market" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/06/02/bellingham-farmers-market#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/06/02/bellingham-farmers-marketWed, 02 Jun 2010 16:35:00 GMTChoosing a home inspectorhttp://livewhatcom.com/blog/2010/05/19/choosing-a-home-inspector  <p><strong style="font-size: 12pt">Choose your Home Inspector Wisely</strong></p> <div><span style="background-color: #ffffff"><a href="http://en.wikipedia.org/wiki/Home_inspection"><span style="background-color: #ffffff; color: #0000ff">Home Inspections</span></a> are an important part of the buying process. Inspections are always suggested, but only sometimes required. Inspections are most commonly paid for by the buyer. Finding the right home inspector for you may require more than just taking the suggestion of your Realtor. Every inspector has a different style and expertise<span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%"><span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">; s</span>ome </span>provide written reports, some provide web based or digital reports. <span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">S</span>ome take pictures <span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">where</span> others take notes. Some have <span style="color: #0000ff"><span style="color: #0000ff"><a title="Moisture Meter" href="http://en.wikipedia.org/wiki/Moisture_meter">moisture meter</a><a title="Moisture Meter" href="http://en.wikipedia.org/wiki/Moisture_meter">s</span></a> </span>and <span style="color: #0000ff"><a style="color: #0000ff" href="http://en.wikipedia.org/wiki/File:Digital_Multimeter_Aka.jpg">electrical</a><a href="http://en.wikipedia.org/wiki/File:Digital_Multimeter_Aka.jpg"> <span style="color: #0000ff">testers</span></a></span><span style="color: #0000ff"><a href="http://en.wikipedia.org/wiki/File:Digital_Multimeter_Aka.jpg"> </a></span>and others have high tech devises that can read heat and moisture even inside walls with an <a style="color: #808080" title="thermal imaging camera" href="http://en.wikipedia.org/wiki/Thermal_imaging_camera">thermal imaging camera</a>. Most inspectors charge within a few dollars of each other in price. Quite often inspections can pay for themselves. Inspectors crawl in<span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">side</span>, on and around the <span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">home working </span>through an elaborate list of inspection items and categories including building code requirements, safety and maintenance issues.   These are things that a seller probably was unaware of and if they knew <span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%"><span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">about, </span></span>would have taken care of them beforehand. It is not uncommon for an inspector to more than cover their fee in the inspection findings and subsequently save the buyer thousands of dollars in repair costs of<s> </s>unknown defect<span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">s</span>.   With a little research and work, you can find the most effective and efficient inspector to match your desired level of detail and you needs.   Here are a few good questions and information that will help you in the process<span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%"><span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">:  <br /> <br /> </span></span></span><strong><span style="font-family: Arial; font-size: 10pt"><strong>1.<span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal">       </span></strong><strong>What are the items covered in the home inspection? </strong></span></strong></div> <div>(I.e. Structural, pest etc.)<br /> </div> <p><span style="font-size: 10pt"> <strong><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial"><strong>2.      How long have you been a home inspector or in the building industry?</strong> </span></span></strong></span></p> <div>Ask them to provide you with referrals or recommendations. <br /> </div> <p><span style="font-family: Arial; font-size: 10pt"> <strong><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><strong><span style="font-family: Arial"><strong style="font-family: "><strong style="font-family: ">3.      </strong></strong><strong style="font-family: ">How long does the inspection take?</strong></span></strong></span></strong></span><strong><span style="font: 7pt 'Times New Roman'"><strong><span style="font-family: Arial; font-size: 10pt"> </span></strong></span></strong></p> <div>Depending on how detailed the inspection and how <span style="background: yellow"><span style="background-color: #ffffff"><span style="background-image: none; background-attachment: scroll; background-repeat: repeat; background-position: 0% 0%">large</span><s> </s>the </span></span>home is, it could take up to 4 hours.<br />  </div> <p style="text-indent: -0.25in"><strong>4.<span style="font: 7pt 'Times New Roman'">       <strong><span style="font-family: Arial; font-size: 10pt"><strong style="font-family: "><strong style="font-family: ">4.      </strong></strong><strong style="font-family: ">What format of report do you use?</strong></span></strong></span></strong></p> <div>Ask if they have a sample of the report that they can provide to you. Most inspectors have a digital format that can easily be emailed.<br />  </div> <p style="text-indent: -0.25in"><strong>5.<span style="font: 7pt 'Times New Roman'">       <strong style="font-family: Arial; font-size: 8pt"><span style="font-size: 10pt"><strong><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><strong style="font-family: Arial">5.      </strong></span></strong><strong>How long will it take for you to deliver the finished report? </strong></span></strong></span></strong></p> <div>It is important to make sure that the inspector is available and able to meet the inspection response deadline. <br />  </div> <p style="text-indent: -0.25in"><strong>6.<span style="font: 7pt 'Times New Roman'">       <span style="font-family: Arial; font-size: 8pt"><strong><span style="font-size: 10pt"><strong><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial"><strong>6.</strong>      </span></span></strong><strong>Will I be able to be there during the inspection?</strong> </span></strong></span></span></strong></p> <div>Most inspectors prefer to have you show up toward the end of the inspection so they can summarize the findings and be efficient with their time. </div> <div><br />  </div> <div style="text-indent: -0.25in"><strong>7.<span style="font: 7pt 'Times New Roman'">       <span style="font-family: Arial; font-size: 8pt"><span style="font-size: 10pt"><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial"><span style="font-family: Arial; font-size: 10pt"><strong style="font-family: Arial; font-size: 10pt"><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial"><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial; font-size: 10pt"><strong style="font-size: 10pt"><span style="font-size: 10pt"><span style="font-family: Arial"><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial"><span style="font-family: Arial"><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial"><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><span style="font-family: Arial">7.</span></span></span></span></span></span></span></span></span>      Are you a member of an Inspector trade organization, association or affiliation or do you hold any credentials?</strong>  </span> <div> </div> </span></span></span></strong></span></span></span></span></span></span></strong>It is a good idea to check to make sure that they are actually members and are active vs. just using the logos.</div> <div style="text-indent: -0.25in"> </div> <p><strong> </strong><strong><span style="font: 7pt 'Times New Roman'"><strong><span style="font-family: Arial; font-size: 10pt"><strong style="font-family: ">8.</strong>     <span style="font-size: 8pt"><strong><span style="line-height: normal; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-weight: normal"><strong><span style="font-family: Arial"> </span></strong></span></strong><strong><span style="font-size: 10pt"><strong>Do you participate in ongoing education or training?</strong>  </span></p> <div style="text-indent: -0.25in"></strong></span></span></strong></span></strong>This is important for an ins<span style="font-size: 10pt">pector</span> to stay informed on new materials, products, building and safety code changes and other beneficial advancements in construction and the home inspection <span style="background-color: #ffffff">industry<font style="background-color: #ffff00"><span style="background-color: #ffffff">.</span></font></span><span style="background-color: #ffffff"> </span> <div> </div> </div> <div style="text-indent: -0.25in"> </div> <div><strong><span style="line-height: 115%; font-family: Calibri; font-size: 11pt"><span style="font-size: 8pt"><strong><span style="line-height: 115%; font-family: Calibri"><span style="font-size: 10pt"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><span style="font-size: 10pt"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><span style="font-size: 10pt"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><span style="font-size: 10pt"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Arial"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><span style="font-size: 10pt"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Arial"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Arial; font-size: 10pt">9.      How much does the inspection cost and are there any additional fees for additional services or inspections?</strong></strong></strong></strong></strong></strong></strong></strong></strong><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><span style="line-height: 115%; font-family: Calibri"><span style="line-height: 115%; font-family: Calibri"> </span> </span></span></strong></span></strong></span></strong></span></strong></span></span></span></span></span></strong></span></strong></span></strong></span></strong></span></strong></span></strong></span></strong></span></span></strong></span></strong></span></strong></span></strong></span></strong></span></strong></span></strong></span></strong></span></span></strong></span></strong></span></strong></span></strong></span></span></strong></span></strong></span></span></strong></span></span></strong></span></strong></strong></strong></strong></strong></strong></span></span></strong></span></span></strong></span></strong><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><strong><span style="line-height: 115%; font-family: Calibri"><span style="line-height: 115%; font-family: Calibri"> <div></span></strong></span></strong></span></strong></span></strong></span></span></span></strong></span></strong></span></strong></span></span></strong></span></strong></span></span></strong></span></span></strong></span></strong></strong></strong></span></strong></span></span></strong></span></strong></span></span></strong></span></span></strong></span></strong></strong></span></span></strong></span></span></strong></span></strong></span></span></strong></span></span></strong></span></span></strong><span style="line-height: 115%; font-family: Calibri; font-size: 11pt">  <br /> Some inspectors provide one complete service, other are more ale cart. Inspections vary based on size, age and type of home. </span></div> </div> <div> </div> <div> </div> <div><span style="font-size: 10pt"><strong style="font-size: 10pt">10.    What kind of liability or insurance do you cary?</strong> <div> </div> </span></div> <div>  It may not be a bad idea to ask if they have some form of insurance (ie. <a style="color: #0000ff" href="http://en.wikipedia.org/wiki/Errors_and_omissions_insurance">Errors and Omissions</a>) insurance, to cover them for any neglagable errors.</div> <div> </div> <div> </div><P><a href="http://livewhatcom.com/blog/2010/05/19/choosing-a-home-inspector" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/05/19/choosing-a-home-inspector#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/05/19/choosing-a-home-inspectorWed, 19 May 2010 14:54:00 GMTSave Public Transithttp://livewhatcom.com/blog/2010/04/15/save-public-transit<div>I am not a big user of public transit, but I like that its there and I know many people that do use it.  Many times in the Spring and Summer my family and I will ride the transit to the <a title="Bellingham Farmers Market" href="http://www.bellinghamfarmers.org/">Bellingham Farmers Market</a> and it seems to be quicker for us, not to mention a little more of an adventure than just jumping in the SUV and driving strait to where we are going.  Many people who live and travel around downtown and into the outskirts of the county rely on public transit to get to work, visit friends etc.  Bellingham and Whatcom County is trying to be a "green city/county"   I feel that this is a basic  necessity in making this happen long term, not to mention sustaining the transportation options for the locals who have sold their second vehicles and are committing to ride the transit or ride a bike.   My kids are not even close to the driving age yet, but when they get to the age of choosing to ride, walk or take a bus, I hope that there will be this option available.   Check out the website that is working to address this topic.  Go to <a title="Preserve our public transit" href="http://www.preserveourpublictransit.org/">Preserve our public transit</a> </div><P><a href="http://livewhatcom.com/blog/2010/04/15/save-public-transit" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/04/15/save-public-transit#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/04/15/save-public-transitThu, 15 Apr 2010 12:19:00 GMTAre you on the Real Estate Fence?http://livewhatcom.com/blog/2010/01/24/are-you-on-the-real-estate-fence<span style="color: red"><span style="color: #000000"><span style="color: #000000">  </span></span></span> <p align="center"><strong><span style="text-transform: uppercase; color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Taken From Melanie Roussell (Hud No. 10-016)<br /> <br /> <br /> FHA Announces Policy Changes to Address Risk and Strengthen Finances </span></span></span></span></strong></p> <p align="center"><em><span style="color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities</span></span></span></span></em></p> <p><span style="color: red"><span style="color: #000000"><span style="color: #000000"><span style="font-family: 'Lucida Sans Unicode'; color: #4f4f4f; font-size: 10pt">WASHINGTON</span><span style="font-family: 'Lucida Sans Unicode'; color: #4f4f4f; font-size: 10pt"> – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.</span></span></span></span></p> <p><span style="color: red"><span style="color: #000000"><span style="color: #000000"><span style="font-family: 'Lucida Sans Unicode'; background: yellow; color: #4f4f4f; font-size: 10pt">The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent;</span><span style="font-family: 'Lucida Sans Unicode'; color: #4f4f4f; font-size: 10pt"> and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.</span></span></span></span></p> <p><span style="font-family: 'Lucida Sans Unicode'; color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”</span></span></span></span></p> <p align="center"><strong><span style="color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Announced FHA Policy Changes:</span></span></span></span></strong></p> <ol type="1"> <li style="color: #4f4f4f"><span style="color: red"><span style="color: #000000"><span style="color: #000000"><strong><span style="font-size: 10pt">Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending</span></strong> </span></span></span></li> <ul type="circle"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; background: yellow; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge. </span></span></span></span></li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP. </span></span></span></span></li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing </span></span></span></span></li> <li style="margin-bottom: 12pt; color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.</span></span></span></span></li> </ul> </li> <li style="color: #4f4f4f"><span style="color: red"><span style="color: #000000"><span style="color: #000000"><strong><span style="font-size: 10pt">Update the combination of FICO scores and down payments for new borrowers.</span></strong> </span></span></span></li> <ul type="circle"> <li style="color: #4f4f4f"><span style="color: red"><span style="color: #000000"><span style="color: #000000"><span style="font-family: 'Lucida Sans Unicode'; background: yellow; font-size: 10pt">New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10</span><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt">%. </span></span></span></span></li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well. </span></span></span></span></li> <li style="margin-bottom: 12pt; color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.</span></span></span></span></li> </ul> </li> <li style="color: #4f4f4f"><span style="color: red"><span style="color: #000000"><span style="color: #000000"><strong><span style="background: yellow; font-size: 10pt">Reduce allowable seller concessions from 6% to 3%</span></strong> </span></span></span></li> <ul type="circle"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions. </span></span></span></span></li> <li style="margin-bottom: 12pt; color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.</span></span></span></span></li> </ul> </li> <li style="color: #4f4f4f"><span style="color: red"><span style="color: #000000"><span style="color: #000000"><strong><span style="font-size: 10pt">Increase enforcement on FHA lenders</span></strong> </span></span></span></li> <ul type="circle"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1. </span></span></span></span></li> <ul type="square"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available. </span></span></span></span></li> </ul> </li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Enhance monitoring of lender performance and compliance with FHA guidelines and standards. </span></span></span></span></li> <ul type="square"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Implement Credit Watch termination through lender underwriting ID in addition to originating ID. </span></span></span></span></li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately. </span></span></span></span></li> </ul> </li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process </span></span></span></span></li> <ul type="square"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer. </span></span></span></span></li> </ul> </li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes: </span></span></span></span></li> <ul type="square"> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite </span></span></span></span></li> <li style="color: #4f4f4f"><span style="font-family: 'Lucida Sans Unicode'; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches </span></span></span></span></li> </ul> </ul> </ol> <p><span style="font-family: 'Lucida Sans Unicode'; color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward. </span></span></span></span></p> <p align="center"><span style="font-family: 'Lucida Sans Unicode'; color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">###</span></span></span></span></p> <p align="center"><em><span style="color: #4f4f4f; font-size: 10pt"><span style="color: red"><span style="color: #000000"><span style="color: #000000">HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at </span></span></span><a href="http://www.hud.gov"><strong><span style="color: #003366; text-decoration: none; text-underline: none"><span style="color: red"><span style="color: #000000"><span style="color: #000000">www.hud.gov</span></span></span></span></strong></a><span style="color: red"><span style="color: #000000"><span style="color: #000000"> and </span></span></span><a href="http://espanol.hud.gov"><strong><span style="color: #003366; text-decoration: none; text-underline: none"><span style="color: red"><span style="color: #000000"><span style="color: #000000">espanol.hud.gov</span></span></span></span></strong></a><span style="color: red"><span style="color: #000000"><span style="color: #000000">.</span></span></span></span></em></p> <p><span style="color: red"><span style="color: #000000"> </span></span></p><P><a href="http://livewhatcom.com/blog/2010/01/24/are-you-on-the-real-estate-fence" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/01/24/are-you-on-the-real-estate-fence#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/01/24/are-you-on-the-real-estate-fenceSun, 24 Jan 2010 16:07:00 GMTFalse Illusions & What You Need to Knowhttp://livewhatcom.com/blog/2010/01/04/false-illusions-what-you-need-to-know<div><font face="Arial">This article was sent to us by a friend and was written by Barry Habib and Sue Woodard, <span style="text-decoration: underline">The Mortgage Market Guide<br /> </span><br /> <br /> Homebuyer Alertï¿½For prospective homebuyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts for two reasons.<br /> <br /> The first of these, the coming expiration of huge tax incentives, may be a bit more obvious to most borrowers. April 30, 2010 is the last day to enter into a home purchase contract and still potentially qualify for a federal income tax credit of up to $8,000 for first-time homebuyers and up to $6,500 for repeat homebuyers. The credit can be claimed only on contracts that close by June 30, 2010.<br /> Secondly, beyond the waning benefit of the Federal income tax incentive, another form of stimulus will soon disappear, as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. <br /> <br /> Rate Alertï¿½The lowest rates of 2009 were driven down to their attractive levels because of the Fedï¿½s Mortgage Backed Securities (MBS) purchase program. Home loan rates have an inverse relationship with the value of MBS. When these securities trade higher on the market, rates move lower and vice-versa. So when the Fed originally agreed to be a big buyer, it helped provide a market for MBS, which helped keep prices high and, as a result, helped push home loan rates low.<br /> And while the Fed continues that program through the end of March 2010, the reality is that the Fedï¿½s ï¿½extensionï¿½ was really more of a rationing intended to prevent home loan rates from spiking as the program is phased out. Itï¿½s sort of like weaning the market off of its life-saving treatment instead of forcing it to go cold turkey.<br /> <br /> Already, some in the media have mistakenly reported the extension of the program through March as good news, telling consumers that rates will continue to decline, and remain low into the spring. This gives a false sense of security that homebuyers and refinancers simply cannot afford.<br /> The problem isï¿½Those reports do not accurately report whatï¿½s going on or where rates are really headed. That can have a very costly impact on consumers who may miss out on historically low rates if they listen to these media outlets. <br /> <br /> Hereï¿½s whatï¿½s really going onï¿½</font></div> <div> </div> <div><font face="Arial">In May 2009, the Federal Reserve's purchases of MBS peaked at an average of $25 Billion per week. As of November, the average weekly purchases dropped down to $14 Billion. At the end of November, the Fed had already used over 80% of the allocated funds for MBS, meaning less than 20% remained to be used over four months. <br /> <br /> Making the problem worse is that the Fed now has less money available to purchase MBS while at the same time, the supply of these securities has increased as a result of refinance and purchase activity that was triggered by lower rates. <br /> <br /> Why is that important? As the Fed now has fewer funds to last through the remaining months of the program, its ability to keep rates low will wane.<br /> <br /> As the Fed's program winds down and ends, weï¿½ll likely see two things happen:<br /> <br /> First, we will probably see higher levels of volatilityï¿½with rates sometimes shifting dramatically in the middle of the day. That means it is more important than ever for buyers to work with a knowledgeable mortgage professional who has a finger on the pulse of the market at all times and can provide trusted, proven advice.<br /> <br /> Second, since MBS will have less support from the Fed, rates are likely to rise over time. <br /> <br /> In short, while rates are still very good, they may not be for long.</font></div><P><a href="http://livewhatcom.com/blog/2010/01/04/false-illusions-what-you-need-to-know" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2010/01/04/false-illusions-what-you-need-to-know#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2010/01/04/false-illusions-what-you-need-to-knowMon, 04 Jan 2010 16:49:00 GMTFirst Time HomeBuyer Credithttp://livewhatcom.com/blog/2009/11/17/first-time-homebuyer-credit<div>The following information is from the following link:<br /> IRS.Gov Newsroom Link - Tax Credit  </div> <div><strong><span style="line-height: 115%; font-family: 'Arial', 'sans-serif'; color: #001e5a; font-size: 10pt"><br /> <br /> First-Time Homebuyer Credit</span></strong> </div> <table style="width: 98%" border="0" cellspacing="0" cellpadding="0" width="98%"> <tbody> <tr> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in"></td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in" width="10"> <p> </p> </td> </tr> <tr> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 2.8pt; padding-top: 0in"></td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in" width="10"> <p> </p> </td> </tr> <tr> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in"></td> <td style="padding-bottom: 0in; padding-left: 0in; width: 0.1in; padding-right: 0in; padding-top: 0in" width="10"></td> </tr> </tbody> </table> <p style="line-height: 6.55pt" align="left"><em><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt">Updated Nov. 17, 2009, to add more information on the new legislation</span></em></p> <p style="line-height: 6.55pt"><strong><span style="font-family: 'Arial', 'sans-serif'; color: #001e5a; font-size: 6pt"><span style="font-size: 8pt">New Legislation</span></span></strong></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:</span></span></p> <ul type="disc"> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">Extends deadlines for purchasing and closing on a home. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">Authorizes the credit for long-time homeowners buying a replacement principal residence. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">Raises the income limitations for homeowners claiming the credit.   </span></span></li> </ul> <p style="line-height: 6.55pt" align="justify"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.  </span></span></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.</span></span></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.</span></span></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">Several new restrictions apply to homes purchased after Nov. 6, 2009.</span></span></p> <ul type="disc"> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">Purchasers must attach a properly executed settlement statement to their return. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">No credit is available if the purchase price of the home exceeds $800,000. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">A dependent is not eligible for the credit. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayerï¿½s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed. </span></span></li> </ul> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">Additionally, there are new benefits for members of the military and certain other federal employees:</span></span></p> <ul type="disc"> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">Members of the uniformed services, members of the Foreign Service and employees of the intelligence community serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. </span></span></li> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. </span></span></li> </ul> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">More information on these </span><a href="http://www.irs.gov/newsroom/article/0,,id=215594,00.html"><span style="color: #1c4e80"><span style="font-size: 8pt">new benefits</span></span></a><span style="font-size: 8pt"> for the military, Foreign Service and intelligence community serving outside the U.S. is available.   </span></span></p> <p style="line-height: 6.55pt"><strong><span style="font-family: 'Arial', 'sans-serif'; color: #001e5a; font-size: 6pt"><span style="font-size: 8pt">General Information</span></span></strong></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:</span></span></p> <ul type="disc"> <li style="line-height: 6.55pt; color: black"><span style="font-family: 'Arial', 'sans-serif'; font-size: 5.5pt"><span style="font-size: 8pt">Applies only to homes used as a taxpayer's principal residence. </span></span></li> </ul> <p style="line-height: 6.55pt; text-indent: -0.25in; margin-left: 40.7pt"><span style="font-size: 8pt"><span style="font-family: Symbol; color: black; font-size: 10pt">·<span style="font: 7pt 'Times New Roman'">      </span></span><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt">Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.</span></span></p> <p style="line-height: 6.55pt; text-indent: -0.25in; margin-left: 40.7pt"><span style="font-size: 8pt"><span style="font-family: Symbol; color: black; font-size: 10pt">·<span style="font: 7pt 'Times New Roman'">      </span></span><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt">Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.</span></span></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">The credit is claimed using </span><a href="http://www.irs.gov/pub/irs-pdf/f5405.pdf"><span style="color: #1c4e80"><span style="font-size: 8pt">Form 5405</span></span></a><span style="font-size: 8pt">, which you file with your original or amended tax return.</span></span></p> <p style="line-height: 6.55pt"><strong><span style="font-family: 'Arial', 'sans-serif'; color: #001e5a; font-size: 6pt"><span style="font-size: 8pt">For 2008 Home Purchases</span></span></strong></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. </span><a href="http://www.irs.gov/newsroom/article/0,,id=186831,00.html"><span style="color: #1c4e80"><span style="font-size: 8pt">For homes purchased in 2008, the credit is similar to a no-interest loan</span></span></a><span style="font-size: 8pt"> and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.</span></span></p> <p style="line-height: 6.55pt"><strong><span style="font-family: 'Arial', 'sans-serif'; color: #001e5a; font-size: 6pt"><span style="font-size: 8pt">For 2009 Home Purchases</span></span></strong></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by </span><a href="http://www.irs.gov/newsroom/article/0,,id=204672,00.html"><span style="color: #1c4e80"><span style="font-size: 8pt">increasing the credit amount to $8,000</span></span></a><span style="font-size: 8pt"> for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. <em>[Added Nov. 12, 2009]</em></span></span></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.</span></span></p> <p style="line-height: 6.55pt"><span style="font-family: 'Arial', 'sans-serif'; color: black; font-size: 5.5pt"><span style="font-size: 8pt">First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. </span><a href="http://www.irs.gov/newsroom/article/0,,id=205416,00.html"><span style="color: #1c4e80"><span style="font-size: 8pt">News release 2009-27 has more information on these options</span></span></a><span style="font-size: 8pt">.</span></span></p> <p style="margin-bottom: 12pt; background: white"><span style="font-size: 8pt"> </span></p> <span style="line-height: 115%; font-family: 'Calibri', 'sans-serif'; font-size: 11pt"><br clear="all" /> </span> <p> </p><P><a href="http://livewhatcom.com/blog/2009/11/17/first-time-homebuyer-credit" target="_blank">Permalink</a> | <a href="http://livewhatcom.com/blog/2009/11/17/first-time-homebuyer-credit#comments" target="_blank">Comments</a></P>Live Whatcom Teamhttp://livewhatcom.com/blog/2009/11/17/first-time-homebuyer-creditSun, 27 Dec 2009 16:21:00 GMT