When it Comes to Inspections, Wish for Rain

It was another sunny weekend here in Portland. Though I am definitely a fan of the fair weather on a personal level, professionally I secretly curse the lack of winter rain. Searching for a home in winter can have it's disadvantages - the inventory can be scarce as sellers wait until spring to put their homes on the market and gauging what a garden will do in the spring is nearly impossible. But there is one distinct advantage that makes me want to tell every client to buy in the winter: water.

When the (normally) heavy Northwest rain falls, a homes water issues can become apparent, revealing issues that in summer may be nearly impossible to see. I have some clients, dear friends, who I helped with the purchase of their dream home in summer. They called me justifiably upset after the first rain the fall after they moved in. Inches of water in their basement. I felt horrible for them! The challenge is that there were few signs of a problem in the basement, save for slight water marking that is actually pretty common in older homes. And if the home has Portland Cement - that porous aggregate so common in homes around here - dry weather makes it even more difficult to tell if it's a big problem like my friends had, or a smaller issue of seeping. (I realize that this example is also about the failure of the sellers to disclose the water intrusion, which is unfortunately difficult to prove, though depending on the situation may be worth pursuing in court. Fodder for another post.)

But there are the successful examples, too. I helped another friend purchase a home through Fannie Mae, who as a bank are not able to provide a detailed disclosure. The inspector found a roof leak because of staining on the living room ceiling. Once that dried in summer the problem may not have been apparent. Another client purchased a fixer where the walls seeped and mildew was beginning to grow. They were able to financially for the needed repairs. A good thing, because once summer rolled around the basement dried out and hid it's issues.

You and you family should decide to purchase a home or investment property in whatever season works for you. Just know that every season has its benefits and drawbacks.

One of the best things you can do is to hire well-recommended inspectors to investigate any issues with your prospective property. I like the guys over at Associated Master Inspectors, and Elena likes to use Home Inspections NW. While we can't unearth every problem, between good inspectors and Realtors, like Elena and I, who are willing to do as much homework as we can to find out the complete picture of a property's condition, you can do all you can to minimize surprises once you own the home.

If you are thinking of buying a home any time soon - whether winter, spring, summer or fall - I'd be happy to help you unearth the right home for you and be aware of its condition when you buy it. Give me a call at 503-936-8705 or email amy@rosecityrealtors.com.

-Amy Seaholt
    

Looking a the Silver Lining, Not the Cloud

Housing market's silver lining - Jun. 21, 2011

I thought this article from CNN Money was a good read if you're interested in what's going to happen with the real estate market. It makes the point that the tough housing market isn't all bad. It's great for first time buyers and makes homes more affordable even for those who are not buying their first home, but want to move up or buy investment property.

Foundation Crack

The most interesting and thought provoking point, for me, was that this market creates a foundation for a housing recovery in the future. Of course! It makes so much sense! We were not on solid footing before, but we're getting there now. How did I not see it before!? Oh, wait... It wasn't just me. Few saw it before and those people weren't believed.

Many people still can and should seize the opportunity to take advantage of the affordable market. Call Amy or Elena at Rose City Realtors if you'd like to see what you might afford in Portland today.

- Amy Seaholt, Broker in Oregon, CDPE
503-936-8705

OPEN Sunday 23 May 1p-4p

Stylish Starter Home




This Glendoveer cottage has been lovingly remodeled. The open floor plan helps to take advantage of the light shining through the new windows, it has new flooring and a newer roof. The stainless steel appliances in the kitchen are included. Step outside into the oversized lot and it's a few short steps to the 420 sq ft shop that has a gas line and separate water heater, more than enough room for your projects and storage. The yard is fully fenced and has mature trees. This would make a great home for a 1st time buyer or someone looking for a condo alternative .

1 bedroom
1 bathroom
578 square feet
air conditioning
bonus 420 sf shop
mls #10040338

Contact me to take a look at this wonderful home and you won’t be disappointed!

First-Time Buyer Tax Credit Expires Nov 30th, For Now....

For the most part I think buyers should keep in mind the extension has NOT passed.

If you are looking to take advantage of the tax credit, just plan on closing before November 30th.

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Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

First-Time Buyer Tax Credit Extension Possible Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit.

He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.