Real Estate Information Archive

Blog

Displaying blog entries 251-260 of 381

Septic Smart DEQ Program for Oregon Septics and Cesspools

Sunday, February 15, 2015
by Liz Warren

The DEQ department for the state of Oregon has developed a new program for homes with septic and cesspools called Septic Smart. It’s Septic Smart program is designed to educate buyers and sellers about proper septic care and maintenance.

Along with the DEQ’s new program, Septic Smart, the Oregon Real Estate division now requires a septic addendum within your real estate contract addressing septic and cesspool inspection requirements, if needed. This restricts who can do the septic inspections for a real estate transaction to designated Oregon state certified DEQ inspectors. An up to date list of inspectors can be obtained online at the Septic Smart website.

The Mt. Hood area probably has around 80% of its homes on a septic or cesspool. 

Cabins located in the Mt. Hood National Forest require an upgrade at the time of sale for existing cabins served by cesspools. The septic upgrade process and time frame will be determined by the forest service on leased land cabins with severe restrictions on when and where any work may start or be completed. 

These new DEQ requirements put septics and cesspools as a number one priority in a real estate transaction. There is a program at Clackamas County that provides low income grants and loans for septic repairs and other home repairs listed on their site. 

Expect potential delays in a transaction if septic problems arise from these new requirements. 

 

Add Comment

Roofs for Troops-Low Cost and Free Homes for Vets

Thursday, October 30, 2014
by Liz Warren

Have you ever heard for Roofs for Troops? This is a program that receives donated homes across the US to rehab in preparation for a Vet to either purchase the home at a huge discount or actually get a home for FREE. It's true. If you know of a Vet who needs a home, tell them about this program and visit the website at http://www.roofsfortroops.org to learn how the program works and how to apply.

Add Comment

Septic Tanks on Mt. Hood

Sunday, February 9, 2014
by Liz Warren

Septic tank replacement and installation is something we deal with on a regular basis on Mt. Hood. Many of our properties were built in the 1930s and 1940s so the time is coming where a tank replacement or system replacement is coming due. 

Many of our cabins, including forest service cabins on leased lands, are used on a fairly limited basis.  Some owners use their cabins every weekend and others once a month. It’s not unusual at all to find 300 gallon septic tanks used with older septic systems.  

Today’s regulations have changed for septic tanks. DEQ requires new tanks to be at minimum 1000 gallon tanks. Check out the tank that was recently installed at one of my listings at the forest service.

                                   It does look like it’s as big as the outbuilding!

Septic tank on Mt. Hood National Forest
 

If you’re interested in what the current standards  for septic tank replacements are, check out the info Clackamas County is providing for 2014. Don’t forget, if you have a cabin in the Mt. Hood National Forest, your first step will be to contact the forest service and get permission first!

Add Comment

Portland Metro Area Distressed Property Numbers from RMLS

Tuesday, October 22, 2013
by Liz Warren

Distressed properties for Portland Metro 3rd Quarter

Add Comment

First Time Home Buyers

Monday, October 21, 2013
by Liz Warren

If you are a first time home buyer or a buyer with minimum down payment pay attention to recent news concerning Fannie Mae. Currently you can get a mortgage with 3% down. Many buyers have applied for a conventional loan with 3% down vs. an FHA loan due to the high upfront PMI (Private Mortgage Insurance) required by FHA.  FHA loans have been losing out to Fannie Mae conventional loans due to PMI.

This November Fannie Mae will be increasing their down payment requirement to 5% instead of 3%. If you get your approval now and close by March 15th you can still get the 3%.

The mortgage insurance on Fannie Mae loans tends to be lower than the FHA insurance but that is dependent upon your credit scores.

So, the bottom line is if you are buying and want to get the best deal for a 3% down payment, you need to act NOW. See your mortgage professional for addition details.

Add Comment

Mt. Hood Home Buyers

Saturday, October 5, 2013
by Liz Warren

If you're currently in a transaction in the Mt. Hood area, or starting one, and are getting an FHA, VA, USDA or conventional loan, you might be wondering what the current government shut down is doing to your loan and transaction. Read about NAR's summary of the delays for each loan and the impact it will have on your purchase. Which government services are having an impact on your loan?  The IRS and social security divisions are needed for many types of loans so this "might" cause delays. USDA loans are dead in the water. Current processing times for USDA are already three weeks out so this could cause even more of these loans to have long delayed closings!

Add Comment

CPFB-Consumer Protectoin Financial Bureau Lacks Transparency

Tuesday, August 6, 2013
by Liz Warren

The CPFB was created after the Wall Street implosion to help protect consumers from financial transactions including mortgages. In the process, strict mortgage qualifications were developed so loans that would be packaged were solid (no liar loans) and these loans were called Qualified Mortgages. If a qualified mortgage failed it would give the right to the consumer to sue the lender in the event of foreclosure.  These rules for qualified mortgages were written by the CPFB.

After the Qualified Mortgage package was passed in January 2013, the director of CPFB, Raj Date, left to "spend more time with his family" and several months later created an investment advisory company called Fenway Summer LLC to make loans to people who did not qualify for the "qualified mortgage". He also hired many former CPFB employees setting his company up to make billions in future loans.

The CPFB didn't raise any alarms at what happened in their own backyard. Read the letter from the Committee of Oversight on Government Reform and the Committee on Financial Services sent out July 31st. to the current chair of the department.

Look for further news on this story in the next several months.

Add Comment

Rates Are Up!

Friday, June 21, 2013
by Liz Warren

Interest rates are up

Add Comment

Foreclosed on? Settlement 1.5 Billion Lost to "Independent Consultants"

Thursday, February 28, 2013
by Liz Warren

Remember that Big settlement of 8.5 Billion dollars that the big ten banks had to pay for the mortgage mess providing 3.8 Billion back to homeowners who were fraudulently foreclosed on between 2009-2010 ? Did you know as part of the settlement the banks spent 1.5 Billion of the 3.8 Billion dollars on "independent consultants" to figure out how to get the money to the foreclosed homeowners?

After complaints to Ben Bernake that the process was taking way too long, the OCC/Fed is working out how payments are made through the servicers and not using  the "independent consultants" after 1.5 Billion dollars! Most of the consulting dollars went to Promontory Financial Group.  Guess who runs Promontory Financial Group: the former chairman of the OCC: Gene Ludwig. 

More details of the 1.5 Billion loss can be found in this Forbes article.

Add Comment

Check Your Credit Report

Tuesday, February 12, 2013
by Liz Warren

Recent reports by the FTC are finding that between 10 and 21% of consumers have inaccuracies in their credit reports costing them higher interest rates for any purchases that need credit! That could be 42 Million people!  A recent 60 Minutes program brought this to light last Sunday and here is an article from Business Insider that discusses the specifics.

One of the most important issues that came to light is that it is difficult to dispute errors on your report and it is a lengthy process. Be sure and check your free credit report from all three credit agencies at annualcreditreport.com.. If you find an error, take action to remedy the mistake as soon as you can and have patience.

If you’re purchasing a home in the Mt. Hood area this could impact your monthly payment substantially. With the new CFPB Consumer Finance Protection Bureau rolling out their guides for low risk mortgages your credit score will become even more critical in getting the best interest rate for your purchase.  

Add Comment

Displaying blog entries 251-260 of 381

Syndication

Categories

Archives