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The Role of Your Escrow Agent!

Monday, April 9, 2007
by Rob Levy, Prudential Northwest Properties
When selling or purchasing your next home in the State of Oregon it’s a wise choice to choose a neutral third party to handle the transaction. This neutral third party is called an Escrow Agent. Both parties to the real estate transaction entrust legal documents and various funds to the Escrow Agent, which transfers the papers and funds upon the closing of escrow. As a neutral third party, both buyer and seller are assured that all mutually agreed to terms are met before the transaction is completed.
 
The authority given to the Escrow Agent is strictly limited by instructions provided by the buyer and seller (sales contract). The Escrow Agent is authorized by instructions to allocate funds for items during the escrow period, such as real estate commissions, title insurance, liens, recording fees and other closing costs. Instructions also specify the method of collecting funds, proration of insurance and taxes and time limitations of settling the transaction. The escrow process protects all parties involved by retaining money and documents until the instructions are met.
Submitted by Tammy LeMaire
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Be Aware of Hidden Lender Fees

Monday, April 9, 2007
by Rob Levy, Prudential Northwest Properties
Hidden lender fees are often used by a large majority of lenders and brokers out there.  Instead of being straight-forward, and saying "Mr/Mrs Borrower, I am charging you 1% of your loan amount as an Origination Fee," they will try and hide their profits from you by breaking them into "junk fees."  They give them cute names, like "broker fee", "application fee," "administration fee," "processing fee" and so on. Don't get me wrong, sometimes some of these fees are valid.  You can almost always expect a reasonable processing fee on your loan. However, I have heard people brag about how their broker didn't charge them any "points or loan origination fees" on their loan, but when I looked at their Good Faith Estimate, I could see why.  The lender was making $4,700 on miscellaneous junk fees!  Keep your eyes open for excessive fees, read the entire Good Faith Estimate, and ask your broker or lender to explain where the money is going so you can know if you are being charged the norm, or if they are trying to deceive you.
Submitted by Shawn Headlee
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Earthquake Awareness for your home in Portland Oregon?!

Monday, April 9, 2007
by Rob Levy, Prudential Northwest Properties

Submitted by Kate Baldus

The Big One.  That is what we all hear about every few years or so... usually after a major natural disaster in another part of the country.  We feel so lucky to live in the Pacific Northwest with no hurricanes or monsoons.  It is extremely rare to spot a tornado, the winter will see minor flooding along the rivers or at the coast, and unfortunately in the summer we have wildfires in our beautiful forests but they rarely threaten homes.  However, it is the Big One that we hear small rumblings about - will a large earthquake happen in the northwest in the next 100 years? 
 
Following the disaster in relief aid in the wake of Hurricane
Katrina, Portland has stepped up the city plan implementing
an "Earthquake Survival Program."  Most Americans know to
keep a few jugs of fresh water, blankets, canned food and
flashlight in case of emergency, but now you can print off an
entire safety plan for you and your family.  Schools will
continue to hold earthquake drills and the Red Cross provides
safety prevention information on a regular basis.  The best
thing to do is to be prepared - today is a great day to sit down
with your friends and family and create your own emergency
plan.  Also look at ways to "earthquake proof" your home and
ensure that new construction is being built to the safest codes.  If you are interested in earthquake insurance a few websites will allow you to search for the best coverage available for your home as most insurance plans do not include earthquake or flood insurance.
 
Be sure and have these safety items:
1) Seismic Strap to anchor all of your appliances.
2)  Emergency Plan for your home and family.
We live in the amazing northwest with rivers, lakes, mountains and volcanos.  If an earthquake does happen - Portland will be prepared as possible!
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How to increase the value of your home!

Friday, April 6, 2007
by Rob Levy, Prudential Northwest Properties
What is the value of your home?   While the market will determine the true value at the time of sale - other factors can significantly increase or decrease the amount buyers are willing to pay. Two things will impact the purchase price:
 
1.       How much does the buyer want your particular home - and at what price will they walk away from it?
2.       How much you - as the seller - put into making your home a buyer's dream?
 
Most prospective buyers will look at your home from one of three viewpoints.
 
1.       An emotional point of view
2.       A financial point of view
3.       A lifestyle point of view
 
When planning to list your home with The Rob Levy Team it will help to think of your home from a buyer's perspective and consider these common things:
1.       Location
2.       The size of your home
3.       The features your home has to offer
4.       The look and feel of your home
 
Most often the most important thing is the "feel" of your home when they walk in the door.   Is this a place they can call home?  See their furniture and decor?  Get excited about living in the neighborhood and having friends and family over?  Buying a home can be an emotional decision,  if someone feels comfortable as they walk through your home it can make all the difference. If a buyer does not feel comfortable, they will most likely not return a second time.
  
Obviously the way you present your property has a big impact on those who view it. It is important to make a good first impression, as this could determine how quickly you sell your home as well as the price you get for it.
                                                                                                                                                                        Pre-Listing!                                                                                                                                                   Before you put your home on the market you should go through all of the rooms and check for signs of wear and tear.  You may want to invite a friend or family member to come over with "fresh eyes" to look for blemishes you may not have noticed.     
                                                                                                                                                                 Cosmetic Touch Ups!                                                                                                                                Most homes will benefit from a few touch ups. It is amazing the results that can be achieved even on a very limited budget. Be sure to not overdo it as the amount of money you spend should be in the range of 1% - 5% of the value of your home.  New paint, lighting, or door knobs can make all the difference.  Don't forget to keep your house nice and clean as tidy and uncluttered homes will sell faster regardless of its age or its condition.  A few flowers in the yard or potted plants will welcome guests into your home.  
                                                                                                                                                                              If you have additional questions or need suggestions on ways to make your home sell please call The Rob Levy Team!
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Portland. Happy Hour. Real Estate?

Thursday, April 5, 2007
by Rob Levy, Prudential Northwest Properties

Portland is a Happy Hour city.  If you walk into a restaurant and they DON'T have a Happy Hour - it is quite shocking.  The good news?!  Just about everywhere you may be looking to buy a home will probably have a neighborhood restaurant with a great happy hour.

A few of my favorite Happy Hour locations:

Brazen Bean (located on NW 21st & Glisan)                                                                                              5 pm to 8 pm Mon.-Sat. all martinis are $4 and they have a nice small plates dinner menu.       Sip cocktails outside or upstairs in a moody Victorian house.

Basement Pub (located SE 12th & Yamhill)                                                                                                3 pm to 8 pm Daily: 

Lucy's Table (located on NW 21st & Hoyt)                                                                                                     5 pm to 6:30 pm    Amazing food served in the bar at half price.  Delicious!

A daily reference for Happy Hours around town can be found on the Barfly website!

Enjoy another good reason to live in Portland!

 

 

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Call to Buyers! Great Homes! Terrific Rates!

Thursday, April 5, 2007
by Rob Levy, Prudential Northwest Properties

Submitted by Sandra Hanis

The market in the Portland metro area is far and away one of the strongest markets in the country. Currently sellers are seeing this and putting great homes on the market at very competitive prices. With the exception of a couple of key areas in the city we are seeing a number of great choices for buyers in all price ranges.

The last few buyers I have worked with from N to NE to SE and in neighborhoods like Raleigh Hills, Murrahill, Tualatin, Bull Mountain, Hillsboro, we have found more homes to their liking than we have seen in springtime for the last few years. Call your lender or use our in-house lender, Shawn Headlee. You will find interest to be extremely favorable to buyers as well as find many loan programs allowing you into your first home or possibly a move-up property, maybe even a second home or investment property.

Realtors have more time than in the last 2 years and you will feel less pressure to get just the right place. I encourage you to call one the Rob Levy Teams' experienced buyers agents. We know the neighborhoods well and are anxious to help you find the home of your dreams. If you are not quite ready yet, we are more than happy to help you explore your many options! Call us today!

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MAKE SURE YOU READ YOUR CC&R'S

Wednesday, March 14, 2007
by Rob Levy, Prudential Northwest Properties
Submitted by Sandy Morley:
I have been working with a client from California who is currently living on 2 acres.  We have been actively looking for homes in Gresham, Happy Valley and Oregon City.  They want to live in a established neighborhood and downsize to a 1/4 acre lot as they are tired of taking care of so much land.
 
Last week we found the "perfect house" and our offer was accepted.  After going through the process of disclosures and the inspection everything was going along smoothly until we received the CC&R's.  The sellers had disclosed that there were no CC&R's when in fact the title company discovered there were CC&R's presenting a complicating situation.
 
The CC&R's stated that no utility trailers could be parked in the driveway and my buyer has a landscaping business that would require the need to park their trailer on the property.  Currently there are other homeowners in the neighborhood who park trailers and RV's in the driveways without complaints...my buyers issue is if one person complains after they move in then the homeowners association will be required to have the owners comply - which would cause a problem for my buyers.
 
Some sellers don't seem to know that they have CC&R's so buyer beware and don't assume until you have your Title Report from the escrow company.
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BEFORE YOU BUY ASK YOURSELF THESE QUESTIONS

Wednesday, March 7, 2007
by Rob Levy, Prudential Northwest Properties

Submitted by Sandy Morley:

Will you live in your next home for at least 3 years? If the answer is "Yes," you should  purchase rather than continue renting. With average appreciation, you'll break even on your closing costs after 2 years.  Starting with the 3rd year until you sell you will be putting money in your pocket.  Remember that the most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment.

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St. Johns is not a town - it is a great neighborhood in Portland!

Wednesday, March 7, 2007
by Rob Levy, Prudential Northwest Properties
Submitted by Kate Baldus

I recently bought a house in the St. Johns neighborhood in North Portland - close to the University of Portland.  I am constantly reminded that people in Portland and surrounding areas think that St. Johns is its own town.  While it was originally a separate incorporated city it was annexed by Portland in 1915.  The drive from downtown Portland along Highway 30 and across the stunning St. Johns Bridge is only about 10-15 minutes and actually less time then most commute to many of the popular eastside neighborhoods.  The best part is that St. Johns is still relatively undiscovered (which is probably why I could afford to buy there!)  

St. Johns is named for the settler James John who laid the original eight block town site in 1865.  This outdoorsy neighborhood is bordered by the Columbia River to the northeast and the Willamette River (separating it from Sauvie Island and Linnton) to the northwest.  Most locals add the Cathedral Park neighborhood and refer to the entire area as St. Johns, including the main business district on Lombard/Ivanhoe as "Downtown St. Johns."

Why visit, live or play in St. Johns?  There are some great new businesses opening in the neighborhood such as Greg's, Orlean's Candle Company, and Proper Eats.  Anna Bannanas has become a staple of downtown St. Johns with live music some evenings and healthy goodies and coffee selections.  If you want to relax you can catch a film at the St. Johns Theater on Lombard serving pizza and beer.  To top it off, what neighborhood would be complete without a McMenamins... Across from Blockbuster on Ivanhoe, this particular pub and theater was built in 1905 as the National Cash Register Company's exhibit hall for Portland's Lewis and Clark Exposition.   To arrive in St. Johns, this ornate building was barged down the Willamette River to its current location where it has housed a Lutheran Church, American Legion Post, bingo parlor, and home for Gypsy wakes.  

Many Portlanders "trek" to St. Johns for the numerous parks and natural areas.  Take a stroll across the bridge and immediately up into forest park (over 70 miles of hiking trails) or discover disc golf at Pier Park, considered one of the most beautiful and challenging courses in the northwest.  Kelley Point Park and the Smith and Bybee Lakes wildlife sanctuary are just a five minute drive from downtown St. Johns and great for wildlife watching.  In the summers the bike lanes are filled with avid  bicyclists making the loop from downtown Portland through St. Johns and down Highway 30.

While my friends might not visit because they think I live a little far away (boy are they missing out!) I have fallen in love with my neighborhood.  Friends of Trees activities, packed community centers for neighborhood association meetings, fun events in Cathedral Park and downtown St. Johns festivals make this neighborhood a great place to live - Just don't forget that it is still considered Portland, zip code 97203!

 

 

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The ReBuilding Center: The best place to start when remodeling!

Tuesday, March 6, 2007
by Rob Levy, Prudential Northwest Properties

The ReBuilding Center!

The ReBuilding Center originally opened to the public in 1998 and has expanded to over 60,000 square feet of warehouse space filled with useful building materials.  A huge help for the environment it has the potential to divert nearly ten tons of construction and demolition waste per day by 2008!  The ReBuilding Center is a project of Our United Villages, a non-profit community enhancement organization developed by dedicated volunteers.

Also check out the North Portland Tool Library... with over 300 brand new tools it will lend out to North Portland residents for FREE!

Submitted by Kate Baldus; unlicensed assistant to Rob Levy

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Displaying blog entries 241-250 of 301

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