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Real estate class descriptions

Class descriptions

Tellus Real Estate Solutions’ satellite real estate school provides pre-licensing, managing broker licensing, and continuing education courses. These courses are provided at a discount from the standard Rockwell Institute price. You can register online or over the phone by calling Rockwell Institute directly at 800-954-5150 and letting them know you are registering as a Tellus Real Estate Solutions student. See the descriptions below for information about each class. Click this link for a demo.

Washington State Pre-license Package (90 clock hours)

This 90 clock hour package combines Washington Fundamentals, Real Estate Practices, and the Broker’s Cram to provide you with the best pre-license education available. You must complete both Fundamentals and Practices before taking the Washington real estate license exam. You may choose either the live-lecture or the online course formats. Save money by choosing this package instead of signing up for each course separately!

Washington Real Estate Fundamentals (60 clock hours)

Washington Real Estate Fundamentals is a 60-hour course that must be successfully completed before you can sit for the Washington real estate license examination. (You must also complete the 30-hour Real Estate Practices course.) Fundamentals is a comprehensive course that is directed at someone with little or no experience in real estate. About 90% of students who take this class pass the license exam on their first attempt. Please note: If you would prefer to take Fundamentals in a live lecture setting, Rockwell also offers Fundamentals classes at our Bellevue campus.

Washington Real Estate Practices for Pre-license Only (30 clock hours)

This 30 Clock Hour course is a practical course for new agents. It offers guidelines in areas such as: listing agreements and purchase and sale agreements; pricing property; qualifying the purchaser; agency relationships; financing; and other information pertinent to the new real estate agent. All those seeking a real estate broker’s license on or after July 1, 2010 must take this course as part of their pre-license requirements.

Washington Broker’s Cram

The online Broker Cram takes all the information taught in Rockwell’s live Cram course, puts it in a highly usable format on the computer, and allows you to learn it at your own pace. You are shown what is likely to be tested on the license examination, plus you get the opportunity to answer hundreds of practice exam questions as well as take several practice exams. The Cram narrows your search for relevant topics, saving you both time and unnecessary stress. As the exam date approaches, nothing is more frustrating and stressful than studying in great detail information that may be altogether unimportant. Save yourself a lot of needless grief and enroll in the Cram course today.

Washington State Managing Broker’s Special Licensing Package (90 clock hours)

Sign up for the 90 clock hour Managing Broker’s Special package and save money in pursuit of your managing broker’s license. The package includes the three 30-hour courses you must complete before you can take your managing broker’s license exam: Advanced Real Estate Law, Brokerage Management, and Business Management. It also includes the Managing Broker Cram course.

Brokerage Management Correspondence Course (30 clock hours)

This is one of three courses required for managing broker license eligibility. It may also be used for the 30-hour continuing education requirement. This correspondence course covers a full range of topics and activities that will prove useful—even essential—to anyone who aspires to own a brokerage, who is interested in managing an office, or who expects to function in any kind of supervisory position in the future. Since it’s a correspondence course, you can complete it anywhere, anytime, at your own pace. Simply read the textbook, and take the online lesson quizzes and the final exam.

Business Management Correspondence Course (30 clock hours)

This 30 clock hour correspondence course guides managing broker candidates through the techniques of managing their own business. It covers such topics as: starting a service-oriented business; developing a business plan; financing a business; marketing; public relations; and office management. Since it’s a correspondence course, you can complete it anywhere, anytime, at your own pace. Simply read the textbook, and take the online lesson quizzes and the final exam. Note: this course may also be used for the 30-hour continuing education requirement.

Advanced Washington Real Estate Law (30 clock hours)

Advanced Washington Real Estate Law offers a 30 clock hour overview of the legal aspects of real estate. This course discusses the laws governing the ownership and sale of real estate in Washington, examines common problems in real estate transactions, and provides examples from actual court cases. You must complete this course if you wish to take the managing broker’s license exam. Topics covered include:

  • real estate license law,
  • the distinction between real and personal property,
  • methods of land description,
  • easements, liens, and other interests in real estate,
  • forms of co-ownership,
  • the law of real estate agency,
  • earnest money agreements and other real estate      contracts,
  • deeds and title transfer,
  • deeds of trust, mortgages, and foreclosure,
  • zoning and other land use controls,
  • taxation of real estate,
  • fair housing issues,
  • landlord/tenant law, and
  • employment law

 

Managing Broker’s Cram

While no one can really guarantee that you’ll pass the managing broker’s license exam, the Managing Broker’s Cram online course provides the greatest possible assurance. This course takes all the information taught in Rockwell’s live Cram course, puts it in a highly usable format on the computer, and allows you to learn it at your own pace. You are shown what is likely to be tested on the license examination, plus you get the opportunity to answer hundreds of practice exam questions and take several practice exams.

The Cram narrows your search for relevant topics, saving you both time and unnecessary stress. As the exam date approaches, nothing is more frustrating and stressful than studying in great detail information that may be altogether unimportant. Save yourself a lot of needless grief and enroll in the Cram course today.

First Renewal Package (90 clock hours)

Sign up for all 90 clock hours of courses required for your first license renewal (Real Estate Advanced Practices, Real Estate Law, a 30-hour Elective, and Core Curriculum) in this convenient package, and save money!

Advanced Real Estate Practices (30 clock hours)

Advanced Real Estate Practices provides an in-depth look at many of the issues that real estate agents in Washington encounter on a day-to-day basis, plus it examines complications that can arise in brokerage operations and real estate transactions. Advanced Practices covers, among other topics, risk reduction strategies, negotiating contracts, pricing and marketing properties, and the development and sale of vacant land. This 30 clock hour course is part of the state’s first renewal requirements for brokers.

Washington Real Estate Law (30 clock hours)

Washington Real Estate Law offers a 30 clock hour overview of the legal aspects of real estate. This course discusses the laws governing the ownership and sale of real estate in Washington, examines common problems in real estate transactions, and provides examples from actual court cases. Topics covered include:

  • the distinction between real and personal property,
  • methods of land description,
  • easements, liens, and other interests in real estate,
  • forms of co-ownership,
  • the law of real estate agency,
  • earnest money agreements and other real estate contracts,
  • deeds and title transfer,
  • deeds of trust, mortgages, and foreclosure,
  • zoning and other land use controls,
  • taxation of real estate,
  • fair housing issues, and
  • landlord/tenant law

 

Washington Core Curriculum (3 clock hours)

This online Core Curriculum course covers new topics relevant to residential real estate. This 3-hour course discusses rules about referrals and workers’ compensation, property management, and handling distressed properties and short sales. All brokers and managing brokers must take this course as part of the clock hours needed for license renewal.

Financing Residential Real Estate (30 clock hours)

Financing Residential Real Estate gives you a 30 clock hour overview of both the lending process and the guidelines used to qualify homebuyers for mortgage loans. This course provides you with a solid understanding of the following topics:

  • the loan application process,
  • loan underwriting standards,
  • conventional loans,
  • FHA loans,
  • VA loans,
  • seller financing,
  • fair lending, and
  • predatory lending

 

Washington Real Estate Practices for CE Only (30 clock hours)

This is a 30 clock hour practical course for new agents. It offers guidelines in areas such as: listing agreements and purchase and sale agreements; pricing property; qualifying the purchaser; agency relationships; financing; and other information pertinent to the new real estate agent.

Principles of Washington Real Estate (30 clock hours)

Even if you’re not a broker’s license applicant, Principles of Washington Real Estate is an ideal way to brush up on all the fundamental aspects of practicing real estate, from appurtenances to zoning. This course provides 30 hours of credit toward continuing education requirements, and is now available online.

Washington Real Estate Appraisal (30 clock hours)

Real Estate Appraisal gives you a 30 clock hour overview of both the theoretical and practical aspects of the subject, with an emphasis on residential appraisal practices. Real Estate Appraisal will provide you with a solid understanding of the following topics:

  • The eight steps of the appraisal process
  • Architectural styles
  • Construction methods and materials
  • Collection and analysis of appraisal data
  • Analyzing the highest and best use of a property
  • Estimating cost and depreciation
  • Selecting and analyzing comparable properties
  • The three methods of appraisal
  • Preparing appraisal reports

 

Property Management (27 clock hours)

Property Management is a 27 clock hour comprehensive introduction to managing investment real estate, including residential properties (apartment buildings and single-family rental homes) and commercial properties (office, retail, and industrial space). The topics covered include:

  • the economics of real estate investment
  • working with management clients
  • management planning
  • operating budgets and other financial aspects of property management
  • marketing rental properties
  • marketing property management services
  • tenant selection and lease negotiations
  • rent collection
  • security deposits
  • lease termination and eviction
  • staffing managed property
  • property maintenance
  • laws affecting property management, and
  • emergency preparedness, security, and insurance issues

 

Understanding Conventional, FHA, and VA Loans (7.5 clock hours)

This 7.5 clock hour online course covers the main loan programs available to the home buyer today. First, it examines the basics of conventional loans, including special programs and alternative payment plans. Next, the course engages in a detailed exploration of the two main government-sponsored loan programs-FHA and VA loans. Through use of colorful photographs, crisp graphics, and entertaining animations, this course makes the intricate concepts of real estate financing easy to learn and remember.

Mortgage Financing: Application and Approval (7.5 clock hours)

Mortgage Financing is a 7.5 clock hour course that covers the ins and outs of the loan application process. From the initial application through escrow, the course provides an in-depth look at topics such as choosing a loan, applying for credit, qualifying the buyer and the property, and closing the transaction. State of the art online graphics make the course a treat for the eyes, while clear and concise explanations make the material easy to master.

Mathematics of Selling Real Estate (7.5 clock hours)

This 7.5 clock hour course is designed to give real estate agents the basic problem-solving skills that will prepare them for all types of real-world situations involving math calculations. The course begins with elementary topics such as conversion of fractions, decimals, and percentages, calculation of area and volume, calculation of loan amounts and interest rates, and calculation of commissions. Students will then advance to more complex problems involving appreciation and depreciation, capitalization, and proration of expenses.

Washington License Law (7.5 clock hours)

This 7.5 clock hour course is designed to familiarize real estate agents with all aspects of Washington real estate license law, and to keep them apprised of new developments in the law so they can stay in compliance. The course begins with an explanation of when a license is required and how a license is obtained and renewed. It also details the regulation of business practices, including topics such as agency disclosure requirements, trust account and recordkeeping requirements, and a broker’s supervisory responsibilities. Finally, the course explains the disciplinary procedures for license law violations.

Appraisal Valuation Techniques (7 clock hour)

Appraisal Valuation Techniques gives you a 7 clock hour overview of the practical aspects of valuing property, with an emphasis on residential appraisal practices. Appraisal Valuation Techniques will provide you with a solid understanding of the following topics:

  • The cost approach to value
  • The sales comparison approach to value
  • The income approach to value
  • Site valuation
  • Appraising special interests
  • Preparing appraisal reports

 

Mortgage Loan Basics (6 clock hours)

Mortgage Loan Basics is our most general course on the real estate lending process. It introduces the student to the basic features of a residential loan and to the documents used in the lending process. Rudimentary concepts such as amortization, loan-to-value ratios, mortgage insurance, secondary financing, and interest rates are clearly explained in this course. The 6 clock hour online presentation of the material makes the learning process interactive and entertaining.

Essential Principles of Appraisal (4 clock hours)

Essential Principles of Appraisal gives you a 4 clock hour overview of the principles of valuing property, with an emphasis on residential appraisal. Essential Principles of Appraisal will provide you with a solid understanding of the following topics:

Course Outline:

  • The appraisal profession
  • The principles of value
  • The appraisal process
  • Data collection and analysis

 

Essentials of Property Management (3 clock hours)

Essentials of Property Management gives you a 3 clock hour overview of the property management, with an emphasis on managing residential properties. Essentials of Property Management will provide you with a solid understanding of the following topics:

  • The management plan
  • Management functions
  • Lease provisions
  • Landlord/tenant law

 

The Seller as Lender: Seller Financing Explained (3 clock hours)

The Seller as Lender 3 clock hour class teaches everything a student needs to know about seller financing. The course begins by explaining why seller financing is used, then proceeds to cover all topics relevant to someone contemplating a seller-financed transaction-seller seconds, primary seller financing, and alternatives to seller financing such as buy-downs and lease arrangements. The course concludes with a brief look at the real estate agent’s responsibilities in a seller-financed transaction. The online presentation of the material is detailed, organized, and easy to follow.

Real Estate Construction, Ownership, and Investment (3 clock hours)

Many of a client’s most pressing questions will not concern the fine points of real estate law but more practical concerns, like whether a house appears to be solidly constructed, or whether it’s even a good idea to buy property at all. This 3 clock hour course will prepare a real estate agent to answer these questions. It includes an overview of how residential property is constructed, other pointers for evaluating a home, a worksheet for helping clients decide whether to rent or buy, and special considerations for clients looking for investment or income property.

Course Outline:

  • Home Construction
  • The Decision to Rent or Buy
  • Evaluating a Home
  • Investing in Real Estate

 

Borrower Beware: Fair Lending/Consumer Protection (3 clock hours)

This 3 clock hour online course teaches the student how to avoid the pitfalls of real estate financing. First the student is introduced to the key laws enacted to protect the borrower: the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act, the Truth in Lending Act, and the Real Estate Settlement Procedures Act. These laws are examined in detail, with illustrations and examples used to enhance comprehension. The course concludes by taking a look at predatory lending practices and the measures taken to curb them. A lively and colorful online presentation brings the course content to life.

Risk Management (3 clock hours)

Risk Management teaches you about managing the risks inherent in managing a real estate business. The course begins by discussing reactive strategies for risk management (such as errors and omissions insurance policies), then moves on to proactive strategies (such as supervision and training). The course discusses how to deal with the risks associated with agency and property disclosures, contracts, trust funds, advertising, antidiscrimination laws, antitrust Laws, RESPA, and predatory lending. This 3 clock hour course then concludes with a section on legal remedies. DRE course approval number: 1077-1010

Posted in: Online Classes, Real estate careers

Take real estate licensing and continuing-ed classes

Congratulations! You have found the best real estate classes in Washington State. Tellus Real Estate Solutions has become a satellite school partner with Rockwell Institute. These online real estate classes are perfect for:Rockwell Institute

  • Prospective real estate brokers interested in getting their real estate license
  • New agents that need Continuing Education course in order to renew their existing license
  • Experienced agents looking to obtain their managing broker’s license
  • Real estate investors or anyone else interested in learning more about the real estate industry

 

Click here to save money on classes

 

Why take classes online?

The advantage to this kind of training is that you can control the schedule and pace at which you will take the course. These courses are ideal for students who live outside the Seattle metro area, work full-time, or have demanding lifestyles.

Why sign up through Tellus Real Estate?

Our partnership with Rockwell Institute means you get a significant savings over the standard prices for Rockwell classes. In most cases this is a 10% or more discount. Additionally, along with great support from Rockwell, you can email our office if you have questions and need help understanding the materials.

About our Rockwell Satellite School

Tellus Real Estate Solutions’ satellite real estate school provides pre-licensing, managing broker licensing, and continuing education courses. These courses are provided at a discount from the standard Rockwell Institute price. You can also register for classes online or by calling Rockwell Institute directly at 800-954-5150 and letting them know you are registering as a Tellus Real Estate Solutions student. See the class descriptions for information about each class.

Click this link for a demo of our online classes.

Course approvals Rockwell holds all course approvals with the State of Washington. All our real estate courses are offered in association with Rockwell Institute, the school of record. Rockwell Institute is the course sponsor for all courses.

How do I get my Washington State real estate license?

To qualify for a broker’s license in Washington State, you must be 18 years old and have a high school diploma (or equivalent). You must also successfully complete 90 hours of approved real estate education within 2 years before you apply for the exam.  The courses must include a 60-hour course in Real Estate Fundamentals and a 30-hour course in Real Estate Practices. You must also pass the broker’s exam. Review the Department of Licensing website for more details.

Posted in: Real estate careers, Real estate industry

Services for commercial real estate sellers

List your commercial property or request a property valuation

Welcome to Tellus Real Estate Solutions’ Commercial Seller Center for owner-user commercial properties. If you are considering selling a commercial property, you can work with us to provide you with a property valuation or to list your commercial property for sale. Additional helpful information about listing and selling commercial real estate might be found in our Investor Center.


Request a property valuation 

If you would like to know the market value of your property, Tellus Real Estate Solutions will conduct an in-depth analysis and valuation for you. Of course, we will need you to provide us with some information. Complete this form to begin the process.

Let us know about a property you are selling

Are you selling a commercial property on your own but willing to work with Tellus Real Estate Solutions to find qualified buyers? Provide us with some information about your property and we will contact you if the property meets the requirements for any of our investors or buyers.

List your commercial property

Tellus Real Estate Solutions can handle the sales process for you. We will put together a listing proposal that will explain how your property fits in the current market, and how we can add value to the sales transaction. Give us some information about your property and we’ll contact you to get more details about your goals and requirements.

Posted in: Client Resources, Commercial real estate

Public license posting

Public posting of the licenses of the firm and brokers in the firm

You may also verify the status of broker licenses, including any complaints by reviewing the Washington State Department of Licensing consumer page.

Real estate firm license
Real estate firm license

 

Real Estate License - Jason Hershey - Designated Broker
Real Estate License – Jason Hershey – Designated Broker

 

Image of license for Frank Kirby
Real estate license – Frank Kirby – Broker

 

Image of license for Alana McCoy
Real estate license – Alana McCoy – Broker

Posted in: Client Resources, Real estate industry

NWMLS news release – Home buyers seeking affordability are expanding search outside Greater Seattle job centers

The Northwest MLS has released its latest market report for the month of August. The market is still tight, which is pushing folks out of King County — no surprises there. Here is the full release. As always

KIRKLAND, Washington (September 9, 2019) – Depleted inventory continues to frustrate would-be buyers in Western Washington. Many of these potential homeowners are expanding their search beyond the major job centers in King County, according to market watchers who commented on the latest statistics from Northwest Multiple Listing Service.

The MLS report summarizing August activity shows less than two months of supply system-wide, and only about 1.6 months of supply in the four-county Puget Sound region. The sparse selection is pushing up prices. For last month’s sales of single family homes and condos across the 23 counties served by Northwest MLS, prices rose nearly 6.2% compared to a year ago.

“Areas immediately outside the Puget Sound region and along the I-5 corridor continue to see double-digit house price growth,” noted James Young, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. He attributes the increase to high demand in these areas “due to first-time homebuyers who struggle to afford housing in King and Snohomish counties as well as from existing homeowners cashing out of Seattle and King County.”

“While August is always a slower time for listings and sales, what is really surprising this year is the decrease in new listings taken, while pending sales increased,” observed Mike Grady, president and COO of Coldwell Banker Bain.

A comparison of year-over-year statistics for August shows the volume of new listings dropped nearly 13% system-wide and 18.5% in King County. Last month’s total number of new listings (10,488) declined 6.3% from July’s volume (11,193).

Brokers reported 10,602 pending sales (mutually accepted offers) during August for a 4.9% increase from a year ago. Pending sales rose nearly 6.6% in the Puget Sound region, led by Snohomish County with a gain of 15.8%. Six counties had double-digit gains while an equal number had declines.

Grady noted June and July were also lackluster this year with regard to listings “when typically they are both still fairly active coming off spring. The pending sales numbers indicate that buyers are indeed out there and willing to purchase, but there are simply not enough homes,” he commented, adding, “Everything that is listed is getting sold and fairly quickly.”

The volume of total active listings is down more than 10% from a year ago, with only four of the 23 counties in the report showing a year-over-year increase (Chelan, Grays Harbor, San Juan and Whatcom). Fourteen counties had double-digit drops. At month end there were 16,697 active listings in the MLS database, down from the year-ago total of 18,580.

MLS figures show only seven counties have more than three months of supply, with four-to-six months generally considered the volume needed for a balanced market.

Frank Wilson, Kitsap regional manager and branch managing broker at John L. Scott Real Estate in Poulsbo, also
commented on depleted inventory, but expects improvement. “As we head into the fall market our listing
inventory continues to lag last year’s numbers, but we should see a bump in activity now that kids are back to
school and vacations are over.” He noted the supply crunch has led to rising values, with median prices for last
month’s sales in Kitsap County surging 14.2% from twelve months ago.

Multiple offers are still commonplace with many buyers walking away disappointed, according to
Wilson. “Traffic is strong at open houses and our average market time is still very low for correctly priced
homes,” he added.

“The August numbers offered a few interesting nuggets,” stated OB Jacobi, president of Windermere Real
Estate. “The Seattle area housing market is still coming off the ‘sugar high’ that we saw last summer, but
homes sales and prices are stabilizing, which is reassuring to both buyers and sellers.”

Jacobi also noted buyers are drawn to areas outside King County in search of affordability. “Pierce
County is now experiencing what King County did 24 months ago where a surplus of buyers and lack of
supply are pushing up home prices. Snohomish County also saw a big bump with a massive 16% increase
in pending sales year-over-year. This tells us the secret is clearly out that housing in the counties to the
north and south of Seattle is more affordable.”

The median price for the single family homes and condos that sold last month in King County was
$615,000, slightly higher than the year-ago figure of $610,000. In Snohomish County, last month’s
median sales price was $470,000, up about 1.8% from the year-ago price of $461,832. The Pierce County
price of $369,000 is $246,000 lower than King County. It’s up 6.1% from a year ago.

For all counties combined, prices are up nearly 6.2%, rising from the year-ago figure of $405,000 to last
month’s figure of $429,925. Compared to January’s area-wide median price of $381,900, prices are up
nearly 12.6%. Brokers reported 9,392 closed transactions during August, a slight 1.12% improvement
over the same month a year ago.

Prices for single family homes (excluding condos) rose 6% from a year ago, while condo prices ticked up
by only about 2%.

Brokers expect favorable conditions for both buyers and sellers in the coming months.

“As we enter the fall housing market, both interest rates and job growth in Puget Sound are extremely
positive,” stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. Saying these are both
key indicators of a strong housing market, Scott noted September and October are “historically the best
for selection and availability out of the next six months,” adding, “With kids back in school and summer
vacations over, homeowners who wish to sell their house before the winter season will look to put their
home on the market soon. Similarly, buyers can take advantage of the market timing and low interest
rates in the next two months to come.”

“Low interest rates, strong job creation, and lifestyle changes continue to attract buyers to the market,”
said Dean Rebhuhn, the owner of Village Homes and Properties in Woodinville. He also reported the
move-up market is very active, while acknowledging challenges for first-time home buyers. “A challenge
for them is assembling the down payment,” he explained. “We are seeing FHA and VA financing being
used for low and zero down mortgages. Also, family assistance is a big help.” He expects “very good
activity” during September and October.

With brokers anticipating solid activity in the next few months, Wilson offered advice for both sellers and
buyers. Sellers need to make sure their home goes on the open market in order to be exposed to as many
buyers as possible, he emphasized. “To do anything else may be leaving money on the table.”

For buyers, Wilson stressed “getting all your ducks in a row. Meet with a lender for pre-approval before
looking for homes, be clear as to what you can live with or without in your next home, and if at all
possible, use cash or a conventional loan,” which he explained are more appealing to sellers in multipleoffer
situations.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service
MLS in the Northwest. Its membership of around 2,300 member offices includes more than 29,000 real
estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in the state.

Posted in: Residential market reports, Residential real estate Tagged: august 2019, market report, nwmls

Bankruptcy Update: Questions to Ask a Bankruptcy Lawyer Before You File

Even in a hot real estate market, property owners can get into financial problems. Having a good attorney knowledgeable in bankruptcy, short sales, etc. is important. Here is an update on bankruptcy from McFerran Law, P.S., some attorneys we recommend to clients:

Questions to Ask a Bankruptcy Lawyer Before You File

Financial troubles are tough and bankruptcy can seem scary. You want to find a lawyer who can make it easier.  You need to know if bankruptcy is really the right thing for you. But what do you ask a prospective lawyer to make your decision? Actually, it probably doesn’t matter what you ask. It matters how the lawyer answers.

 

Here’s a starter set of questions to get the conversation going:

  1.  Do I have a meaningful alternative to bankruptcy?
  2. Asking about alternatives allows the lawyer to talk about the scope of your financial difficulties.  It allows you to gauge whether the lawyer can only see you as a buyer for what he sells.

    In fact, most people who sit down with a bankruptcy lawyer really need bankruptcy.  They have ignored the signs that the situation is beyond repair for a long time.

    So, the answer that bankruptcy is appropriate isn’t a black mark on the lawyer.  Inability to explain why the alternatives don’t work well is a negative.

  3.  What’s the most serious complication for me?
  4. Few cases are problem-free.  Whether it’s protecting assets, passing the means test, or finding the money to fund a Chapter 13, almost every set of facts has bankruptcy challenges.

    You want to know if the lawyer is forthcoming about the expected rough spots.  Can he talk candidly about what might be challenging in your case?

  5.   How many cases like mine have you handled?
  6. While the answer may be short, you do want to talk about the lawyer’s bankruptcy experience.  Generally, the larger portion of a lawyer’s work load that is bankruptcy, the better.

    Bankruptcy is a recognized legal specialty and if your case has a complexity, experience is an asset on your bankruptcy team.

  7.  Who will work on my case?
  8. A bankruptcy legal team usually includes both a lawyer and staff.  Much of the work in preparing the important schedules is routine.

    What you want to avoid, however, is a business model where all the work and the analysis is done by those without a law degree.  Bankruptcy is not just “filling out forms”.  It is important to grasp what conclusions those forms lead a judge or a trustee to.

    Ask, too, how you and the lawyer will communicate when you have questions during the process.

  9.  What is not included in your fee?
  10. Those drowning in bills often think price is important in picking a lawyer.  About the only time I think it’s important is that the unreasonably low price indicates trouble.  Either you aren’t getting much service at that price, or the lawyer can’t compete on quality and therefore cuts the fee.

    Ask if lien avoidance or reaffirmation issues are extra.  Ask if there are costs beyond the court’s filing fee that you must pay.  Ask about representation should there be a trustee audit, a 2004 examination, or an adversary proceeding.

    It’s attitude that matters

    As I said at the top, these questions are as much about the lawyer’s approach to you and your case as they are about the answers.

    • Is the lawyer comfortable with you driving the agenda?
    • Can he/she explain admittedly complicated matters clearly in a way you understand?
    • Are your questions welcomed?

    If communication between you and your lawyer isn’t open and valued, there’s trouble ahead.  You need to be comfortable enough with the relationship to disclose the troubling or the embarrassing.  Otherwise, you and your lawyer are playing without a full deck.

    It needs to be OK to say “I don’t understand” or “I’m worried”.  Otherwise, you may be setting off into the bankruptcy jungle without a current map or an adequate guide.

    Don’t be afraid to leave an initial meeting with a lawyer without making a commitment.  If you are uncertain about the fit, think it over.

    If you are facing significant financial strain and want to explore how bankruptcy could provide you relief, then we invite you to contact McFerran Law, P.S. Our legal team has accumulated more than thirty-five years of bankruptcy law experience and is ready to help you explore your financial options during this difficult time. Call us at 253-284-3838 to schedule a FREE one-hour bankruptcy consultation at any of our offices in Tacoma, Seattle, Everett, Kent or Silverdale.

    Post provided by:
    Martin Prybylski
    Attorney at Law
    McFerran Law, P.S.
    3906 S 74th Street
    Tacoma, WA 98409
    253-284-3811

     

Posted in: Commercial real estate, Foreclosures, Real estate investing, Residential real estate Tagged: attorneys, bankruptcy, real estate

Summer doldrums for home sales “not happening” around Western Washington – MLS press release

Here is an excerpt from the recent NWMLS press release for July market…

KIRKLAND, Washington (Aug. 7, 2017) – New figures from Northwest Multiple Listing Service indicate home sales and prices, like July’s temperatures, sizzled. Prices area-wide rose slightly more than 9 percent from a year ago, but several counties near job centers saw larger price increases, including King County where the median price jumped 18.6 percent.
The latest report confirmed what most buyers and brokers know: inventory shortages persist even though MLS members added slightly more new listings last month than the same period a year ago.
“We should be entering the summer doldrums, but I don’t see that happening,” reported Diedre Haines, principal managing broker-South Snohomish County at Coldwell Banker Bain in Lynnwood. “Inventory remains low, but prices and demand continue to increase, prompting murmurs of a looming bubble,” she commented, adding, “Some say yes, and just as many are saying no” when asked about the likelihood of a bubble.
In some areas, inventory is showing some signs of growth, Haines noted, but it’s still “way below what would be considered anywhere near normal. Frankly, I am not even sure anymore exactly what normal is – perhaps the current low inventory status is the new normal.”
Northwest MLS members added 12,300 new listings during July, a meager 122 more than the same month a year ago, but well below June’s total of 13,658 new listings.
At month end, there were 15,749 total active listings, down 13.9 percent from the year-ago total of 18,287. Measured by months of supply, there was only about six weeks (1.6 months) in the MLS system overall, which encompasses 23 counties. Twelve months ago it was closer to two months of supply (1.93 months).

Here is the full press release…

http://www.northwestmls.com/index.cfm?/News–Information/page/Latest-Press-Release

Posted in: Home buying, Home selling, Residential market reports, Residential real estate Tagged: July 2017, market reports, nwmls, press release

Historic median price in Duvall

Curious about how current prices compare to historic prices in Duvall? Check this chart.

Posted in: Home buying, Home selling Tagged: Duvall, price chart

Materials and slides from Buying Foreclosures class

A big thanks to everyone who came out to the Real Estate Investing 200 – Buying Foreclosures class for May 2017. On this page you’ll find the slides from the class (you can download them or view them from this site), a link to the ‘current REOs’ list… current as of now, not just the list from the class.

  • Snohomish County REOs

  • Slides from the class

I’m sure many of you will want to check some of the websites listed in the slides. So, I’ve pulled many of the best links out of the slides and put them here:

  • Jeff Nance’s website: www.northshorecapitalfunding.com
  • Sources of foreclosure statistics:
    • Realtytrac.com
    • Corelogic.com
  • Websites with foreclosure listings:
    • homesales.gov
    • hudhomestore.gov
    • OCWEN/HUBZU

Posted in: Foreclosures, Home buying, Residential real estate Tagged: distressed properties, foreclosures, investing, real estate classes

Landlord Success class followup

We had another great class last week. But, boy was it cold outside!

For this class, there are a lot of materials that I did not print out for the class, that I still want you to have. I have them posted to OneDrive.

First, here are the slides from the class:

And here is a peak at the current foreclosures available in Snohomish County:

Next, here is a link to the folder containing all the handouts (and non-handouts):

Here is what you’ll find in that folder:

  • Landlord101.pptx – The slides from the class (same thing ones you see above) – You can probably guess that I sometimes call this class ‘Landlord 101’
  • Handouts.docx – This is a ‘soft copy’ of the printed document in the folder you received in class
  • LTServices.pdf – This is an explanation of the Eviction process from LT Services, the eviction service I mentioned in calss. Be sure to check their website for more good info on evictions.
  • FairHousingWordList.pdf – This is a list of possible ‘gotcha’ words to look for when advertising your property. Remember this simple rule, focus on ACTIONS (no smoking), not PEOPLE (no smokers).
  • Tenant Selection Criteria.docx – This is a soft copy of the tenant selection criteria document in your folder. This is a copy of what I use when I look for tenants. Keep in mind that I have not had to find a new tenant in a few years, so review and make sure it meets your current needs before YOU use it.
  • Sample lease documents – There are several PDFS that are samples of lease documents provided by the Rental Housing Association (RHA). If you own a rental or expect to do so soon, I recommend you join RHA. The can provide either printed versions of forms, or access to versions you can fill out online and print. Here is a quick list of the samples:
    • RHA_Sample_Lease.pdf – This is a sample of the main lease, filled in with example information
    • RHA_Sample_Smoking.pdf – Example Smoke Free Addendum (no smoking rule)
    • SAMPLE_crimefree_addendum.pdf – Example Crime Free Addendum (no breaking the law rule)
    • SAMPLE_military.pdf – Example addendum to use when you have military tenants. They can break the lease if they get redeployed.
    • SAMPLE_RHA_Mold.pdf – Example of the Mold Addendum that is required by state law – Has nothing to do with you actually having mold.
    • SAMPLE_RHA_petaddendum.pdf – Example of Pet Addendum to use if you accept pets.
    • SAMPLE_RHA_smokedetector.pdf – Example of a required addendum – Warns tenants not to disconnect smoke detectors.

Attorney info

I mentioned Chris Benis in class. I can’t say enough good things about him. He is great. Ok, he is also not cheap. But, don’t expect a really good attorney to be cheap. Here is a link to his web page.

Good luck with your future rentals and tenants!

Posted in: Residential real estate Tagged: classes, landlord 101, landlord success, Monroe

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