You are currently browsing the category archive for the ‘Real Estate 101’ category.

The last couple of home inspections on pending sales I have had, both transactions had high levels of radon.  They were each in different parts of the Portland metro area. Should you be concerned about radon levels and how can you take care of the repair?bettyjung.com

Is It Safe To Buy A Home With High Levels Of Radon?

Buying a house can be a bit like falling in love. You shop around, seek advice from friends, and when you find the perfect match, lay it all on the line and pop the question. But even after a seller has said yes to your offer, you’ll need to complete a home inspection, which often includes a radon test.

Radon test results usually shortly after your home inspection report and can be riddled with terrifying facts about this deadly gas. If it reveals high levels, you may be left wondering whether you should walk away from the sale. You don’t have to. Here’s why.

A Radon Problem Can Be Fixed

Radon-related lung cancer kills an alarming 21,000 people each year, a tragedy multiplied by the fact that significant exposure to the gas can be easily remedied. The scope of the work depends on the level of gas and the style of your house, but it’s pretty simple and not overly expensive.

According to the Environmental Protection Agency, radon is found in every state and in many locations within the Portland metro area, even in the suburbs. It’s a naturally occurring radioactive gas produced by the breakdown of uranium in soil, rock, and water. Because the air pressure inside a house is typically lower than the pressure in the soil around its foundation, radon is drawn into the home through cracks in the foundation and other openings.

Radon levels are measured in picocuries per liter, or pCi/L. Levels of 4 pCi/L or higher are considered hazardous. Radon levels less than 4 pCi/L still pose a risk and in many cases can be reduced, although it is difficult to reduce levels below 2 pCi/L.

The EPA estimates that a radon removal system costs about $1,200 for an average house. The system is usually comprised of one or more PVC pipes that run from the radon-emitting soil beneath a home up through the roof. An in-line fan draws air through the system so that it doesn’t leach into living spaces. Once installed, a follow-up radon test is done. Even in houses with extremely high radon levels, you can expect a drop to levels considered safe.

You Can Ask for a Seller Credit

If a radon test reveals high levels—anything above 4 pCi/L—ask for a walk-through with an EPA-licensed radon remediation specialist. Here is the link to our State of Oregon Radon Office for information or I would be happy to provide you with a list of licensed and bonded contractors. Most will provide a free remediation estimate, and, if the work is done, guarantee that radon levels will be acceptable.

You can ask that the seller for a price reduction that covers the estimated cost of remediation. If the seller balks, remind those involved in the transaction that it’s a problem other buyers are likely to encounter as well. In Oregon, a seller is required by law to disclose the radon test results to other potential buyers on a seller’s disclosure form.

A Single Radon Test Offers Only a Snapshot

Relying on just one radon test done as part of a home inspection is a mistake, even if it reveals that the home has safe levels. In our tests, test kits that measure long-term levels—90 days or more—were far more accurate than the one-week tests used by most home inspectors. That’s because radon levels fluctuate day to day and season to season.

Let your home inspector test for radon and use the results as a bargaining chip to ask a seller for a credit if radon is detected. Just don’t think of it as the final word. You’ll still want a more thorough radon test done after the sale has closed.

Need more info? Check the radon information section of the EPA’s website. If you’re buying or selling a home, print out the EPA’s pamphlet on radon and keep it with your files.

Source: https://www.consumerreports.org/

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Advertisements

Lake Oswego Real Estate Updated Smoke Detector And Carbon Monoxide Law

I was told the other day by a home inspector, that there have been some changes made to the law for installation of Smoke Alarms and Carbon Monoxide Detectors.  Here is the latest:https://lakeoswegorealestateblog.wordpress.com/

Smoke alarms shall be installed in the following locations:

  1. In each sleeping room.
  2. Outside each separate sleeping area in the immediate vicinity of the bedrooms.
  3. On each additional story of the dwelling, including basements, but not including crawl spaces and uninhabitable attics. In dwellings or dwelling units with split levels and without an intervening door between the adjacent levels, a smoke alarm installed on the upper level shall suffice for the adjacent lower level.
  4. Smoke alarms shall be installed not less than 3 feet horizontally from the door or opening of a bathroom that contains a bathtub or shower unless this would prevent placement of a smoke alarm.

When more than one smoke alarm is required to be installed within an individual dwelling unit the alarm devices shall be interconnected in such a manner that the actuation of one alarm will activate all of the alarms in the individual unit. This does not pertain to legally existing dwellings unless work requiring a structural permit is taking place. This information can be found in section R314 of the Oregon Residential Specialty Code.

The installation of smoke alarms and smoke detectors shall comply with the following requirements: 

  1. Smoke alarms and smoke detectors shall not be located where ambient conditions, including humidity and temperature, are outside the limits specified by the manufacturer.
  2. Smoke alarms and smoke detectors shall not be located within unfinished attics or garages or in other spaces where temperatures can fall below 4°C (40°F) or exceed 38°C (100°F).
  3. Where the mounting surface could become considerably warmer or cooler than the room, such as a poorly insulated ceiling below an unfinished attic or an exterior wall, smoke alarms and smoke detectors shall be mounted on an inside wall.
  4. Smoke alarms and smoke detectors installed within a 6.1-m (20-ft) horizontal path of a cooking appliance shall be equipped with an alarm-silencing means or be the photoelectric type but no closer than 10 feet.
  5. Smoke alarms and smoke detectors shall not be installed within a 914-mm (36-in.) horizontal path from a bathroom containing a shower or tub.
  6. Smoke alarms and smoke detectors shall not be installed within a 914-mm (36-in.) horizontal path from the supply registers or return air opening of a forced air heating or cooling system and shall be installed outside of the direct airflow from those openings.
  7. Smoke alarms and smoke detectors shall not be installed within a 914-mm (36-in.) horizontal path from the tip of the blade of a ceiling-suspended (paddle) fan.
  8. Where stairs lead to other occupied levels, a smoke alarm or smoke detector shall be located so that smoke rising in the stairway cannot be prevented from reaching the smoke alarm or smoke detector by an intervening door or obstruction.
  9. For stairways leading up from a basement, smoke alarms or smoke detectors shall be located on the basement ceiling near the entry to the stairs.
  10. Smoke alarms or smoke detectors shall be installed in each sleeping room in the immediate vicinity of all sleeping areas.
  11.  All smoke alarms are to be installed according to the manufacturer’s recommendations.

The National Fire Protection Assn. Article 72 (aka: National Smoke Alarm Code) states that smoke alarms shall not be in service after 10 years. [ref: NFPA 72 – 11.8.1.4 (5)(b) – Smoke alarms installed in one-and two-family dwellings shall not remain in service longer than 10 years from the date of manufacture.] A typical manufacturer and the U.S. Consumer Product Safety Commission recommends replacing smoke alarms every 7-8 years as the sensor weakens.

Carbon monoxide alarms shall be located in each bedroom or within 15 feet outside of each bedroom door. Bedrooms on separate floor levels in a structure consisting of two or more stories shall have separate carbon monoxide alarms serving each story.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Yesterday, I was reminded how important one of our State Laws is in regards to homeowners/renters and that lives are being saved because of it.

Lake Oswego Real Estate Law To Protect You

Two incidents occurred yesterday, on the same day, and many lives were saved as a result of this law.  The law was officially put in place in 2009.

What I am referring to is the law that homes need to have Carbon Monoxide Detectors – the COAlarmLaw.

Carbon Monoxide Detectors

These two incidents happened on the same day:

  • On my way to an appointment for a home inspection, I stopped off at my local dry cleaners.  The gal there told me how they had to evacuate their home the night before due to their carbon monoxide detector alarm going off.  Thankfully it went off, because the firefighters told her that their carbon monoxide detector was on its last leg and would be expiring within a couple of days.  Had it been a couple more days, they probably would not have been warned, and the consequences could have been dire.
  • Right after going to the dry cleaners, I went on to my home inspection for a sale pending I have.  Once there, almost the same thing happened.  During the home inspection, the inspector found gas fumes and carbon monoxide entering the home.  The inspector immediately shut off the gas.  He too said that the CO Alarm would be expiring in under 30 days and again, those sellers might not have received a warning to leave the home due to deadly fumes and toxins.

You may remember recently an entire family died in Mexico because of carbon monoxide poisoning.

Expiration Dates For Carbon Monoxide Detectors

What I never knew until yesterday was that the Carbon Monoxide Detectors have expiration dates just like smoke alarms.  Some expire in 5 years, others 8 to 10 years.  The law I posted above doesn’t mention that they expire.

If you purchased a home after 2009, you may be facing a potential risk with deadly results if you don’t have a functioning carbon monoxide detector.  Yours could have already expired by now or will shortly. It is really important for you to check the expiration date for your carbon monoxide detector.

For a minimal price, you could be saving your own life and your family.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

https://lakeoswegorealestateblog.wordpress.comLake Oswego Real Estate Code Of Ethics

As a Lake Oswego Real Estate Broker, I am also a REALTOR®.  REALTORS® subscribe to the Code Of Ethics which is a barometer and guide. It consists of articles of behavior that we who belong to the NAR® (National Association of REALTORS®) must adhere to. Not all agents here locally or throughout the U.S. are REALTORS®.

Real Estate Code Of Ethics

What actually is in the Code of Ethics?  Have you ever read the articles that are in the Code of Ethics that relate to you as a consumer?  In 2013, the Code of Ethics turned 100 years old and is a part of being a REALTOR®.

I thought I would post a copy of those articles here for you to read.

REALTORS® Code of Ethics

In the many Facebook groups I belong to, because of the “hot” and highly competitive real estate market due to such low inventory of houses for sale here in Lake Oswego, in the Portland metro area and all across the U.S., as in other industries there seems to be relatively few “bad apples” in our business too.

Many of our local agents are posting some of that happening here locally.  We as real estate agents are self governing and need to report to our respective real estate organizations when there is any unethical behavior. Unfortunately, most consumers don’t even realize when an agent has perhaps been in violation of our Code of Ethics. Fortunately,  99.999% of all real estate agents in our Portland metro market adhere to the Code of Ethics.

Hiring A Real Estate Agent

When hiring a real estate agent, ask them if they are a REALTOR®. In fact, ask them to show you their REALTOR® identification and don’t just take their word for it.  Because some real estate agents may use that name loosely and not be a REALTOR® at all. If you are wanting to hire a real estate agent who is highly ethical, give me a call. I am always trying to improve my service to my clients as well.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Once again there has been an update to our RMLS™ Rules and Regulations.  I recently wrote a post about “coming soon” properties but now there have some updates to the rule.  Here is the latest from our RMLS™:

COMING SOON PROPERTY LISTINGS

THE BASICSbettyjung.com

The Coming Soon-No Showing (CSN) status is for short-term use. Subscribers may use CSN to prepare a listing for Active (ACT) status. The listing may be in CSN status for no longer than 21 days and must have a valid listing agreement as well as seller approval. CSN status will indicate the listing firm and seller(s) are preparing the property for sale and marketing before the listing becomes active on RMLSweb. As such, CSN will be considered an off-market status as the listing is not actively being marketed and is not ready to be shown. Affiliate subscribers will not be able to view listings that are in CSN status, nor will CSN listings be included in statistical searches and reports.

USING CSN ON RMLSWEB

A listing agent will have the choice to publish a property as CSN. All required fields will still be required for a CSN listing and must follow all other input business rules. The required first photo will bear a watermark saying “Coming Soon-No Showings.” The Oregon and Washington listing contracts will be updated to allow seller(s) to choose between publishing the listing as ACT or CSN in RMLSweb or to exclude the property from the MLS.

Listings can stay in CSN status for up to 21 days. Listing Load will not allow a date further than 21 days in the future from being entered as the list date. If a listing agent submits a list date of fewer than 21 days in the future, the agent may extend the list date up until that 21st day—something that may come in handy if more time is needed to prep a property than was originally estimated.

The status of a CSN listing may be manually changed to ACT or WTH at any time during the 21 day period. When the list date is reached or the listing has been in the system for 21 days RMLSweb will automatically change the status of the listing to ACT at midnight. Once a listing is out of CSN status it cannot be reverted back, nor can properties that were once in CSN status be re-entered as a new CSN listing (exceptions: the property has expired or has been withdrawn for over 90 days; the property has been relisted with a new brokerage; or the property has been sold).

Open houses and broker tour offerings cannot be set up in Listing Load for a listing in CSN status. Listing View Count reports will still be available showing viewing counts from within RMLSweb, but Days on Market (DOM)/Cumulative Days on Market (CDOM) will not accrue while a listing is in CSN status.

RMLSWEB SEARCH AND CSN

CSN will not be included in the default status criteria when doing a new search—ACT and BMP will remain the two default statuses. CSN listings will be excluded from exported reports and consumer prospecting auto-emails. CSN can be searched with other statuses, included in a user’s watch list. CSN listings may be used to conduct a reverse prospect search or using Hotsheet. CSN listings are included in agent-only prospect notifications. CSN listing reports can be printed and emailed from RMLSweb, including client reports. The listings will state “no showings permitted” in showing instructions on agent reports, with the actual showing instructions hidden while in CSN status.

DATA FEEDS

CSN listings will be excluded from data feeds, including but not limited to RMLS.com, Realtor.com, HomeSpotter, IDX, VOW, and broker specific feeds.

AUTHORIZATION TO EXCLUDE

Listing agents will be able to submit the completed Authorization to Exclude from MLS Addendum directly into Listing Load on RMLSweb, eliminating the need to email or mail a copy to RMLS™. If a property is excluded, it will be for the full length of the listing contract, as the short-term option on the addendum will be eliminated. The property may be listed as active again once 30 days from the form’s expiration date have passed.

Thinking of putting your home on the market but not sure how this new rule plays with your long term plans?  Give me a call and I can sort it out for you.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

These days real estate is challenging. There are new real estate laws hitting us almost daily with more to come, new financing terms, and when there are many players all involved in the same transaction, it is a maze that sellers and buyers walk through.  As a knowledgeable, experienced and educated REALTOR® I know market conditions, financing, and I keep tabs on all the new laws and regulations to assist you.https://lakeoswegorealestateblog.wordpress.com/

BUYING LAKE OSWEGO REAL ESTATE

Now you’ve decided to buy a house. Do you become a customer or a client? You might think both words mean the same and are interchangeable.  However, when it comes to representation in a real estate transaction, there are different types of relationships that we as REALTORS® are able to provide.

The short and simple version is that it comes down to the type of agency relationship you have with your real estate agent/brokerage and whether there has been disclosure and a signed agreement.   There are other types of agency relationships, but I am only including the basic and most common types here.

The National Association of REALTORS® Code of Ethics requires all REALTORS® disclose whether they represent the buyer, the seller, or both parties. Laws governing the method and timing of the disclosure can vary in each state.

REAL ESTATE AGENCY DISCLOSURE

CLIENT

There are several ways, as a buyer or seller, in which you become a client of a real estate agent/brokerage.  Most have to do with the type of agency agreement you have entered into with your REALTOR® which dictates the kind of representation you will receive in a transaction.  Laws and relationships vary state-by-state.  There are other types of agency relationships, but I am writing this post based on the most typical scenarios in Oregon:

  • Seller’s agent or listing agent. A seller’s representative is hired by and represents the best interests of a seller. The relationship usually is created by a signed listing contract or listing agreement.  The agent/brokerage represents the seller only.
  • Buyer’s  agent.This type of real estate agent is hired by prospective buyers to represent them in a real estate transaction. A buyer’s rep (more commonly called a buyer’s agent) works in the buyers’ best interest throughout the transaction. The buyers can pay the agent directly through a negotiated fee, or the buyers’ agent may be paid by the seller or by a commission split with another agent, i.e. the listing broker.  In Oregon, we have a Buyer Broker agreement, similar to a listing agreement where we  “list” you as a buyer and you then become a client.  Our agency relationship and representation is spelled out in the Buyer Broker Agreement and must be signed by all parties.  That agent then represents the buyer only.
  • Dual agent. Dual agency relationships occur not only when one agent represents two parties but also when two agents from the same company represent two parties in the transaction. Dual agency is not allowed in some states, but where permitted, it must be disclosed to both buyer and seller, who must both sign a consent to a dual agency relationship. It is legal here in Oregon. Sample_Initial_Agency_Disclosure_Pamphlet. In another post I will write more about dual agency.

CUSTOMER

  • There is no agency contract, agreement or representation owed by an agent to a customer nor is there any obligation by the customer to the agent.  No buyer broker agreements or listing agreements are signed and executed.  There is no representation to a customer in a real estate transaction and the agent is not under any obligation to provide that representation to you.

As stated, since this post is based on Oregon rules and regulations, they can vary from state-to-state.  If you want full representation in all real estate related transactions, become a client rather than a customer of a REALTOR® and their brokerage in Oregon.

For any further assistance regarding disclosure or questions, please consult with a Real Estate Attorney.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

A while back I wrote a blog post about the various abbreviations in our RMLS™ system  and what they meant.

Coming Soon – No Showing or CSN

We now have a new category to search for Lake Oswego real estate called “Coming Soon-No Showing”, or CSN.bettyjung.com

THE BASICS

The Coming Soon-No Showing (CSN) status is for short-term use. As a Lake Oswego Real Agent who is subscribed to our RMLS™,  I may use CSN to prepare a listing of a property for Active (ACT) status. The listing may be in CSN status for no longer than 21 days and must have a valid listing agreement signed by the listing brokerage and the seller as well as seller approval for the CSN.

CSN status will indicate the listing firm and seller(s) are preparing the property for sale and marketing before the listing becomes active on our RMLSweb™. As such, CSN will be considered an off-market status as the listing is not actively being marketed and is not ready to be shown.

USING CSN ON RMLSWEB™

Listings can stay in CSN status for up to 21 days and will not allow a date further than 21 days in the future from being entered as the list date. If a listing agent submits a list date of fewer than 21 days in the future, the agent may extend the list date up until that 21st day—something that may come in handy if more time is needed to prep a property than was originally estimated.

The status of a CSN listing may be manually changed to ACT or WTH at any time during the 21 day period. When the list date is reached or the listing has been in the system for 21 days RMLSweb™ will automatically change the status of the listing to ACT at midnight. Once a listing is out of CSN status it cannot be reverted back, nor can properties that were once in CSN status be re-entered as a new CSN listing (exceptions: the property has expired or has been withdrawn for over 90 days; the property has been relisted with a new brokerage; or the property has been sold).

Open houses and broker tour offerings cannot be set up in Listing Load for a listing in CSN status. Listing View Count reports will still be available showing viewing counts from within RMLSweb™, but Days on Market (DOM)/Cumulative Days on Market (CDOM) will not accrue while a listing is in CSN status.

RMLSWEB™ SEARCH AND CSN

CSN will not be included in the default status criteria when doing a new search for properties —ACT and BMP will remain the two default statuses. CSN listings will be excluded from exported reports and consumer prospecting auto-emails. As agents subscribed to RMLS™, we will be able to include CSN in our own watch lists. However, the listings will state “no showings permitted” in showing instructions on agent reports, with the actual showing instructions hidden while in CSN status.

Listing Your Lake Oswego Home For Sale

When preparing your property to be listed by a Lake Oswego real estate agent, consider all your options when marketing your home and ask me how to best maximize the sale of your property.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

 

It’s What’s Under The Hood That Matters

Recently a past client of mine made an offer on a home that was completely updated.  We knew this from what was stated in the RMLS™ listing and from looking at the house. This home had all the bells and whistles and shined with the latest decorating trends. I was a bit leery about the home’s condition because it was a “flip” and knew, as they say, ‘it’s what’s under the hood” that mattered a lot more than what we were able to see with our own eyes.https://lakeoswegorealestateblog.wordpress.com/

As I always do, regardless if the home is brand new, or looks like the home is in good condition, I recommend a full home inspection along with other inspections such as a tank scan, sewer scope, roof inspection, etc., etc.

Prepare for Home Inspection Surprises

My client proceeded to have all the necessary  home inspections and I have to say, even I was surprised with all the defects that were presented to us as a result of the inspection reports.

Oil Tanks, Sewer Blockages, Even a “Live” Animal Oy’vey

While home buyers are sometimes strapped, don’t have extra cash and are reluctant to spend money on a home they may or may not be buying, the cost of home inspections are minimal compared to keeping from making a huge financial mistake. It is the best insurance a buyer can have that the home being purchased is indeed in good condition.

During this particular transaction and as a result of the home inspections, the buyer was information of roofing issues, structural issues, electrical and plumbing repairs/improvements not up to code, siding and foundation sill rot, beams not anchored, lack of heat from vents, large foundation cracks, ceilings buckling, water pooling, to mention only a “few” of the issues.  On top of the updated “flip” deficiencies, there was an oil tank, a sewer blockage that extended the entire length of the front yard and to top it off a wild animal living and nesting in the crawl space.

Don’t Get Fooled By Shiny Objects

At first sight the house was perfect. It was exactly what my buyer was looking for in the location where he wanted. Looking at the house you would never have known there were so many problems.

During the height of our most recent “hot” housing market, buyers in many cases, especially in multiple offer situations, waived their right to have any kind of home inspection(s). I cringed when I heard that buyers were doing that, while I never recommended my clients go that route just to “win” a home.

Walking Away Vs. Negotiating Repairs

Problems with a home can derail a transaction causing buyers to “walk away”.  In this case my buyer did not continue with the purchase as the repairs were just too daunting. They did purchase another home that was “perfect” in the same area.

Buyers need to, however, understand the differences between health and safety issues, versus normal wear and tear. There are many options open to buyers when repairs are an issue. Many times sellers are willing to negotiate repairs as well. Buyers should be prepared for surprises and make a plan, with their Real Estate Broker’s help,  for those unpredictable repairs.

Inventory is tight in our Lake Oswego and Portland metro real estate market and a faulty home inspection doesn’t always have to result in not purchasing the home of your dreams. Sometimes it just takes talking through the inspection issues if the home meets all the other requirements you are looking for.

But, in any and all cases, please have those home inspections.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Oregon Legislative Update

There were a couple of controversial proposals that hit the media and Facebook discussion groups.  I thought you might like to know the outcome of some of the legislation that was proposed.

First Time Home Buyer Savings Accounts, died in committee

 

Oregon is facing an affordable housing crisis. The housing market is suffering because homes are becoming increasingly expensive and it takes too long for many young people and renters to save enough money for a down payment on a home. High rents, student loan payments and wages that don’t keep up with the cost of living are tough obstacles to overcome.

That’s why OAR pursued the Oregon First-Time Homebuyers Savings Program (HB2996 and SB849) – a new idea to help prospective home buyers start saving for their first home.

Unfortunately, despite being well received by a bipartisan group of legislators, neither bill made it to the Governor’s desk for signature. The politics of housing policies caused considerable collateral damage. We will re-introduce the concept in the 2018 short session.

SB 849 – Passed Senate Business and Transportation, died in Senate Revenue
HB 2996 – Passed House Human Services and Housing, died in House Revenue.

HB 3357 – Doc Recording Fee, died in Ways and Means

 

FAs introduced, the bill would have doubled the fee charged and collected by county clerks for real estate document recordings. With housing affordability issues on the forefront of everyone’s mind, this session wasn’t the right time to advance this policy and the bill died in committee. Existing statute directs this fee to be credited to the County Assessment and Taxation Fund which is then distributed as follows: 76% to the General Housing Account, 10% to the Emergency Housing Account, and 14% to the Home Ownership Assistance.

Sent to Ways and Means on April 20, died in committee.

HB 2004-B – Rent Control, died on Senate President’s Desk

 

In the midst of a housing crisis in many parts of the state, HB 2004-B, was intended to address increasing rents and limited supply of rental units. Although well intentioned, the bill presented numerous unintended consequences that would have made the situation worse. Rather than focusing on increasing supply of housing, the bill would have made it more difficult for existing landlords and would have significantly stifled the development of new multifamily units.

While the bill’s allowance for San Francisco style rent control provisions were removed in the Senate, the bill lacked the votes for passage from the Senate.

HB 5037 – Oregon Real Estate Agency Budget & SB 68 – Broker Licensing Fee Increase, both bills passed and were signed by the Governor; HB 5037 on May 15, 2017, Effective July 1, 2017; SB 68 on 5-21, effective Jan. 1, 2018.

 

The Oregon Real Estate Agency is funded entirely with fees paid for professional licenses by brokers, principal brokers and property managers and from publication fees. The Real Estate Agency last instituted a comprehensive fee increase in 1997. The user- specific fees were increased to cover inflationary costs and staff time associated with the provision of services. The Real Estate Agency collaborated with stakeholders over the course of the 2015-17 biennium to gather input, develop the new fee schedule and to inform licensees about the timing and reasons behind the fee proposal.

Senate Bill 68 (2017) increases fees imposed by the Oregon Real Estate Agency and established new fees. The approved fee increases in Senate Bill 68 (2017) are for:

  • License Applications from $230 to $300
  • Active License Renewal from $230 to $300
  • Inactive License Renewal from $110 to $150
  • Late Renewal Fee from $30 to $150
  • Reactivation Fee from $75 to $150
  • Business Name Registration Fee from $230 to $300
  • Branch Office Registration Fee from $10 to $50
  • Escrow Renewal Fee from $300 to $450
  • Escrow Branch Office Renewal from $150 to $225
  • Temporary License Fee from $40 to $150
  • Temporary License Extension Fee from $40 to $150
  • Registered Business Name Renewal Fee established at $50
  • Registered Business Name Change Fee established at $300
  • Continuing Education Provider Application established at $300
  • Escrow Application Fee from $300 to $450
  • Continuing Education Provider Renewal established at $50
  • Escrow Branch Office Application from $150 to $225
SB 67 – Agency ORS Chapter 696 Rewrite, passed, signed by Governor on June 6, 2017, effective Jan. 1, 2018

 

SB 67 made technical fixes to Chapter 696, including updates to language and references and reorganization of some material for readability.

The measure also removed the requirement that a principal real estate broker or real estate broker create a client trust account when they act as a courier by taking a check made out to the seller or lessor from a purchaser or lessee for the purpose of conveying same to the seller or lessor.

This measure also provided that a licensed real estate property manager may not solicit a potential tenant unless they have a written property management agreement with the lessor.

The technical fixes in this concept are the result of a comprehensive review of ORS chapter 696 made to ensure alignment of the language, references and processes described in the chapter.

Put simply, the bill synchronizes terminology and references within Chapter 696, improves readability, and makes technical fixes to issues discovered in the course of applying existing law and through communication with the regulated community.

HB 3099 – Principal Broker Continuing Education, died in committee

 

Introduced late in session, HB 3099 was the product of the “Raise-the-bar” Presidential Workgroup at OAR. Designed to provide principal brokers with specific continuing education to increase professionalism by providing greater guidance to brokers they supervise, the bill was introduced too late in the process to advance.

The concept will be re-introduced in the 2018 short session.

HB 2006 – Mortgage Interest Deduction (HB 3298, HB 2060), died in committee

 

Since its inception over a century ago, the U.S. income tax system has recognized the positive effects of homeownership for families, communities, and society by rewarding home buyers with tax benefits. The result has been a home-owning society that is, in many respects, the envy of the world.

Since the State of Oregon has such a reliance on income tax1 the mortgage interest deduction is tied to the federal code. The code allows an individual to deduct the interest payments on no more than $500,000 of total mortgage debt or $1,000,000 of indebtedness for joint filers.

House Bill 2006 would have eliminated the MID for individuals making $100,000 or more ($200,000 for joint filers). HB 2006 would have also capped the amount of interest that could be deducted for those individuals making under $100,000 ($200,000 for joint filers) at $15,000 on their primary residence. In addition, the bill would have eliminated the MID for second homes.

A deduction of interest helps middle class families when they need it most – at the beginning of their home ownership experience when payments of interest on a loan is greatest. The proposed tax credit was an arbitrary value with no relation to a home’s cost and interest rates on a home loan.

While married couples make up the majority of first-time homebuyers, singe females make the second largest percentage of first-time buyers. They would have been hit particularly hard by the arbitrary income limitations imposed by the bill.

The bill would have also exacerbated the current affordable housing challenges facing our state by making it even more difficult for many families to qualify to purchase homes in places like Portland and close-in suburbs.

While HB 2006 died in committee, the context of the bill was threatened in additional legislation. HB 3298 and HB 2060 were scheduled for work sessions in House Revenue at later dates, after HB 2006 had died in committee. Both bills would have impacted homeownership in negative ways. And, most disturbingly, all of the bills would have been able to advance with simple majority votes, rather than the 3/5 majority needed for bills that increase taxes.

186.9% of the state general fund budget is sourced from personal income taxes (2016-17 Oregon Bluebook).

HB 2771 – Eliminating the Deductibility of Property Taxes, died in committee

 

House Bill 2771 would have phased out the itemized deduction for real property taxes for incomes between $50,000 and $125,000 for single taxpayers and between $100,000 and $250,000 for joint taxpayers. In addition, the bill would have eliminated the ability to deduct property taxes for single tax payers making $125,000 or joint tax payers making $250,000 or more in a year.

When itemized deductions exceed the standard deduction, Oregon taxpayers have the option to itemize deductions. Despite the inequities in Oregon’s property tax system, it provides predictability for Oregon homeowners. We understand that property tax reform is a difficult task, but we need property tax reform that still provides predictability. A bill like HB 2771 distracts from the larger issues that need attention.

There is little connection between property taxes paid, a home’s real market value and a taxpayer’s ability to pay. HB 2771 would have exacerbated the inequities in the system.

HJM 3 – Appraisers: Passed, signed by presiding officers May 18, 2017 & May 22, 2017 and was filed with the Secretary of State on May 22, 2017.

 

Under this House Joint Memorial, the Oregon Legislature highlighted the issue surrounding appraisals in the State of Oregon. The memorial urges Congress to instruct the Appraiser Qualifications Board to develop a temporary standard or accreditation to provide immediate relief from the shortage of real estate appraisal professionals by highlighting the following

HJM 3 supports changes to the minimum appraiser qualifications criteria proposed by the Appraiser Qualifications Board of the Appraisal Foundation, including development of an alternative track for progressing from one State Licensed Appraiser to another.

  • In 2016, more than 62 percent of appraisers were 51 years of age or older, 24 percent were between 36 and 50 years of age and only 13 percent were 35 years of age or younger
  • The present criteria result in an infeasible financial burden, as wages earned by appraisers are not high enough to induce an individual to enter the profession after incurring the costs of a four-year college degree, especially when the degree must be accompanied by a multiple year, and often unpaid, internship.
  • The shortage of appraisers affects rural Oregonians in greater numbers than those in urban areas.
HB 2189-A – Appraisers Record Retention (Statute of Repose), signed by Governor on May 25, 2017

 

Real estate appraisers are subject to a recordkeeping rule through our federal regulatory document, the Uniform Standards of Professional Appraisal Practice. By that rule, appraisers must retain work files for five years after the completion of an appraisal project in most circumstances.

HB 2189 implemented a common-sense solution in marrying liability on that activity to the federal Record Keeping Rule. The bill was changed in the Senate by a friendly amendment to match real estate agents’ limit of liability at six years so the limit is seamless for the public.

The limitation in liability for appraisers would not apply to cases of fraud and misrepresentation, for which the 2-year discovery rule in ORS 12.110 would continue to apply. Most appraisers are small businesses and a lawsuit, or the threat of a lawsuit, can be devastating. We believe that the provisions of HB 2189 will bring certainty to appraisers regarding how long after performing an appraisal they may be sued, and will allow appraisers to adequately manage the risks associated with providing those services.

HB 2501 – Appraiser Shortage, died in committee

 

House Bill 2501 directed the Appraiser Certification and Licensure Board to establish rates of pay for independent contractor appraisers. As a benefit to appraisers, it would have required appraisal management companies to compensate independent contractor appraisers at rates set by the Board. In addition, it would have required appraiser management company to pay appraiser within 31 days, as opposed to 45 days, or according to an agreed upon schedule.

The bill was introduced after several legislators were contacted by constituents telling stories of highly inflated costs for standard appraisals, particularly in the more rural parts of the state.

HB 2748 – Wood Smoke Policy & Funding, signed by Governor on May 23, 2017, effective date July 1, 2017 (DEQ budget not yet signed by Governor)

 

Following a lengthy interim work group on the topic of wood burning smoke, House Bill 2748 was introduced during the 2017 session and contained many recommendations as a result of that work. After considerable public discussion, the bill was eventually amended to allow for funding from both private and public sources, expands the allowable use of funding to replace or remove uncertified stoves, and requires the Oregon Department of Environmental Quality (DEQ) to prioritize grants to areas that are currently in non-attainment or areas that are in substantial risk of being designated as a non-attainment area due to particulate matter. The bill passed with broad bi-partisan support through the legislative process before being signed by Governor Brown on June 21st and became effective July 1, 2017.

In an effort to provide funding for the program, the state has invested $250,000 through the DEQ budget to kick-start the grant program. In a budget year such as this, an initial investment of that magnitude is a success for the program. In the end, the DEQ budget passed through both chambers on a close margin before heading to the Governor’s desk for signature.

SB 812 – Septic Repair/Replacement Policy & Funding, signed by Governor June 6, 2017, effective June 6, 2017 (DEQ budget not yet signed by Governor)

 

Septic system repair and replacement has been a priority of the association for multiple years now. Having previously worked directly with DEQ to provide education for our membership, supporting this low interest loan septic program policy has been a priority over the past few sessions. Following the successful passage of the original septic system repair and replacement program and funding during the 2016 session, it was discovered that technical fixes were necessary in 2017. SB 812 provided those technical fixes, which include: clarifying that an applicant for a low interest loan need not borrow the full amount of the project, clarifies the requirement that the homeowner or business connect to a sewer system if available, and allows for funds to be used for a regional evaluation of a community septic system. The bill passed through the legislature unanimously with the members present and was signed by the Governor on June 16, 2017.

In addition to the policy fixes to the program, there was an additional funding request to help sustain and expand this incredibly successful program. The request was $1.5 million of state investment in the program after receiving $250,000 during the previous session. While we faced a $1.8 billion budget hole to begin the session, we felt this was a critical program and advocated for the full request. In the end, the full $1.5 million ($200,000 of which is for DEQ administration) was allocated through the DEQ budget for the septic program and marks a substantial investment in a successful and important program. In the end, the DEQ budget passed through both chambers on a close margin before heading to the Governor’s desk for signature.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

It is that time of year where homeowners and/or potential sellers, think about remodeling their home, or at the very least do some cosmetics updates.  Lately I’ve been on several listing appointments where homeowners have constructed additions to their homes without permits.https://lakeoswegorealestateblog.wordpress.com/

Lake Oswego Real Estate Here Comes Spring Remodeling Season

In each case I recommended to the potential Lake Oswego home seller they have the necessary inspections, complete the required repairs, if any, and obtain permits for the additions either they or their friends built before they place their home on the market for sale. Permits, and a city building inspection, can be obtained after completion of any work done by homeowners to the home if they are planning to sell.

Buyers Should Request Permits When Making Offers 

Most buyers will want permits pulled on those additions prior to closing the purchase of the home. When I am a buyer’s agent, I always inquire about permits and advise my clients to write into an offer that the seller provide those permits for the buyer’s review and approval/disapproval within a certain time frame or recommend to the buyers they do their own due diligence and search for those permits at the appropriate government agency or on-line.

Lake Oswego Real Estate Property Disclosures 

When you list your Lake Oswego home for sale, homeowners are obligated to place the correct information on the Property Disclosure Statement as to permits, etc. Sellers may be liable if they knew the work was done without a permit should the shoddy workmanship cause a fire, etc. after the buyer closes on their home.

An insurance company may not want to cover damages if the buyer purchases the home with the knowledge that permits, inspections and the closing didn’t include those permits for the additions during that buyer’s purchase.

Further, when that buyer goes to sell the property ever again, they too will be obligated to forward the information that no permits were obtained in their Seller Property Disclosure Statement at the time of their listing the property for sale.

Oregon Property Disclosure

Oregon is a disclosure state and information regarding permits, additions, etc. must always be disclosed.  If the owner chooses not to disclose those issues then the buyer may have remedy against the owner/home seller.

As a home seller, you don’t want to open yourself up to a lawsuit.  It saves you time, effort and money by doing the right thing and obtaining permits when doing any work on the home you plan to sell.  As a buyer, you want to make sure you made a sound investment that has no problems.

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

Follow ALL ABOUT…..Lake Oswego Real Estate on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 3,827 other followers

Recent Comments

Archives

Visitors

  • 8,157 hits

Betty’s Copyright

(c) Betty Jung 2008-2018.

All photos and content are copyright protected and may not be reproduced in any form.

DMCA Copyright Logo

© ALL ABOUT.....Lake Oswego Real Estate.

All Rights Reserved.

Advertisements