"In a recovering market, activity first occurs in urban centers, spreading to surrounding suburbs and outlining areas. We are now seeing this trend," said a NWMLS director, adding “Consumers must be realistic in their expectation; market recovery will be slow and incremental.”
(Puget Sound ) statistics show inventory is down more than 13 percent compared with a year ago and pending sales jumped 39.3 percent. (A NWMLS director) said, "We continue to see increase in activity; more multiple-offer situations on correctly priced and staged homes." End.
New Short Sale Disclosure Law
Effective June 7, 2012, a new law aimed at Short Sale disclosures goes into effect. In part, the law requires that a lender in a short sale, upon its “first written notice” to the seller, provide notice that it either “waives” or “reserves” the right to collect the full amount of the debt. The idea behind this requirement is to give the seller notice early in the process about whether the seller will be obligated for any existing debt after closing.http://www.nwmls.com/discover/index.cfm?SectionGroupsID=16&SectionListsID=16&PageID=7014
New CO2 Detector Requirement
April 1, 2012 saw a new state law go into effect (bad day for a new law-but it's no joke) requiring CO2 detectors in bedroom areas of any residential dwelling offered for sale, remodels requiring permits, etc. Read the complete text of the requirement here: http://apps.leg.wa.gov/billinfo/summary.aspx?bill=6472.
The second noteworthy provision shortens the statute of limitations for a lender to bring an action to collect any outstanding debt after releasing its security interest in the property from six years to three years. This means that lenders will have less time to file claims against sellers to pursue any outstanding debt after a short sale. The full text of the bill here:
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