Hackney House Blog

Hackney's Houses

Just Listed! 1230 Fidalgo Place Sedro Woolley, WA 98284

February 14th, 2009 10:30 AM

$219,950.00
1230 Fidalgo Place

Sedro Woolley, WA 98284

Beds: 3.0	Rooms: 0
Baths: 2.00	Sq. Ft.: 1220.00
Garage: 2.0	Built: 2003

Fantastic 3 bedroom/2 bath rambler

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Sean Hackney
RE/MAX Northwest
3603030165
www.seanhackney.com

Visit this listing at Here

Posted by Sean Hackney on February 14th, 2009 10:30 AMPost a Comment (0)

WWU Rejects $1 Million Fundraising Effort

February 25th, 2009 12:47 PM

WWU Rejects $1 Million Fundraising Effort; Now Faces Equal Loss in Future Contributions
Bellingham, WA –

A number of key donors and alumni at Western Washington University (WWU) are expressing serious concerns about the administration at the school after they terminated the 100+ year old football program. Overtures to reinstate the program, an offer of $1 million dollars in support, with an additional long-term funding plan, have been summarily turned down.

Now, with Western in a budget crunch and departments calling alumni for support, they are finding that the school stands to lose at least that much in future contributions. They are also finding that the
alumni are not in a very giving mood. “Not communicating with the alumni base, students, boosters and
local business shows total lack of regard and respect for the people that support WWU,” said Pat Locker, class of 1979. Locker, uncle of University of Washington quarterback Jake Locker, was the first
running back in Washington state college football history to amass over 4,000 yards rushing. Now he and others believe that, because of their lack of transparency, the university with have great difficulty
amassing any financial support.

In January, new WWU President Bruce Shepard, suddenly and without input or warning, abruptly ended the football program. The unilateral decision making process along with the lack of transparency and a public process has outraged many WWU alumni.

A group of over 500 WWU alumni have put together over $1 million dollars in pledges in an effort to get the program reinstated. After the group had amassed over $600,000 in pledges, a small group of
anonymous supporters added significant funds to the total, which represented a four-year commitment of monies.

However, the WWU Administration has rejected the overtures of the group and key donors. And now, the university must explain why hundreds of thousands of dollars that were to be left to the school
through wills and life insurance policies are suddenly evaporating. At least two dozen alumni and supporters who were contacted within the past week have started to or already made changes to their
estate plans. Total future funds forfeited by the university as a result of these two dozen people will exceed, at minimum, $750,000.

According to various alumni, the way the WWU Administration has handled this situation has greatly undermined many donors’ confidence in the University. "I now have some serious doubts on the decision-making process of the Western Washington administration. I am appalled with the lack of transparency, lack of integrity and the overall insensitivity displayed,” said Al Jones, WWU class of 1969. “Whatever happened to the little school on the hill that cared about kids?"

Student and employment diversity has also taken a hit due to the funding cuts. “My biggest concern is that the administration is not truly in tune with the needs of the university and what it takes to be an elite university both regionally and nationally,” said Chris Witherspoon, Executive Vice President of Publicis, a Seattle-based marketing firm. “More specifically, the current lack of diversity on campus is extremely concerning and the administration's inability to understand the negative impact the loss of the football program will have on this serious issue is very disturbing. (It's a) university that is not reflective of the country we live in today.” Witherspoon intends to withhold all his future contributions from the university.

“The university’s complete unwillingness to partner with a supportive alumni group and donors to find solutions to financial issues is extremely troubling, and will definitely erode philanthropic support in the long term. In this troubled economic state in which government institutions need all the help they can get. It is unreal to see the University turn these donors away and could eventually lose many more,” said Wade D. Gebers, Senior Vice President, Financial Consultant, D.A. Davidson.

The biggest question of all is what the future implications to the University for turning down such a supportive, and diverse, alumni group will be. Many alumni members are highly discouraged and our now voicing their frustration with the current administration. "I will no longer send funds to WWU and have already changed my will,” said Kristofer Larson, WWU class of 1993. “My contributions …would have totaled over $100,000. I will now have everything sent to the out-of-state law school I attended.”

Sean Hackney of RE/MAX Northwest agreed. “(The) current WWU administration has sent a very clear and decisive message to (us), and their community...We are NOT interested in you.”

These same sentiments are being echoed throughout the WWU alumni. What might have appeared to be a one-time budget cut in response to the state economic crisis will likely turn into a long-term funding problem for Western. With the prospect of decreasing state and federal support as a result one of the deepest recessions in generations, many feel the WWU should be partnering with alumni and philanthropic donors to find more private support for various programs, as opposed to pushing away interested supporters. Alumni and supporters of the school are hopeful that state legislators and the Board of Trustees will take note of this sudden economic backlash and take the proper steps rectify matters and repair broken relationships.

Posted by Sean Hackney on February 25th, 2009 12:47 PMPost a Comment (0)

Fat Tuesday, IHOP, & The Children's Miracle Network

February 19th, 2009 9:32 AM

What a better way to celebrate Fat Tuesday, February 24th than eating up a short stack of pancakes at IHOP? And while you're at it...helping children!!!

Between 7 a.m. and 10 a.m. on the 24th visit your local IHOP Pancake House and make a donation to children's lives. Since National Pancake Day in 2006, IHOP has raised over $2 Million for Children's Miracle Network!!!

Help them raise over $1M this year alone!!!

CMN is one of RE/MAX's internationally supported charities. Along with the Komen Foundation, we are proud to be tied in with such wonderful people around the globe trying to make lives better.

Posted by Sean Hackney on February 19th, 2009 9:32 AMPost a Comment (0)

No More Foreclosures?

February 17th, 2009 9:59 AM

Nicole Walker of Fairhaven Mortgage sent this out this morning which is another chapter of Real Estate soap opera we now have as reality. As you read this and any other "news" on the street, remember that there is opportunity every where should you look for it.

From the desk of Nicole Walker:

Are foreclosures a thing of the past? Fannie Mae announced that it is suspending all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration's national foreclosure prevention and loan modification program. In addition, the company adopted a national Real Estate Owned (REO) Rental Policy that allows renters in Fannie Mae-owned foreclosed properties to remain in their homes or receive transitional financial assistance should they choose to seek new housing. JPMorgan Chase and Bank of America followed Fannie, using the March 6th date. Citi, in a blatant display of one-upmanship, suspended foreclosures until March 12th if Citi owns the 1st mortgage. The White House is considering a plan that would use federal funds to buy at-risk mortgages and refinance them, thereby making them more affordable to the homeowner.

Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure so as to prevent properties from becoming vacant so they won't fall into disrepair. Freddie also said it will allow renters to remain in their homes even if their landlord enters foreclosure. It has about 8,500 properties in the foreclosure process, but many are vacant. Fannie has been doing the same thing since January. Tenants and former property owners need to demonstrate they have enough income to pay the rental bill. Freddie Mac also said it would consider reinstating a mortgage for those borrowers who can qualify for a modified loan.

My guess is some people will still fall between the cracks and loss their homes or attempt to do a short sale, as there is no panacea.

Posted by Sean Hackney on February 17th, 2009 9:59 AMPost a Comment (0)

Breaking up the log jam....House Stimulus Package

February 9th, 2009 9:43 AM

So what's the stimulus package look like for residential real estate? This could be a monumental move to break up the log jam and get us moving in a positive direction. As outlined below by www.housestimuluspackage.com we can see in very clear dollars and sense how this would motivate and inspire both buyers and sellers.

SENATOR ISAKSON'S $15,000 TAX CREDIT:

As it currently stands, the Senate has voted and passed an amendment to the economic stimulus package that will give up to $15,000 tax credit towards a new home. This amendment was offered by Senator Johnny Isakson (R-GA). . .(more), with Senator Joe Lieberman (I-CT). . .(more) as a co-sponsor that would extend and expand the home buyer tax credit. The proposed amendment details are as follows:

A tax credit in the amount of $15,000 or 10 percent of the purchase price.
Tax credit option to be used all in one year or spread out over two years.
The tax credit is available for one full year.
You can claim the tax credit against your 2008 tax return.
Buyers must occupy the homes for two years or face recapture of tax credit.
Investors are not eligible for the tax credit.
The previous $7,500 Housing Tax credit will be sunsetted.
It will add approximately $18.3 billion to the stimulus bill.

The Senate unanimously approved a proposal by Senator Isakson (R-GA) that would give a $15,000 tax break or up to 10% percent to anybody who buys a house by the end of the year.

Home builders and members of the home building field immediately cheered its passage. The amendment is a much needed help to builders and suppliers of the housing industry.

Posted by Sean Hackney on February 9th, 2009 9:43 AMPost a Comment (0)

Short Sale

February 5th, 2009 1:10 PM

Like the brand "Xerox" became a term meaning "copying," the real estate term Short Sale is being lumped in with Foreclosure.

It my experience so far and speaking only to our area up here in Whatcom County that there are far greater Short Sales happening than actual Foreclosures.

What is a Short Sale?

Essentially it means that your home is worth less than you owe.

How does this happen?

Several factors, but two or a combination of two things happened. One, our house values fluctuate just like the stock market. A person may have purchased at the height of the buying frenzy and now their value has gone down. Many tend to place blame on the lenders, appraisers, and even real estate agents for creating this. What people forget is how we as a society view our homes as an ATM. This is the 2nd factor many people face a short sale situation.

Types of Short Sales

Essentially there are two of these. Any of us could be in a short sale situation, should you need to sell. If you don't need to sell, values will eventually go up if the history of, well...the world continues as it has. Some short sales are Distressed meaning they can no longer continue making payments and are on the verge of the Foreclosure process. Another group of Short Sales isn't so much that they can't make the payments as they just have to move due to a relocation, etc.

The Process

Short sales, like a Foreclosure, involve working with a bank. Banks typically aren't in the business of owning homes. There is some potential for opportunity in a short sale situation, but you need to be patient. Just hearing back from the bank can take many weeks.

It is my belief that we will continue to see more and more short sale situations in the coming year or so as the market stabilizes and prices recover. Where we are at in the Puget Sound is much less volatile than other areas of the U.S. We tend to be at the tail end of the ripple effect and as a result don't see quite the price drops and other negativity seen in other parts of the U.S.

Posted by Sean Hackney on February 5th, 2009 1:10 PMPost a Comment (0)