Hi Chris,

This home is in Glacier Park development, across the street and one block from highly rated Glacier Park Elementary. Originally Bill Ruth owned this property and sold it to Capstone Homes who built these homes in 03,04,05. The current owners purchased in November 05 for $299K and appear to have a first and second loan for $285K at the time of purchase. Probably put 5% or 15K down payment.

Anyway, it is hard to tell because the square footage on the King County Tax records appears to be in error. I'm not sure exactly which model this home was, since there were quite a few floorplans. These homes were great with high ceilings, lots of windows and bright, and location to the school and Elk Run Golf Course is great. These homes sold quickly in the hot market of 04 and 05.

If the current owners paid off a normal amount in 4 years, they probably have about 25-30K equity. They were originally priced at 309K and did a 10K reduction after two weeks. At 8.2% cost of sale on current list price of $300K, they are just about even if they sell for full price. This is actually better than people who got loans up to 103% of value and now are way underwater on their value.

If you are interested in taking a look at this home and are a serious and qualified buyer call me and my buyers agent will help you out. The listing agent is a veteran too, so it should be fun, if you like it and we decide to make an offer. I think that $265K is too low, but in this market you never know, especially considering the amount of loss of value in the past two years.

Let me know if our team can help, call, shoot me an email or text. Good luck, Gary

Gary McNinch Keller Williams SES Renton 206-696-2329 Trulia Pro
gary@garymcninch.com

They purchased it on 11-21-2005 for $299K. At the current price, this home is not in a short sale situation (where they owe more than the house can sell for), as many homes of this calibre and price are. This also means it can close a lot faster...and that it CAN close! It has been on the market one month, so a $34K cut might be asking a lot, especially as the sellers may be coming to closing with money. Figuring it costs 10% for them to sell their home, and if they have not paid any extra on the principle of their loan over the past 3.5 years, they will likely not break even at their current sale price.