Steve McDonald

"ResidentialPro.com"

I'm a:	Real Estate Professional
Company:	Coldwell Banker Danforth
Location:	Seattle Shoreline
Web sites:	My Blog
Phone:	(206) 218-7653

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About Me

I provide superior real estate services in the Seattle Metropolitian area for 7+ years. The Certified Residential Specialist (CRS) designation I carry is only awarded to 4 % of US REALTORS. My background includes extensive experience in finacial services and planning with a Trust and 401(k) investment focus. My business model fuses personal attention to your needs with available technological tools to produce results and bring you success.

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Steve McDona…'s Questions (0)

Steve McDona…'s Answers (40)

Are issues w/ original wiring in a condo the responsibility of the individual owner or the condo association?

Asked Fri Oct 31 2008, 11:08 by Betsy - Seattle - Home Buying - 4 answers

Steve McDonald answered:

Betsy,
Is it ever a black & white answer? Generally, structural element especially those enclosed by walls and other finished surfaces typically fall into the responsibility of the HOA. Things may differ from common practice when you start to consider condos that include stand alone buildings or unusual classifications like 'air condos'. Some things might even be dictated by the local laws governing these types of arrangements. There may also be some precedences set by the HOA that address when homeowners cause the problem such as plumbing problems or ignoring a maintenance issue. The best advice I can give is suggesting you review the condo documents provided when you acquired the property or receive as part of the title or resale certificate documents should you currently be in the buying process. You may also want to consult a lawyer who can provide an opinion on your exact question. Good luck.
Steve - Fri Oct 31 2008, 12:07

Does a short sale count as a comp?

Asked Tue Oct 28 2008, 22:06 by Victor G - 98006 - Home Buying - 15 answers

Steve McDonald answered:

Victor,
When talking with clients I have to remind them that a 'short sale' doesn't always mean a good listing price. I would have to argue that like estate sales and some other seller specific issues, a 'short sale' is not exactly executed at 'arms length'. That means it's not truly a normal market sale. I've been involved with such situations where the delay of a non-responsive institution sent potential buyers packing. It also seems to invite people to low ball since the loss is sustained by an institution with deep pockets. I suppose at some point if short sales were the norm of local market conditions and not a small fraction of sales like today then there may be no way to ignore their relevancy. Let's hope we don't get there.
Steve - Tue Oct 28 2008, 22:46

Mold disclosure for bank owned property - standard practice or not?

Asked Thu Oct 23 2008, 18:46 by Alexu - Seattle - Home Buying - 6 answers

Steve McDonald answered:

Alexu,
Your agent is correct. Banks don't want to leave themselves open to any law suit. Since they are excused from filing a Form 17, they can't rely on your inspection process or disclosures your agent inserts into the contracts. The document doesn't mean that there is mold, it just wants you to be aware of the possibility in case it presents a health issue now or later. Buying foreclosure properties are not for the faint hearted. Be thorough in your inspection process and leave no stone unturned. It's the only way you'll have piece of mind.
Steve - Thu Oct 23 2008, 19:23

What would be the montly mortgage payment if I there's zero down payment?

Asked Sat Oct 4 2008, 21:05 by Joanne - 98029 - Home Buying - 5 answers

Steve McDonald answered:

Joanne,
Having a zero down payment means you will be financing the entire purchase price of the property. That said, there is no such thing as a 'zero down' loan these days. The minimum down is generally FHA with their 3.5% down payment loans. In that case you would simply subtract 3.5% off the purchase price and use the remaining balance to calculate your monthly payments. But that will only get you the principal & interest amounts. You also need to include PMI, taxes and insurance if you're buying a home. If you're buying a condo you will need to add your monthly HODs to the payment amount too.
Steve - Sat Oct 4 2008, 23:29