Jean Bradford

Yes, Ann,

The HOA can foreclose. If you study your HOA CC& R's and Rules and regulations, you probably can find the requirements they have. If you have any questions at all, you should check with a Real Estate attorney.

Jean Bradford
Associate Broker, ABR, GRI, CRS, CRB
John L. Scott
Silverdale, WA - Mon Nov 3 2008, 11:31

Hello, Cherese,

Perhaps they already dropped before you started looking; as prices started down over two years ago. Prices have leveled out in some parts of the state. My suggestion is that you find a Realtor there in Yakima who can pull up numbers for you, both present and past. Then you'll have a true picture. This is the best time to buy in years, because there are plenty of choices, very little overbidding, and the interest rates are low. If you wait a few more months, it could be just the opposite.

Good Luck,

Jean Bradford
Associate Broker, ABR, GRI,CRS, CRB
John L. Scott RE
Silverdale, WA98383 - Wed Oct 22 2008, 15:50

Hi, Jb,

In answer to your first and third questions, a purchase contract has clauses that are "contingencies" that have to be met, and the buyer and seller are obligated to close the sale unless there appeared a valid problem with a contingency. For example: If the Appraisal came in at less than the purchase price, your agent would have to negotiate to your satisfaction with the seller, or assist you in rescinding the contract. Or you could just buy it anyway. You would be very happy to have chosen your "free" agent, if that happened. :-)

The fact that you already know the tenants may not be to your advantage. The Listing Agent has the job of getting them out of the house before closing, and your agent will need to make sure the house is left in the condition you expect. This would be another "contingency" if I were your agent. In all my experience, you do need an agent from beginning to end on this one. Maybe someday you'll be able to cut corners on a commission, but it would be very dangerous in this market.

Regards,
Jean Bradford - Wed Oct 8 2008, 21:22

Hi, Jb,

In response, the commission is included in the list price. If you've already been shown the home, it's only fair to negotiate with that agent on the selling commission, with a "buyer's agent" contract. There are a few things to consider, such as the time an agent has spent in helping you find the "right" house. Even though the deal looks great at the beginning, there's no guarantee you won't come to some problem that might want you to cancel the sale before closing. A shoe-string purchase is not the safest place for an inexperienced buyer.

Good Luck,
Jean Bradford - Wed Oct 8 2008, 20:13

Hi, Jb,

There's more to buying a house than getting the offer written, which is a legally binding document. The buyer's agent will protect your interests on the price, financing, zoning, home inspection repairs, and look after your interests all through the financing and title insurance process. Even down to the point of making sure the house is vacant at the time you expect to take possession. The agent has a legal liability to the buyer even if he/she has done nothing except write the offer for you, and that liability cannot be waived. The commission is usually paid by the seller, and the buyer agent commission would actually be less than you would pay a stock broker to purchase the same amount of stock. My suggestion is, "don't be penney-wise and pound-foolish" on your home purchase, the biggest expense of your life.

Jean Bradford
Associate Broker
ABR, GRI, CRS, CRB - Wed Oct 8 2008, 19:02

Hello, Val,

This is a gorgeous home on 2.49 Acres, and there are 15 photo's posted. It recently had a $20,000 price reduction, tool If you're planning to move up here in the near future, you probably could also use a search of other homes on the market in this price range! I've been with John L. Scott in Silverdale for the last 17 years, and can make a computer search of them and email them to you, including the pictures.

For quick information, you can send an email to me at: jean.jls@comcast.net
or call me at 800-482-4398

Thanks,
Jean Bradford
Associate Broker
ABR, GRI, CRS, CRB
John L. Scott RE
Silverdale, WA 98383 - Wed Oct 8 2008, 13:20

As a former townhouse owner and member of the Board of Directors of the Homeowners' Association,
I'd like to say that the owners are regulating their own properties, and if the need for a $1,500 deposit is there, then the board is folowing the law. If tenants can afford to pay market rent in a $1Million+ home, then a $1,500 deposit is certainly reasonable. The burden of repairs, if any, then are offset by those who cause the damage. - Wed Sep 3 2008, 21:28