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Home Buying in Seattle : Real Estate Advice

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  • Home Buying484
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Activity 517
Wed Oct 11, 2017
Frank S. answered:
Hello D.A., you may want to get pre-approved to know your purchasing power and how much you qualify for with the maximum payment you are looking to afford. At that point you can more realistically narrow down your search criteria.

There are only 1-2 bd condo waterfront views of local Seattle lakes under 500k. The lots of Puget Sound are over 500k. Lot loans are currently hard to find so mostly you have to have a lot of cash...

Once we know your qualifications you can narrow down your search. Do you have down payment and closing costs saved? How much are you paying in rent and what is the maximum payment you are looking to afford?

You may consider FHA 3.5% down from a minimum 580 fico score up to 592k. There are other loan programs and requirements for higher loan amounts.

Start with your qualifications and then narrow down the search criteria and set up daily automatic emails to study and compare the choices up to your maximum price point amount.

There are 264 choices of condo, townhomes and single family residences up to 4bd 2ba under 500k in Seattle to choose from.
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Wed Oct 11, 2017
Frank S. answered:
Hello Sarah, it will depend on some factors not mentioned. You may consider 12-24 month bank statement programs available for self employed with 20% down with a minimum 680 fico score. Another program is 35% down if you have funds to consider either one.

The condos and townhomes seem to be reasonable in Seattle. How much do you pay in rent and what is the maximum payment you are looking to afford? Are you employed at all or plan on being employed in a field you are studying at school? You may include income after 30 days of employment in that scenario as a W2 employee.

How long has your husband been self employed? Was he a W2 employee in the same line of work before self employment. Did he go to school to learn the trade that he is self employed?

You may also consider a non occupying family member co-signing to see what options you can consider for FHA 3.5% down. There are options to discuss...
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Thu Oct 5, 2017
Kathysmith3434 answered:
Okay my question is will they tell us before closing that something wrong are will they still make us go to closing and then tell us this is the first time of doing any of this we did a fha loan inspection passed now were waiting for them to see if the house is worth the amount of the loan they sent us a calender to see everything step by step the title has been transfer already were closing on the 31 of this month so I'm scared cause we need to put a 30 day notice in ... more
0 votes 34 answers Share Flag
Mon Sep 25, 2017
Cece3544 answered:
Sun Sep 3, 2017
Ussenif answered:
I pre approuve for of 300.000and I want to buy a house for 250.000, and use the rest for my business is that going to work, is the bank will allow me?
0 votes 78 answers Share Flag
Thu Aug 31, 2017
smileqing answered:
The contingent loan approval states that we have to get academic degree before closing, but very likely the degree will come a few days behind that. It means that we cannot close on time and the seller charges $250 per day. I want to keep the financing contingency, but they say that since the loan has been conditionally approved, we have to remove the financing contingency, is that true? ... more
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Wed Aug 2, 2017
answered:
consider using the surplus credit that's left after using it for the closing costs / loan fees / prepaids ( ins taxes and interest ) to buy down the rate
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Wed Aug 2, 2017
answered:
use a simple PSA addendum and spell out the details regarding the realtors credit to you
0 votes 1 answer Share Flag
Wed Aug 2, 2017
answered:
8/2/2017

Anish - thanks for the outline ...if you are OK being 40 miles from Seattle ..the 400K or 600K budget should allow you to find a 3 BD / 2 BA house ( most condos don't have 3 bedrooms ) .....best thing to do is get pre approved in case you find a property that you want to make an offer on .....let us know if we can assist ... more
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Wed Aug 2, 2017
answered:
if your closing has happened - you can choose to do what you want regarding your job
0 votes 1 answer Share Flag
Mon Jul 31, 2017
Bill Gassett answered:
The answer is it's not unethical or illegal. With a sellers permission a real estate can and should divulge another offer if it benefits the seller to do so. Dealing with multiple offers can be complicated. It certainly takes a good real estate agent. Never believe an agent that tells you they can't discuss other offers - that is false! ... more
0 votes 30 answers Share Flag
Fri Jul 21, 2017
answered:
NE Seattle as it will allow you more / easier accessibility to other areas / neighborhoods and likely to allow you to get more home for your $ ...still accessible to Harborview and downtown relatively easily ( but not quite as close as QA) ... more
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Mon May 22, 2017
Sillylittlenunu asked:
Mon May 15, 2017
Scott Godzyk answered:
It shows you why a buyer should have their own agent looking out for their best interest. Your recourse is to check with the managing broker. It will depend what you have signed as verbal offers do not count ... more
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Fri May 5, 2017
Kathy Burgreen answered:
You need to verify the number of parking spaces with the HOA. The seller can say anything they want whether it's true or not. You need to learn that once you close, the condo is yours and whatever mistakes or lies were told to you is too late to correct. Make sure you verify EVERYTHING BEFORE YOU CLOSE!!! This also includes the HOA's financials.

I'm a former realtor and broker listings have a statement in small print at the bottom that states: "The information contained in the listing is the best to our knowledge but is NOT guaranteed. It is the buyer's responsibility to verify all facts."

So verify the number of parking spaces that will be included in your purchase and the HOA's financials. You need to learn that HOA's are run by individual condo owners and they do NOT need experience or a background in accounting management. Therefore, they can mismanage money or be in the red. The financial statements will reveal the truth and make sure they are audited by a CPA. If not, do not buy into this condo.
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Tue Apr 18, 2017
Sandykaufman954 answered:
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Mon Apr 17, 2017
answered:
In my personal experience there are two ways that are best but there are others that might work as well. The best way is to try to speak to the owner face to face so if they come by to check out the property try discussing your interest with them, HOWEVER please be VERY CAREFUL as there are a lot of scammers out there pretending to be the owner of a property and trying to "rent" or "sell" homes they do not own to steal your money especially houses that are VACANT or have been sitting for a while or when the owners lives out of the area, so ONLY take this approach if you know who they are. Another way is to go to the public records and see if you can find their contact info it may be hard to find their phone number but you can usually find a mailing address and sent them a letter. Another way is to ask neighbors if they know the owner and/or know if the owner would consider selling. Lastly if the property has been on the market before with an agent you may be able to contact that agent and see if they know if the owner is willing to sell or if they would be able to contact the owner however in this case the agent may want a commission from the buyer or seller. I am NOT a realtor and do not currently offers loans outside of Florida I am providing this info from personal experience. For your specific case contact a licensed professional in your area. I hope this helps, God Bless...Psalm 20:4 ... more
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Wed Mar 29, 2017
Gordonlaw1007 asked:
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