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Home Buying in 98101 : Real Estate Advice

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  • Local Info1
  • Home Buying10
  • Home Selling7
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Activity 8
Mon Jun 27, 2016
Kary Krismer answered:
Based on the fact that you used the term "roll" I think you might believe that you still need to buy a new house to avoid tax liability when you sell your old house. That hasn't been the case for probably at least 20 years. Now you can exclude $250,000/$500,000 of gain as long as you've lived there long enough (generally two years) and other conditions are present (e.g. the property hasn't been used as a rental). Consult your tax adviser.

As to what you'd have left from the sale, you'd need to know your costs of sale and the amount owing on your mortgage(s). Costs of sale in Washington tend to be about 3% PLUS the amount of any commissions.

So, for example, if you sold your home for $220,000 with a 6% commission and owed $140,000 on your mortgage, your net proceeds would be roughly $60,000.
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Mon Apr 25, 2016
Helen.mango1 answered:
We are selling our vacation home and still have about 10Grand left on the Mortgage. Do we need to pay off the Mortgage?
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Fri Mar 4, 2016
Kary Krismer answered:
Assuming you're looking in Western Washington, where you asked the question, use a broker site instead. Trulia, Zillow and Realtor.com do not have all the NWMLS listings.

In other areas (e.g. NYC where you're posting from), it can be different. ... more
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Sat Feb 6, 2016
Dan Tabit answered:
Joolee,
The answer to your question depends on what the market will do in the next 2 to 3 years. I'd love to be an optimist and tell you that Seattle will continue to see double digit appreciation, but there is no way to know that with certainty. If you were saying you were going to be here 5 years or more, I'd be more confident that a purchase would likely pay off.
Here's what you want to consider. In the first 2 to 3 years you will have made little or no impact on you unpaid mortgage balance. It's almost all interest early on. IF, and I do mean IF, we saw 7% annualized appreciation for 3 years running, (just a speculation, it could be more it could be less) your condo would be worth around $95,000 in two years and $101,000 in 3 years.
The cost of sales varies, but use 8% for a high figure. If you were successful selling at $101,000 after 3 years, paid 8% in selling costs, ($8080) you would have $92920 before paying off your mortgage of $79,000 leaving you $13,920 in profit.
Now, you have to factor in other considerations too, what are the HOA dues? Is the complex you buy in good financial shape or could you experience a special assessment? Being an election year and a new administration coming in for 2017 do you think the economy will get better or worse?
I can't tell you what you should do, and no one else should either. If my estimations are at all close you could be fine owning and come out ahead. If I'm off you could owe money to sell.
You get to decide your comfort level and the risk/reward tolerance you have.
Just realize that rents can go up too, landlords can decide not renew leases and neighbors in rentals may come and go, for better or worse where in condos they may be somewhat more stable.
Good luck and let us know what you decide.
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Sat Sep 26, 2015
Dan Tabit answered:
Ccrane,
If you sell for less than is currently owed on the property you have two choices. Write a check for the difference and close or go into a long process called a short sale.

A short sale is only short in what is paid against the mortgage. The bank must approve the write off and will drag the process out for several months. This process will affect your credit and has more to know about than I can begin to get into here.
I use a law firm to work with my clients on short sales. They have a fantastic process that starts with a consultation to understand your situation and explain all your options. From there, if short sale is the right answer they manage the negotiations with the lender and have a highly successful track record of getting these closed.
Let me know if this was helpful or if you have other questions.
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Wed Sep 23, 2015
Billy93906 answered:
Mon Sep 21, 2015
Karen and Paul Catania answered:
There are so many options in choosing a realtor. There are a lot of us out there. These days the biggest percentage start by looking online. Zillow/Trulia reviews are good way to see what past buyer and seller have to say about the realtor they used. We all have an relative, friend or neighbor that sells real estate. 1 thing to remember is 20 percent of the realtors out there do 80 percent of the work. (That is a made up stat but overall pretty true) A home purchase or sale is a big time investment and you should do your homework on the agent representing you. Using the wrong or a bad agent may cost you $$$$. When your friend refers their buddy or their neighbor, I recommend looking them up and seeing what they have sold or what reviews they may have online. If they don't have any reviews or are difficult to find any information on maybe you should keep looking. If you are looking to buy or sell a million dollar property and the agent you picked entire real estate experience only consist on selling 2 $50,000 mobile homes, They might not have the expertise you are looking for to buy or sell your home. Not to mention when you list your home, will your agent have the funds in their bank account to advertise your home correctly? Will they have a professional photographer or will they only be able to afford to use their cell phone camera. Do they have proven negotiation skills to get you the most money for your home. Writing an offer or driving around looking at homes is the easy part. Negotiations, dealing with inspections, lenders, title and problems. How about the dealing with a bad agent on the other side? Deals fall apart all the time because the 2 agents can't figure out how to fix a problem in the transaction and the Seller and Buyer are the ones that lose out because of it. All in all you pay the same amount in commissions to a bad agent or a good agent so do your research so you know you are getting a good one. ... more
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Tue Dec 30, 2014
Dan Tabit answered:
Hi Kathy,
I'm not sure they have a security department. If you have a scam listing, please flag it on the page. If you have customer service issues, go to the Help Center linked below.
Let me know if I can help with anything else.
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