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Home Buying in Bellevue : Real Estate Advice

  • All141
  • Local Info19
  • Home Buying58
  • Home Selling6
  • Market Conditions7

Activity 71
Tue May 8, 2012
Jenna Kamran answered:
Mvaquino73 you have two different scenarios. 1st if the house is sold (I assume as a short sale) and 2nd if the home is foreclosed on.

In the 1st scenario it is a negotiation between you and your lender. A short sale can leave you with or if professional negotiated without a deficiency (the remaining debt).

In the 2nd scenario it depends who forecloses. WA state is a non recourse state, more commonly explained is that the position that forecloses gets what they get at auction and cannot pursue the deficiency. However, junior liens (ie helocs and second mortgages) that are forced to release their lien, they can pursue if they choose to. How will you know? they have 6 years to pursue and if they do and they win, they can take the next 10 years to collect and with simple paperwork they can extend that 10 more years.

I am happy to answer any questions if you would like to call me 360.908.1038 or view online at www.vreg.co/shortsale
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Mon May 7, 2012
answered:
It is almost certainly cheaper to buy than build presently in this market in VA. Be wary of modular homes, some lenders will not lend on them, your only option might be FHA to finance a modular.

Best of luck, should you wish a no cost, no obligation mortgage pre-qual, do not hesitate to call upon me.

Jim
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Mon May 7, 2012
answered:
Hi Shasta...
The quickest and easiest way around your conundrum and avoiding agent double speak is to hire an appraisal company of your choosing to appraise the condo. Yes, it might cost 300 dollars, but isn't that worth it to see a fair evaluation of your considered condo investment? The appraiser will take into consideration all updates or lack thereof. They will also discuss the condo management company. I think it is worth it to you. $300 per sq ft in FL in this market seems super high...especially with only distressed sales.
10K to 300K overpayment risk is too much, spend 300 and see an independent assessment!
Best wishes,

Jim
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Mon May 7, 2012
answered:
Good morning, Jon....
If you are not a Veteran, than an FHA loan with a minimum of 3.5% down is possible. However, you are required by FHA to buy a primary residence. A 2nd home is defined as a vacation home and is different from a primary residence. If your purchase is truly a 2nd home, you are looking at Fannie or Freddie which, depending on the area, may require 5-10% down with MI. To rid yourself of the MI, you would be required to put 20% down.

John's list of questions are key to giving you a more accurate response! Nice job, John!

Regards, Jim
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Wed May 2, 2012
Sherrie Lemley answered:
Townhomes include the land they are sitting on, but they must also have their own water tap.
0 votes 9 answers Share Flag
Tue Jan 10, 2012
Dori Z answered:
I ran into these folks as well when looking for a client of mine. Please also be aware that they are also building another development in the Lakemont area.

Based on what I saw at the Kirkland property and lin earning about them in Lakemont, it appears to me their average finish out quality is higher than an average CamWest finish out. I understand their key principals (owners and key management) come from other local builders. You may want to check out those individuals as well.

I personally met with this builder at the Lakemont location and he was very responsive and knowledgable. I do understand there have been several delays in that project. However I understand it is now moving forward.

Be sure to look into their builder warranty. They will still working on this when I was inquiring about this.
Finally and most importantly, be sure ot use a Realtor buyer's agent so that you can ensure that your concerns and best interests are being well watched out for.

Let me know if I can further assist!

Best regards,
Dori Z
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Tue Sep 6, 2011
Jeff Josephsen answered:
If you have a home inspection to do in the next few days, then you could include in the inspection that you can drop the contingency, and you would like... the to knock off about 1.5% of the Purchase Price. ... more
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Sat Jun 4, 2011
Ardell Dellaloggia answered:
It could have a slight negative connotation. More often I find people who use numerology add them together and call it a 4 which means "stability". I wouldn't say it has NO meaning at all...after all, you stopped to think about it and ask the question. Check the history of the unit. Has it changed hands a number of times? How long did it take for it to sell the last time it was on market? ... more
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Thu Feb 24, 2011
Marie Haydock answered:
From reading through both of your questions, it looks like you're leaning away from the lease option, yes? As several of the Agents have stated, it's still possible to rent to own in the area, including in the Issaquah School District. However, rent to own, or lease options are few and far between. They have never been a big vehicle for driving real estate transactions, and when we're in a slower market like this, they're even more rare. Doesn't mean they don't exist, though. If you're serious about this option, talk with a local agent and see if they're comfortable presenting this offer to home owners. If they are, then go for it! It doesn't hurt to ask. I'd be happy to chat with you more about your options. There are plenty of great homes and great rentals in the Issaquah School District. I don't doubt that you'll find a wonderful new place to relocate to.

Take care,

Marie Bumback
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0 votes 12 answers Share Flag
Thu Feb 24, 2011
Marie Haydock answered:
I can hear the hope mixed with anxiety in your question and comment. I'm wondering how everything turned out for you and the purchase of this short sale.

I'll echo Ardelle. There's always another great home on the horizon! Please try to keep the faith.

The areas you're interested in are all sound, and given some of the details you've described, you've already done some of your homework. For your price range, the Rose Hill area does have a lot to offer, especially for homes on a bit larger lot. Given the increasing scarcity in lot size on the Eastside, and the continued demand for a bit of privacy, even for in-town living, the lot size for a single family home on the Eastside will become a bigger and bigger factor in the next 10 years. Lakemont is also a good area. I'd also include Woodridge (yes, it's possible to even get a home with a bit of territorial view in this neighborhood in your price range). Since the investment potential seems to be a big factor, along with personal preference, check out one of my websites below. It gives you access to the complete MLS, and also includes some market statistics for you with each home.

Good luck with your search! I'm confident that you will find just what you're looking for. And if you're still feeling nervous or unsure, I'll just have to have enough faith for the both of us!

Take care,
Marie
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Thu Feb 24, 2011
Ardell Dellaloggia answered:
Without naming names, there is at least one local Brokerage that requires a 41A with every "electronic" offer. I think that is what Brianne is referring to. It is a Company Policy though, and not an MLS requirement as far as I know. It is done at time of offer automatically for that one Brokerage, and maybe others as well. ... more
0 votes 23 answers Share Flag
Sat Feb 19, 2011
Christine Nelson answered:
Mike, It may. FHA has strict regulations with regards to multiple mortgages. Because FHA is for home buyers wishing to occupy the property, it is usually a daunting tasks to try to get another FHA loan. You will have to either refinance the mortgage you co-signed for to conventional or you can quit claim off of the loan and title after 6 months. ... more
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Thu Dec 2, 2010
Aaron Rosen answered:
Hi Nevzat,

Are you still interested in getting into a rent to own home, or did you happen to find something already?

If you're still interested and would like to get in a rent to own home, I work with a number of investors who will purchase a home of your choice with the intent of you renting to own from them. If you'd like more info on this this, just let me know and I'd be happy to fill you in on more details as to how this can work for you!

Thanks,

Aaron
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Thu Oct 28, 2010
Alex Foraker answered:
There are as suggested down payment assistance programs or areas of eligibility for USDA %100 financing. Note there are income restrictions as with many down payment assistance programs. You may also ask an agent that works in your area for a list of HUD or homes and urban developement owned homes. They offer $100 down financing in WA state, perhaps an avenue to explore in your area.... ... more
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Wed Oct 6, 2010
The Cascade Team Real Estate answered:
Here is the school and community report tool I use. Just click the icon and enter any address or zip code. You can also select multiple schools and compare them side by side: (Student/Teacher ratio, Test scores, etc) ... more
0 votes 6 answers Share Flag
Wed Sep 29, 2010
MAX LEE answered:
Hi Kaylee,

Bank Owned Properties are sold As-Is. Once you find a home you love, I suggest you to walk through with an inspector before you submit an offer.

For your information, you can search Short Sales and Foreclosures listings at http://www.ShortSaleHomeExpert.com. ... more
0 votes 15 answers Share Flag
Fri Sep 10, 2010
Victor Lozada answered:
Hi John, We can all only give generalized answers to your questions since real estate is truly one of kind. There are a couple things that I would recommend. First, is a truly objective, dispassionate look at the home comparing it's features, benefits, condition against the price of closed sales in the last 90 days. Appraisers and buyers are looking at the closed sale prices. Little to no weight is given to available prices. In today's market, pricing is the #1 driver of a sale.

Second, have you maximized everything you can do for free before considering upgrades and spending more money to sell? The home should be very clean and clutter free inside and out. The home should look as close as possible as what you see in new construction model homes. That doesn't mean spending a fortune at pottery barn. It means making what you currently have as attractive as possible to buyers.

Third, August is a slow period and we are having a bit of a hangover from the expiration of a tax credit. I also advise my sellers to expect 10% or lower offers - A buyer will always try. Counter back in good faith with a fair price based on recent closed sales. Just remember that homes are selling on the East Side every day and be thankful we're not in Nevada, or any other hard hit state. ;-
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0 votes 13 answers Share Flag
Fri Aug 6, 2010
Michelle Young answered:
Hi Gigi, I'm a local Bellevue agent. My partner and I will work very hard for you to help find out what is the best way for you to go at this time. I have forwarded your question to a mortgage broker that we work with and will let you know what he says. He has worked with FHA downpayment assistance. If anyone can help, he can. He specializes in challenging situations.

Please contact me and I'll get you in touch with someone who can help. Plus we know the area very well and will be able to assist you.
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0 votes 8 answers Share Flag
Fri May 14, 2010
Carlos Cardo answered:
On an earlier post an agent stated "one they showed you but you went through another agent....the original agent that showed you the property is entitled to the commission."
Agents be careful, you would have to go to court and rely on your state and local laws to PROVE procurring cause. For example 5 agents show the buyer a home Agent Number SIX writes the contract who is the "procurring cause". Be careful.
The bottom line is that the commission agreement would have to be included with the contract.
I have no idea why a buyer would say Don't represent my just show me houses!!! My next question would be are you going to be paying me for my services?? Followed by signing a document that any house shown to buyer I would be writing the contract along with being the agent to be paid by the Listing Firm!
Listing Firm will be compensating the Selling Firm

Buyers get an agent to represent you in writing for YOUR protection. You do not go to court and tell the judge "Your Honor, that other attorney is really good, he can represent me too at the same time! - Have a great day!
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0 votes 9 answers Share Flag
Thu May 13, 2010
Sam DeBord answered:
I'm confused. You're looking for buyers here, which would make most think you're an agent. You're also asking question as "an investor". You're asking further questions about using an agent. Be transparent about your role and your requests, they're coming off questionable. ... more
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