Really interested in this. Please let me know what i should do next? I am looking!

Asked by Tasha Dickinson, Seattle, WA Thu Oct 23, 2008

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This question is about this property: http://www.trulia.com/property/1070101857-214-Summit-Ave-E-3…

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16
Ben Kakimoto, Agent, Seattle, WA
Thu Oct 23, 2008
Hi Tasha - Bear in mind this building is a co-op not a condo. In Seattle, only a handful of lenders provide financing for co-ops. So, if you're specifically interested in this building then check with Cobalt Mortgage or First Horizon (I have no affiliation with either).
1 vote
Kary Krismer, Agent, Renton, WA
Thu Oct 23, 2008
I'd second what Bryan said, but add that if you haven't even been looking at units yet, you really need to look at them in person, not just on the internet.

And condos do involve another step--that of checking out the association. Some are not very well run financially.
1 vote
Bryan R. Lov…, , Lynnwood, WA
Thu Oct 23, 2008
Tasha,

Good greif! It always amazes me the responses agents will give to anyone who wants to sell or buy a home. It seems there is a feeding frenzy but no one seems to really be answering your question. Of course every agent on here wants to have more business, but you asked what you should do next. None of the below answers really inform you of what steps to take outside of showing you the home.

You asked what you should do next.

Here are some steps to get you started:
First off, get approved for financing. Before taking any time to look at any homes you should know what you really can afford to purchase. Unless you are paying 100% cash then I highly recommend you contact at least 2 or 3 lenders and get an idea of what their current rates and programs are. Know how much you will need to put down, and how much you will pay each month. Without lender approval, you likely will waste your time looking at several homes you could never even close on.

Second, understand the process. One thing that seems to make it most difficult for buyers is the unexpected fees that come through the process of buying a home. Here are serious questions you should ask yourself.
- How much Earnest Money can I put down? (Usually about 1% is what I recommend)
- Do I have enough to pay for the closing costs or will I need help? How much this will be depends on the price of the home. While there is no exact amount it is often times around 3% of the sales price.
- Do I have money to complete an inspection? Usually around $400

This is a start, once you know these answers you should be ready to start looking. If you are wondering what any of this means then you really will want to sit down with a real estate agent and get to know the process more in depth. There will be other questions you likely will have in the process but this will give you a good opportunity to be prepared ahead of time.

Now if you have done all the above then get an agent and go look at the home. Make an offer and then proceed to closing on the home.

I hope this has helped in some way.

Best Wishes,
Bryan Lovell
The Lamplighter
"Lighting your way home"
Century 21 North Homes Realty, Inc.
Web Reference:  http://www.homelantern.com
1 vote
Karen Mcknig…, Agent, Kirkland, WA
Sun Oct 26, 2008
Dear Tasha,

You asked, "What do I do next?" To give you a good, knowledgeable answer that best serves you, the person you decide to hire as your real estate consultant needs to know the answers to some thought provoking questions.

Most importantly, we need to know what short term problems do you want to solve and what long term goals do you want to achieve? What does your ideal home look like? I recommmend that you get together with an accomplished, caring real estate consultant, who can help you gain clarity.

One step that is crucial to your successful purchase is to become pre-approved with a competent lender. There are some incredible programs now for first time home buyers (anyone who has not owned a home within the last three years!). Any good real estate consultant can refer you to an excellent lender. Real estate agents normally know dozens of lenders to whom they can refer you, based on your individual needs. On my website, http://www.mcknightrealty.com , under About the Area / Service Providers, I have recommended several lenders.

Your next best step is to set up a Buyer Consultation with a real estate consultant, who can lead you through the intricate process of purchasing real estate. I wish you the best in your real estate investing process!
0 votes
Bryan R. Lov…, , Lynnwood, WA
Fri Oct 24, 2008
In answer to your follow up question on recommended lenders:

First, I usually recommend people check with their bank/credit union as one of the options.

Second, once you have an agent you wish to work with ask them for their preferred lender. Each agent is familiar with a different lender and often times have some pull should there be a need to get something done sooner. So my second referral would be based on the agent you work with.

Personal recommendation: Working with an agent that does mortgages also is risky at best. Several states do not allow a real estate agent to be a mortgage lender and real estate agent for a good reason. Consider this, it is the agent who would get paid for both, thus possibly deterring you from a better loan. I recommend that you use extreme caution when work with an agent doing both. Be sure to shop your loan around to make sure you are getting a good deal.

I hope this information has also been useful.

Again, good luck in your home searching.

Best Wishes,
Bryan Lovell
The Lamplighter
"Lighting your way home"
Century 21 North Homes Realty, Inc.
Web Reference:  http://www.homelantern.com
0 votes
Kary Krismer, Agent, Renton, WA
Thu Oct 23, 2008
Note to self: Don't answer a thread like this in the future, or if you do, deselect the option to receive an email when a response is posted. ;-)

Ben, excellent catch on noting it's a co-op.
0 votes
Kevin Lisota, Agent, Seattle, WA
Thu Oct 23, 2008
Any licensed real estate agent in the Seattle area should be able to arrange a showing of this property. I suggest getting in to see the property and also beginning the loan process by pre-qualifying for a mortgage.

If you are seeking an agent to assist you with viewing this or another property, findwell offers a no-obligation home tour service to view as many properties as you need. In addition, findwell offers a rebate of half of the selling commission to help you with the financial burdens of buying a property.
Web Reference:  http://www.findwell.com
0 votes
S, , Seattle, WA
Thu Oct 23, 2008
Tasha,

I am teaching a homebuyer education class at the Phinney Neighborhood Center on Saturday Nov 1 at 10 am. The class is free, and my mortgage broker and I take attendees step by step through the process so that by the time you leave you will have a clear understanding of what to do. You can reserve a spot by calling the Phinney Neighborhood Center at (206) 783-2244. I would love to see you there.

Sandra
0 votes
Mark, , Seattle, WA
Thu Oct 23, 2008
If you are actively looking for a property in Seattle, you should definitely give me a call.

I rock!

Lake Forest Mark
0 votes
Dan Nicholson, , Seattle, WA
Thu Oct 23, 2008
Bryan is technically correct in that you should start with getting pre-approved. I would actually take it one step further and say you should start with a budget. How much are you willing to pay per month and still maintain the lifestyle you want? Once you have that number, take it to a lender and ask them what you can buy with that payment. A good guideline is that your monthly payment should not exceed 25% of your gross monthly income to avoid being "house poor." You can obviously be approved for much more than that.

I strongly recommend a mortgage broker named Michael Carpenter. His email address is: mike@mikethemoneyman.com. I recommend all my clients to Mike because of he truly has the heart of a teacher and his values are consistent with mine as a CPA (real estate is an extension of my daily work).
0 votes
Tasha Dickin…, Home Buyer, Seattle, WA
Thu Oct 23, 2008
DO you have any lenders in mind I can work with? I will start from there. Thanks for the info.
0 votes
Mary Sunde, Agent, Bellevue, WA
Thu Oct 23, 2008
Tasha
I would suggest viewing the condo with an agent. You can pick an agent from here or call the listing agent but be aware if you look with the listing agent and are interested in then pursuing an offer they will have to be a dual agent and cannot represent you only as a buyer. If you are not interested in this property I would interview buyer's agents and either take their recommendation for a lender or find one on your own. It is wise to listen to the lender recommendation of your agent. They can then go over all the steps involved in purchasing a home/condo and how to structure an offer to the seller considering other listed and sold properties as well current market conditions. They are many agents to choose from and I suggest you interview for not only the services and experience they have but also the agent you feel most comfortable with. You might check with your friends/family and see if they have used an agent they are very pleased with.
Buying a home can be stressful but also exciting and fun.
Mary
0 votes
Dorene Slavi…, Agent, Torrance, CA
Thu Oct 23, 2008
It looks very nice. The next thing you need is a buyer agent in your area.
Web Reference:  http://www.doreneslavitz.com
0 votes
Rob Mix, Agent, Seattle, WA
Thu Oct 23, 2008
Hey Tasha!

I'm a Realtor on Capitol Hill (my office is located a couple blocks away from this condo) and I've actually already been through here and I have to tell you it's an excellent value for the location.

I'd be happy to set up an appointment with you to take you over whenever you are available if you are not already working with a Realtor.

I specialize in working with first-time home buyers, and it's my goal to make this process easy and stress-free!

I work at Coldwell Banker Bain, the top real estate brokerage in the Pacific Northwest, and I'd love to be able to share my expertise with you. As the youngest Realtor in my office, I really try to work with clients who are around my same age bracket (mid-20s to early 30s) because I feel it's a lot easier for each party to relate to each other and get along, not to mention it's just a lot more fun!

Please contact me with any questions, concerns, etc... I'm here for you!

Rob Mix
robmix@cbbain.com
206.375.5404
0 votes
Kevin Doran, , Woodinville, WA
Thu Oct 23, 2008
Hi Tasha - congrats on finding a place that you are interested in! Okay - so for your question, "what should I do next?" :-)

1) Schedule an appt to see the condo. (if you have a realtor - call them) if not, I am happy to help! Kevin Doran 206-795-3563

2) Pre-approval - there is plenty of money out there for loans! If you have not been pre-approved, it's time to do so. If you would like referrals, either your agent or myself can provide you with some.

3) from there depending on your interest level the realtor of your choice can guide you through this exciting process!

Good luck - my contact info is above and my website is http://www.kevindoran.info

Hopefully this works out for you - good luck!
Web Reference:  http://www.kevindoran.info
0 votes
Dan Nicholson, , Seattle, WA
Thu Oct 23, 2008
Hi, Tasha! My name is Dan Nicholson and I am licensed real estate agent here in Seattle for a small independent brokerage called Pinnacle Realty Co. If you're interested in viewing this place, I'd be more than willing to help you out and share more about my background. Just give me a call at 206.669.6112, if you're interested.
0 votes
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