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98053 : Real Estate Advice

  • All7
  • Local Info0
  • Home Buying4
  • Home Selling0
  • Market Conditions1

Activity 59
Sat Aug 29, 2009
Keith Zeiler answered:

In most cases if it is new construction you will have to pay a sewage cappacity fee. There are some complexes that include the fees into the hoa fees for all of the townhomes combined. It would be very important to read the resale certificate. ... more
0 votes 3 answers Share Flag
Tue Aug 25, 2009
Sam Thompson answered:
Why not consider getting a second contractor to give you a bid on the project?
0 votes 2 answers Share Flag
Fri Jul 2, 2010
Dianne Hawley answered:
Hi there,

The real question is can you get financing? Most lender will want the shingles replaced before the loan closes. Ask your lender as soon as you can as that will help in your decision.

Good luck
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0 votes 8 answers Share Flag
Fri Jul 2, 2010
Gary McNinch answered:
Hi Rosalyn,

This is for a preforeclosure short sale situation. The seller has accepted an offer from the buyer but is waiting for the bank negotiator to approve or make the usual counteroffer. The bank, through their loss mitigation negotiator, is actually like a third party with all the rights of the seller. They can't drop you totally, but can counteroffer to a point where you would not want to proceed. This is provided you are using all the Standard NWMLS Forms for a short sale.

They may be sitting on another offer that is "stronger" then the current contract. Besides the fact that short sale transactions can take several months, competing with backup offers is another one of the potential drawbacks of buying a short sale home.

Any more questions than that you should contact an attorney.

Good luck, Gary
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0 votes 6 answers Share Flag
Fri Jun 3, 2016
Dana Schuster answered:
it means that there is an accepted contract and the house ia in the process if closing. However,you can get your agent to put in a backup offer in case the original one doesn.t go through. ... more
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Fri Feb 6, 2009
Bill Eckler answered:

You have options that can best be explained to you by an attorney. Our recommendation is to consult an attorney to review tour lease agreement and then decide how you wish to proceed.

Good luck
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Sat Jan 17, 2009
Kary Krismer answered:
The link you gave doesn't give the precise address, but I'm guessing it was foreclosed with the bank bidding in it's debt, and now the bank owns the property and is attempting to sell it. ... more
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Thu Dec 25, 2008
Jim Mellen answered:

I would explain to them that the IDX (internet Data Exchange) sometimes picks up different data from different sources. I've noticed this on some of my listings as well. My homes are listed in two local MLS systems and the IDX seems to be the reason this happens. I've never spent any tme looking into it so I'm sorry I can't help more on short notice. ... more
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Wed Oct 13, 2010
Maria Morton answered:
Your realtor can help you with the first few questions.
As to finding the right realtor for you, here is a suggestion:
Go to 5 open houses in a neighborhood you like.
Talk to the realtors holding the house open.
These realtors are actively working in that neighborhood and they are also looking for potential buyers.
They will be familiar with other neighborhoods as well.
Like any business, 20% of the realtors are doing 80% of the transactions.
The ones who are dedicated enough to hold open houses on a Sunday are working and have enough time to hold open house. That means they can accommodate another buyer right now. If they had many buyers and sellers, they would not have time to hold the house open.
So, talking to the realtors at open house gives you the opportunity to see how you like talking to them.
You will probably find that you feel more comfortable with one than another.
That's the one you want.
Some qualities I would look for are:
a sense of humor
a feeling of trust
You have already qualified that they are actively working in real estate by meeting them at the open house. (there are a number of real estate agents with licenses who actually work full time in another field and do real estate on the side.)
And, since they are holding this house open instead of showing homes to buyers, you know that they will have time for you.
Once you determine which one you would like to work with, arrange to meet them at their office as soon as possible. (while they can comfortably accommodate another client)
Have them explain Agency, Pre-Approval vs Pre-Qualified, and give you a brief rundown of how the buying process works. Ask them how they work. If you are satisfied with their answers, sign the Exclusive Buyer's Agency Agreement. They will inevitably have questions for you as well. Be honest with them. They cannot help you very well if you exagerate your income, price range, or credit worthiness.
The realtor should ask you questions about where you work, how long you've been there, how much income you receive, how much money you have to put towards a downpayment, EMD, and closing costs. They will also ask about your hobbies, children, pets, and other things that will affect the type of housing that you need. Each realtor will ask these questions differently and not necessarily in order. Some of this information is confidential and we are accustomed to people being rather sensitive when disclosing such things. Once you have selected your realtor, you should ask for several of their business cards. Give these out when you go to view homes without your realtor; direct all questions by other realtors to yours. That way your realtor can protect and promote your best interests. Be sure to tell your realtor when you do look at homes without them. If at all possible, take them with you. This is the best way because they can arrange to show you the homes with no one else present and point out anything they see whether it be negative or positive.
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0 votes 10 answers Share Flag
Thu Jul 24, 2008
James Hsu answered:
All depends on how long you will be hanging on to the house. If you intend to sell in less than 2 years...
don't bother buying. It's highly unlikely you will break even in the short term. If you plan on staying in it for the longer haul ...then you can find some exceptional buys in this market. ... more
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Fri Jul 11, 2008
Stacey Lange answered:
I spent a number of years representing two of the largest builders in the state and have continued to stay knowledgeable and abreast of area builders. I would be happy to answer any questions you might have, although I know you are prefering not to seek the opinions of agents -- just know that you are welcome to call me if you have ANY questions.

But since you are seeking buyers opinions and perhaps would like to see customer service ratings you can visit, for example, JD Powers and Associates website, keeping in mind that not all builders are rated on there, you can visit the (Better Business Bureau) to see if any complaints have been lodged against a builder, I have heard that Microsoft has a board posted for builders they would recommend or not (so if you know someone who works there you might try that avenue), ask neighbors who live in the community you are interested in if they have had a good buying experience, what would they have done differently, etc... Inquire as to their warranty, customer service program etc. since that is such a crucial part of new construction. Finally, just do a quick google search for the builder you are interested in and you will be surprised at the information you can find.

Best of luck to you!
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0 votes 5 answers Share Flag
Tue Jul 8, 2008
Don Dutton answered:
There's a lot of questions that need to be answered. Are you sure you have equity? How long ago did you purchase? Did you put any money down? How large was the assessment? If the HOA foreclosed on a lien my guess is that you knew you had problems for an extended time before this occurred. Why did you wait so long to consider selling? Your right to remain in possession for a year may not give you the right to transfer ownership to another individual. If there was a full foreclosure you don't have title to convey. You should consult with a HOA representative to get a better understanding of what your situation really is. This may be a problem for an attorney to investigate. ... more
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Wed Nov 16, 2011
Karen Jackson answered:
Are you working with an agent? Your real estate agent should be able to direct you. It is a buyers market in most areas so you have some negotiating power with new construction. Some of them are giving buyer bonuses already. I would be happy to provide you with Stats for Bell/Kirkland in those price ranges. You will need to provide a preapproval letter from a lender also. The builder may have a preferred lender. I would be happy to discuss this with your further. Give me a call. Karen 206-714-1384 ... more
0 votes 12 answers Share Flag
Thu Apr 15, 2010
Marketa Pospisil answered:
It is a comon myth that Foreclosures are always a great deal and buyers should only look for those!
Many First time home buyers these day do not have a lot of cash for a downpayment and therefore probably not for any repairs that many times are necessary to get the home financed that the banks many times will not do. Also, by the time the bank has the property back after no investors bought it at the sherrif's sale, they are many times deep into the equity and not always are willing to just give the home away. You might have a little better luck with pre-foreclosures and short sales. Short sales could be very complicated and drag for a long time, but the banks do not want the houses back and are willing to take less than what's owed and prevent the costly foreclosure. The deals are out there, no matter if it's a foreclosure, short sale or a regular home sale, so I advice not to eliminate the rest of the homes, since many times there is a great deal that is not a foreclosure you might miss. ... more
0 votes 18 answers Share Flag
Sat May 24, 2008
Khazeem Asadullah answered:
Unfortunately we have not seen the bottom of the drop as of yet, so I, nor anyone else on this site, will be able to tell you when to expect things to get better in regards to home values. As I teach my clients, the increase of home values in America was not due to natural market forces. It was a result of greed, speculators, and easy credit. The market is now in a correction. Not a "slump", not a "down swing", this is not a "buyers market", etc. This is a correction. And once it correct, it may be some time before housing prices reach the points we have seen recently....... if ever again.

Khazeem Asadullah

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0 votes 15 answers Share Flag
Tue Apr 8, 2008
James Hsu answered:
Ask your lender when they're going to get their stuff together and start accepting loans with the new limits. Every lender's timetable is different. I know Chase Home Loans are ready to go, lender buddy there told me they got their new rates sheets I assume they're ready to rock 'n roll. ... more
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Fri May 23, 2008
Patrick Beringer answered:
You're going to have to do your own research on this or have a Realtor do a CMA. It's impossible to give you a truly accurate suggested list price with the information given.
0 votes 1 answer Share Flag
Sat Nov 3, 2007
James Hsu answered:
The Riverwalk condos are a pretty nice conversion project. You can't get any closer to 520 access than that. I looked at them for a while with a client of mine. The market here may be in a lull, but I don't see things plummeting anytime at all. Here's my reasoning: Job growth in the area remains strong. With riverwalk's proximity to MS campus and MS still expanding their campus and bringing more people in, there's always going to be a demand for housing in and around your least in the foreseeable future.

As for the development's difficulty in selling the last few units, ...consider this, ..even though they released the units in phases, I believe the last phase was back in April, so all the better units have been picked over. The buyers are out there right now, ....but I think they're waiting to see how things pan out with regards to the mortgage shakedown and if prices here will fall.

How's this for a funny stat. For all of the eastside properties, the end of August, this year saw an increase in standing inventory of about 49%. The number of pending sales fell 25% from this time last year, and the number of closed sales fell 21%. However, the median price of the homes that closed in August is up just over 10% from August 2006. King County as a whole has gone up 6% in median price while number of closed sales have dropped 19%.

Whether or not you purchased at a peak depends on when you bought, but I think your investment is safe. ...unless microsoft bails out of the area. Then we're all screwed, ...but the liklihood of that is almost nil. Feel free to send me a private email with your purchase details and I can probably give you a better idea of how your purchase compares up with where the market is now.
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Fri Mar 9, 2012
James Hsu answered:
Just to make sure I understand the situation. You are selling your house in Redmond. I assume it is listed with an agent. A potential buyer who happens to be a former licensed Realtor in Florida, thinks he's going to get the buyer's agent side of the commission (3% here) if he bought your house? Is that accurate?

In the Revised Code of Washington (RCW) 18.85.100, it basically says that you have to be a licensed broker, associate broker or salesperson to have any claim at a commission. What it doesn't say is if the person has to be licensed in Washington State (though my assumption would be yes). However, if this guy is simply a former agent and is not currently licensed anywhere, ..he should be completely out of matter what state he had his license in.

I think that if he felt he was entitled to a commission in a transaction in Washington State, then he's practicing real estate in Washington State and therefore should be licensed here to be entitled to a commission. I'm not 100% sure that is accurate, and I can't find anywhere in the RCW at this moment that spells it out exactly.
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