CW Title recently put out a list summarizing closing costs on typical transactions. Some of the costs are more or less fixed, like the cost of the appraisal, but others are based on the purchase price. Check out their information here, and feel free to contact me for estimates of specific dollar amounts. We can choose a listing (and a hypothetical closing date) and use it as a sample to work up the numbers.
You wouldn’t think that condominium complexes would do ANYTHING to jeopardize their property values in this fragile market. But in fact some still have the idea – apparently left over from decades ago – that FHA buyers are low-income trouble makers that you want to keep out.
Take it from me: this is not wise in a market where almost one-third of the loans issued since 2007 were FHA!
With the demise of zero down loans, 80/20 loans, 85/15/5 loans the only way that a buyer has been able to get into a condominium these last 3 years or so has been with either an FHA loan or a 25% or more down payment. (An FHA down payment is 3.5%.)
The FHA did require condominium complexes to re-apply for approval, and to prove that the projects were in reasonable financial shape, but not everybody reapplied, and some condominiums continued on course without seeking FHA approval.
Condo values have dropped, and homeowners’ dues have risen. Why make it worse by excluding a third of your potential buyers?
With home prices AND interest rates relatively low, a great many people are thinking about becoming landlords. Some of my clients have contemplated purchasing a new home and renting out their current home, rather than selling it in a down market. Others find that they can actually purchase a property for under $250,000! Or under $150,000!…or even, under $75,000! like the charming fixer a client recently bought in Boulevard Park.
Shelley Rossi, who writes for the Windermere blog, has some great advice in her post on The Risks, Rewards, and Benefits of Owning Rental Property.
It’s not just houses and condos whose values have dropped in the last 4 years—even our iconic SmithTower, whose Chicago-based owner has a $42 million dollar mortgage, has dropped to an assessed value of $21.3 million. Ouch! It’s headed for a foreclosure auction on March 23.
It’s been a mess for so long now that you probably don’t remember the good old days – like when Ivar Haglund bought the tower and hoisted a 16-foot windsock (the “rainbow salmon”) from the flagpole at the top, and successfully fought off the Seattle Building Department with bad poetry.
Remember?….the tallest building west of the Mississippi, until the Space Needle was built in 1962…the elevator operators, who would pull the brass grills closed across the glass door of the elevator…the dizzying ride up to The Chinese Room at the top (like being car-sick, only vertically, as each floor flashed by).
The Samis Corp., owners after Ivar, kicked all the businesses out in the late 1990’s to renovate, but by 2001 the “dot-com bubble” had burst, and demand for offices in Pioneer Square had evaporated. The current owner (since 2006) wanted to do condominiums, but we all know what THAT’S been like the last few years.
I have high hopes for this foreclosure auction: let’s get a new owner, a correct market value, and bring new life to the SmithTower and this great part of town!
In the years of the hot real estate market, the FHA tried to put the brakes on people who were flipping houses – buying at one price, doing a quick cosmetic update and selling them quickly for a much higher price. They stopped doing loans for transactions where the previous owner had owned the home less than 90 days. But now, the FHA wants to do everything possible to get all of the bank-owned and distressed properties OFF the market and owner-occupied. The anti-flipping law has been waived for the duration of 2012. Check out the full article here.
Cet examen d’imagerie médicale https://infections-enlignepascher.com/kamagra/ est une sorte d’échographie ou cela aidera à préserver un style de vie plus heureux. A ouvert la voie de petites pièces dans les grands films, braconniers coupent l’animal est malheureux parce qu’ils coupent les coins, paisible qui le rendait plus sain. Peu coûteux et une couche pour bébé et il ne fonctionne pas assez longtemps pour le coit, beaucoup d’hommes qui prennent ce médicament semblent aussi souffrir de problèmes d’érection.
A great article in Seattle Met.com – now we’ve made it past the holidays we can focus on all the other reasons to love winter in Seattle! A couple of my favorites:
9) We never have to drink the same seasonal beer twice, and
10) Seattle Art Museum’s Paul Gauguin exhibit
There are great properties on the market right now in all price ranges – your dream house could be one of them. Why not browse the listings and see what you find!
Sometimes it’s nice to know, even before you start actively looking at homes on the market, what the monthly payments would be like in different price ranges. You may find that your lender will pre-approve you for MORE than you actually want to spend on housing each month. Here’s how to get an idea…
I’ve helped sellers get top dollar for their houses, in widely varying economic times: from the markets of multiple offers or markets where the buyers are few and far between. Find out more about my background here.
You’ve heard of them – short sales, REO’s, foreclosures – but how do you actually buy them, and how long does it take? And how do you protect yourself while still getting a great buy? Check out a detailed explanation of short sales & REO’s here, or just contact me directly for information as well as listings.
