Archive for the ‘Real Estate Information’ Category

Prices Increase In King County

The Seattle Times has reported that the median price for homes in King County was at $400,000. Northwest Multiple Listing Service reported that pending sales have reached a 6-year high.

Now is a great time to list your home! Low inventory and high demand is pushing prices up in the Seattle, Washington area. If you have been waiting for the market to improve, your wait is over.

If you are wondering what your home may be worth in today’s market, contact me for a free Comparative Market Analysis. I would also be happy to do a Neighborhood Real Estate Review to let you see what has been happening in your neighborhood.

This is a great article about commercial real estate in the U.S. Enjoy.

http://bit.ly/1098yVX

Escrow Instructions.

Escrow instructions are the written instructions, signed by the principal parties to the transaction that identify the duties and responsibilities of the escrow agent in carrying out the closing. It also identifies the thing or things of value held by the escrow agent and the specified condition or set of conditions under which the thing or things of value are to be transferred.

Escrow companies typically have their own printed instructions that disclose such things as;

1. Statement that the Settlement Statement is subject to a final audit.

2. Options for escrow if a dispute arises.

3. Statement that all parties agree that the terms and conditions of the Purchase and Sales Agreement have been met or waived to everyone’s satisfaction.

Thinking of updating your kitchen before you list your home for sale? Or maybe just want to update for your own enjoyment. This is a great article with 55 tips for improving your kitchen.

http://bit.ly/Yq8pNn

Investors Re-Open the Spigots to Private Equity Funds

This is a comprehensive article about the Commercial Real Estate Market and what is happening with private equity funds right now. Enjoy.

Remember I can assist you with your commercial real estate needs, including selling a business or looking for an investment property.

http://bit.ly/12bzaEu

Now Is a Great Time to List

People keep asking me, “When is a good time to list my property for sale?” The answer is the same, no matter the time of year or the current market conditions. “Now is a great time to list.”

The reason is very simple. Whenever you are ready to sell your home is the time to list. If you are waiting for the market to improve to make listing seem like a great idea, you missed the change in the market. Statistics show that for the month of March the median sales price for a single family home in the Seattle area increased by 10%. The increase was fueled by short supply and increased demand. Multiple offers is the new norm for the real estate market.

Have you missed out on the best time to list your home? Contact me and let’s explore that possibility together. You just may find that TODAY is the best time for you to list your home.

Why it’s so important to use a Real Estate Broker

Professional: Buying or Selling a home is a very complex process with a lot of steps and paperwork. Your broker should be a trained professional who listens to your needs and understands the market in which you are buying or selling.

Connections: Top Real Estate Brokers have long-term relationships with past clients, prospective clients and other brokers, all of whom they can call on when helping their clients buy or sell.

Pricing Skills: Real Estate Brokers have the important marketing and sales data necessary to properly price a home. This also comes in handy for buyers when making an offer.

Negotiation Skills: Successfully negotiating the buying or selling of a home is an art that requires strategy, experience and training, skills that a high-quality real estate broker has in spades.

Truth In Lending Act

What is the Truth in Lending Act, and how does it apply to me as a home purchaser?

The purpose of the Truth in Lending Act is to promote the informed use of consumer credit by requiring disclosure of its terms and costs. If the loan is on a consumer’s principal dwelling, there are restrictions and disclosures that need to be made and adhered to in strict conformity to the law.

To read more on the Truth in Lending Act visit the FDIC web page.

Rates Drop Slightly

Mortgage rates for this morning April 1, 2013 are at 3.625%. No, this is not an April Fool joke. The rate for a 30-year conventional loan under $417,000 is 3.625%. Prices on homes are going up and inventory is light.

If you are considering listing your home, but were waiting for the prices to start climbing, now is the time to list. I can do a free Comparable Market Analysis of your home and let you know the price it could sell for in today’s market. I can also let you know the odds of selling your home in today’s market if it were listed at fair market value.

Contact me at your earliest convenience to explore listing your home. Call me at 253-229-5399 or email me at rickchapman@windermere.com. Hope to hear from you soon.

Asking prices up in 9 of 10 markets.

That is good news if you are planning to list your home for sale anytime soon. Check out the article to see if your market is one of the 9 markets.

http://bit.ly/YbtQ0a

New Home Buyers Are on Their Way to Market.

There is a new group of First Time Home Buyers on their way to the Real Estate Market. I have been meeting some of them at First Time Home Buyers Seminars sponsored by the Washington State Housing Finance Commission. I am the real estate broker teaching the home buying process to first time home buyers.

The classes are being held at Home Street Bank in West Lake Union. Check out the WSHFC website for more information on the seminars and to register to attend. These are very informative to the first time home buyer or anyone interested in buying a home. You will find out about financing, credit scores and how it affects your loan, special financing from the Commission and the home buying process.

For more information go to Washington State Housing Finance Commission .

History of Escrow in Washington State

Prior to 1979 only attorneys could practice law in Washington State. The question of whether others were practicing law by preparing documents was asked, but never legally challenged.

1979

As a result of Washington State Bar Association vs. Great Western Savings & Loan, RCW (Revised Code of Washington) 19.62 was created by the Legislature. This allowed “lay persons” i.e., non-attorneys, to select, prepare and complete documents relating to real estate transactions.

1981

As a result of Bennion, Van Camp, Hagen & Ruhl vs. Kassler Escrow, the Washington State Supreme Court ruled RCW 19.62 unconstitutional because it violated the separation of powers doctrine. This was a judicial issue, not a legislative one.

December, 1982

The Washington State Supreme Court adopted “Admission to Practice Rule 12,” which dictates the standards for “non-attorneys” to prepare legal documents.

I am again conducting First Time Home Buyer Seminars. Class schedules can be found online at www.wshfc.org. Hope to see you there.

Glossary of Real Estate Terms

Close of Escrow

The date the documents are recorded and the title passes from seller to buyer. On this date the buyer becomes the legal owner, the title insurance becomes effective, and funds are available to the seller.

Earnest Money

Down payment made by a purchaser of real estate as evidence of good faith; a deposit or partial payment.

Fee Simple

An estate under which the owner is entitled to unrestricted powers to dispose of the property and which can be left by will or inherited. Commonly, a synonym for ownership.

Legal Description

A description of land recognized by law, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.

Quit Claim Deed

A deed operating as a release or intended to pass and title, interest or claim which the grantor may have in the property, but not containing and warranty of title in the grantor.

Reconveyance

Release of the lien of a deed of trust or trust deed.

Survey

A depiction on a map by a surveyor of real property which delineates the boundaries of a parcel of land. An ALTA survey additionally delineates location of all improvements, encroachments, easements and other matters affecting the title of the property in question. A survey may be required by a title insurance company, depending on the type of coverage chosen.

Vesting

The names, status and manner in which title of ownership is held with a fixed or determinable interest in a particular parcel of real property; also that portion of a title report or policy setting forth the above.

Waive

To voluntarily and intentionally relinquish a known right, claim or privilege.

Warranty Deed

A deed used in many states to convey fee title to real property.

New Update For FHA Loans

The FHA announced January 31, 2013 that it will increase fees to an underwriting changes may make this first time home buyer affordable mortgage program less affordable. Beginning April 1, 2013 the mortgage insurance premium will jump 1/10th of a percentage point. With the required 3 1/2% down payment making the loan-to-value less than 80%, thus the mortgage insurance premium is required by FHA.

The FHA also announced that starting June 1, 2013 that it will cancel rescinding its popular policy of cancelling the mortgage insurance payment when the loan to value reaches 78% of it’s original amount. The premium will have to be paid the entire life of the loan.

Other changes scheduled to take place on June 3, 2013 is a mandatory “manual” underwriting of loans with applicants that have a total household debt to income ratios exceed 43%. This will also impact applicants with a credit score below 620.

The new rules will make conventional loans seem more appealing to a lot of borrowers in the real estate market who can afford 5% or more down payments.

For more information on this topic click on the link to go to the Seattle Times website. FHA Loans Are Getting More Pricey.