Category: Buyer

7 steps video small

7 Steps To Buying A House




00

The Appraisal Process Made Clear

The appraisal process can raise many questions.  Especially when the value comes back from the appraiser below the purchase price.  Below are a few commonly asked questions with answers from the National Realtor Association. Q. Will the homebuyer receive a copy of the appraisal? A. Yes. The Equal Credit Opportunity Act (ECOA) requires creditors to…




FHA Mortgage Insurance For Life

When is the official start date for the new ‘life-of-the-loan’ MIP requirement you ask? According to the FHA, the date for loans “with FHA case numbers assigned on or after June 3, 2013,” is when “FHA will collect the annual MIP for the maximum duration permitted under statute.” Additional changes are already in place for FHA…




entry_001

Is Your Home Inspector Licensed?

In accordance with Revised Code of Washington (RCW) and Washington Administrative Code (WAC) all real estate brokers must ensure the home inspector(s) they refer to you are currently licensed. RCW 18.235.130 – Unprofessional conduct – Acts or conditions that constitute. (9) Aiding or abetting an unlicensed person to practice or operate a business or profession when a license…




When is a Seller Exempt From Form 17?

The Seller Disclosure (Form 17) is a required document when transferring real estate in Washington State.  The Form 17 is a document straight from the folks in Olympia (not the Multiple Listing Service).  So, the questions and requirements are set forth by government through the Revised Code of Washington (RCW). With few exceptions, Sellers are required…




Unbelievable. 30-year mortgage hits record low 3.36%

Mark this moment in time folks. WASHINGTON (AP) — Average rates on fixed mortgages fell to fresh record lows for the second straight week. The declines suggest the Federal Reserve’s stimulus efforts are having an impact. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.36%. That’s down from…




Mortgage Calculators

When considering a new mortgage or refinance it is sometimes nice to look at numbers from the comfort of home before calling a lender.  Below is a link to a website that offer numerous financial and mortgage calculators.  Check them out and then call me if you would like to talk with a lender, I would…




willstone_meridian

The Willamette Meridian

What is the Willamette Meridian and why talk about it regarding real estate? All properties in Washington and Oregon are referenced to this point.  The Willamette Meridian was established June 4th, 1851 and runs from the Canadian border to the northern border of California. The base line runs from the Pacific Ocean to the Idaho border….



New Law of Agency Pamphlet

Thanks to a new section regarding short sale transactions there is a new ‘Law of Real Estate Agency’ pamphlet. SECTION 12:  SHORT SALE When the seller of owner-occupied residential real property enters into a listing agreement with a real estate licensee where the proceeds from the sale may be insufficient to cover the costs at…




Interest rates 1971 to present

Having grown up in a real estate family and hearing about transactions being put together in all types of markets I find the history of interest rates fascinating.  I especially have always found it particularly interesting (or amusing) to hear complaints of rising rates.  Many of us have never worked in or bought & sold a high interest…




Sewage Treatment Capacity Charge

If you are buying a home that was built in the last 15 years you may have an additional cost to be aware of.  The ‘Sewage Treatment Capacity Charge’ is applied to new construction homes in many counties.  Homes in Seattle & King County are included.  How will you know it exists? Your first clue…



Buyer rebate from agent

I am asked more and more often if a real estate Broker can pay a rebate to a Buyer after closing. According to license law a rebate is legal.  However, if the Buyer is getting a mortgage it must be approved by the lender.  Without approval by the lender the Broker and Buyer may be committing lender fraud. …




What is a 1031 exchange?

‘Section 1031 Like-Kind Exchange’ is a part of the Residential Purchase and Sale Agreement. What is it addressing? In the Northwest Multiple Listing Purchase & Sale Agreement it is simply an agreement between Buyer & Seller to cooperate in signing the necessary closing papers required for the party doing a 1031 exchange to complete that part…




Discount Points

One of the most misunderstood aspects of getting a home loan is that of discount points.  There can be some confusion when the fee is referred to by many different names. “Points”, “Discount Points”, “Discount” and “Investor Fee” are just a few of the names referring to the same thing.  For the most part that confusion has…




BGlogo_square

Built Green in King County

A healthier home and more sustainable building practices are becoming increasingly important to Seattle area home buyers.  “Green” is often showing up on a Buyer’s wants & needs list as a top priority when talking about a home purchase. The Built Green program is a local non-profit group promoting environmentally friendly building practices.  They have a rating system…




Why pay for title insurance?

Many Buyers and Sellers wonder about that ‘title insurance’ charge on the Settlement Statement.  The Seller buys a policy for the Buyer and the Buyer pays for a policy for their Lender (if they are getting a mortgage).  So what is it and why? What is title insurance? Title insurance protects a policyholder against challenges…




Holding Title in Washington

At some point in the process of buying a home you are going to be asked how you want to “hold title”. Here are four common ways to hold title to real property in Washington State: 1) Single Individual – A person who is not married or a registered domestic partner. 2) Separate Property –…




FHA mortgage insurance increase April 1, 2012

Yesterday there was an announcement from HUD and it appears that FHA will be increasing the mortgage insurance premium expense for case numbers ordered after March 31st. For 3.5% down, the current cost is 1.00% for the “lump sum” premium and 1.15% for the monthly. After 3/31 the cost will be 1.75% and 1.25% monthly….




Utility programs & rebates

There are many upgrades you can make to your home for greater efficiency, a healthier living environment and to save some long-term dollars.  There is also a lot of government programs encouraging you to make these upgrades by offering rebates on those updates.  Below are links for current programs in Seattle & King County: Puget Sound Energy customers can receive…




Home Search

Home Search

Lake and Company offers a simple, yet informative & user-friendly search map.  Easily search for: Homes For Sale Open Houses Sold Properties Search by: Area Price Numerous Property Types Bedroom / Bathroom Status Short Sale &/or Bank Owned Green Homes New Construction Waterfront Days on Market Create a free user account to save your favorites, compare…




Walking Seattle

Walking Seattle

It is becoming more and more important to home buyers that their new home be in a “walkable” neighborhood. Convenience to coffee shops, restaurants, shopping, pubs & parks are often at the top of people’s new home wish list. There are now several great web sites for Seattleites to research the “walkability” of a home:…