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February 2007
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Date: Feb. 27, 2007
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Charity Update - Vision House: A place for a home and help
Vision House is a faith-based non-profit organization that provides transitional housing and support services to homeless women and their children and to homeless men recovering from drug or alcohol addiction.
For more information, visit www.vision-house.org or call 425-228-6356.
-500 men, women and children have been served since 2000.
-89 percent of the residents in the family program and 72 percent in the men’s program have transitioned into permanent housing since 2002.
-About 90 percent of Vision House families have experienced a violent relationship one or more times in their lives. This includes sexual, verbal, emotional or physical violence.
-Residents pay 30 percent of their income to rent. If they don’t have income initially, they don’t have to pay rent.
-Applicants must be drug free, have custody of any children living with them, be 30 percent below the income level and not be at immediate risk for domestic violence.
-According to the One Night Count performed Jan. 26, there are 1,240 homeless people in King County. National studies suggest that over the course of a year, three times as many people will experience homelessness as those counted on any one night.
-Since 2000, the number of homeless people found living on the streets of King County has doubled.
-The average homeless family is a young single mother with two children under age 6.
If you would like to help homeless families with a donation, click here: http://www.vision-house.org/vh_donate.htm
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Date: Feb. 26, 2007
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How to Choose the Right School
One of the most important decisions that every parent makes is choosing the best school for their children. This can be a very complicated decision. Here are some ideas to help you evaluate schools and make an informed choice.
Do Your Research: Scholastic Considerations:
What is the curriculum?
What are the SAT scores?
What grade does computer education start at?
What is the total student population?
What is the average class size?
What is the student-teacher ration for your child’s grade level?
You can check out the Washington State Report Card provided by the Superintendent of Public Instruction here: http://reportcard.ospi.k12.wa.us/
The Renton School District borders the Seattle, Bellevue, Issaquah, Tahoma, Kent, Highline and Tukwila school districts. A boundary map can be found here: http://www.renton.wednet.edu/schools/boundaries.htm. Even if your home has a Renton or Newcastle address, it might not be in the Renton School District. Don't rely on the maps alone. To be sure, you must call the Renton School District at 425-204-2300.
The Renton School District Website is: http://www.renton.wednet.edu/default.htm
Elementary Schools:
Benson Hill http://www.renton.wednet.edu/schools/bh.htm
Bryn Mawr http://www.renton.wednet.edu/schools/bm.htm
Campbell Hill http://www.renton.wednet.edu/schools/ch.htm
Cascade http://www.renton.wednet.edu/schools/casc.htm
Hazelwood http://www.renton.wednet.edu/schools/hzl.htm
Highlands http://www.renton.wednet.edu/schools/high.htm
Kennydale http://www.renton.wednet.edu/schools/kdl.htm
Lakeridge http://www.renton.wednet.edu/schools/lkr.htm
Maplewood Heights http://www.renton.wednet.edu/schools/mplw.htm
Renton Park http://www.renton.wednet.edu/schools/rp.htm
Sierra Heights http://www.renton.wednet.edu/schools/sh.htm
Talbot Hill http://www.renton.wednet.edu/schools/th.htm
Tiffany Park http://www.renton.wednet.edu/schools/tp.htm
Middle Schools:
Dimmitt http://www.renton.wednet.edu/schools/dms.htm
McKnight http://www.renton.wednet.edu/schools/mms.htm
Nelsen http://www.renton.wednet.edu/schools/nms.htm
High Schools:
Hazen http://www.renton.wednet.edu/schools/hhs.htm
Lindbergh http://www.renton.wednet.edu/schools/lhs.htm
Renton http://www.renton.wednet.edu/schools/rhs.htm
Additional Renton Education Sites:
Hillcrest Early Childhood Center http://www.renton.wednet.edu/schools/hill.htm
H.O.M.E Program http://www.renton.wednet.edu/schools/home.htm
Renton Academy http://www.renton.wednet.edu/schools/ras.htm
Black River High School http://www.renton.wednet.edu/schools/brhs.htm
Sartori Education Center http://www.renton.wednet.edu/schools/sec.htm
This list does not include private educational institutions. To learn more about private institutions near a home you are considering, ask your REALTOR.
Make Contact: Connect with Key People and Organizations:
Contact the Director of Computer Education at 425- 204-2403 to find out the student-computer ratio and if the district's teachers have participated in a computer training program.
Contact the Parent Teacher Organization for a particular school by following this link http://www.renton.wednet.edu/resources/rsd_parent_org.htm to find out how active it is. Studies have shown that children's academic success increases when parents are actively involved in their education.
At the School: Will Your Child be Happy There?
Make an appointment with the Principal for you and your children to visit the school when school is in session so you can observe a normal school day. This is your chance to learn the personality of the school.
Check classrooms for interested and smiling faces.
Look at the projects and student artwork on the walls.
Do the students dress like your kids and do they look friendly?
Find out the style of dress for the first day of school so you can help your kids fit in.
Most importantly, be sure to talk to your kids during and after the tour. They will probably have noticed things that you didn't.
There are many concrete factors that indicator how good a school is. But after you’ve done your research, visited the school and conferred with your kids, the best indicator you have is your intuition and good common sense.
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Date: Feb. 25, 2007
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Buying Step 1: Are You Ready to Buy a Home?
Knowledge and experience are the keys to successful real estate transactions. The Internet is an enormous library of valuable real estate related information. Doing your research to gather knowledge as well as working with local REALTORS®, whose expertise and experience can interpret and guide you through the information, can be essential to your success in buying a home that is right for you.
Planning is one of the keys to making the home buying process easier and more understandable. With research and planning, you'll be able to anticipate requests from lenders, lawyers and other professionals, and you’ll move more easily through the home buying process.
Do You Know What You Want in a Home?
Whether or not you are a first-time home buyer, you need to ask why you want to buy. Do you need to move, or is buying an option and not a requirement? What property features do you want that you do not have now? Do you have a purchasing time frame?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define and achieve your real estate goals.
Once you get an idea of what you want in a home, it is very helpful and practical to talk to an experienced REALTOR® who knows the local markets, current market conditions and the many facets of the complex business of real estate. An agent can answer your questions, give you a realistic picture of the market and help you clarify your real estate goals.
Do You Have the Finances to Buy a Home?
It is important to get prequalified for a mortgage before you begin your house hunting quest. This way, you will only view homes you can afford and get excited about. You can work with any lender you prefer. If you don't know where to start, feel free to contact Pam Spring at Wells Fargo Home Mortgage. Her phone number is 425-301-8319 and her e-mail is pamela.spring@wellsfargo.com. Feel free to check out the Wells Fargo website first by going to Http://www.wellsfargo.com.
Homes and financing are closely intertwined. Financing is the difference between the purchase price and the down payment and is commonly referred to as debt or the mortgage. There are a many different kinds of mortgages and different lenders, so be sure to shop around to make sure you get the mortgage that best meets your needs and at the best price.
In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with completing the transaction). Some mortgage programs not only allow the purchase of a home with no money down, but also underwrite closing costs.
While some people purchase with little or no money down, it means higher monthly mortgage payments, so most homebuyers choose to put down some cash.
As for closing costs, in buyer’s markets, it may be possible to negotiate an offer that requires the owner to pay some or all of your settlement expenses. Speak with a REALTOR® for details.
Get Your Financial House in Order - Establish Your Credit
You need good credit to get a mortgage. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.
Prepare yourself for the complex adventure of buying a home: do your research, work with a REALTOR®, plan ahead, know what you want, what you can afford and establish your credit. This will make your real estate experience run more smoothly.
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Date: Feb. 22, 2007
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Cleaning gutters is one of those necessary springtime tasks.
For most homeowners April showers bring rust, clogged rain gutters and all manner of sticky doors and windows. To help with these troubles, here are some sure-fire solutions to common spring problems. They’re easy enough to tackle in a weekend so you can spend more time smelling those beautiful spring flowers.
Rain Gutter Repairs:
Nobody likes to clean or repair gutters. However, there are a few ways to make the job easier. First, for clogged downspouts, try using barbecue tongs to reach in and pull the leaves out. This doesn't always work, but considering the alternative of using a hose to flush out the clog and getting wet and covered with gutter goop, it’s worth a try.
Second, to repair loose gutter nails try replacing them with extra-long lag screws. The lag screws tend to be stronger, hold better and can easily be installed with a cordless drill equipped with a nut driver bit.
Repairing Cracks in Concrete:
Concrete always cracks. For most cracks less than 1/4" , applying concrete caulk is a good way to make repairs. Just clean the crack out with a high-pressure hose nozzle, let it dry and then apply the caulk into the crack. For larger cracks, substitute concrete patch for caulk.
Large cracks or small, repair is necessary because water that seeps into cracks will soften the ground underneath and cause more cracking. The situation worsens if the water freezes.
Sticky Windows and Doors:
With all the wet weather that spring brings, wooden windows and doors can't help but swell and stick. To repair a sticky door or window, first mark where it is sticking, next remove the door or window by taking out its hinge pins, prop it up securely, then use a hand plane to carefully remove any excess material that is causing the sticking. Power planes will also work, but they tend to remove too much wood. When the wood shrinks back during the drier, warmer days of summer, the gap will be too wide.
For sliding windows, the trim around them is often the cause of sticking. Trim must be removed and reinstalled to allow for more movement. To do this, carefully remove the trim with a flat bar and pull the nails out backwards, that is, grasp the nail point with pliers and pull. If the trim was installed properly with finishing nails, you should be able to do this without damaging the wood. When reinstalling, keep the fit snug but not as tight as it was. If you reinstall the trim too loosely, the windows will rattle when the wood shrinks again.
To keep windows and doors from sticking in the first place, make sure that they are sealed with a good coat of paint, including the tops and bottoms. But don’t paint the channels where windows need to slide. Instead, use a light coat of linseed oil as a sealer.
Painting over Water Damage:
The problem with water stains is that painting over them will not make them go away unless you use a primer-sealer first. When looking for a sealer, follow these basic guidelines: First, oil-based sealers usually work better than water-based ones. Second, choose a sealer that has a high amount of solids, which are the pigments and other elements that do the actual covering of the stain. Paint, hardware and home centers carry primer-sealers, sometimes called sealer-primers.
Another tip for using an oil-based sealer is to use disposable brushes and rollers. Cleaning up after using oil-based products can be messy and often requires that you spend more on paint thinner than your brushes and rollers are worth.
Painting and Repairing Rusty Fixtures:
It used to be that the only way to do a good paint job over rust was to get out the naval jelly or wire brush and remove the rust first. Thankfully, paint additives are now available to help paint stick to rust while also neutralizing the rust and stopping corrosion from continuing under the paint.
Left untreated, rust will eventually cause fixtures to lock up. Prevent this by keeping fixtures well lubricated. One of the most common mistakes people make is trying to lubricate outdoor fixtures with light oil or silicon from spray cans. Because these oils are so light, they often evaporate and/or dilute existing lubrication thereby making the problem worse. For fixtures like gate hinges and latches, use heavy grease. It will not evaporate and its high viscosity is the best thing for heavy-duty parts. Most auto parts stores have heavy grease.
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Get this week's local market conditions.
Would you like to receive real-time MLS market updates and trends analysis reports that are directly related to your neighborhood?
If so, feel free to use the link below to request a Market Snapshot today.
My Market Snapshot stays on point by sending you up-to-the minute MLS graphical reports to address your real estate inquiries.
My snapshot will let you know about the supply of unsold homes in your neighborhood, how fast homes are selling and how actual selling prices compare to listing prices in your specific area. My snapshot will also help you understand how to get more for your money in a changing market.
Request Your Market Snapshot Now! (Link)
MLS Market Snapshot
Request Your Market Snapshot Now! (Form)
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Setting the list price for your home involves evaluating Renton and Newcastle’s market conditions and financial factors. During this phase of the home selling process, your REALTOR® will help you set your list price based on:
-pricing considerations
-comparable sales
-market conditions
-offering incentives
-estimated net proceeds
Pricing Considerations – Find a Balance Between Too High and Too Low
When setting a list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors:
If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale in Renton and Newcastle, your home simply looks too expensive to be considered.
If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.
TIP: Never say "asking" price, which implies you don't expect to get it.
Price Against Comparable Sales in Your Neighborhood:
No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.
Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your REALTOR® can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.
Competitive Market Analysis (CMA):
The list of comparable sales a REALTOR® brings to you, along with data about other houses in your particular neighborhood that are presently on the market, is used for a "Comparative Market Analysis" (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.
A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by your REALTOR® and may include properties currently listed for sale and those currently pending sale. For the average home sale, a CMA probably gives enough information to help you set a proper price.
Formal Written Appraisal:
A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price or if there is any other circumstance that makes it difficult to put a value on your home.
TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report, i.e., the kind that's complete with photos of the house and neighborhood. Floor plans and a site map is sufficient in most cases.
Market Conditions – Is it a Buyer’s Market or a Seller’s Market?
A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.
Here in Renton and Newcastle, we are experiencing a normalization of market conditions caused by a swing from a sellers market to a buyers market. I use the term “swing” because the market naturally goes back and forth based on many factors such as but not limited to interest rates, employment rates, building materials costs and even seasonality.
The greater Seattle area (including Renton and Newcastle) has been sheltered from the negative effects brought on by the so called national “bubble burst” which was never a really a national burst in the first place. Real estate is local by nature, the “bubble burst” hit some local markets harder than others but our region’s robust economy has provided us with no more than a market correct in the form of a transition from a sellers market to a buyers market. It’s not a bad time to sell either. Sellers are getting top dollar. However, it seems to be taking a few more weeks to do so than it did a year and a half ago.
If You Price High, Set a Schedule for Lowering the Price:
Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down with your REALTOR® and work out an advance schedule for lowering the price if need be.
If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.
Offering Incentives to Hasten a Sale:
Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.
If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Easter."
Estimating Net Proceeds:
Once you’ve been given an estimate of market value by your REALTOR®, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy.
To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.
Seller’s Costs:
Subtract the following costs as applicable.
-payoff figure on your present loan(s)
-broker's commission
-prepayment penalty on your mortgage
-unpaid property taxes
Buyer’s/Seller’s Costs:
Additionally, your REALTOR® can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs, as applicable.
-title insurance premium
-transfer taxes
-survey fees
-inspections and repairs
-recording fees
-Homeowner Association transfer fees and document preparation
-home protection plan
-natural hazard disclosure report
Closing Costs:
As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your REALTOR® will assist you in estimating what your final closing costs will be.
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained.
From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is well maintained, they assume that what they can't see has probably also been well maintained. In readying your house for sale, consider:
how much should you spend to prepare your house for sale?
exterior and curb appeal
interior appeal
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal.
How Much Should You Spend to Prepare Your House for Sale?
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive polishes and touch-ups to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen.
Your REALTOR® should be familiar with buyers' expectations in the Renton and Newcastle areas so that he or she can advise you specifically on what improvements need to be made and which improvements are most effective. Don't hesitate to ask for advice.
Maximizing Exterior and Curb Appeal
When preparing to put your home up for sale, your first concern is the home's exterior. If the outside, or "curb appeal" looks good, people will more than likely want to see what's on the inside.
Here are some tips to enhance your home’s exterior and curb appeal to buyers:
Keep the lawn edged, cut and watered.
Regularly trim hedges and weed lawns and flowerbeds.
Be sure your front door area has a "Welcome" feeling.
Paint the front door.
In spring and summer, add a couple of pots of showy annuals near your front entrance.
In snowy areas, keep walks neatly cleared of snow and ice.
Check foundation, steps, walkways, walls and patios for cracks and deterioration, and fix any problem areas.
Remove and repaint any peeling paint on doors and windows.
Clean and align gutters.
Inspect and clean the chimney.
Repair and replace loose or damaged roof shingles.
Repair and repaint loose siding and caulking.
Reseal old asphalt.
Keep the garage door closed.
Unlike Newcastle, most neighborhoods in Renton do not have covenents against onsite boat and RV storage. Nonetheless, you should store RVs and old cars elsewhere while the house is on the market.
Maximizing Interior Appeal
You want your home to look as spacious, bright and clean as possible. Also the home should look neutral – without a lot of your personal and sentimental objects - so buyers can begin to imagine living there.
Here are some tips to enhance your home’s interior appeal to buyers:
Give every room in the house a thorough cleaning and remove all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms actually rent storage garages and move half their furniture out, creating a sleeker, more spacious look.
Use a professional cleaning service every few weeks while the house is on the market.
Remove the less frequently used, and even daily-used items from kitchen counters, closets, basement and attic to make these areas more inviting.
Make sure that table tops, dressers and closets are free of clutter.
Pay special attention to the kitchen and bathrooms: they should look as modern, bright and fresh as possible. It is essential for them to be clean and odor free.
Repair dripping faucets and showerheads.
Buy showy new towels for the bathroom, and put them out only for showings.
Spruce up a kitchen in need of more major remodeling by installing new curtains and cabinet knobs, or applying a fresh coat of neutral paint.
Clean walls and doors of smudges and scuff marks.
If necessary, repaint dingy, soiled or strongly-colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
Check for cracks, leaks and signs of dampness in the attic and basement, and fix any problem areas.
Seal basement walls if there are any signs of dampness or leakage.
Repair cracks, holes or damage to plaster, wallboard, wallpaper, paint and tiles.
Replace broken or cracked windowpanes, moldings and other woodwork.
Inspect and repair the plumbing, heating, cooling and alarm systems.
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in residential real estate for buyers and sellers in Renton and Newcastle.
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Date: Feb. 16, 2007
Tags: How To Choose A Realtor, Buyers, Buyers Agency, Buyers Agent, Realtor, Renton, Newcastle, Washington, Washington State, King County
Not all agents or brokers in Renton and Newcastle are REALTORS® - there is a difference.
As a prerequisite for selling real estate in Washington, real estate professionals must be licensed, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience must be met. After receiving a real estate license, most agents join our local board known as the Seattle King County Association of REALTORS® and the National Association of REALTORS® (NAR), the world's largest professional trade association. Only, then can they call themselves REALTORS®.
The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of NAR and who adheres to its strict Code of Ethics (which in many cases goes beyond Washington state law). In our area, it is the REALTOR® who shares information on the homes they are marketing, through our Multiple Listing Service (MLS) known as Northwest MLS. Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.
What Are an Agent’s Obligations to You?
A real estate agent is bound by certain legal obligations. Traditionally, these common-law obligations are to
•put the your interests above anyone else's
•keep your information confidential
•obey your lawful instructions
•report to you, anything that would be useful
•account to the your for any money involved
A REALTOR® is held to an even higher standard of conduct under the NAR’s Code of Ethics.
In recent years, laws in Washington have been passed setting up various duties for different types of agents. When you first start working with a REALTOR®, ask for a clear explanation of Washington’s current regulations, so that you will know where you stand on these important matters.
Seller’s Agents and Buyer's Agents
Suppose you sign an offer to buy a home for $450,000. You really want the property and there's a chance other offers are coming in, so you tell the agent that "We'll go up to $460,000 if we have to. But of course don't tell that to the seller."
If you're dealing with a seller's agent, he or she may be duty-bound to tell the seller that important fact. In Washington, the seller's agent doesn't have any duty of confidentiality towards you. Honest treatment might require that the agent warn you that "I must convey to the seller anything that would be useful so don't tell me anything you wouldn't tell the seller."
If you're dealing with seller's agents, it’s a good idea to keep confidential information to yourself.
These days many home buyers prefer to hire a buyer's agent, one who owes the full range of duties, including confidentiality and obedience, to the buyer. A buyer's agent is often paid by the seller, regardless of the agency relationship. This effectively renders the services of a buyer’s agent free of charge to the buyer.
Evaluating a Real Estate Agent
In making your decision to work with an agent, there are certain questions you should ask when evaluating a potential agent. The first question you should ask is whether the agent is a REALTOR®. Here are other questions you should then ask the agent:
•Do you have an active real estate license in good standing? To find this information, you can check with the Washington State Department of Licensing.
•Do you belong to the Northwest MLS and/or a reliable online home buyer’s search service? Multiple Listing Services are cooperative information networks of REALTORS® that provide descriptions of most of the houses for sale in Western Washington.
•Is real estate your full-time career?
•What real estate designations do you hold?
•Which party do you represent - the buyer or the seller? This discussion is supposed to occur early on, at "first serious contact" with you. The agent should discuss Washington’s particular definitions of agency, so you'll know where you stand.
•When I commit to working with you, how will you help me accomplish my goals? Will the agent show you homes that meet your requirements and will he or she provide you with a list of the properties you’ve been shown?
To learn more about buying property with the assistance of a buyer’s agent, feel free to contact me directly. I would be happy to answer any questions you might have.
David Edwards
REALTOR®
Keller Williams Real Estate
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
davidjedwards111.topproducerblogs.com
I am a full time REALTOR® that specializes in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Date: Feb. 15, 2007
Tags: Renton, Realtor, Real Estate, Buyer, Preapproval, Finance, Financing, Home, House, Buyers Agent
Examine your finances and shop around before you apply for a mortgage. Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared.
Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer savings and loan companies, the mortgage hunt today is like finding your way through a maze.
There are dozens of loan types and hundreds of loan programs available through thousands of mortgage brokers, bankers, lenders, finance companies, credit unions and even stock brokerage firms. Pam will be able to walk you through the process and find a program that works for you.
Contrary to popular belief, finding a mortgage doesn't begin with an application.
Education is a better first choice. Mortgage information sources are as vast as the number of mortgages available: Web sites, topical newspaper articles, mortgage books, consumer seminars and workshops, financial planners, real estate agents, mortgage brokers and lenders are all available to assist you along the way.
First and foremost, you must determine how your mortgage payment will fit your current budget and, to some extent, your future obligations 15 to 30 years down the road.
If you discover too late that you can't afford your mortgage, you'll not only face the possibility of losing the roof over your head, but you could also damage your ability to purchase a home in the future.
Step 1: Examine Your Finances
If you can afford to buy a home, you must then determine how much mortgage you can afford. Lenders are apt to put your loan application in the best light and qualify you for as much as they are willing to lend, which can be more than you can afford.
It's up to you to take stock of your income and expenses, both current and projected, to determine what you can comfortably manage each month. Along with your mortgage payment, don't forget related insurance, taxes, homeowner association dues and any other costs rolled into the mortgage payment.
Step 2: Shop for a Loan
When you are ready to shop for a loan you have two basic types of mortgage stores to shop from: direct lenders and mortgage brokers.
Direct lenders have money to lend. They make the final decision on your application. Lenders have a limited number of in-house loans available.
Mortgage brokers are intermediaries who, like you, have many lenders from which to choose. Brokers shop from many lenders, each with their own offering of loans.
If you have special financing needs and can't find a lender to suit them, an experienced broker may be able to ferret out the loan you need. Mortgage brokers, however, are paid with a slice of the amount you borrow - some more than others, so it pays to compare rates. Internet brokers today perhaps receive the smallest cut, sometimes none at all, and can prove to be a real bargain.
Along with shopping the source, you'll also have to shop for loan costs, including the interest rate, broker fees, points (a point is an amount paid to the lender and is charged at one percent of the amount you borrow), prepayment penalties, loan term, application fees, credit report fee, appraisal and a host of others.
Step 3: Apply for a Loan
The application process is the easy part - provided you've gathered the documents necessary to prove claims you make on the application.
The application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).
The lender will run a credit check to determine your credit status, but you'll have to supply additional documentation including paycheck stubs, bank account statements, tax returns, investment earnings reports, rental agreements, divorce decrees, proof of insurance and other documentation. A lender that deems you creditworthy will likely hire a professional appraiser to make sure the value of the home you are about to buy is truly worth your loan amount.
To simplify the process, I recommend that you contact Pam Spring. She is a Mortgage Broker with Wells Fargo out of Bellevue and she is an expert in this field. Her e-mail is pamela.spring@wellsfargo.com and her phone number is 425-301-8319.
Pulled from my website article database at www.davidjedwards.com
David Edwards
REALTOR®
Keller Williams Southeast Sound
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
Blog: davidjedwards111.topproducerblogs.com
I am a full time REALTOR® that specializes in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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Date: Feb. 14, 2007
Tags: Seattle Sonics, Key Arena, Renton, Bellevue, Realtor, Real Estate, Agent, Listing, Buying, Listings
You might have heard that the Seattle Sonics are leaving Seattle’s Key Arena for a new location between now and 2010. According to the Seattle Times, Sonics Owner Clay Bennett told state lawmakers that he prefers Renton over Bellevue for the new $500 million basketball arena. (It would likely be the most expensive in the country.) Sports lovers seem relieved to hear that the prospect of sending the team completely out of our region to Oklahoma as initially rumored has become less likely but the fate of the Sonics in Renton remains far from certain.
This is a quote from the Seattle Times: “With a request for $300 million in state-authorized taxes, Bennett said the remaining $200 million or so would be split among private investors and the city of Renton. He said team owners have talked informally about a private contribution of $100 million.” The Sonics have not officially asked the citizens of Renton for anything at this point.
I was speaking with my wife about this topic the other day and she brought up an interesting point. She said… “We are already paying for Safeco Field (Seattle Mariners) and Qwest Field (Seattle Seahawks) why shouldn’t we subsidize the Sonics? We’ve proven that it’s not necessary to be a winning team.” While I don’t necessarily believe we need to subsidize a professional sports team that is paying Ray Allen 15 million a year, I do tend to agree that professional sports teams contribute to the economic base of the region they are located in and regardless of whether they are a winning team or not, they help create a sense of community and this has been the basis for the subsidies in the past.
Being chosen over Bellevue, Washington is a major boost to the ego of Renton residents who have long been the butt of jokes based on our working class economic base but is it really a good thing? We were not actually chosen first. Bennett didn’t want to leave Seattle in the first place. He has spent the last two years pleading with the state legislature for 200 million which he planned to use to renovate Key Arena. The specific plat of land Bennett had been investigating in Bellevue was actually four plats and four owners as opposed to the simplicity of one plat and one owner (Boeing) here in Renton. In spite of all this; I believe the answer is yes… It is a good thing, regardless of whether it comes to fruition or not. This is actually the second pat on the back from a professional sports team in the last year. The Seattle Seahawks have chosen Renton as the site of the corporate headquarters and they actually break ground on their new building next month.
Renton is a major player in the game of creating opportunity centers within the Pacific Northwest and ongoing increases in property values will continue to reflect that. Even if we do have a large working class population, I submit that it’s something to be embrace, not shy away from because it has paid off. While housing in Renton is considerably less expensive than Seattle and Bellevue (part of the reason for the Sonic’s choice), prices are on the rise (for the same reasons the Sonics’s were attracted to Renton.) If you need numbers to prove it, note that the average sale price of a 3 bedroom home in Renton was $366,000 as of December, 2006. Compare that figure to December, 2005 below to see our increase in property value for the period.
Renton Median Home Price
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Single-Family
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$346,000
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Condominium
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$176,950
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Blended
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$305,000
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Source: Northwest Multiple Listing Service (December 2005)
Median Home Price Comparisons (Single-Family)
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Renton
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$346,000
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King County
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$387,000
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Seattle
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$399,990
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Issaquah
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$459,990
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Redmond
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$535,000
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Bellevue
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$561,750
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Source: Northwest Multiple Listing Service (December 2005)
David Edwards
REALTOR
Keller Williams Southeast Sound
425-890-8045
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Date: Feb. 13, 2007
Tags: Renton, Realtor, Real Estate, Buyer, Preapproval, Finance, Financing, Home, House, Buyers Agent
Most advice columns tell you what you should do, but just as importantly, there some things you shouldn't do. Here are 10 frequent home finance mistakes that consumers make - and that you should avoid.
- Don’t choose the wrong mortgage: With the advent of instant refinancing, home loans are no longer the lifetime obligations they used to be. Still, you don't want to be saddled for even a short period of time with the wrong mortgage.
Investigate all your options, then lay your choices side-by-side and do the math, making sure to compare worst-case scenarios. Be sure to look at initial interest rates, future interest rates and payments (if different), and the possibility of prepayment penalties.
- Don’t confuse "preapproved" and prequalified" with a loan commitment: These are debatable terms in real estate because not all lenders define them the same way. In fact, one leading real estate dictionary contains neither expression because their definitions are uncertain.
According to one school of thought, when you are prequalified, the lender is making an educated guess about how much you can borrow based on information you've provided. When you are preapproved, the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates - under certain conditions.
Whether prequalified or preapproved, final clearance and a check at closing - a loan commitment - are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check and other verifications. When meeting with lenders, always ask how they define each term and what additional steps will be required to actually obtain a loan.
- Don’t have too much credit: Excessive credit is almost as bad as no credit or even bad credit. Even if you pay your bills on time, lenders tend to focus just as much on how much credit you have available to you as they do on timeliness. So being up to your ears in car loans and credit cards is a sure way to be turned down for a mortgage. Postpone any major purchases until after you buy your house.
- Don’t lie on your loan application: Exaggerating your income on a mortgage application or putting down other untruths can be a federal offense. Lenders rarely prosecute liars, but if they find out later, they can call your loan due and payable.
And don't ever sign your name to a loan application that is not completely filled out, either. Loan officers have been known to stretch the truth to get a client approved, but it's the borrower who ends up paying the price, often in the form of unaffordable monthly loan payments.
- Don’t hide if you can't make your payments: The worst thing you can do is ignore phone calls and letters from your lender when you are behind on your payments. Lenders have many options at their disposal to help keep borrowers from losing their homes to foreclosure. But they can't do anything for you unless they can talk to you about your difficulties. Lenders are the enemy only if you give them no other choice.
- Don’t skip a home inspection: Failing to make your purchase contingent on a satisfactory home inspection could be a costly mistake. Independent home inspectors examine houses from stem to stern. They'll be able to tell you whether the roof and/or basement leaks, whether the mechanical systems are in good shape and how long the appliances should last. They can't report on things they can't see, but at least their trained eyes are better than yours. So don't pass just to save a few hundred dollars - it’s money very well spent.
- Don’t hire just any agent to sell your house: All real estate agents are not the same. You want to work with an agent who specializes in your neighborhood and who is a top producer. Ask your candidates how they plan to market your house, what you can do to make the place more attractive to prospects and what you should set as a selling price. If you don't like any of the answers, look elsewhere. And above all, stay away from relatives; unless Aunt Amy or Nephew Nick fit the description above, keep looking.
- Don’t fail to check out a contractor’s credentials: Never, ever hire a contractor who knocks on your door or says his prices are good for only a few days. Reputable contractors don't solicit door-to-door, and they don't cut prices just because they happen to be in your neighborhood. Check out potential contractors thoroughly by calling several of their past clients, their bankers and suppliers, your local better business bureau and your local consumer affairs agency.
- Don’t pay a contractor too much upfront: If a contractor asks for more than a third of the contract price as a down payment, chances are something's wrong. At worst, he's a scam artist who has no intention of returning after he cashes your check. At best, he's undercapitalized and can't afford to purchase materials on his own. Or, in between, he could be using your money to pay workers on another job. Also, never give a contractor cash.
- Don’t burn your mortgage: It's a wonderful feeling when you make your last house payment. After all, the place is now yours, all yours. Many people celebrate by holding a mortgage burning party. But they torch the original document. Don't. Make a copy and burn that instead. Keep all your loan documents in a safe place.
Pulled from my Website Article Database at www.davidjedwards.com.
David Edwards
REALTOR
Keller Williams Southeast Sound
425-890-8045
david@davidjedwards.com
www.davidjedwards.com
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