Tag: Real Estate

Bank Owned Properties and Condition Disclosures

Carl Setzer

My team focuses on what are known as REO, or Bank Owned properties (that includes government owned ones, too, fyi). One thing that comes up from time-to-time is on the form 17, which is the disclosures sheet. In a “normal” transaction, the seller will fill this form out stating the current state of the property, itemizing any issues.

Since the bank took over the property in a foreclosure and has never occupied it, they have no knowledge of the property’s state. Thus, nothing to disclose, thus (2) a blank form. There is a spot, on the last page (page 5) to “waive” this form (we go the additional step to add lines on the form and such, to make it abundantly clear). Several institutions (ie: HUD) won’t sign as sellers, but we collect the buyer’s side for the sake of state compliance.

Form 17

So, to sum up: banks “don’t know nothin'”, thus cant’ disclose “nothin'”.

 

Lynnwood’s Changing

Carl Setzer

It’s been a rough couple of years along the 196th Street corridor. With Alfy’s, Prime Pacific, Amante, and now Celtic Bayou vacant (along with several other major storefronts in the general area), it’s been a bit worrisome. Most of the rest of that strip, though, seems to be strong. Which is good news for the city. I’m pleased to see work being done around there.

Verdant’s efforts to launch their new space this Spring (in the old Prime Pacific Bank building) seem to be moving along nicely. That should be a great space for Verdant’s on-going work. It’s pretty solidly covered by transit, and seems to have adequate parking.

I’m not at all certain what the new owners plan to do with the old Amante restaurant space, though it’s pretty clear they’re doing some drastic work. Whether they’re fixing it up to attract interest, or if they have a tenant and it’s being readied for their use, I’m not sure. I hope for the latter, since it’s good for all of us to have those spaces used. It looks like Alfy’s is up for any sort of adoption you’d like. They dropped a huge banner that covers the old Alfy’s sign (all the way to the ground). It’s sure a funky space, though pretty big. I’m trying to remember if it’s 3 or 4 floors. Not traditionally laid out, with flowing access to the different spaces/floors. I remember (seems like eons ago) there being a huge video arcade in the lower room. That’s the space which was recently used for banquets. Anyway, I’d love to see someone make something great there.

That’s what I noticed this week. How about you?

Real Estate and the Web

Carl Setzer

Been spending a fair amount of time today looking at different website options for my company. At this point, I’m not terribly impressed with any of them. Makes me think I should go and build my own. 

My dream system has all the components of your standard transaction well integrated. CRM, transaction steps, offer tracking, listings, key dates…all that sort of thing, That and tightly integrating our blogs, YouTube channels, Twitter feed, etc. Want to maximize SEO for our work. 

Chatting with some colleagues, I have some other options to explore. The most interesting, to me at least, is the notion of building a whole site on my own via WordPress. Then I would add the functionality I want with plugins. Seems very doable, and would feed my inner (and outer) geek. 

Real Estate Note Of The Day

Carl Setzer

There’s a misconception that’s bit one of my current transactions, and many others: “once I have an accepted offer, the house is mine”. In a real estate transaction, ownership changes when “numbers are recorded” at the county office. When the deed for the property is filed at the county office, that transaction is given a unique identification number. Only then is that property yours (if you’re the buyer. As a seller, it’s still your responsibility until that happens).

Not understanding this can cause headaches for both buyer and seller. Seen it first hand, and, after consulting with colleagues, heard many horror stories.

Your Thursday thought. Go and do great things.

A few random thoughts

Carl Setzer

Was just reading an article at RIS Media, “April’s Stable Home Prices Reflect The New Normal“. It’s good to see prices stabilizing, and actually increasing. What I find funny, though, is the concept “normal”. That this market will somehow find an equilibrium is a amusing. It fluctuates month by month, season by season, heck, even week by week. That’s what some folks seem to seek. Doubt I’ll ever see that.

Non-segue: it’s hard not to love the spate of gorgeous weather we’ve had. Though I actually enjoy the region’s famous misty weather, sun is glorious. Whether walking along the Edmonds waterfront & beaches, one of the area farmers markets, or riding along a bike trail, this is what makes living here just delightful.

So one that note, I’m off to enjoy it. And you should, too.

Quick WA State Real Estate Sales Notes

Carl Setzer

One of my chums was lamenting how difficult it is to buy homes right now if you’re a traditional buyer (read: borrowing money). I, being the nerd I am, popped into the NWMLS and whipped out the following stats. 

Out of a total of 14,181 sales so far in 2013:

  • 6,857 have been financed by conventional loans
  • 3,801 have been financed via cash
  • 2,448 via FHA insured loans
  • 1,504 via VA
  • 458 via USDA

And all the rest “other”. 

So, a quick snap-shot for you. Summary: a significant number of sales are going to cash buyers, but loans still predominate. 63% of properties in this region are going with some kind of financing. 

Real Estate

Carl Setzer1 Comment

As I’m looking over a statistical analysis of the active properties in Snohomish County, there are a few details that I find interesting.

  1. 5+ bedroom homes are selling quite fast (averaging 83 days on market)
  2. They’re selling faster than 3 bedroom homes (89 days)
  3. In third place are 4 bedroom homes at 94 days
    1. I would’ve expected them to sell faster than 5+…
  4. 2 bedrooms are the slowest sellers at 134 days on market
  5. Condos are selling faster than houses
    1. 2 bedroom condos are averaging 55 days
    2. 3 bedrooms are going in 58 days

It’s good to see condos taking off. I would expect the lack of inventory has been driving that. With all the details, though, involved in closing a condo, I’m surprised they’re closing faster.

Go figure!