Zillow Advice RSS: Question-Discussion-Guide,Home Buying,WA

U.S. Home Prices Rise For Fourth Straight Month

Tue, 24 Nov 2009 19:08:00 GMT

As U.S. home prices continue their monthly gains, more confidence is building that the housing market is stabilizing. While winter home sales and prices will most likely provide a short dip in statistics, fall sales have been particularly encouraging.

October home sales rose over 10% this year, creating a surge in the stock market and further confidence in real estate. The sales beat the predicted estimate of a 1.4% increase, and was attributed in part to the first time home buyer tax credits.

There's no guarantee that the market has stabilized, just some more data to add to the discussion.

23 replies

Buying my first home: Do I need to hire a lawyer to be present at the time of closing?

Fri, 27 Nov 2009 01:18:00 GMT

http://www.firsttechcu.com/mortgage_home_finance/purchasing_a_home/buyers_guides/mortgage_guides.html

this site suggests that i should get a lawyer to represent me at the time of closing. Is there any advantage in doing this? If so how do i find a lawyer and how much do i need to pay & is this considered as part of closing cost .

7 replies

Avoid The Most Common Buyer Errors

Thu, 26 Nov 2009 06:32:00 GMT

Shopping for a new home is an emotional experience. It is, however, also a business transaction, and must be treated as such.
Three of the most devastating things that can go wrong are:
Paying too much
Losing a dream home to another buyer
Buying the wrong home
When you have a systematic plan before you shop, you'll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:
Buy YOUR home: What do you need and want in a home? Sounds simple, but clearly identifying your needs and bringing an objective view to home shopping leaves you in a much better position. How much space do you really need? Too small and you may feel like you live in constant clutter. Too big and maintenance may become too daunting. Outline all of your priorities, and work on finding not just a great home, but a great home for you.
Minimize the unexpected: For $300 - $500, a professional inspector will conduct a thorough inspection of the home. Their expertise can mean the difference between uncovering major flaws before or after you own a home. Make the final contract subject to the report's findings.
Get pre-approved: It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.
Remember additional costs:Besides the funds for the purchase of a home, you'll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.
Take a deep breath: Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don't rush. You could lose money, financing, or even the sale if you attempt to push things through too hastily.

0 replies

Why purchase at a foreclosure auction?

Wed, 18 Nov 2009 09:18:00 GMT

There are a number of advantages to purchasing property at foreclosure auction.

Great values: Obtaining real estate at a property foreclosure auction can be a very worthwhile investment of time and money. Regularly, a small amount of bidders may materialize on the day of a property foreclosure auction, so there may be little or no contest for a particular property. Countless people are unaware that property can be purchased this way, or are intimidated by the procedure. This means that vacant land, condos, and single family homes are sold for a reduced amount of market value, sometimes considerably less. Most investors that buy at a foreclosure auction look for properties to be 25% to 30% less than retail value. But if you have patience and the right resources often enough you can purchase properties at a 50% or more of a discount.

Ownership: Typically quick possession if you are the successful bidder, you are entitled to possession of the property as soon as you receive the Trustee's Deed.

Accessibility: Best of all, anyone can purchase a property at auction.

6 replies

Offer negotitations for pre-sale home

Tue, 24 Nov 2009 21:52:00 GMT

I am planning to make an offer for a pre-sale home in Lakemont Place Community in SE Bellevue. The one house with same floor plan( but was finished) was sold 30 days back. It was listed at 709k but was sold at 680k with 15k closing costs and 30k of upgrades. That house was on a greenbelt lot but I am going to buy a non-greenbelt lot and so have been quoted a price of 660k by the listing agent. I am planning to make an offer for 630k on the house with 20k of closing costs and 40k of upgrades. My agent wants me to make an offer for the listing price(660k) but I want to leave some room for negotiation on that front. Can somebody let me know if it seems like a good offer to start negotiations.

5 replies

Foreclosure .com "Listings" - Misleading or Not?

Wed, 25 Nov 2009 16:54:00 GMT

These foreclosure .com "listings" on Zillow are really bringing down the integrity of the site's data. Anyone else agree? Trulia went down this road with realty trac and it really dilluted the quality information available.

Look at the listing for this house:
http://www.zillow.com/hom ... 378_zpid/
They hide the address, give a price, and then hope you'll pay for the subscription fee. This home is already listed by an agent and is on the MLS. There's already a buyer under contract. If the regular MLS listing was used, a consumer could have gotten this information for free.

That's one of the good "listings". Look at this one:
http://www.zillow.com/hom ... 160_zpid/
No price, no address, no bedrooms, no baths. "It represents a great time to strike a deal with a homeowner who is no longer meeting his or her monthly mortgage obligations." Sure, if we had an address, and any guarantee that the homeowner actually wanted to sell.

Some of these "listings" even make up a "price" by using the value of the loan on the home--again, not helpful.

We can't even see a picture of the home until we pull out the credit card. Does this make you trust foreclosure .com enough to pay for a subscription?

5 replies

Want to Help your kids buy a home Without spending your $$

Tue, 24 Nov 2009 17:14:00 GMT

I am an auction specialist in the Snohomish County area with Century 21. We have developed relationships with local banks that will allow our clients to buy OWNER OCCUPIED homes at auction (wholesale) with only 10% verifiable funds. That is correct. You do not actually need to spend your money, but you must be able to verify it and qualify for the 30 year fixed rate take out loan (refinance).

If you are buying owner occupied or want to help your kids buy owner occupied housing, there is no better way. You want a deal on a home because you are still worried about the housing market? We are buying homes at auction for 60 cents on the dollar which means your equity position when the market turns around will be outstanding.

Follow us at [content removed by moderator due to self-promotion]

The Bruce Team
Dustin Bruce
Century 21 Real Estate Center
[content removed by moderator due to self-promotion]

2 replies

Do Short Sales allow VA Loans?

Sun, 08 Mar 2009 22:02:00 GMT

Do short sales accept VA loan offers? We are military and I have found a home that I like but I heard it takes forever. Is there a way to rush the process so it only takes like 2-3 months? If it is a short sale will I have to pay for the closing cost also?

10 replies

Are we doomed to rent or is there hope for us?

Wed, 06 May 2009 02:16:00 GMT

We are a family of 4 living in Seattle on about $50,000 a year. We have a credit score under 620 and we do not have family to give us money for a down payment. Are we hopeless renters or will we ever be able to buy a home? What is our first step on the road to being home owners?

39 replies

Do I qualify for ANY first-time buyer incentives?

Thu, 16 Jul 2009 04:58:00 GMT

I understand that I do not qualify for the tax credit because my income is >$95k/yr, but are there any other incentives/programs/reliefs/etc. for first-time buyers that I can explore? I live in and am planning to buy in Broward county (Fort Lauderdale) Florida. My credit score is ~770. Thanks for any help and advice!!

Matthew

7 replies

Let Seattle Realty Group help you buy your next home and get up to $2,000.00 in Furniture for FREE!!

Fri, 05 Jun 2009 20:15:00 GMT

[content removed by moderator for being self promotional]

12 replies

Looking at a fixer upper in Central Seattle. As a first time buyer, what do I watch out for?

Tue, 13 Oct 2009 07:16:00 GMT

From what I already know, a fixer upper offer is always contingent upon inspection (listing price-price to fix it to a livable point). But what else do I need to think about? There's property that I am interested at, priced at $365K. Realistically, I'd like to get it for no more than $300K, but what is the best way to negotiate? Any tips/advice/resources very much appreciated.

17 replies

how much down?

Sun, 22 Nov 2009 04:04:00 GMT

3 replies

What is the best area on the Long Beach Peninsula to invest?

Sat, 21 Nov 2009 18:10:00 GMT

2 replies

RE; Foreclosure and REO properties

Thu, 19 Nov 2009 19:22:00 GMT

I have access to all of the pre-foreclosure, auction and bank owned properties. Call me for more information in finding properties of any type and any price range. My advise is free to you.

3 replies

Are property prices inflated in Sammamish?

Tue, 20 Oct 2009 00:32:00 GMT

I am looking to buy new single family home in Sammamish under 650k. I recently heard from couple of my friends( who have houses in issaquah highlands) that property prices in Sammamish are really inflated(especially for new construction) and would have a very low resale value. Can somebody tell me if that's true?

9 replies

my wife and i are trying to find a usda qualified lender and are also wondering

Mon, 16 Nov 2009 00:57:00 GMT

whats the difference between the "guaranteed loan program" and just a normal usda loan? thanks!!!

3 replies

Zestimates off by an order of magnitude

Tue, 11 Aug 2009 04:41:00 GMT

Zillow's estimate for a typical McMansion is $7.3 MILLION.

9502 NW 23rd Ave Vancouver WA 98665
4 beds, 2.5 baths, 1,971 sq ft
Zestimate: $7,330,500

Amazingly, the home details appear correct. Is someone smoking Maui wowie, or is Zillow now valuating in Ameros?

4 replies

how to i download a set of listing i find to study

Fri, 11 Sep 2009 00:58:00 GMT

1 reply

Is this legal?

Wed, 11 Nov 2009 05:17:00 GMT

Recently I put an offer on a house. It was listed for 179k. My offer was 165K due to extensive work that needed to be done to the house. The real estate office "seller" took the offer and sat on it for three weeks. Then, my agent contacted them to find out why it was taking so long. The responist at the sellers office said I would have to do the following in order to proceed.
1) I would have to have a home inspection done immediatly
2) Cut the seller a check for the earnist money in which they would hold on to it until the house was sold
3)That I needed a letter of approval from my lender for the full amount of the loan.
4) That they would not even consider my offer unless it would raise to the asking price.
5) That even it the inspection found anything wrong they would not repair it or reduce the price.
This was very confusing to my agent, my loan officer and myself. I did not know a VA loan was so complex and I am still with an answer from the seller.

18 replies