Gordon Stephenson's Discussions

You'll need to create the condo in order to have separate mortgages.  But it seems like there's a simpler way if this is a "family" deal -- just get one loan and put together a tight partnership agreement. If you have to separate things, there is a way to do it with a "tenant in common" ownership, which is something that's been popular in San Francisco for about 10 years. 

Seller's argument will (should) be that they've priced deficiencies into the deal already.  I would suggest that you talk about your personal ability/desire to pay X price, and focus on your ability to perform.  If you and/or your agent can convey this message effectively the offer should be well received, at least as a starting point to negotiate.  Be sure to check the title report and get an inspection, of course, to be sure your list of "safety problems" is complete.  $80k may not be enough!

Relo companies can be intransigent.  But you're right, I'm sure they want to move it -- vacant, doesn't show well --and they might be able to accept less than a conventional homeowner might.  Do you know if the relo company actually owns it, or are they just servicing?  No standard form to use.  Coverletter or memorandum would work best.  Feel free to mail me for more specific feeback: gordon(at)rpaseattle.com

The relo company has already had an inspection and they know the problems with the place.  I like your "general condition is poor but we're willing to purchase "as is"" approach.  Good luck.

Sam, what was the actual number of transactions?  The sales I've seen in my market area, north Lake WA, show a significant decline in prices over the past 12 months, esp since September.  If your sampling isn't large enough to be meaningful, it could be a bit misleading.   Although any good news is welcome, to be sure!

Are they short sales?   Or are they the less expensive homes that builders seem to be moving towards to get some action going on their mothballed plats in Sno County? 

Amen to Jarf's rec for Shultzy's.  Great food and atmosphere.  It's across the Ave and south of the Starbucks @ 42nd.

We use Hardiplank on most of our townhomes - great product, holds paint well, lasts forever (at least for the 50 years they warranty, I hope).  Don't forget you can recycle that old vinyl siding!As for a vendor to do the install -- when you're bidding the material, ask at your local lumberyard whom they'd recommend.  They've been selling siding to their contractors and are always ready to refer out someone competent.  And those siding contractors are hungry for work these days with the slowdown in housing starts.

As of now (4.2009) there's nothing but the big hole at Woodlawn and 73rd where that Metro Market contemplated going in.  Hopefully the Vitamilk family that owns that block can get another partner or anchor in there this year to move things forward.  It's a clean hole, but it's not doing anyone any good just sitting there idle..http://bit.ly/qXP2t

Different situation out in the north and south counties with these developed and unbuilt plats that Geordy was referring to.  As for Mad Park, I've actually seen some good sales activity (I'm sure you have too) in your neighborhood, pendings in the $3-5M range.  So people are buying.  Prices are dropping, people are buying...just a matter of finding a point where those supply/demand lines collide.  And if you "would have sold" in the past two years to buy up...you should be doing so immediately, pre-rebound.  Real dollars are in your favor.