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Jim Reppond's Advice

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  • 14 Contributions
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  • 4 Helpful

Jim Reppond wrote:

When a Real Estate contract becomes "executed"?

Answer
I'm sure this can be defined differently in different states. According to Tim, in his state (North Carolina) it appears to happen by notification. In our state (Washington) it ONLY occurs after delivery of the contract. Delivery in our state is defined by delivery to the AGENTS representing the parties, not necessarily the parties themselves. And this can be done by fax or email, if agreed upon in advance. So this is a good example of where you need to speak with a local Realtor in your area to know how it may work in your area and affect you.
May 29 2013
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When a Real Estate contract becomes "executed"?

Answer
You have the jest of it, "a simple moment".It's when you have a fully agreed upon signed purchase and sale contract. The price, terms, and conditions have all been negotiated, signed and/or initialed, and delivered to all parties involved. In our state (Washington) we refer to it as "Mutual Acceptance".It's significance is that the timelines for many (but not all) conditions and events that are to occur in the contract (such as an inspection, or financing application, closing, etc.) are based on that date.I hope that helps.
May 29 2013
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Should I buy a Stucco exterior home built in 2008?

Answer
Stucco is usually fine in this area if it is installed and maintained properly. The thing you want to do is have a building inspection done by an inspector who has a thermography camera. Here is a video a created a few years ago of an inspector who used this device during an inspection for one of my clients. http://youtu.be/zIAu4YnptHw
February 11 2012
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Looking at a fixer upper in Central Seattle. As a first time buyer, what do I watch out for?

Answer
Lots of good advice here. I would second Barry's comments about having an inspection. Have the inspector prioritize the repairs needed in order of cost, and have them discuss the work involved to do the repairs so you know what you are getting into.Realtor.org and Remodeling Magazine put out a great annual report called "Cost vs. Value Report" that shows what percentage you can expect to recoup from various upgrades based on where you are located if you sell it right after they are completed. That might help you determine what projects make more sense.
October 13 2009
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How can I get my neighbor to stop playing horseshoes nayked in his back yard?

Answer
Boy, this is a tough one! You don't want to offend him or he may become more overt and "in your face" if he is offended, just to tick you off.Do you have a pool? Maybe you could invite him over for a swim when he starts to play horseshoes. When you do, make an "oh by the way" comment saying he'll need to cover up because there are children and/or ladies present. I'm not sure you want him in your pool, though. I recommend hosing him down first.
July 29 2009
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I need help to create Checklist for finding good buyer agent

Answer
All GREAT questions. I think as a buyer you want to see how articulate the agent  is, and get a feel for his/her communication style to see how they match with you. So, some kind of question like the following would be insightful:"What is a common mistake that you think buyers often make? And what would you do or say to them to help them avoid this?"
June 04 2009
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Main house vs. Guest house

Response
I'm not sure how much different the value will be for guest vs. main house per sq ft. I showed a home like that in Kirkland fairly recently and the guest quarters were only accessible from an alley in the back, making the entrance rather unattractive. That would affect the value too. So it is case by case. I  think a comparative market analysis of other similar homes with a guest house would help you determine the true value. Recent sales is ultimately the best indicator of real market value.
June 02 2009
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Has anyone become a realtor to just sell their own house?

Answer
I actually did this myself in 1978. I had 55 acres and wanted to subdivide it and market it myself. I found I loved real estate and it has been a passion of mine ever since. Here it is 2009 and guess what I'm doing? Helping people buy and sell real estate.So just be warned. You may fall in love with it.
June 02 2009
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A house has been on the market for 200+ days. Good or bad thing for the buyer?

Answer
This is GREAT for the Buyer! The seller is probably keenly aware that the market has slowed down and realizes their property is either overprices, or has other challenges that make it hard to market.PUT IN AN OFFER if you really love the home. They may be more negotiable now than they were when they first listed it.
January 25 2009
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