Are you an All-Star? (on Zillow)

Posted on August 12, 2008 by Reba Haas

So, the other day I’m posting yet another of our client listings to Zillow when I get an email telling me that I have become a Zillow All-Star. I think to myself, “what the heck is that?” So, in looking it up I find out that, according the notice posted on their site:

“What is a Zillow All-Star?

The All-Star badge is given to top contributors of the Zillow community. These are active Zillow users who share their real estate knowledge and help others by contributing high-quality content. The more and better the contributions, the more likely an award will be granted. Users’ contributions can be seen in their profiles. “

It’s kind of funny, really. When Zillow first came onto the scene a lot of agents saw them as a horrible new type of competition. We’ve never felt that way although we did make sure to try and understand what the online service was, and wasn’t, so that we could help educate our clients and the public on this new tool. Being that the firm is locally based, I’d like to see them do well because it helps bring jobs to our local economy and I think the services they offer are valid. There’s nothing wrong with wanting to get a bit of an idea of what your home value might be without having to get an agent involved, or to hire an appraiser. If it’s just curiosity you’re dealing with and not a sale or a refinance, then checking this site out is not a bad thing. It also helps people understand where their neighborhood values may be going too.

We’ve even gone so far as to include it in our marketing of properties when we have listings. One of the tools I like on the site is the “claim my home” because we can do that and update the information on the site if there have been changes to a house. Frequently the info that Zillow is working from is incorrect or out of date – so this is a way to make the data that is publicly available match what we’ll have in our listing packages. It’s a good tool overall since we know a large number of people look here to compare Zestimates(R) with listing prices.

What is a Zestimate(R)? Again, from the site:

“ Zestimate

A Zestimate home valuation is Zillow’s estimated market value. It is not an appraisal. Use it as a starting point to determine a home’s value.
Learn more

The Value Range is the high and low estimated market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table “

For people who are relocating to a new area, Zillow helps an out-of-town buyer understand neighborhood price points and values with this information available once they go home after a whirlwind trip into a new town to look for a home.

Anyhow, I guess it feels good to be an “All-Star!”

Share this:

For sellers with septic systems in King County… know your responsibilities!

Posted on August 7, 2008 by Reba Haas

To get all the details you need with regard to septic systems and what’s necessary for you to do when selling your home, go to this handy website set up by King County and their Wastewater Management and Public Health Services Dept. There is also a section that will provide details on how to use and care for a septic system as well.

As a seller, you have responsibilities and paperwork that is required. As a buyer, you should be prepared to look for these details during your inspection process.

Agents should be familiar with this process as well, and if you (Mr. or Ms. Agent) aren’t, then you should do a little reading too.

Most septic (aka onsite sewage) systems are found in outlying areas of Puget Sound or in County controlled areas. If you aren’t in King County then you should check with your local county government website or contact the local county office for the info you need for your area.

Share this:

A new restaurant in Renton gives us “little bites” from Asia and all under $10 apiece!

Posted on August 7, 2008 by Reba Haas

While sending out a note to a friend of mine, David LeClaire, a local sommelier who is now running SeattleUncorked wine club, I stumbled up a new restaurant find in the (Le) Renton area.

The new place is called Blossom Asian Bistro and, oddly enough, they were recommended on the Red House Beer and Wine website (this was the place I was recommending to David initially). Perhaps there is an ownership interest there? It doesn’t really say.

(update: it IS co-owned by some folks from Red House and the restaurant group involved)

One of the great things I found out on the Blossom website is that nothing on their menu is over $10. That’s pretty amazing if you ask me! Come on down to “Le Renton” and check out yet another lovely addition to our downtown restaurant community.

They even have a 4-6pm Happy Hour as well where all the food bites are under $4 and certain adult beverages range from $2-5. Sounds pretty “happy” to me…

OK, an update! We did make it down to Blossom recently and it was AWESOME!!!! Here’s a fun photo of some of “the goods”!!!!

Share this:

Congratulations to Tim Burkart for selection to the 2008 Best Lawyers in America!

Posted on August 7, 2008 by Reba Haas

Our very own Tim Burkart (a frequent contributor to Team Reba’s Blog) was selected by his peers for inclusion in the 2008 edition of The Best Lawyers in America.

According to information provided by the annual letter from Garvey Schubert Barer, the firm where Tim works and who represents Team Reba’s business, “The Best Lawyers list is compiled through an exhuastive peer-review survey in which thousands of top U.S. attorneys confidentially evaluate their professional peers. The 2008 edition is based on more than 2.1 million detailed evaluations of lawyers by other lawyers.”

Share this:

Magnificent Mid-Century Modern at Seward Park on the market…

Posted on August 6, 2008 by Reba Haas

Team Reba presents a new listing of a classic 1950′s style home in the Seward Park neighborhood of Seattle. It’s modern neighbor was featured in this past week’s Pacific Northwest Magazine in the Seattle Times which was built on land formerly a part of this dwelling’s land parcel.

Our listing has many sought after, yet hard to find, features such as: Two (2) Master bedrooms, Universal Design features, 2 kitchens (actually what could be 2 full living quarters and was previously used in this fashion), expansive views of Lake Washington in a serene setting, large lot, and environmentally conscious features such as broad overhangs for passive cooling, ceramic tile roof, and large windows for wonderful natural lighting. In addition to these features you’ll find numerous outdoor sitting areas, ample parking space besides a 2-car garage, and an elevator between the 2 floors.

See some of photos of this wonderful property below or check out all the photos at our slideshow:

Front of home with circular driveway which supplies excellent additional parking for guests. Here you can see the tile roof which is original to the structure. Roof products of this kind typically require a substantial structure to support their weight – this is a very solid home!

This view from the northeast corner of the home shows the layout of the walk-out daylight basement – the slope of the site allows for a very open and bright lower living area along with providing fantastic views of Lake Washington and Seward Park from both levels of the home. It also represents the true size of the home with its 4410 square feet of space.

Gleaming oak hardwoods flow throughout the main level spaces including the dining area, sunken living room, office, family room, kitchen, hall and the 3/4 bath. Deck and patio areas off each level allow for many entertaining opportunities.

Wood cabinetry, stainless appliances including double wall Viking ovens, 2 Miele dishwashers (for the serious entertainer) and tile countertop with a new cooktop in the main level kitchen. The large stainless refrigerator is just out of view to the left of the photo. Space is available for an eat-in kitchen and there are bountiful cabinets and pantry spaces. Note the glass case ahead for displaying favorite art pieces. Upper halogen lighting casts a beautiful glow on glass artworks.

The family room adjacent to the kitchen area enjoys the same magical views as the rest of the living areas and provides secondary access to the deck. This is also the area for entry to the 2-car garage. An alternate staircase passes between the garage and the lower level of the home to provide covered parking for each living space, if necessary.

To see the two master bedrooms, 2nd kitchen and other spaces of the home, please visit the slideshow which will have additional details about the house and its amenities.

Proudly offered at $1,410,000

Serious inquiries by pre-approved or qualified buyers only. NWMLS# 28131238.

Share this:

What makes Condo Insurance so tricky?

Posted on August 1, 2008 by Gerald Grinter

This is a coverage that has become near and dear to my heart as I am now a newly minted condo owner (Thank you Rebecca Haas and Eric Aasness). As an insurance agent I have always been amazed at how people would take all of this time, money and effort to buy the condo of their dreams and expect someone else to protect (i.e. the Master Policy) it. Let’s face it, the Master Policy’s the last thing you’d want to read. It’s boring and full of insurance misto-babel. Some master policies cover more than others but in a nut shell it is designed to protect the building and common areas and its purpose is to make sure the structure and common areas can and will be rebuilt in the event of a loss.

There is no coverage for your personal property such as your clothes, flat screen TV or the new sofa you just purchased. So everything from the walls in are your responsibility. Items like fixtures, cabinets or appliances maybe covered by the master policy but often are not especially if you’ve remodeled your place in any way.

This is where I, your friendly insurance agent, enter the picture and ask you if you feel safe knowing your neighbor has a candle fetish and another can’t even boil water to make tea. I believe condo insurance should be thought of the same as home insurance. All too often it has been looked at like renters insurance and considered optional and it also doesn’t help that it is not a required condition for closing your loan. Thankfully, the new construction condo I just purchased DID require proof of individual unit coverage prior to closing any sales.

To get an idea of what condo coverage costs I always recommend you start where you have your auto insurance coverage. Most companies give a discount for having more than one policy with the same company. I also think this might be the right time to review all of your insurance coverage and make sure you are maximizing discounts and coverage.

Thanks for listening to your favorite online and blogging insurance agent. Feel free to call or email me with any questions about this or any other type of coverage. I wanted to share some of my thoughts about condo coverage in the hope that it might help all of us condo owners out here. Take care and be well.

Share this:

Mortgage Fraud in WA as defined by the new law and local MLS – do you think this might qualify?

Posted on August 1, 2008 by Reba Haas

So, recently I have had a client interested in a house that has a major problem with an attached garage and den – added after the original house was built. The problem with the garage and den is that it is impacted by a steep slope that has eroded part of the foundation beneath it and it is slowly beginning to slide down the hill. A geotech engineer’s report is included with the seller’s disclosure statement that spells out all the problems with this site and gives the engineer’s recommendations which include removing this portion of the structure completely.

Now, let’s take a look at what is the most likely scenario for a buyer wanting to purchase this house and the financing they might need to procure – if they don’t have all cash to buy it. My personal opinion is that since the garage and den are recommended for demolition and either rebuilding or just plain extinction that it is encumbent on the new borrower to give all this detail to a lender. Chances are, in today’s more risk averse lending climate, the building would qualify only for a construction or a rehab loan (perhaps the FHA 203(k) program) with the lender being given a detailed list of the problems and the plans for reconstruction – typically a timeline for completion is necessary for these and are limited to 6 months to 1 year.

My interested buyers currently have only looked at conventional loan packages so I directed them to inquire from their lender about these other options. I also emailed the listing agent to ask him if he had a lender that was aware of the problems and if they perhaps had a loan package that might suffice for purchase of the property.

Here is his reply with details of individuals/firms redacted:

Greetings,

I spoke with my lender, XXXXXX, at XXXXXX XXXXXXXX and she talked with

her underwriter who told her that as long as the appraiser didn’t mention

it, the lender would not be concerned about it.

We should have the cities approval on the new permit for the garage in the

next week or so if your clients are interested in building the new garage.

My clients have lived with it as it is since 1994 with no problems.

Let me know your thoughts.

This same agent told me that his clients had never lived in the property and that it had been a rental the entire time they owned it. So, yeah, I’ll bet they never had any problems with it.

Now, let’s take a look at the language that just came out from the NWMLS regarding the new law enacted in June 2008.

“Under some circumstances, omitting information about the property may be considered mortgage fraud. House Bill 2770, which became effective June 12, 2008, makes mortgage fraud a class B felony, punishable by confinement not to exceed ten years, or by a fine in an amount not to exceed $20,000, or by both confinement and a fine. Mortgage fraud has always been illegal, but the new law makes it clear that Washington lawmakers are increasing their efforts to punish those who perpetuate fraud.

What is considered mortgage fraud under House Bill 2770?

Section 9 of House Bill 2770 states that it is unlawful for any person, in connection with obtaining a residential mortgage loan to directly or indirectly: (1) defraud or materially mislead any lender or borrower; (2) knowingly make any misstatement, misrepresentation, or omission during the mortgage lending process knowing that it may be relied upon by a mortgage lender or borrower; or (3) use or facilitate the use of any misstatement, misrepresentation, or omission during the mortgage lending process with the intent that it be relied upon by a mortgage lender or borrower.

Section 10 of House Bill 2770 provides that any person who knowingly violates section 9 or who knowingly aids and abets in the violation of section 9 is guilty of a class B felony. ”

I don’t know about you – but I think that this might qualify if everyone just hopes that the appraiser misses the problem. Anyone else got a comment on what they think of the situation? I’ve told my clients to run, not walk, away from this one.

Share this:

Team Reba Real Estate

Seattle real estate and related wealth management topics

Monthly Archives: August 2008

Are you an All-Star? (on Zillow)

For sellers with septic systems in King County… know your responsibilities!

A new restaurant in Renton gives us “little bites” from Asia and all under $10 apiece!

Congratulations to Tim Burkart for selection to the 2008 Best Lawyers in America!

Magnificent Mid-Century Modern at Seward Park on the market…

What makes Condo Insurance so tricky?

Mortgage Fraud in WA as defined by the new law and local MLS – do you think this might qualify?