Team Reba Real Estate

Microsoft Area Townhome

Filed under: townhouse, FHA/VA, Microsoft, King County, NWMLS, seller, buyer, Redmond, Washington — Reba Haas @ 11:24 am

$240,000 - Microsoft Area Townhome

Location: Microsoft

Location! Location! Location! This 1984 Townhome is a very short distance from Microsoft’s main campus, parks and hiking trails. This home offers 2 good sized bedrooms and a full bath. Entertain in the open concept living and dining areas with fantastic windows and vaulted entry. Kitchen includes stainless steel appliances and updated cabinetry. Out back is a patio area and small yard. Attached one car garage with storage and a work/shop area plus additional parking pad for 2nd car.

Contact Information

My Pic Association Logo

Michael Lindekugel

michael@teamreba.com

425.450.1630

Pricing

Price: $240,000

Property Location

15929 NE 41st St

# 8B

Redmond, WA 98052

View Map

Features

Bedrooms: 2	Bathrooms: 1
Parking Spaces: 2	Year Built: 1984
Subdivision: Haper Hill	Located on Floor #: 1
School District: Lake Washington	Square Footage: 920
Agent Name: Michael Lindekugel	Broker: RE/MAX METRO
MLS #: 54188

Attributes

Appliances

Range/Oven

Full Refrigerator

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Hardwood Floors

Security System

Vaulted Ceilings

Building Amenities

Patio

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Equal Housing Opportunity

VFLYER ID: 3255894

Photo Gallery

Powered by vFlyer.com

Equal Housing Opportunity

VFLYER ID: 3255894

All information in this site is deemed reliable but is not guaranteed and is subject to change

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FHA albatross of a townhome condo transaction is almost over!

Filed under: real estate, condo, market activity, King County, FHA/VA, Redmond, mortgage/loan, seller, economic issues, buyer, Puget Sound, HOA, Washington — Reba Haas @ 9:18 am

Many of you have read various posts from me over the past few months regarding FHA and the nightmares that it has been causing when trying to sell condos or townhomes with HOA’s. Well, my longest lasting closing is just about to finish this Friday. Tonight, I was able to give the happy news to my client that we got the final sign off on FHA approval to insure the loan on this property sale.

When the newer FHA rules came in to play we got caught up in the middle of it all in November when we learned that the reserve study the HOA had in hand hadn’t been approved by the board yet and FHA now would not accept spot approvals for anything with a reserve study outside of 12 months. Because of this, we thought it was a dead deal and the contract was rescinded in early December. Then it was like Phoenix Rising as in late December we heard that a lender was willing to consider the loan by using the budget review of the HOA as the determining factor. Ok, we said! So, back into contract we went.

Then December moved slowly on by and our goal of a January 6th closing extended further into January, with our extension for closing pushed to mid-January. Mid-January came and went and the next thing we knew it was pushed to late January.

Now, during part of this time I began to learn that the buyer was also dragging his feet. It became a catch-22 as the buyer wouldn’t follow up with loan conditions as he waited for FHA to move first with their approval. This caused unnecessary delays as having the closing loan conditions cleared would have helped with moving the loan into the hands of FHA earlier.

One of the many beneficial things we did on the seller side of things (I am the listing agent in this scenario) was for me to contact other listing agents in the same complex to build support for homeowners to apply pressure to their board to accept the reserve study - even if it was with conditions for review of certain elements. This along with another agent working with yet another lender to submit a full FHA approval packet for the development (only 1 out of 5 divisions had originally held FHA approval) which was approved within a day of our spot approval. Our client had at least passed an FHA appraisal in November and I believe that helped us as well since it would have been recorded against the property in the FHA database, plus at least 3 other homes had sold via FHA loans in the 6 months prior to all these changes.

So, our last extension put us to a Friday closing of this week. My fellow agents and our friend/clients out there, please cross your fingers for us and knock on wood that this is it!!!!

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More details to keep you on track for the 1st time homebuyer tax credit of 2009

Filed under: title/escrow, King County, South Park, Central District, Madison, Phinney Ridge, market activity, Beacon Hill, townhouse, Kirkland, Tukwila, Auburn, Kenmore, Kent, Issaquah, single family, FHA/VA, Conventional loans, Greenlake, Ballard, Bellevue, Puget Sound, mortgage/loan, Seattle, buyer, legal issues, economic issues, seller, Bryn Mawr, Lakeridge, real estate, Renton, tax issues, condo, West Seattle, disclosure, Redmond, Washington — Reba Haas @ 12:54 pm

A couple of days ago, I wrote an article that highlighted issues in King County, WA regarding closings in November 2009 that could impact a buyer’s ability to get the $8,000 tax credit for 1st time buyers. More news is coming out that impacts this as well and buyers should be prepared that lenders are wary of the volume that will hit at the end of this month as well and they’re putting up barriers for any legal action that may come from a rush of paperwork and deadlines culminating at the end of the month during one of our Nation’s biggest holidays.

See below for a warning sent out by one of my lending contacts with regard to news they’re being given of banks trying to reduce liability for missing the deadline. Be sure to be talking to your lender about their policies and volume that is expected for this month. The last day of the month is a Monday:

One major lender has reminded us that, for the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the homeowner. This must take place before December 1, 2009. This lender is also suggesting that a disclaimer be signed absolving them of any liability should the mortgage loan not get closed in time for the credit. There is a movement to extend the deadline at least 6 months, and even to drop the first time buyer requirement. Who knows what the future of that is. Good Luck Jerry Rutherford Professional Mortgage, Inc.
22659 Pacific Hwy So Suite 101
Des Moines, WA 98198
Phone: (206) 870-5050 Cell: (206) 356-1711
Toll Free: 1-800 764-5626 Fax: (206) 870-5051
Email: jrutherford@pmiloans.com
www.pmiloans.com
WA Lic. # 510-LO-35158

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Furlough days for King County Recorder’s Office to affect November sales and possibly your opportunity for $8,000 1st-time homebuyer credits. Be prepared in your offer!

Filed under: King County, South Park, townhouse, title/escrow, Central District, Beacon Hill, Madison, Kirkland, single family, Kent, Tukwila, Auburn, Woodinville, Issaquah, FHA/VA, Conventional loans, Phinney Ridge, Greenlake, Bellevue, Puget Sound, mortgage/loan, Seattle, buyer, economic issues, seller, Bryn Mawr, Lakeridge, Renton, tax issues, Ballard, real estate, condo, Redmond, West Seattle, Washington — Reba Haas @ 12:16 pm

Many people know that local governments and municipalities have been cash strapped and have implemented budget cuts in various departments as of late, but not everyone who is in the process of home shopping realizes that this could impact them directly. In King County, there were forced furlough days implemented throughout the 2009 calendar year so all cities lying within this county area will be affected. See the note below that I received from a local title & escrow firm to know which dates in November and December are affected. The 28th and 29th of November are on a weekend, when NO closings can occur anyway so don’t schedule yours for the 30th thinking that there will be plenty of time. As a first time home buyer you might find yourself out of luck with the $8,000 tax credit if you miss the timing and have your sale bumped past the November 30th cut-off date for that benefit.

Many people are expecting a last minute rush of activity this week for those that are hoping to utilize the tax credit as it usually takes 30-45 days to get through the underwriting process for lending so most contracts are written to close within that period of time. The next week or two will be interesting for everyone involved in the real estate and lending industry as we wait to see what buyers will do. If you’re in that camp of people trying to take advantage of the credit, then you better get crackin’ this weekend and narrow down your choices fast.

We also wanted to provide you a reminder that the King County Courthouse has scheduled the following furlough days and holidays between now and the end of the year. These courthouse closures will impact your closing date selection as well. King County Furlough Days and Holidays

November 11th, 25th, 26th and 27th.

December 24th and 25th

Comments (1)

Back on market Redmond townhome under $400k. Buyer financing fell through.

Filed under: real estate, townhouse, FHA/VA, Conventional loans, condo, Redmond, seller, buyer, Puget Sound, HOA, Washington — Reba Haas @ 10:10 am

$399,500 - Gorgeous 2-Story Condo In Downtown Redmond!

Location: Downtown Redmond

The stylish living room has high ceilings, large windows, new carpet and a neutral color palette that gives you maximum decorating flexibility: go casual or formal, depending on your own style. The kitchen is immaculate, with easy-to-clean brand new vinyl flooring and granite counters. Don’t give up your active lifestyle. This home is only minutes away from trails that lead to Burke Gilman & Marymoor Park. Whether you’re a restaurant connoisseur or a savvy shopper, you’ll love the variety offered by the neighborhood. There are at least a dozen fine restaurants and shops within walking distance…Welcome to your new home!!!

Wondering what your home is worth? Contact Team Reba for aFREE market analysis with no obligation.

Contact Information

My Pic Association Logo

Reba Haas

info@teamreba.com

425-970-3697

Pricing

Price: $399,500

Homeowner Dues: 362

Property Location

9104 159th Place NE

Redmond, WA 98052

Links

Features

Bedrooms: 3	Bathrooms: 2.5
Parking Spaces: 2	Year Built: 1995
Subdivision: RiverTrail	Floors in Bldg: 2
School District: Redmond	Square Footage: 1572
Agent Name: Reba Haas	Broker: RE/MAX Metro Realty, Inc.
MLS #: 29061100

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Sink Disposal

Microwave

Interior Amenities

	Fireplace
	Vaulted Ceilings
	End Unit
	Disabled Access
	Walk-In Closet
	Insulated Windows
	slab granite kitchen counter
	slate stone entry
	Dining Room
	Master on main
	5-pc Master Bath

Building Amenities

Patio

Guest Parking

Nearby trails

private patio

near shopping & restaurants

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Equal Housing Opportunity

VFLYER ID: 2484655

Photo Gallery

All information in this site is deemed reliable but is not guaranteed and is subject to change

Comments (0)

New listing coming in Taluswood (Redmond, WA) near Microsoft

Filed under: King County, market activity, Fair Housing, townhouse, FHA/VA, Microsoft, Woodinville, Conventional loans, staging, wine/food, Puget Sound, buyer, seller, HOA, mortgage/loan, real estate, condo, Redmond, Washington — Reba Haas @ 12:07 pm

We’ve got a new listing that will come on next week in Redmond at the very European feeling development of Taluswood townhome condominiums out on Avondale Road. This complex was built back in 2002 and at the time a very good friend of mine was buying a new unit there. Well, now one of his neighbors will be selling her ADA compliant unit in one of the more uncommon layouts there of a 2-story (rather than 3) unit with one large parking garage and an extra assigned space next to the unit. With 3 bedrooms and 2 full baths, this end unit opens up to the lovely park grounds of the development. Tall ceilings in the living, dining and kitchen. Ceilings fans are in each of the bedrooms, including the Master bedroom on the main floor. One of the upper bedrooms has access via continential style bath so is like a 2nd master in the home.

Fresh paint, new carpets, and brand new Corian style counters in the kitchen plus many updated and beautifully ornate light fixtures. Close to Microsoft and commuting via 520 or 405. Easy access up to Woodinville wine country.

Coming on around September 22nd. Feel free to contact us early if you want to learn more.

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Seller's be aware of FHA/VA lending requirements for septic if you've got sewer connection available

Filed under: Snohomish County, Pierce County, King County, title/escrow, South Park, Lynnwood, Conventional loans, FHA/VA, single family, Kirkland, NWMLS, Renton, Puget Sound, Seattle, buyer, seller, short sale, foreclosure, real estate, Redmond, mortgage/loan, legal issues — Reba Haas @ 9:29 am

“Agents:
If you have a listing where the property is hooked up to septic, but sewer is now available then the following rule applies for FHA/Va financing: The connection must be made to a public water/sewer system or a community water/sewer system, if connection costs to the public or community system are reasonable. Reasonable is defined by 3% or less of the estimated value of the property. If the connection costs exceed 3%, then the existing on-site systems will be acceptable provided they are functioning properly and meet the requirements of the local health department.

On Coventional loans, there is no requirement to hook up to the community sewer system.”

We received this message from a local lender regarding properties on septic being REQUIRED to connect to local sewer systems, if a system is available. There are certain areas of King, Snohomish, and Pierce County where this may affect your sale. I can think offhand of areas in or near Kirkland’s Rose Hill, Bridle Trails, and Juanita neighborhoods that would likely fit this description and requirement.

So, why is it a big deal? A few reasons…

1. Hooking up to sewer usually means higher fees for the homeowner because there is the connection fee.

2. Plus, King County has a 15 year assessment worth a few thousand bucks for any new home connecting to the Metro sewer system. It would need to be researched to confirm if the 15 year fee applies, but I’m guessing it would be. I’ll check with Michelle Britt the gal that works at King County in this department and report back later with a confirmation.

3. Sewage fees typically run much higher in cost than septic, plus they are ongoing monthly fees while septic has most of its costs associated with occasional inspections, pumping, and repairs. If you’re not a heavy water user, and especially if you have a gravity system rather than a pump system in your septic design then it’s pretty low cost overall.

Other considerations…

1. If you’re a seller who is house rich and cash poor - this could mean anyone in financial hardship or elderly on fixed incomes, you may not have the money to make the connection.

2. That may mean that a buyer has to take on this risk in a transaction which may be unlikely unless they feel they’re getting a “deal” on the home itself (read, lower sale price).

3. If you need to try and sell quickly, or you didn’t know about this in advance of trying to sell and move out of area, it could derail or complicate your plans because of the time needed to get it completed.

When you think about the fact that home sales aren’t always done because of good circumstances, having this be a requirement when selling can make it a hardship on some. The fact that FHA is a strong percentage of the loans being financed today means it will also affect some sales negatively. Anyone with less than 20% down is currently getting directed toward FHA loans, and VA loans are picking up with more and more people going to, and coming back from, military action overseas.

Finally, when you think of 3% as property value - consider the housing prices we have here in the Seattle/Bellevue metro area. Just in those Kirkland neighborhoods alone these are the sales stats on 184 properties that met septic and sewer available notation in the NWMLS since January 2007 using the following parameters:

Property Type  Residential    City  Kirkland
Statuses  Active, Contingent, Pending BU Requested (2/21/2009 or after) , Pending Inspection (2/21/2009 or after) , Pending (2/21/2009 or after) , Sold (1/1/2007 or after)
Sewer  Sewer Available OR Septic

Quick Stats - Averages

Listing $

SqFt

Listing Pr/SqFt

CDOM

Sale $

Selling Pr/SqFt

If 3% is the “reasonable” test for requiring the change, then the cost be upwards of $20,000 based on the average sale price and a seller would be required to pay for it. Ouch!

If you are a seller who will be impacted by this lending requirement, then be sure to discuss it with your agent and do your homework in advance of going on market. FHA max JUMBO loan guidelines have $567,500 as their top loan value so if you’re priced under $709,375 this could apply to you.

Comments (1)

June stats for the Puget Sound MLS show some encouraging news… and mixed results

Filed under: Renton, Ballard, real estate, condo, West Seattle, Greenlake, Phinney Ridge, Central District, NWMLS, Madison, Beacon Hill, market activity, Redmond, Lakeridge, Seattle, Bellevue, buyer, seller, economic issues, Puget Sound, interest rates, Bryn Mawr, mortgage/loan, foreclosure, short sale, Washington — Reba Haas @ 7:59 pm

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2000	3706	4778	5903	5116	5490	5079	4928	5432	4569	4675	4126	3166
2001	4334	5056	5722	5399	5631	5568	5434	5544	4040	4387	4155	3430
2002	4293	4735	5569	5436	6131	5212	5525	6215	5394	5777	4966	4153
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498	5963

It would be easy to look at this and with a broad stroke look at it and think, “Whew, I’m glad we’re done with that real estate downturn!” but it’s not that simple. Other news that came out in June’s numbers shows that in real estate it still is the same story of “location, location, location” plus there is a bit of a chicken and egg issue. Is the lower inventory level because there are picked up sales, or because people who would have sold aren’t doing so now and are instead holding on till later? Either way, it’s probably just as well given that it will be a little while before appreciation picks up to make up for the loss of value of the past 2 years.

Statistical Summary by Counties: Market Activity Summary - June 2009

June 2009 Single Family Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
June 2009 Single Family Homes + Condos	New Listings	Total Active	# Pending Sales	# Closings	Average Price	Median Price
King	4373	13351	3042	2083	$446,044	$363,116
Pierce	1668	5953	1341	798	$258,761	$230,000

Some of the news released talks about the decline in the number of condo units being sold in downtown Seattle but what has affected that sector has been the financing market as almost all lenders have required larger down payments (minimum 10%) which many buyers don’t have available. When 5% purchase options were available more people were able to save those kinds of funds, but when the median price $449,450 you can see why a change from 5% to 10% can put a dent in sales.

We’ll keep putting out information on the local market areas so that you can keep up to speed on market changes. If there is a specific market area you’d like to see highlighted or reviewed, feel free to comment or email us with your request.

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It's dry in the summer now, but when the rains come do you know how to handle a flooded basement?

Filed under: West Seattle, Redmond, real estate, Renton, Phinney Ridge, health, disclosure, landlord, seller, legal issues, buyer, Seattle, Lakeridge, Puget Sound, Washington — Reba Haas @ 12:23 pm

I am doing a little research on well testing for a client and, while cruising around the King County Department of Health website, I came across this interesting article on recommendations for how to handle and clean a flooded basement. Considering how frequently various areas of Washington State have problems with flooding because of the snow runoff in the mountain ranges as well as because of our, oh, so famous rains, I thought this would be good information to share.

Making sure that water that infiltrates a house is taken care of properly is a big deal. Mold and mildew can cause health problems, not to mention insurance issues, and disclosure requirements for sellers depending on if, when and how a flooding issue was handled. Insurance companies want to know that ANY water related damage to a property is handled properly and if it hasn’t been, then a buyer trying to buy a home may be denied coverage, thus making it hard to sell the home. CLUE (comprehensive loss underwriting exchange) reports, similar to the more well-known CarFax system, from the past 15 or so years should help determine if a claim has been made when a buyer is calling around getting insurance quotes in the early phase of a purchase. Be sure to ask if your insurance agent will be pulling a CLUE report as part of your quote/binder request. Most people don’t realize that insurance underwriting takes longer than loan/financing underwriting processes so it is possible to lose coverage after the purchase of your home completes.

If a seller didn’t make a claim, but did have a water problem, then it’s important that they disclose issues in the WA State required Seller’s Disclosure Form when selling. And even more important, lay out what was done to mitigate the problem and prevent it from happening again, if possible. This can mean plumbing issues, or natural disasters.

Not only does this website tell you how to handle pumping out water in the event of a flood, but it also gives tips on how to deal with issues of clean up. This is useful for both large flooding problems and the occasional water seepage that many older homes in Seattle experience when we have long period of wet weather. I also loved the idea of the use of a piece of dry charcoal to absorb odors. I wonder if this also works for cat pee smells. We had a house recently that we were in where I’d suggested to the agent that perhaps bringing in large bowls of baking soda might help. Perhaps this would have worked better. Anyone know if either of these might do the trick?

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Peak real estate selling season is upon us, are you ready for the last blast before school begins?

Filed under: real estate, condo, wine/food, staging, Fair Housing, Redmond, Puget Sound, seller, Washington, buyer, Seattle, Bellevue, property management — Reba Haas @ 5:18 pm

Many people ask me when the best time to sell a property is because there is a natural assumption that it is during the summer months. And, for the most part, they are correct. However, it’s necessary to also take a look at WHAT it is that you are going to be selling, not just when the largest market activity is occuring.

It’s not just that summer, as it is in Western Washington, may be the most reliable weather season, because goodness knows I wouldn’t want to move in the heat of summer in a place like Phoenix, AZ. But, rather, it’s because of the season devoid of school being in session that causes the biggest fluctuation of activity.

What does that mean for the average seller? Well, if you own a 1-bedroom condo you are probably not going to be as affected by the seasons for your sale. Same thing with properties in high density urban areas, such as Belltown. If you’re in a 55+ development, such as Trilogy out in Redmond, again, smaller impact. But, if you have a 3 or 4 bedroom home in a suburban neighborhood with access to really good schools nearby, well, then you are most likely going to be targeting the summer months when most parents want to make their transfers and give their kids time to “adjust” to the move as well as get the new school district sorted out and sign ups completed.

But, don’t despair even if your need to move comes at a time of year that isn’t late Spring or early Summer. Real estate is comprised of clients who have to move for all manner of reasons. Marriages, new jobs, adding children to the family are some of the happier reasons that occur and these happen all throughout the year. Just watch closely what is happening in your local market conditions and be sure to interview well the person who’ll be listing your home. It’s important that you be able to target the right audience, even though we agents must be careful the verbiage we use to assure we don’t run afoul of Fair Housing guidelines.

Most consumers don’t know that we are not allowed to use terms such as family, kid-friendly, or even “mother-in-law” in our advertising. Instead, we focus on what we expect the lifestyle will be of the new occupant and set up staging to help evoke the type of environment that will appeal to this buyer. Even invoking the kinds of books or cookbooks/food in the house that would create a comfortable home.

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Team Reba Real Estate

April 21, 2010

Microsoft Area Townhome

February 10, 2010

FHA albatross of a townhome condo transaction is almost over!

October 20, 2009

More details to keep you on track for the 1st time homebuyer tax credit of 2009

October 16, 2009

Furlough days for King County Recorder’s Office to affect November sales and possibly your opportunity for $8,000 1st-time homebuyer credits. Be prepared in your offer!

October 15, 2009

Back on market Redmond townhome under $400k. Buyer financing fell through.

September 14, 2009

New listing coming in Taluswood (Redmond, WA) near Microsoft

August 20, 2009

Seller's be aware of FHA/VA lending requirements for septic if you've got sewer connection available

July 28, 2009

June stats for the Puget Sound MLS show some encouraging news… and mixed results

July 17, 2009

It's dry in the summer now, but when the rains come do you know how to handle a flooded basement?

July 10, 2009

Peak real estate selling season is upon us, are you ready for the last blast before school begins?

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