Short Sales - A Good Deal or a Sour Deal
How can you tell a good short sale deal from a sour short sale deal? First of all, I hesitate using the word "deal" with the words short sale. Short sales are not always a deal. Just because the new suggested listing price is lower than what the current homeowner paid does not make a "deal." My clients and I have been searching King County for a home at or below $200k. They quickly came to realize that Puyallup was saturated with SFR's (single family residences)just at or below $200k - and many of these homes are short sales.
They love to search for homes on the internet and send me lists of short sale "deals." I will graciously take their list of 10+ homes and quickly dwindle them down to 1 or 2 homes that would constitute a "deal." This is done by checking County records to review the assessed value of the home, property tax status, taxes due, HOA dues, liens on property, how many lienholders are attached to the property, neighborhood review, sold properties within a 1/4 mile radius of home, current listing prices within a 1/4 mile radius of home AND a call to the listing agent to learn short sale/lienholder status, if they have received any other offers that have failed, if a BPO (Broker Price Opinion) has been performed on the property, how close to foreclosure is the property and more. That is a lot of work to perform on the front end and will take a number of my clients perspective "deals" off the platter as they are just too sour.
At first my client was a bit uncertain why we could not go see ALL the listings that they thought were deals. Here are some reasons why....If a home has multiple lienholders then the liklihood of getting all lienholders approval to sell short is minimized. If a home has unpaid liens against the property the chances of the bank approving payoff of these liens on top of the loss of proceeds is minimal. The seller cannot/will not pay off these liens and buyers will rarely, if ever, want to pay overdue bills of the seller. Some of these unpaid bills may include utilities or HOA dues. There are many issues that must be researched before considering placing an offer on a short sale.
When your Realtor will take the steps to research up front then the possibility of actually closing on a short sale deal becomes a greater reality.
These extra steps will also save you all a valuable resource - time.Short sales are not for the weak! They take effort, research, time and a lot of patience for all parties involved.
Good Luck!
Nancy Hill, CRS SRS
Windermere RE/Renton, Inc
(253)653.6323
NancyHill@Windermere.com
Windermere website: www.NancyHill.MyWindermere.com
Nancy's website: www.BestKingCountyRealEstate.com
Nancy's Blog: www.BestKingCountyRealEstate.com/blog
Homes in Renton Highlands - new construction
Craftsman style with intricate exterior detail. Located in the sought after Renton Highlands - Maplewood Heights.
Laurel Crest
These homes feature true hard wood floors, abundance of windows for natural light, 2 story ceilings, den/library, coffered ceiling, art niche, rich cherry cabinetry, granite kitchen countertops with whirlpool appliances, landscape front and back, utility upstairs, higher grade carpeting...classy homes built with great care.
Price: $419,950 to $489,950
Homes Available: 3 in construction, 3 completed, 2 with foundations
Features: 4 Bedrooms, 2.5 baths, 2199 to 2539 SquFt
Lot Size: 4800-6170 SquFt
HOA: $20
Builder Warranty
See more pictures at: http://www.bestkingcountyrealestate.com/index.cfm/page/57015/parent/57005/FEATURED_Listings.html
Call for a private showing of these newly constructed homes!
Nancy Hill, CRS, SRS
Windermere
Phone: 253-653-6323
E-Mail: NancyHill@Windermere.com
Company Website: http://www.nancyhill.mywindermere.com/
Personal Website: http://www.BestKingCountyRealEstate.com
Laurel Crest Community Map: http://www.loziergroup.com/page11911.asp
Nancy Hill is a new construction specialist with approximately 100 new construction sales experiences. She is a co-listing agent for Lozier Group, assists buyer and sellers across King and Pierce Counties, provides educational sessions for fellow realtors and is actively involved in her community.
Quadrant Homes for Sale at Kentlake Highlands
Kentlake Highlands is located in a desireable location as it is nestled between Druids Glenn Golf Course, Lake Sawyer and Kentlake High School. The community is unincorporated King County with a Kent address, yet it sits between Covington, Maple Valley and Black Diamond.
This may seem far, however, there is Hwy 18 and Hwy 169 to connect a Kentlake Highland resident to I-90 and I-405 within minutes. Drive 1.5 miles to Kent-Kangley road and take a left to Covington with Kohl's, Fred Meyer, Costco, Safeway, Home Depot, restaurants galore and many more amenties. Drive a few miles further to drop down to Kent Station. Or take a right at Kent Kangley and drive into Maple Valley- 4 corners.
Homes for sale at Kentlake Highlands are built by Quadrant Homes and feature popular Lifestyle Plans, which allow you to configure the layout of your home to meet your specific lifestyle needs. Change the location of the kitchen, enlarge the garage, add bedrooms and much more, often at no additional cost. Homes range from 1500 square feet ($223,900) up to 3500 square feet ($321,900). This is the base price and you can add features that fit your lifestyle, needs and wants.
Kentlake Highlands is in the Kent school district and feeds into Sawyer Woods Elementary, Cedar Heights Middle School and Kentlake High School. The high school is directly behind the community.
The homes for sale at Kentlake Highlands are available immediately for purchase. For viewing, please call Nancy Hill, Windermere at 253.653.6323 to arrange an appointment.
You can view these homes online at www.BestKingCountyRealEstate.com
New Construction Homes in Renton Highlands
For beautiful design and craftsman style architecture visit Laurel Crest by the Lozier Group to view homes in the $400's. These floorplans are 2,199 - 2,535 square feet with exterior details that make for a wonderful street scape. You would be very proud to drive up to this new construction home in Renton every day.
This new construction community has 49 lots with wide streets, sidewalks, streetlights, group mailboxes and a quiet setting. There are many lots that have green space behind them. Directions to Laurel Crest.The hours of operation are:
Sat & Sun 11-5pm
Mon, Tues, Frid 12-5pm
Contact Nancy Hill for details at 253-653-6323
If you want to purchase new construction in Renton Highands for low to high $200's then Langley Meadows might be a good fit for you. These floorplans are 1,618 to 2,432 square feet with the opportunity to select from interior finish work options. These homes have stonework on the exterior with 2 car garages.
This new construction community has 70 lots and sits next to it's higher priced relative of Westcott homes in the $400's.
If you do not have a Realtor connection please contact Nancy Hill for details and showings at 253-653-6323.
New Construction homes in Renton Highlands are priced comparable to resale homes. Due to the oversaturation of new construction buyers are able to consider new construction as a better option. Builders can offer buyer incentives beyond what a typically home owner can offer. New construction home buyers may find lower interest rates by using the builders preferred lender or seller concessions for closing costs or upgrade packages.
Newer home buyers may be intimidated by New Construction. It may seem that New would certainly be more expensive - that is simply not the case anymore! With first time home buyer tax credit, low interest rates, builder incentives and ample New Construction homes to select from there are homes for nearly every budget.
Why choose the city of Renton to purchase a New Construction home? The city has recreation, arts, shopping, employment, business opportunity and much more. The city has easy access to the highways, airport and amenities.
If you want guidance and sound advice for purchasing New Construction homes in Renton Highlands - or any King County city - just shoot me a text or email. I am happy to field any question. If I don't have the answer I will get the answer.
Check out new construction listings in Pierce and King County. Starting with Low $ to High $
www.BestKingCountyRealEstate.com
First Time Homebuyer Tax Credit Extended Into 2010!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.
What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
- You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
- You do not use the home as your principal residence.
- You sell your home before the end of the year.
- You are a nonresident alien.
- You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
- Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
- You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
View Condominium in Downtown Bellevue WA
mover and shaker this location is pinpoint perfect. Especially if you actually work in Bellevue or off the I-405 corridor. This View Condominium in Dowtown Bellevue is located on NE 9th Street in the Washington Square Tower II. The 18th floor corner unit boasts an amazing View of Downtown Bellevue. The floor to ceiling windows in the living room and dining room are awe inspiring. You can dine while looking out over downtown Bellevue and see the mountain range in the distance. On a clear night the sunset reflects off the neighboring glass buildings. A glass enclosed railing on the patio encourages you to sit for hours and enjoy the breeze. You can also catch a view of the Lake Washington. 
If you work from home or are a retiree this could be opportunity knocking at your door! There is every amenity to please your pallate. 24 - hour concierge, top notch work out facility, The Loft is available to hold meetings/dinner parties/family or friend gatherings or just kick back and watch a movie. You have access to the Washington Square towncar service to take
you anywhere in Bellevue. This View Condominium in Downtown Bellevue WA could fit any type of lifestyle - it just depends on your speed! Fast Slow or somewhere in-between.
If you are interested in a View Condominium in Downtown Bellevue WA I encourage you to learn more about this particular unit by visiting Best King County Real Estate for details and contact information.
If you are concerned that a View Condominium in Downtown Bellevue WA would not be a good location to raise children...think again! Looking for something to do for recreation in Bellevue ?
There are almost 100 parks in Bellevue, with a broad range of amenities and features,
including indoor pools, lakefront beaches, community centers, golf courses, skate plazas, nature trails, indoor tennis courts and a boat launch. The city also coordinates lessons for many sports from tennis to swimming to golf, and coordinates youth and adult leagues for several sports.
If you want to cross the pond (Lake Washington) to attend a Seahawks or Mariners game you could drive across either bridge and be watching a game within the hour.
Check out the Bellevue School District for details on educational opportunities for children.
If you still don't believe that a View Condominium in Downtown Bellevue WA fits your lifestyle and needs I would love to learn what type of home and lifestyle you want. I can certainly help you find that perfect place to call home! www.BestKingCountyRealEstate.com
Nancy Hill - CRS,SRS NancyHill@Windermere.com (253) 653.6323
Windermere RE/Renton, Inc. 3800 NE 4th Street, Renton, WA 98056
