Windermere Woodinville Blog

One and two bedroom condos are rising in Woodinville.  Chateau Woods Condos will be ready in the Spring of 2009.  Upward to 500 units will dominate Woodinvilles norteast skyline.

Here we see the artists conception of the finished product.  A new stop light intersection at 140th Avenue NE and NE 183rd is already in place.   The show room for Chateau Woods  will open for business this Spring of 2008.  Fairview and Fairfield Residential is the developer.

The fours cranes in the air make Woodinville resemble Bellevue.

What a great market for condominium buyers.  Consider these facts drawn from the statistics of the Northwest Multiple Listing Service. (Membership in the NWMLS required for log on).

A plentiful inventory (459% increase in months supply of inventory from this time last year).

Total listings up 138.8%, market time increase, making sellers more willing for concessions

But on the other hand prices (value) of condos holding well.

And interest rates, lending policies, and mortgage products all very attractive and favorable for buyers.

May times in the real estate cycle there have buyers’ markets where there was a large inventory of homes to choose from … but never has large inventory combined so well with low interest rates. 

The combination is right for buyers.

Technorati Tags: condominium,high inventory,low interest rates,favorable buyers market

Benefits of a FHA Mortgage

1. A 3% down payment, as opposed to a 5% down payment on tranditional loans.
2. Low monthly mortgage insurance
3. Low closing costs, which are regulated by HUD
4. No credit score requirements
5. Qualify for a loan two years after a bankruptcy
6. Qualify for a loan three years after a foreclosure

Thank you, FHA for coming to the market place when we needed you.

New FHA guidelines now make that old favorite a new favorite for home buyers.  Buyers with credit score issues, limited closing moneys or needing gift funds to get in the Seattle Eastside home of their dreams … now have a friend in FHA loans.  And this just covers some of the advantages.

Welcome back FHA!

Technorati Tags: FHA,Woodinville,gift money,credit scores

Short Sale Addendum

This is an addendum to the □ Residential Purchase and Sale Agreement □ Other _______________________________________________________________________

(“Agreement”) dated ______________ on property known as ______________________

______________________________________________________ (“Property”) between

_______________________________________________________________(“Seller”),

and ____________________________________________________________(“Buyer”).

Short sale listing: Broker has advised Seller that the amount of money necessary to pay in full all loans and other debt obligations that are secured by a lien(s), including any IRS liens, on the Property as well as Broker commissions and other costs of sale may exceed the current market value of the Property. Accordingly, in order to sell the Property, Seller may be required to: (1) deposit his/her own funds into escrow, (2) obtain the agreement of secured Lender(s) or creditor(s) to accept, as payment in full, less money than they are owed (Short Sale), and/or (3) pay back some or all of the shortage after the sale is complete. Broker has advised Seller that other options, such as, but not limited to, negotiating a modification of existing loans/liens, refinancing, bankruptcy, foreclosure, or deed in lieu of foreclosure may be more appropriate for Seller.

No doubt the Washington State real estate market fairs better than national trends. Until recently - when a state-to-state sales boomlet appeared - a flattening and softening marked the national scene. Yet, even if our State market remains more-or-less blessed, the forms needed by Washington State real estate professionals say something about our Evergreen State market. Where’s our short sales addendum they ask? A short sale is where the house being sold is worth less on the market than the owner owes in mortgage balance or to lien holders. This home is in foreclosure, can my client sell it before the public sale date? My client must sell their home before they can take advantage of the sold buyer’s market: how do contingent sales work, again? Read the rest of this entry »