I have a first time home buying client that I have been working with for a little while now. Recently she found a condo that she likes in the Seattle's Wallingford Neighborhood and began to discuss possibly making an offer on it. The complex resembles new construction but after a little investigation we found that it is actually a condo conversion. This may not seem like a major distinction, but in fact it is when it comes to finding financing for the unit.
My client had gotten a preapproval for a 30 year fixed loan and was comfortable with the closing costs and monthly payment she thought she would have. Like many first time home buyers, she does not have unlimited funds and needs to know before making a purchase what to expect in monthly payments. Any major changes means the difference between being able to purchase a property and not.
So why is the condo conversion such a big deal?
Recent difficulty in the mortgage industry has resulted in a lot of changes to the kinds of loans and terms a bank will offer. Many of the zero down and no closing cost loans that were so popular during the boom, are now gone. The difficulty for this loan is that with the complex completely empty and a conversion (one where a previous rental is converted and sold as condominium units) Fannie Mae and Freddie Mac will not purchase the loan. I don't want to bore you with the detail on this, but it is a big deal. What it means to the buyer is that the terms they thought they could get a condo for, are no longer valid.
My client was quite frustrated with the whole process. As it turns out we think we can find financing for her under different terms that may actually work out in her favor. But it wasn't without some gnashing of teeth and some frustrated phone calls.
The bottom line for Seattle Condo Shoppers:
There is nothing worse than falling in love with a home and then finding out you can't actually purchase it. There are ways around it, that won't put you in a bind at a later date, but it can take some fancy footwork. Be careful. The market has changed and there are a lot of land mines to avoid with financing these days.
Give me a call if you need help.
Seattleite's love to eat out and thank goodness we have so many great choices to do so. But if you are like me you sometimes find yourself in the rut of going to the same places over and over. Well, if you are looking for a new place to check out, NW Source has a list of places readers have recommended for 2008. Each year they do a poll asking Seattle to name their favorite eateries in a variety of categories. So if you are looking for a new place to satisfy your palate, here are some thoughts. Just for some fun I thought I would add my own favorites. Feel free to add your own comments if you have favorites that you don't' want overlooked.
Best Sandwich/Place for Kids/Mac and Cheese/Bakery/Brunch/Dessert Spot
For the record I am a huge brunch fan. If it were up to me there would be nothing but three servings of brunch each day. Here are my favorites.
Brew Pub
Burger
Chinese
French Fries
Happy Hour
Independent Coffee House
Indian
Italian
Mexican
New Restaurant
Outdoor Dining
Pizza
Seafood
Steak House
Sushi
Thai
Vegetarian
For the full list check out NWSource. Eat, Drink and leave a generous tip!
For the third year in a row, Wedgwood is hosting an Art Festival. Come on out and see what local artist have been up to. The festival is taking place in the heart of Wedgwood. Local artists will be showing off their paintings, photography, jewelry, pottery and more. Have a bite to eat and wander through. If last year is any indication, it should be a great turnout.
Click this link to go to the official web site : http://wedgwoodfestival.googlepages.com/
Each year neighbors, businesses and civic organizations of Wedgwood get together to have a night of fun, film and community. This year Wedgwood Outdoor Cinema will show Bend it Like Beckham. The festivities start at 7:30. There will be food, fun, and freebies. As the sun sets, we will kick of the movie. Last year's event was attended by hundreds of locals. So come on down and meet me. I'll be there volunteering at the Windermere tent.
Windermere has been a proud sponsor of the event since the beginning. This year we are hosting MyIDClub.org to come and provide ID cards for children under 16. This is a great service for families with kids. The card features all contact and emergency information as well as a finger print. There is also room on the card to include any additional information like special medical concerns or allergy information. Your child can carry the card with them in case of emergency.
You don't need to be a resident of Wedgewood to attend. So come on down. Have a great time and get an ID card for your kids.
See you there.
Wedgwood Outdoor Cinema
July 12th 7:30 PM
Thornton Creek School
7711 43rd Ave NE
Seattle, WA 89115
Wedgwood is another great Northeast Seattle neighborhood. So much so that it was recently featured in a Seattle Times article, touting how friendly and "walkable" the neighborhood is. Here is an update on the homes currently for sale in Wedgwood. To view the Seattle times article about Wedgwood, check out the follwing link:
Wedgwood is Made for Walking
| Wedgwood Single Family Homes Currently for Sale | 35 |
| Under $500,000 | 19 |
| Over $1,000,000 | 0 |
| Lowest Priced Single Family House | $340,000 |
| Highest Priced Single Family House | $825,000 |
| Median Home Price | $499,950 |
| Average Days on Market | 73 |
| Current Market Trend | Ballanced Market |
| Wedgwood Condominiums Currently for Sale | 2 |
| Under $500,000 | 2 |
| Over $1,000,000 | 0 |
| Lowest Priced Condominium | $208,000 |
| Highest Priced Condominium | $270,000 |
| Median Condo Price | $239,000 |
| Average Days on Market | 72 |
| Current Market Trend | Buyer's Market |
Residential Real Estate Specialist. My specialty is first and second homes, single family, townhomes and condos, under $750,000. I gladly pay 25% referral fee for relo clients.
Hi. My name is Rob Graham. For the past three years it has been my pleasure to work as a realtor with Windermere Real Estate. I love what I do and attack it with enthusiasm and passion. I choose to work with Windermere, not only because of their market dominance in the Seattle area, but because of the world class support they provide. It is my firm belief that if you want to be the best, you must work with the best.
When not hard at work I enjoy an active lifestyle. When the weather is nice, I love to get outside. Biking, softball and volleyball on Alki are all favorite ways to enjoy the summer months. When the weather turns cloudy I head indoors for more volleyball and basketball.
I also love to travel. Recently I had the opportunity to take an extended trip to Australia and New Zealand. I loved the beauty of te country and relished how welcoming the Ausies were. I have to admit I could do without the enormous bats though! Other favorite vacation locations have included Scotland, the Carribean and Ireland.
On any given Wednesday night you will find me volunteering at Children's Hospital. For the past eight years I have spent over 800 hours with some of the most amazing people I have ever met. I continue to marvel at what an amazing resource Children's provides to the families of Seattle and count my time there as one of the most valuable accomplishments of my life.
As an Accredited Buyers Representative, first and second home buyers represent approximately two thirds of my business. The other third is devoted to the successful listing of homes. I love real estate because of the excitement and energy that clients just like you bring to the process. You have a unique set of needs. I see it as my challenge to make your priorities my own and carry you to a successful resolution.
It is my goal to not only have a relationship with you for the short term transaction, but also to become a trusted advisor for life that you can turn to for all of your real estate needs. I achieve this by focusing my efforts in three specific areas. First I am your consultant. I pride myself in being an expert in all areas of real estate. Whatever your situation I have the experience and support to satisfy your needs. Secondly, I am a tenacious negotiator. I treat your priorities as my own and in doing so find you exactly what you are looking for and get it on the best possible terms. Finally I am a meticulous overseer of details. There are hundreds of twists and turns to every real estate transaction requiring constant attention. Myself and my team of experts obsess over the details on your behalf to ensure that no detail no matter how small is overlooked.
Let me show you what it is like to be in the hands of an expert. If you need advice on real estate in the greater Seattle area, give me a call. I'd love to help.
Feel Free to Visit my Seattle Home Buyer's Blog
"Absolutely professional. Above and beyond the expected level of service."
"Rob kept our stress levels low during a struggling sales market. Rob also did several favors for us that I consider well above and beyond his responsibilities. I could not have expected better service.
"My experience could not have been better."
"We really enjoyed working with Rob and his Mortgage broker. They worked together to make the home buying experience a good one."
"We were really happy with Rob's responsiveness and professionalism. Great experience!"
"As a first time home buyer, I had more then my fair share of questions. Rob was very patient with answering all of them and helped put me at ease at every turn of the home buying process."
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