Another common question from buyers as well as sellers is, "what are my closing costs?" Some typical closing costs in real estate transaction are
Title search fees - is the assurance of clear title to the property and title insurance to defend against any future claims made on the title by circumstances that were not picked up at the time of the title search. This fee is based on the price of the transaction. It will vary from one company to another but they usually pretty close to each other. Traditionally the seller will buy the title insurance policy to protect the buyer, and the buyer will buy a title insurance policy to protect the lender that is providing the loan for the transaction.
The appraisal fee - this fee is paid by the buyer to have a professional appraiser give their value of the property. The appraisal is based on recent comparable sales.
Prorated property taxes, utilities, and association fees - these fees are based on the percentage of the year, or month in terms of utilities such as water and sewer, that you own a home.
Insurance fee - you can usually expect to prepay the first year of your insurance premium
Recording fees - these are fees charged to record the change in ownership usually by the county.
Document fees - these can be fees for drawing up different documents involved in the transaction.
Escrow fees - this fee is usually shared by both buyer and seller and pays for the escrow company that is handling the transaction.
Credit report fee - this fee is for the lender to render buyers credit report.
Other miscellaneous fees - these can include courier fees, electronic transfer fees, flood determination fees, digital storage fees, retrieval fees, underwriting fees, wire transfer fees, tax service fees, e-mail document fees. You won't necessarily be paying all of these, but you will pay some of them.is
Loan origination fees and discount points - the loan origination fee can vary from 0.5 % to about 2% of the loan amount pays for the cost of providing loans. Discount points are percentage of the loan amount paid to buying down the loan rate, resulting in a lower monthly payment.
Sellers additional fees - the seller will also pay a percentage of the sales price in excise tax to the county, and commissions to real estate agents.
You real estate agent can usually give you a pretty close estimate of what most of these fees will be.
There are currently 230 homes for sale.
The Average Sales price is down 14.8% compared to September 08 and down 9.8% compared to last month Auugst 09.
The Median Sales prices is down 11.9% compared to September 08 and down 4.0% compared to last month August 09.
The number of sales is down up by 7 compared to September 08 and is up by 3 compared to last month August 09.
There are currently 146 homes for sale.
The Average Sales price is down 20.4% compared to September 08 and up 16.0% compared to August 09.
The Median Sales prices is down 14.9% compared to September 08 and down 16.1% compared to August 09.
The number of sales is down by 1 compared to September 08 and is up by 5 compared to last month August 09.
Condo Analysis for Lynden
The Average Sales price is up 8.5% compared to September 08 and down 21.7% compared to August 09.
The Median Sales prices is up 0.1% compared to September 08 and up 25.1% compared to August 09.
The number of sales is down by 1 compared to September 08 and is up by 2 compared to last month August 09.
Interest rates are still extremely low and there are some great values in the Lynden market right now. You might want to take a look at what it would cost you to purchase one of these homes at today's rates. You might be surprised at what your monthly payments would be, maybe less than your paying for rent right now if you are renting a comparable sized house.
There is only a short window of opportunity left for the First Time Home Buyer's Tax Credit of $8,000 available to anyone who hasn't owned a home in the past 3 years. You might want to talk to your banker to see what you can afford.
If you have any questions or want to see any Lynden Property feel free to email me at or give me a call at 360-739-6981
The following is a quick analysis of the Blaine real estate market.
The Average Sales price is down 9.8% compared to September 08 and up 11.0% compared to last month August 09.
The Median Sales prices is down 0.8% compared to September 08 and up 2.3% compared to last month August 09.
The number of sales is up by 12 to September 08 and is up by 9 compared to last month August 09.
Condo Analysis for Blaine/Birch Bay
Interest rates are still extremely low and there are some great values in the Bellingham market right now. You might want to take a look at what it would cost you to purchase one of these homes at today's rates. You might be surprised at what your monthly payments would be, maybe less than your paying for rent right now if you are renting a comparable sized house.
There is only a short window of opportunity left for the First Time Home Buyer's Tax Credit of $8,000 available to anyone who hasn't owned a home in the past 3 years. You might want to talk to your banker to see what you can afford.
If you have any questions or want to see any Bellingham Property feel free to email me at or give me a call at 360-739-6981
This is a question this often on the minds of buyers. Buyer's want to be sure they are to not going to lose their earnest money.
What is earnest money anyway? It's like a deposit to show the seller that you really interested (earnestly) in buying their property. It's usually in the form of check made out to the escrow company and held in trust accounts until the transaction closes. It can be in the form of promissory note or anything else the seller is willing to accept. The full amount of the earnest money is credited toward the purchase price of the property at closing. There is no standard amount of earnest money, it's commonly about 1 percent of the purchase price. If the buyer really wants to impress the seller they will make it a lot higher to show them that they are really earnest about purchasing their property. Or make it nonrefundable after certain conditions are met.
As far as getting the earnest money back goes, as long as the buyer is careful about meeting contract deadlines the earnest money is usually safe or refundable. As a buyer you must be aware that you need to apply for financing (if there's a financing contingency) within five days of mutual acceptance (that's the date all timelines run from.) You to have your home inspection and response to the seller within ten days. Usually the the first ten days is the easiest time to get your earnest money back because of that inspection contingency. The contingency is subjective and you don't like something in the inspection report or even the color of the front door, you can check the box on the inspection response that says "Buyer' s inspection of Property is disapproved and the Agreement is terminated. The Earnest Money shall be refunded to the buyer." As you can see you don't even have to give a reason.
After this ten days of buyers earnest money is usually in jeopardy of being forfeited to the seller.
There are other circumstances where a buyer can get their earnest money back. If there is a financing contingency and within 30 days the lender turns the buyer down for a loan they can get their earnest money back. If the appraisal doesn't meet the purchase price and the seller is not willing to reduce the price or the buyer and seller can't come to some new agreement based on appraisal the buyer can get the earnest money back.
If the contract runs until closing and the buyer decides to walk away at the last-minute and go to Costa Rica instead of purchasing the property, the seller is surely going to keep the earnest money.
If you have any other questions about earnest money or anything else to do with Bellingham real estate feel free to give me call at 360-739-6981
I know that well-informed clients make better decisions for themselves and their families. I want to help educate you. This helps me build strong, life long relationships with my clients.
Welcome to my profile which will guide you to the beauty of Bellingham and it's surrounding areas as well as provide you with information about Bellingham Real Estate, and what is presently available here in residential, condo, commercial and investment real estate. Search the MLS to find your new home in Bellingham or anywhere else in Whatcom and Skagit Counties.
I focus on my clients needs and takes care of them before, during and after their transaction closes. I believe in excellent customer service and helping my clients find the best professionals to help them with their real estate transaction.
I have been a Realtor® since 2000. I have lived in and around Bellingham since 1974, so I know the area and Bellingham Real Estate very well. My background is a mix of many things that have gotten me to this point in my career. I have been a self employed entrepreneur for more than 20 years. Most recently before becoming a Realtor I have been a nationally recognized teacher of Thai Massage.
Bellingham is at the heart of Whatcom County. It is an area of unparralled beauty and abundant recreational oppurtunities. I have travelled and lived in many parts of the world and I am always amazed at the beauty of this area on returning from anywhere on the planet. The city with a smalltown feel sits on Bellingham Bay, with Mt Baker to the east and the San Jaun Islands to the west. We are within a short drive of Seattle to the south and Vancouver B.C. to the north. Many homes in Bellingham Have spectacular views of the Bay and Islands as well as Lake Whatcom. Real Estate values here are on the rise, but still a bargain compared to many other desireable places to live.
Ferndale is a smaller town 15 minutes north of Bellingham that is surrounded by farmland. It is a fast-growing community with many homes featuring spectacular views of Mt. Baker. The town sits on the edge of the Nooksack River and has easy access to several of Whatcom County's premier parks. Blaine is a small town just below the Canadian border. It is the closest US town to 2010 Winter Olympics in Vancouver which is only half hour away. Peace Arch State Park is spanning the US Canadian border and providing a reminder of peace between our two countries for over two centuries. Blaine sits on Boundary Bay with Semiahmoo Bay actually closest to Blaine which has recently built a new boardwalk for people to stroll along the water. Being a border town Blaine has a very colorful history. Birch Bay is a beautiful community located on the water well know for it's miles of beaches. It is growing fast, what used to be a resort area now has many full-time residents. It is well known for its good crabbing and clamming. It's actually part of Blaine. Birch Bay State Park is popular camping spot. Lynden is a small town with strong Dutch heritage. It is situated just south of the Canadian border east of Blaine. The town features a 72 foot tall windmill with moving blades. Lynden is surrounded by farmland many with spectacular views of Mt. Baker. There are lots of dairy as well as many berry farms in the area. Everson and Nooksack are small communities located in the north of Whatcom County. Surrounded by farmland there are many places here with beautiful views of Mount Baker and a short drive to Bellingham or Canada. Sumas is very small city in the north of Whatcom County with a population of just over 1000 people, across the Canadian border from Abbotsford B.C. a large city of over 100,000 people. Deming is about 10 miles east of Bellingham on the road to Mount Baker. Maple Falls and Glacier are the last towns before Mount Baker and are popular resort destinations for skiers in winter and hikers in the summertime. Lummi Island is one of the gems of the San Juans. It is serviced by a small ferry that takes about 10 minutes to cross and runs at least once an hour. It is a rural island with unspoiled natural beauty. There are no parks, campsites or commercialization, it is quiet getaway. Sudden Valley is a community along the shores of Lake Whatcom located ten minutes east of Bellingham.
We appreciated Michael's efforts in pricing our home right, and keeping right on it when it came to showing it and getting interested generated. His firm also made sure we got plenty of "print" expose weekly to generate interest as well. We sold pretty quickly!
We would recommend listing with Michael to anyone!
The Weinberg's
I sure appreciate your perservernce and diligence helping get my very challanging property sold. Thanks
Robb McGregor
I highly recommend Michael Eisenberg as a real estate agent. I have worked with him on several purchase and sale transactions and all has gone very smoothly. Recently Michael successfully sold my home during the slow market in early spring 2007, getting a full price offer! Michael employed every possible marketing technique available. The marketing materials were excellent. Michael is great to work with, always available for questions, and I recommend him without any reservations.
Jamie Moore
We want to thank-you for the great job in helping us complete the
purchase of our new home. Your attention to the details of the completion
was very professional and quick. It has been a very easy and enjoyable
transaction and we would have no hesitation to do business with you again in
the future and to refer you to other clients. We wish you all the very
best.
Kip & Gaylene Bergan
Michael helped us accomplish what seemed to be 'impossible'-finding a
reasonably price home in Bellingham in a great neighborhood that met all our
requirements. He worked with us with patience and diligence for over one
year, emailing and calling us with updates as potential homes came on the
market. We toured over 50 homes together. He seemed to understand how
important it was for us to find a home that really fit our needs. We never
felt pressured to settle for something less than what we were dreaming
about. Michael not only proved to us what a real professional he is, we
also made a friend in the process. We couldn't recommend him more highly.
Tiana Melquist and Norman Stolzoff
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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