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It is easy to get all mixed up with the vocabulary swirling around the real estate market these days. Two very confusing terms being thrown around right now are short sales and distressed properties. While the two are similar and many times both are involved in the sale of a home, they are not the same thing.
Robopedia:
Short Sales - When a seller is selling a home and the proceeds of that home will not be enough to cover the loan amount that the seller owns on the home.
For example, If you refinanced your home for $500K last year and put your home up for sale for $480K, that sale is officially a short sale.
Distressed Property - A home where the seller is at least 30 days behind on a payment of a loan that used the property as collateral. This could be a home loan, home equity line of credit, construction loan, etc.
The situation for a potential buyer is different in each situation and the pitfalls can be significant. Be sure to get some good advice before attempting to buy a property in any of the above situations. They can offer some of the best deals in the market, but also come with some extra baggage. The world of real estate is in a rapid state of change at the moment and this stuff isn't even clear to many agents.
Give me a call if you need help.
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Yes.. I have another article for you about the Seattle real estate market. I can't get enough of these. In the last few weeks there seems to be story after story about how Seattle is one of the top cities in the nation to rebound from these difficult financial and real estate times. Thank you, Michele, for the link!

According to SmartMoney Magazine, Seattle is holding strong through these tough economic times and is due for a nice rebound. Here in the Pacific Northwest we have some strong businesses, like Boeing, Amazon.com, and Microsoft, that are doing well and in turn, has kept median sales prices from falling far.
"The national unemployment rate for October was slightly higher than Washington's, at 6.5 percent. State officials said that indicates Washington's economy is 'in relatively better shape at the moment'." (http://www.kirotv.com/money/18007999/detail.html) The state gained about 800 jobs in October, and held steady year-over-year.
"Honestly, the near-term outlook is still grim, and nobody is forecasting a rapid nationwide rebound. But there are signs that the overbuilding and speculative pricing that inflated the bubble are working their way through the system. Nationally, the rate of decline in sales is slowing, and in some regions sales numbers have actually perked up. 'The indicators are starting to look better,' says Adam York, an economic analyst with Wachovia." (http://www.smartmoney.com/personal-finance/real-estate/Now-for-the-Good-News-on-Home-Prices/)
The article went on to mention that the national sales figures that get so much attention and remain depressing are brought down by boom-and-bust markets like Las Vegas, Miami and Phoenix. "If hard-hit states like California, Arizona, Nevada and Florida are taken out of the statistical mix, the picture is much more promising." But we all know that real estate is local, so let's look at a Seattle neighborhood for insight:
WEST SEATTLE-
There were around 123 pending & sold listings in November of '07 as compared to November of this year were we have only 54. The month is not over yet so that number will increase (hopefully) but the median home price of those homes has only dropped by $20,000. In other areas of the country, those prices have dropped by 100,000's of thousands of dollars.
"Dave and Alison Keith recently sold their two-bedroom townhome in West Seattle for $289,000, up more than 25 percent from their purchase price four years ago. They plowed that windfall into a home in the same neighborhood with twice the living space and a fenced-in yard, for $429,000. 'You're always nervous, but I feel like things are holding up well here,' Alison says."
"As long as people like great views of water, mountains and city skylines, "those homes will always maintain their value," says local broker Febe Cude."
If you are interested in finding out more about your neighborhood or about the real estate process, the Egerer & Weidauer Team is happy to help. Give us a call or shoot us an email from our website.
206.661.7256 www.jeremyandnicolesellhomes.com 360.990.4083
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In honor of my latest listing in W. Seattle, I thought I would share this great video tour of W. Seattle.
PS if you want to see more videos of Seattle Neighborhoods or just Video of Seattle in general, I am trying to organize the best ones that I find. Check them out here:
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When doing an inspection:
Always get a sewer scope!
A sewer scope is an additional inspection that costs about $200 but is one of those things you don't want to buy a house without knowing. During a sewer scope they put a camera down the sewer line to see if there is any damage to the line. Often they find tree roots that need to be removed but other times they can find actual damage or whole collapsed lines. The cost to fix them can run in the tens of thousands of dollars and become your problem after the close so you need to know about them before hand.
Let me tell you a little story:
Several years ago a friend of mine was selling her house. The potential buyer did a sewer scope and found a complete collapse. The estimate to fix it was in the neighborhood of $40,000. That's a 4 with 5 zeros! Something you would certainly want to know.
Side note:
The scope isn't necessary for condos since the association is responsible for the maintenance of the sewer line for condos and co-ops.
Just like a regular inspection and a title search, you hope they show nothing and they typically do, but when they do find something it makes the $200 you just spend seem like candy.
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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!
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