Attorney Annie Fitzsimmons answers questions for Washington State Realtors in a weekly newsletter.
As a rule, in most contracts, any offer can be withdrawn until it is accepted by the other party. In a Purchase and Sale offer where the parties have choosen to use Form 35 Inspection, and Form 35R Inspection Response, can either party withdraw their offer during the 3 day (unless changed) period while waiting for the other party's response? Wording in Form 35 states that "[a]ll requests, responses and replies made in accordance with the following procedures are irrevocable for the time period provided."
So, the answer is no. A seeming exception to the general rule.
If the buyer waives the inspection or terminates the sale based on the inspection, no response is required.
The above is not legal advice. All cases have specific issues that should be reviewed by an attorney.
]]>Brokers are hopeful that the upward trend will continue and spread to other areas as Spring arrives. Last month was the warmest January on record. The Tim was quoted in the article. He said, "Now that profit is no longer a given in people's minds when buying a home, buyers are realigning their priorities. They are less likely to 'drive till you qualify' when they realize that they probably won't be able to sell that far-flung home in a few years for tens or hundreds of thousands more than they paid and then move to the neighborhood they really wanted to live in, in the first place." Some people's glasses are always more than half empty.
The important thing to keep in mind is that the best time for you to buy or sell a home is when the events in your life start to tell you that you should. Trying to time what you do to some regional or national statistic does not necessarily make for a happy transaction. And you can't get better advice on this than calling a Lake and Company agent.
]]>
After reaching a low of 149.03 in March, index values have hovered between 148.94 and 149.54, a fluctuation of less than one percent.
The index has a base value of 100 in January 2000; thus, the October index value of 149.26 translates into 49.26% appreciation rate since January 2000 for a typical home in the Seattle Metro Statistical Area, which includes King, Pierce, and Snohomish counties.
]]>* The economy was teetering on the brink of collapse.
* Real estate values splattered.
* The banking industry took a $700 billion bailout.
* General Motors and Chrysler thought they wouldn't make it through the end of 2008.
* Manufacturing was in the tank.
* The workforce was losing 500,000 jobs a month.
Everything isn't coming up roses, by any means. But the panic, at least, is over.
]]>Editors Note: In September, on the first anniversary of Washington Mutual's closure,the Puget Sound Business Journel reported that as executives fought to sell the bank during its final days, regulators undercut those efforts by signaling to bidders that the bank would soon be seized and sold at a much lower price. Now, further investigation reveals that, contrary to regulators' assertions at the time of the seizure, WaMu had sufficient liquidity and capital to meet regulatory standards and survive. Why, then, was it shuttered?
The $8000 first time home buyer tax credit is extended! Additionally there will be a $6500 credit for buyers who have lived in their current homes for the past 5 years. This will allow people to sell their houses they have been living in for years and buy another house and get a $6500 tax credit or just buy an additional property for their portfolio.
This is great news for Seattle as a lot of first time buyers and move up buyers have been waiting for the right house. Now more inventory will be available because current home owners will want to sell and move into larger homes while also getting the added benefit of a $6500 tax credit. This will free up inventory for first time homebuyers to get into the market.
Great news!
]]>Rick Hubbert
Senior Mortgage Consultant
On Q Financial
WA Lic. 510-LO-37044
425-643-7000 Phone
By Jessica Holzer, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- U.S.Senators are nearing a deal on a measure to extend the first-time home buyer tax credit through next April and expand it to some buyers who already own a home.
Under the deal, certain "step up" buyers who have lived in their current home for at least five years would also qualify for the tax credit, according to lobbyists close to the negotiations.
The deal comes amid heavy housing industry pressure to extend the tax credit, which is set to expire Dec. 1 unless Congress acts. The measure, which proponents hope to offer as an amendment to legislation extending jobless benefits, could receive a Senate vote this week.
Under the measure, the credit would run through April 30 of next year, though sales contracts in force by that date would be eligible as long as the deal closes within 60 days. The credit would amount to 10% of the sales price, with a maximum of $7,290. The current credit has a cap of $8,000.
To qualify, first-time home buyers must make no more than $75,000 a year or $ 150,000 for couples. For step up borrowers, the income caps are $125,000 for individuals and $250,000 for couples.
_______________________________________________________________
So, it looks to me like it might be a good time to start thinking about a move up if you've been in your home for 5 or more years, or selling that home in the $400,000-$700,000 range to a move up buyer.
]]>Even though prices are down significantly from the peak, they're
still worth quite a bit more than they were a decade ago. In
While that may not seem like such a big gain, consider that the average homebuyer, then as now, typically buys with a five- or ten-percent down payment. So that initial investment, $12,000 down back in 1999, returned about $160,000 or so over ten years, more than ten times the initial investment. (As the AP article points out, that's a one-thousand percent increase!)
Even with 20% down, it's a return that exceeds 250%, 'way better than inflation.
The stock market? Well, in October 1999, the Dow was at 10,649. Yesterday, it closed at 9864. So the ten year gain there was ... negative.
Of course, we don't buy our homes just for the investment potential. Still, for the majority of homeowners who have been able to weather the bad times, real estate ownership has proven to be a pretty good investment. To quote the AP article again, with prices already having fallen so far, buying now could make it an even better one.
]]>
Today's Seattle Times has a fabulous little article on how to create and improve a balanced and interesting front yard:
http://seattletimes.nwsource.com/html/homegarden/2009752153_gardencurb27.html
The Index, which reached it's nadir in May, is now at its highest point since February.
Eighteen of the twenty regions surveyed showed a gain from May to June, nationwide, values were up 1.37%
]]>Seattle is the most sustainable large city in the nation!
This just released study shows Seattle in a very good light and can remind us that this city (and the surrounding areas) is a great place to live for now and into the future.
http://smartercities.nrdc.org/rankings/large
Here is a quick re-cap from the study, Seattle is:
First for Green Building, Air Quality, Energy Production & Conservation - Yeah, team!
Second for Green Space - We saved Waldo Woods. Have you planted a tree recently?
Third for Recycling - Let us get better here folks, it is so easy.
Fourth for Standard of Living and Water Quality - We need something to work on!
Fifth for transportation - But we all know that. Have you ridden mass transit lately?
Ninth for Environmental Standards and Participation - Hey, what gives here?
It pleases me to learn that we are moving along in a sustainable way as a big city and want to give us all a little pat on the back for our contributions no matter how big or how small. I hope you will join me in taking a moment today to give thanks that you live here and are doing your part to keep Seattle sustainable.
]]>