Did you know that effective 2005 forward,RCW 84.36.381 grants a Senior Citizen a
Property Tax Exemption if their:
• Annual income is $35,000 or less (certain expenses may be deducted)
AND
• 61 years of age or older
OR
• Retired due to physical disability
OR
• A widow or widower at least 57 years of age whose spouse had an
exemption at the time of death.
For more information, click on link below:
King County:
http://www.kingcounty.gov/Assessor/TaxpayerAssistance/TaxRelief.aspx
Snohomish County:
http://assessor.snoco.org/forms/exemptions.aspx
Tuesday, July 20, 2010
Monday, July 12, 2010
Bellevue, WA is voted in Top 10 Best Places to LIve in the USA for small cities
According to Money Magazine, Bellevue, WA is the 4th best small city in the nation in which to live. The magazine's 2010 study was released and notes these top ranked small cities boast plenty of jobs, great schools, safe streets, low crime, lots to do, charm, and other features that make a town great for raising a family. For those of us who live or work in Bellevue,we know first hand the beauty of mountains and city scapes combining with a low jobless rate, a diverse population, fantastic schools, arts and entertainment, and 74 parks make this a great place to call home. To learn more,go to:
http://money.cnn.com/magazines/moneymag/bplive/2010/index.html
http://money.cnn.com/magazines/moneymag/bplive/2010/index.html
Friday, July 2, 2010
Deep discounts on Seattle entertainment, activities, dining out and more!
Yes, it is a tough time to be in business with the economy such as it is. So area businesses are getting creative. You have likely discovered more coupons in your mail and newspaper, but have you tapped into the internet deals? There are all kinds of offers at half price or better in the greater Seattle area for everything from whale watching, wine tasting, golf lessons, white water rafting, rock climbing, spa treatments, comedy clubs, fine dining, Kooza/Cirque de Soleil and more! The following are a sampling of my favorite sites you may want to subscribe to. There is no cost to join and offers are sent daily to your in box or iphone. What a great way to shop for gifts…..the ideas come directly to you. Check these out and start saving big time!
Groupon: http://www.groupon.com/r/uu569860
Goldstar: https://www.goldstar.com
Yubit: https://www.yubit.com
Living Social: http://livingsocial.com
Tippr: http://tippr.com/seattle
Topix: http://www.topix.com/coupons/seattle
And a new site, Dealpop: http://www.dealpop.com
Groupon: http://www.groupon.com/r/uu569860
Goldstar: https://www.goldstar.com
Yubit: https://www.yubit.com
Living Social: http://livingsocial.com
Tippr: http://tippr.com/seattle
Topix: http://www.topix.com/coupons/seattle
And a new site, Dealpop: http://www.dealpop.com
Thursday, July 1, 2010
Closing Questions and Answers
GENERAL QUESTIONS
What is the difference between the signing date and the closing date?
The signing date is when the Buyer and Seller sign their final documents. This typically happens a few days prior to the closing date. The closing date is the day on which funding and recording take place.
Why does the escrow company sometimes call at the last minute to schedule the signing appointment?
In order to schedule the signing appointment, the escrow company must be in receipt of the lender's loan documents and have time to prepare the final closing documents for signing. When loan documents arrive just prior to the scheduled closing date, signing appointments must be set quickly to ensure that the transaction will close on time. Unfortunately, Escrow does not have any control over when they receive the lender's loan documents.
I sign documents on the closing date and still close that day?
Some lenders are "Table Funders" and do not need to review the signed documents prior to funding the loan. In this instance, it is possible to sign document the day of closing provided the signing is complete not later than 10:00 AM. This also requires that the Buyer's funds due to closed must be in the form of a wire rather than a cashier's check.
How much time will I need for the signing appointment?
A typical signing appointment will last 30 to 40 minutes for a Seller and upwards of 60 minutes for a Buyer. Appointment times vary depending upon the complexity of the transaction.
What should I do if I must be out of town during the transaction or prior to closing?
Notify your broker, loan officer, and escrow officer as far in advance as possible of your expected absence. Arrangements can be made to facilitate the closing either through a Power of Attorney or by overnight delivery of documents to you for signature. PLEASE NOTE THAT WHEN DOCUMENTS ARE SENT OVERNIGHT THIS WILL INVOLVE ADDITIONAL COSTS TO YOU, ADDITIONAL TIME, AS WELL AS THE REQUIREMENT THAT YOU LOCATE A NOTARY PUBLIC TO WITNESS YOUR SIGNATURES. Advance notice is the key as your absence may result in a delay in the closing date if not addressed early.
Who is responsible for paying the escrow fee?
The total escrow fee is split in one-half and paid equally by the Buyer and Seller unless otherwise stated in on the Purchase and Sale agreement, with the exception of a VA transaction in which the Seller is required to pay the full fee.
Whom should I call if I have questions?
Your Realtor will answer questions about the Purchase and Sale Agreement. Your Loan Officer will answer all questions about your loan status, the conditions of your loan and the loan process. The Escrow company will help you with questions about signing and closing.
What can I do to ensure our transaction closes on time?
Your can help enormously by promptly responding to requests for information. Buyers should keep in close contact with their Loan Officers to ensure their loan is being processed in a timely manner and all needed information has been provided. Additionally, when buying or selling a home it is best to plan on staying in town until the transaction closes as coordination of overnight document shipping can add additional costs to your transaction and may result in a delay in closing.
Why is Escrow needed?
To provide a central deposit point for documents and monies and to provide a neutral party to be sure that the transaction is closed according to standard procedures and the written instructions of the parties.
BUYER QUESTIONS
Can I write a personal check for my funds due to close?
No. Per Washington State Law, any funds required for closing must be in the form of "collected funds," such as a Bank Wire or Cashier's Check drawn on a Washington State bank. Funds must be deposited into an escrow trust account ONE day prior to your actual closing date in the form of a cashier's check, or received via wire transfer no later than the morning of the actual closing date.
Is there anything we should bring to the signing besides a cashier's check for funds due for closing?
We will be notarizing your documents therefore you will need to provide two forms of valid picture identification. A valid, unexpired driver's license is the first form preferred. Escrow also accepts active passports, voter's registration cards or other Government issued identification.
When does the escrow company need my money?
Closing funds in the form of a cashier's check payable to your escrow company must be to the escrow company by 3:00pm one day prior to the anticipated closing date to ensure same day bank deposit. Closing funds in the form of a wire transfer, can be received on the actual day of closing but no later than 11:00am in order to ensure adequate time to record the closing documents. In an effort to avoid closing delays, funds should be received one to two days prior to the closing date.
Whom do I get the keys from?
Washington State law states that the delivery of keys is a matter of possession, and therefore must be coordinated through your Real Estate Broker.
SELLER QUESTIONS
Why is my payoff so high? My last statement said my balance was less.
Typically your monthly statement only shows your principal balance. This is not a payoff balance. The payoff balance is equal to: current principal balance, plus daily accruing interest and any miscellaneous fees charged by the payoff lender - demand fees, fax fees, recording fees, etc. All payoff balances adjust daily due to a per diem (per day) interest accrual.
Should I stop making payments on my current loan?
No. Sellers should continue making regular payments on any existing loans. As part of the escrow process, Escrow Professionals of Washington will order updated written payoff statements to ensure the proper payoff balances are paid at closing.
When do I get my proceeds?
On the day of closing, when it has been confirmed that all funds are received and the transaction has recorded, your funds will be available. Typically, this does not occur until between 4pm and 5pm. If you choose to have your funds wired into your account, they will show in your account the next business day.
After we complete this sale, we're going to use our proceeds to purchase another home. Is there anything we can do to make the next purchase go smoothly?
The smoothest possible scenario is to have one escrow company complete the closing for both transactions. By having one company close both, they can immediately credit your sale proceeds to your new purchase.
What is the difference between the signing date and the closing date?
The signing date is when the Buyer and Seller sign their final documents. This typically happens a few days prior to the closing date. The closing date is the day on which funding and recording take place.
Why does the escrow company sometimes call at the last minute to schedule the signing appointment?
In order to schedule the signing appointment, the escrow company must be in receipt of the lender's loan documents and have time to prepare the final closing documents for signing. When loan documents arrive just prior to the scheduled closing date, signing appointments must be set quickly to ensure that the transaction will close on time. Unfortunately, Escrow does not have any control over when they receive the lender's loan documents.
I sign documents on the closing date and still close that day?
Some lenders are "Table Funders" and do not need to review the signed documents prior to funding the loan. In this instance, it is possible to sign document the day of closing provided the signing is complete not later than 10:00 AM. This also requires that the Buyer's funds due to closed must be in the form of a wire rather than a cashier's check.
How much time will I need for the signing appointment?
A typical signing appointment will last 30 to 40 minutes for a Seller and upwards of 60 minutes for a Buyer. Appointment times vary depending upon the complexity of the transaction.
What should I do if I must be out of town during the transaction or prior to closing?
Notify your broker, loan officer, and escrow officer as far in advance as possible of your expected absence. Arrangements can be made to facilitate the closing either through a Power of Attorney or by overnight delivery of documents to you for signature. PLEASE NOTE THAT WHEN DOCUMENTS ARE SENT OVERNIGHT THIS WILL INVOLVE ADDITIONAL COSTS TO YOU, ADDITIONAL TIME, AS WELL AS THE REQUIREMENT THAT YOU LOCATE A NOTARY PUBLIC TO WITNESS YOUR SIGNATURES. Advance notice is the key as your absence may result in a delay in the closing date if not addressed early.
Who is responsible for paying the escrow fee?
The total escrow fee is split in one-half and paid equally by the Buyer and Seller unless otherwise stated in on the Purchase and Sale agreement, with the exception of a VA transaction in which the Seller is required to pay the full fee.
Whom should I call if I have questions?
Your Realtor will answer questions about the Purchase and Sale Agreement. Your Loan Officer will answer all questions about your loan status, the conditions of your loan and the loan process. The Escrow company will help you with questions about signing and closing.
What can I do to ensure our transaction closes on time?
Your can help enormously by promptly responding to requests for information. Buyers should keep in close contact with their Loan Officers to ensure their loan is being processed in a timely manner and all needed information has been provided. Additionally, when buying or selling a home it is best to plan on staying in town until the transaction closes as coordination of overnight document shipping can add additional costs to your transaction and may result in a delay in closing.
Why is Escrow needed?
To provide a central deposit point for documents and monies and to provide a neutral party to be sure that the transaction is closed according to standard procedures and the written instructions of the parties.
BUYER QUESTIONS
Can I write a personal check for my funds due to close?
No. Per Washington State Law, any funds required for closing must be in the form of "collected funds," such as a Bank Wire or Cashier's Check drawn on a Washington State bank. Funds must be deposited into an escrow trust account ONE day prior to your actual closing date in the form of a cashier's check, or received via wire transfer no later than the morning of the actual closing date.
Is there anything we should bring to the signing besides a cashier's check for funds due for closing?
We will be notarizing your documents therefore you will need to provide two forms of valid picture identification. A valid, unexpired driver's license is the first form preferred. Escrow also accepts active passports, voter's registration cards or other Government issued identification.
When does the escrow company need my money?
Closing funds in the form of a cashier's check payable to your escrow company must be to the escrow company by 3:00pm one day prior to the anticipated closing date to ensure same day bank deposit. Closing funds in the form of a wire transfer, can be received on the actual day of closing but no later than 11:00am in order to ensure adequate time to record the closing documents. In an effort to avoid closing delays, funds should be received one to two days prior to the closing date.
Whom do I get the keys from?
Washington State law states that the delivery of keys is a matter of possession, and therefore must be coordinated through your Real Estate Broker.
SELLER QUESTIONS
Why is my payoff so high? My last statement said my balance was less.
Typically your monthly statement only shows your principal balance. This is not a payoff balance. The payoff balance is equal to: current principal balance, plus daily accruing interest and any miscellaneous fees charged by the payoff lender - demand fees, fax fees, recording fees, etc. All payoff balances adjust daily due to a per diem (per day) interest accrual.
Should I stop making payments on my current loan?
No. Sellers should continue making regular payments on any existing loans. As part of the escrow process, Escrow Professionals of Washington will order updated written payoff statements to ensure the proper payoff balances are paid at closing.
When do I get my proceeds?
On the day of closing, when it has been confirmed that all funds are received and the transaction has recorded, your funds will be available. Typically, this does not occur until between 4pm and 5pm. If you choose to have your funds wired into your account, they will show in your account the next business day.
After we complete this sale, we're going to use our proceeds to purchase another home. Is there anything we can do to make the next purchase go smoothly?
The smoothest possible scenario is to have one escrow company complete the closing for both transactions. By having one company close both, they can immediately credit your sale proceeds to your new purchase.
Wednesday, June 30, 2010
What is a 5 piece bath?
Many Realtors will advertise a bath as having 5 pieces. Ever wonder what constitutes a 5 piece bath?
A 5 piece bath consists of:
1. Bathtub
2. Separate shower
3. Toilet
4+5. Double sinks
A 5 piece bath consists of:
1. Bathtub
2. Separate shower
3. Toilet
4+5. Double sinks
Wednesday, June 9, 2010
What are mortgage points and when should you pay them?
Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to keep the loan, and to compare current rates to historical market trends.
If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months.
Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance.
When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.
If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months.
Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance.
When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.
Sunday, June 6, 2010
How to Improve Your Chances for an Offer
In this challenging economy, even the most beautiful homes may sit on the market. In order to improve your odds of procuring an offer, there are some things you can do:
1. Price it right. Set a price at the lower end of your property’s realistic price range or even 5% below "market price." We are still seeing multiple offers and bidding wars on those homes that are priced well.
2. Prepare for visitors. Get your house "market ready" at least two weeks before you begin showing it. The first weeks of a showing are the best time to market your home. Don't wait for the negative feedback before removing clutter, neutralizing colors or eliminating pet odors.
3. Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you’ll find a buyer. My rule of thumb: have your home ready to be shown with 15 minutes notice. In case an out of town buyer drives past your sign, stops and wants to see your home before they board the plane that evening, you need to be ready. It happens more often than you can imagine that a seller tells a potential buyer to come back tomorrow, not realizing their housing decision must be made TODAY.
4. Anticipate the offers. Decide in advance what price and terms you’ll find acceptable. Call the movers and see how much notice they need. Investigate places to live should your home sell quickly. Remember, that is a good problem we should welcome.
5. Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to lower your asking price. Our market is changing and you need to be flexible on pricing and change to stay current with the market. Review point 1 above.
1. Price it right. Set a price at the lower end of your property’s realistic price range or even 5% below "market price." We are still seeing multiple offers and bidding wars on those homes that are priced well.
2. Prepare for visitors. Get your house "market ready" at least two weeks before you begin showing it. The first weeks of a showing are the best time to market your home. Don't wait for the negative feedback before removing clutter, neutralizing colors or eliminating pet odors.
3. Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you’ll find a buyer. My rule of thumb: have your home ready to be shown with 15 minutes notice. In case an out of town buyer drives past your sign, stops and wants to see your home before they board the plane that evening, you need to be ready. It happens more often than you can imagine that a seller tells a potential buyer to come back tomorrow, not realizing their housing decision must be made TODAY.
4. Anticipate the offers. Decide in advance what price and terms you’ll find acceptable. Call the movers and see how much notice they need. Investigate places to live should your home sell quickly. Remember, that is a good problem we should welcome.
5. Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to lower your asking price. Our market is changing and you need to be flexible on pricing and change to stay current with the market. Review point 1 above.
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