Seattle Real Estate Property Listings and Sales http://wangsnessrealestate.com Seattle House Listings, Condos For Sale and MLS Lisiting. Sat, 28 Jan 2012 05:51:41 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 The problem with Short Sales – you need a good reason. http://wangsnessrealestate.com/2204/the-problem-with-short-sales-%e2%80%93-you-need-a-good-reason/ http://wangsnessrealestate.com/2204/the-problem-with-short-sales-%e2%80%93-you-need-a-good-reason/#comments Sat, 28 Jan 2012 05:51:41 +0000 admin http://wangsnessrealestate.com/?p=2204 A short sale does not mean that it takes less time to close, it means that the seller does not have enough money to cover the mortgage when the house sells at market price. The market price is based on what other the houses in the neighborhood or similar homes have sold for. It doesn’t matter what the owner paid for it, it doesn’t matter what they have put into it, the market activity around the home at a particular point in time is most important. Remember, it has to appraise for the value or the buyer can’t get a loan.


We had a call today from someone that wants to sell his condo and he knows that it will be a short sale. We expressed our sympathy and tried to get an idea of why he needed to sell his home. He said that it just didn’t make sense anymore to keep it because he and his wife were going their separate ways. We explained that he needed to put together his hardship letter, his bank statements for 6 months, his tax returns for two years, his pay stubs for two months and then we would have to submit a purchase and sale agreement from a buyer and a competitive market analysis for the area justifying the purchase price.


His only question was about the hardship letter. We explained that he needed to justify to the bank why he couldn’t continue to pay the mortgage or why he had to sell at this time. To our surprise, he said that he could continue to pay the mortgage but that didn’t really want to, he just wanted to move on. We explained that he really needed a reason for the bank to have some sympathy for him. Once again we were surprised. He thought that the bank should take what he could sell it for and be happy because their alternative to the sale was foreclosure. He wanted to think about what he might do.


We have helped both buyer and sellers with short sales. Short sales aren’t easy, but in order to have a successful negotiation, you need to have a good reason.

]]> http://wangsnessrealestate.com/2204/the-problem-with-short-sales-%e2%80%93-you-need-a-good-reason/feed/ 0 “Good fences make good neighbors” except when they don’t http://wangsnessrealestate.com/2199/%e2%80%9cgood-fences-make-good-neighbors%e2%80%9d-except-when-they-don%e2%80%99t/ http://wangsnessrealestate.com/2199/%e2%80%9cgood-fences-make-good-neighbors%e2%80%9d-except-when-they-don%e2%80%99t/#comments Sat, 17 Dec 2011 02:24:04 +0000 admin http://wangsnessrealestate.com/?p=2199 “Good fences make good neighbors” is a saying that everyone has heard for many years and is mostly true, except when it isn’t. Within the last six months, we have had two clients that have had surprising problems with neighbors for houses that they are buying .

When we represent clients, both buyers and sellers, we have clients carefully review the Seller Disclosure Form, Form 17, and we stress the Neighborhood Review that is included in our Washington contract. For buyers, we recommend they review the neighborhood for sex offenders, criminal activity, commuting times and various other issues like parties, street lights or neighborhood covenants. With sellers, we recommend that they disclose any potential problems that a buyer might encounter that wouldn’t be readily obvious. Most of these issues are covered on the Form 17, the Seller Disclosure Statement, and it must be answered truthfully and completely by the seller. According to attorney Mark Schedler, withholding information about a home could be considered fraud and expose the seller to a law suit down the road.


Our buyers last week moved into their new home on Thursday night. On Friday morning, one of the neighbors next door knocked on the door and said that there was a boundary dispute that they had been discussing with the seller for three years and the neighbor wanted to know what the new owner was going to do about. What a way to get introduced to the neighborhood. What makes this situation interesting is that the neighbor didn’t have a survey, so couldn’t actually prove that there was a boundary dispute and second, the seller and the listing agent knew about the problem and didn’t disclose it to us, as the agents, or the buyer in the Form 17. Not good!


In another instance, we represented a buyer on a very high-end home a few months ago. When we put the “Sold” sign up after the inspection was negotiated, a neighbor called me and told me that there was a retaining wall belonging to the seller and it was falling down into his property. He went on to say that if it actually did fall down, the neighbor would sue the new owner. That caused a whirlwind of activity. The good news was that it was before closing, so we were able to have the seller address it by setting aside $30,000 to solve the problem.
There are other stories. The message I want you to take away from this is that the burden of disclosure is on seller. For those things that the seller doesn’t know, the burden of discovery is on the buyer. Having surprises down the road just before or just after the house sells makes a miserable time for all!

]]> http://wangsnessrealestate.com/2199/%e2%80%9cgood-fences-make-good-neighbors%e2%80%9d-except-when-they-don%e2%80%99t/feed/ 0 There is an art to standing out and fitting in at the same time! http://wangsnessrealestate.com/2136/there-is-an-art-to-standing-out-and-fitting-in-at-the-same-time/ http://wangsnessrealestate.com/2136/there-is-an-art-to-standing-out-and-fitting-in-at-the-same-time/#comments Tue, 01 Nov 2011 21:56:20 +0000 admin http://wangsnessrealestate.com/?p=2136 Everyone thinks that their home is special and IT IS.
What makes a house a home are the special things we surround ourselves with and the memories we create there. Your home is a great sources of pride and comfort, but what you do and how you live, can help determine the value of a home, either up or down, when the home is for sale. When we evaluate a home that is unique, we have the delicate conversation about standing out and fitting in at the same time. In higher-end homes, uniqueness is very common, and usually an asset, but when it crosses over the line to eccentricity, the target market gets much smaller. That translates to a longer market time and a very narrow buyer pool. In middle-to-lower priced homes, certain upgrades will make a home worth more, but don’t over improve. If you do that, you’ll likely want to recoup the costs and that will make you more expensive than other homes in the neighborhood. Your home will likely take longer to sell and it may not appraise.

We recently viewed a home that had a pool and a lot that was much larger than any other home in the neighborhood. While the pool was lovely and the grounds were fabulous, we explained that many buyers in this part of the country don’t expect pools, because of weather. While there are folks moving into our area that like pools, the $50,000 that it took to put it in would probably not generate a full $50,000 in the sale price.


Another example is a home we just viewed with an addition of a mother-in-law unit that was done by a handyman instead of a contractor. While the space was fairly well laid out, the details for doors and floors were not finished and it was not integrated well into the original home. The addition fit the homeowner’s lifestyle, but would not be easily translated to another family. In this case, the addition was a negative factor in the home and would impact the sale price negatively.

Advising buyers, we often say that you don’t want to buy the most expensive home in a neighborhood, because there isn’t much room to appreciate and it can take longer to sell. If you buy the least expensive home in a neighborhood, you may also have a problem because you won’t be fitting in with the other homes. While there are reasons for both and exceptions to both, the best solution is to buy a home that is price well in a great neighborhood that hasn’t had all the improvements done so you can reap some of those benefits and appreciate like the surrounding homes. That way if you decide to sell, your personality can shine through and the buyers will be plentiful.

]]> http://wangsnessrealestate.com/2136/there-is-an-art-to-standing-out-and-fitting-in-at-the-same-time/feed/ 0 When the buyer is ready, the home will appear – make sure it’s yours! http://wangsnessrealestate.com/2117/when-the-buyer-is-ready-the-home-will-appear-%e2%80%93-make-sure-it%e2%80%99s-yours/ http://wangsnessrealestate.com/2117/when-the-buyer-is-ready-the-home-will-appear-%e2%80%93-make-sure-it%e2%80%99s-yours/#comments Fri, 16 Sep 2011 15:37:03 +0000 admin http://wangsnessrealestate.com/?p=2117 We have touched on selling issues before, but recent experiences demonstrate that they bear repeating.

It is always stressful to put your home on the market to sell and the journey is usually longer rather than shorter. We all live the way we want to live in our homes, because after all, our home is our castle, so to speak. In the spirit of my father, if we wanted to live differently in our homes, we would. Where the problem comes is when a seller has a “highly personalized style” that doesn’t appeal to the broader market or the seller is unwilling or unable to be flexible to the parade of buyer’s and their schedules.

As see in our recent video with Dennis Conner Getting your home ready for sale, strong statements in art or furniture can distract buyers from the real features of the house. If there is too much furniture, the home looks small. If there are strong colors on the walls in the kids room, the buyer calculates the inconvenience of painting, if the rug is an outrageous color or pattern, buyers calculate the cost of new carpet and if there are visible signs of wear and tear that aren’t address, buyers wonder about the maintenance items that they can’t see and if the house has been reasonably maintained.

The other big problem is when a home is not accessible when a buyer wants to see it. In our area, we have lots of buyers coming in for jobs. They fly in for the weekend and have to find a home. They have a limited time to complete a complex and stressful task and they usually get it accomplished with the home that meets most of their criteria. Recently, I was showing a couple for the weekend and we saw 20 houses. The first day didn’t go well, but on the second day, the first house we saw was almost perfect and we spend the rest of the day comparing every other house to it, until… Until we saw the last house. The last house was completely different, but it has two features that were on their wish list, but they didn’t think that they could find a house with both. In order to make their final decision, we wanted to go back to the first house for a second look, so that they could make a timely comparison. Imagine our surprise when the seller said it wasn’t convenient and we should try another day. I’m sure you can guess the rest of the story. We wrote on the last house and never went back to the other home.

The thing we’d like you to remember and share with everyone you know that is selling or has sold, you only need one buyer to buy the house, you just don’t know which one it will be and what will appeal to them. Be ready, willing and able to show when the buyer is ready and broaden your market appeal with more generally accepted choices so that when the buyer comes in, you’ll have the best chance to go from For Sale to Sold.

]]> http://wangsnessrealestate.com/2117/when-the-buyer-is-ready-the-home-will-appear-%e2%80%93-make-sure-it%e2%80%99s-yours/feed/ 0 Robinswood Home http://wangsnessrealestate.com/2145/bellevue-home-near-phantom-lake/ http://wangsnessrealestate.com/2145/bellevue-home-near-phantom-lake/#comments Thu, 01 Sep 2011 21:50:50 +0000 admin http://wangsnessrealestate.com/?p=2145
Large daylight basement home by Phantom Lake!
You'll love this Robinswood location and the price! Your living room and master bedroom look out onto a park-like setting. There is a slider from the living room onto the deck where you'll enjoy that you are surrounded by nature.
$428,950

Go to the Robinswood MLS site for more details
]]> Robinswood HomeBellevue

Large daylight basement home by Phantom Lake features eat-in kitchen w/newer stove, fridge and microwave. Enjoy the deck and fully fenced backyard from the kitchen eating area sliding door. There are two bedrooms plus the master w/half bath on the main floor as well as a full guest bath, formal living and dining room. There is a utility room on the main where the furnace and water heater are located. Downstairs boasts two bedrooms a rec room and 3/4 bath as well as a shop/storage room.
Go to the Robinswood MLS site for more details

]]> http://wangsnessrealestate.com/2145/bellevue-home-near-phantom-lake/feed/ 0 Bellevue Condo http://wangsnessrealestate.com/2191/test/ http://wangsnessrealestate.com/2191/test/#comments Mon, 08 Aug 2011 16:21:44 +0000 admin http://wangsnessrealestate.com/?p=2191
A clean slate for your personal touches!
Great Eastern view of Bellevue from the living room and your two balconies. br/> $388,000

Go to the Bellevue Condo for more details
]]> Bellevue CondoBellevue-condo

A clean slate for your personal touches! Great Eastern view of Bellevue from the living room and your two balconies. Perfect place to watch the July 4th fireworks and enjoy Mt. Rainier when she’s out. Ready to go for a quick sale. Enjoy the indoor pool, hot tub, party room, outdoor courtyard private garage and additional storage room. Close to everything Bellevue has to offer.

]]> http://wangsnessrealestate.com/2191/test/feed/ 0 When is renting a better alternative to buying? http://wangsnessrealestate.com/2103/when-is-renting-a-better-alternative-to-buying/ http://wangsnessrealestate.com/2103/when-is-renting-a-better-alternative-to-buying/#comments Tue, 19 Jul 2011 16:53:04 +0000 admin http://wangsnessrealestate.com/?p=2103 Last year, many people wanted to rent instead of buying a home because they thought that the bottom was still falling in the real estate market. 
This year, people have too many choices and they are feeling too much pressure to purchase so we’ve recommended that some of them rent first.


Here are some reasons people rent:


1)   Job transfer comes fast. We have clients that are moving here from Eastern Washington and they have dogs instead of children.  They have accepted a job and are arriving in 3 weeks.  When schools are not a requirement, it is often a good idea to rent in short-term corporate housing or a shorter lease so that the pressures of a new job can be lessened by not having the pressure of finding a home quickly in a higher priced market area.


2)   We’re selling our home but looking to make a big change to “Island Life.” As you know, Washington has many islands that are connected to Seattle by ferry service.  Residents of Bainbridge and Vashon can commute to Seattle either by car or by walking on the ferry.  While it isn’t quite like the Staten Island Ferry that I knew growing up, the Washington Ferry system is amazing.  But, when you go from taking a park and ride to taking a ferry, it is better to rent and see if you like the lifestyle before you commit to buy.  If you’re not happy with your decision, you have an adventure, not a costly burden.


3)   Downsizing, but can’t buy before we sell.  Many clients that have been in their home for a number of years and know that they want to downsize.  With so much money tied up in their current home, people can’t buy something before they sell.  In this market, contingent offers are not very successful and since you usually have 45-60 days to get out, you may not find your next perfect home that quickly.


4)   Financial problems won’t allow us to buy.  Over the past few years, many people have gone through some very tough financial times.  Some people have gone through bankruptcy, some have sold their homes as “Short Sale” and don’t have any finances left to purchase another home.  We have recommended that they rent, get their finances in order and heal their financial wounds.  In a couple of years, you’ll be able to purchase again if you want.


We are experiencing a lower rate of appreciation now of 3-5% per year.  In Washington, it costs just under 10% to sell your home with commission, excise tax, title and escrow and there are always a few things that need to be done before and after you get a contract.  If you buy the wrong home and need to sell in less than 5 years, you may need to bring money to the closing table – and that’s no fun!


We love to sell homes, but we don’t want to sell you a home when the timing isn’t right.  We tell all our clients, “we want you to buy the kind of home that if you call us in a couple of years and want to sell, it won’t be a problem.  Renting is a great option and we’d be glad to help you there too when we can.

]]> http://wangsnessrealestate.com/2103/when-is-renting-a-better-alternative-to-buying/feed/ 0 Northwest Real Estate Forum is in the news! http://wangsnessrealestate.com/2085/northwest-real-estate-forum-is-in-the-news/ http://wangsnessrealestate.com/2085/northwest-real-estate-forum-is-in-the-news/#comments Tue, 14 Jun 2011 23:08:39 +0000 admin http://wangsnessrealestate.com/?p=2085 This is the press release that went out on the wire yesterday…

FOR IMMEDIATE RELEASE
Contact:  Nancy Juetten, nancy@nsjmktg.com, 425-641-5214
New Internet TV Show– Northwest Real Estate Forum — Debuts to Guide Real Estate Buyers and Sellers to Make All the Right Moves

(June 14, 2011 – Bellevue, WA, The Open Press) – Today a new internet TV show called Northwest Real Estate Forum debuts to guide residential real estate buyers and sellers to learn about local real estate issues and experts so they can make all the right moves.  This initiative is the brainchild Patricia Wangsness, a top producing realtor with the top performing Bellevue office of Coldwell Banker Bain.  She earned 5-Star Residential Real Estate Honors for Customer Satisfaction in 2010.

Wangness has one goal in mind with the new internet TV show.  She seeks to educate a wide and growing audience of viewers who are curious about market conditions.  She says, “Video is the easiest way for us to deliver information buyers and sellers need before they start the process of buying or selling.  Whether consumers are buying, selling, or sitting on the sidelines, the Northwest Real Estate Forum program aims to communicate and educate those who need to navigate market conditions so they can make good decisions.  The show is a vehicle to connect buyers and sellers with quality professional resources that can add value to their buying/selling process.”

The first video can be seen here.  Viewers can opt-in to be notified of new videos as they debut.  Each showcases local experts who address timely topics such as:

  • How personal finances impact making the right buying, selling and renting decisions;
  • Need to know basics before you apply for a mortgage;
  • How to dance around the moving company bait and switch;
  • The truth about Zillow;
  • Home ownership before and after bankruptcy;
  • New government rules for mortgage underwriting and what they mean to you;
  • What it means for seniors to age in place;
  • Escrow for newbies;
  • The do’s and don’ts for interior design to optimize resale


Among the experts interviewed to date are Femme Finance Host and President of Sound Financial Partners Debbie Whitlock, VP of Sales – Coldwell Banker Bain Ron Sparks, Bankruptcy Attorney John Farver, Regional Sales Manager for Landover Mortgage Rhys Evans, Branch Manager for Escrow Professionals of Washington Angie Balconi, Principal of Seattle Aging Solutions Sara Shelton, and Principal of Moving Link Rick Harper.

Even in the most challenging days of the Great Recession, Wangsness closed dozens of deals to earn her place among the top performing agents at the #1 ranked Coldwell Banker Bain Office in Washington State.  Among the keys to her success is her ingenuity about marketing.  For example, she conceived the idea behind the Artful Open House™. For this event, Wangsness staged a million dollar home with original art from a Northwest artist to give locals a new reason to attend the open house. She sold the home on Super Bowl Sunday. She also conceived the idea for the Rendering the Possibilities™.  For this event, Wangsness teamed with a local interior that makes it easy for buyers to visualize what a space can look like when remodeled or furnished in their own style.  Adding video to the mix is just one more way Wangsness can be of deeper service to current and potential clients.

About Patricia Wangsness:

Patricia Wangsness and her husband and business partner David Wangsness serve relocating executives and motivated buyers and sellers of residential Puget Sound real estate.  Their award-winning and results-focused efforts foster lasting relationships, generous referrals, and goodwill.  The Coldwell Banker Bain Bellevue Way Office is ranked #1 in the state, the country, and the world.  This office is also ranked #1 for Eastside Market Share, closed volume, closed units, sales above $1 million, listings, listings sold, average listing sold price, and waterfront sales.  To learn more, visit patricia@northwestrealestateforum.com, call 425-941-4841, or watch the videos and engage in the conversation at the Northwest Real Estate Forum Fan Page on Facebook http://www.facebook.com/NorthwestRealEstateForum

]]> http://wangsnessrealestate.com/2085/northwest-real-estate-forum-is-in-the-news/feed/ 0 Sale Price-To Be or Not To Be-Ask the Appraiser http://wangsnessrealestate.com/2097/sale-price-to-be-or-not-to-be-ask-the-appraiser/ http://wangsnessrealestate.com/2097/sale-price-to-be-or-not-to-be-ask-the-appraiser/#comments Tue, 14 Jun 2011 23:02:50 +0000 admin http://wangsnessrealestate.com/?p=2097 When we speak to clients about listing their homes for sale, the list price is usually a number they have already decided on.  Most people live in their homes comfortable and with a few minor changes, it will show beautifully.  We always recommend taking away personal items, they can distract the buyer.  We also recommend taking out any unnecessary furniture because it will make a room look bigger and that is usually better.  Breakables should be packed away and valuables should be hidden from the view of strangers.

With those things done, the house goes on the market and if we price it right, we will get an offer quickly and with some negotiation, come to a mutually acceptable selling price.  Then comes the appraisal.  With some luck and a good appraiser, the story goes on well from here.  What we are finding though is that the lenders are very cautious and can make things difficult for both the buyer and the seller.

The current lending environment, from our perspective, is difficult when we represent the seller as well as representing the buyer.  We caution sellers that if we price it above the current market levels, we might lose in the long run.  If the house doesn’t appraise, the seller will likely have to meet that price, or close to it because another appraiser will come to the same price.  The seller has lost because the home is off the market, then it goes back on the market and unless there is another sale or two in the area, the appraised value won’t change

When a home doesn’t appraise, there are three paths of action:

  • the buyer can put down more earnest money, to lessen the risk of the lender
  • the seller can lower the selling price to meet the appraisal
  • the deal can be terminated

So if you want more from your home than the market will bear, you can wait until the market catches up, find a cash buyer that doesn’t want an appraisal or you can sell it for what the market forces dictate it to be.

]]> http://wangsnessrealestate.com/2097/sale-price-to-be-or-not-to-be-ask-the-appraiser/feed/ 0 How low can we go? Buyers new negotiating strategy http://wangsnessrealestate.com/2030/2030/ http://wangsnessrealestate.com/2030/2030/#comments Wed, 20 Apr 2011 20:09:58 +0000 admin http://wangsnessrealestate.com/?p=2030 How low can we go?  Buyers new negotiating strategy


Almost no one is making an offer at the asking price these days for homes that have been on the market a while, but making an insulting low offer is not usually the best way to get a home you are interested in.  The real estate market is dynamic, but perceptions are slow to change and the news media isn’t helping.  The inventory of available homes for sale in our area is low, compared to two years ago.  Here in our market, we had almost eight months of inventory in October of 2008.  At the end of March, 2011, there is less than two months of inventory available to buy.   Because of the media attention, buyers think that they are in the driver’s seat and a seller is lucky to have them make an offer.  Buyers are looking at homes outside of their price range and hoping that desperate sellers will accept.  Writing offers that are 15-20% below that asking price is usually just an exercise that doesn’t do anything but set up an adversarial relationship with the sellers and the agents.

News flash:  quick full-price offers and multiple offers are back on desirable homes that are priced to sell.  Not too low and not too high, just desirable floor plans, updated houses, at the right price.  We just had a listing that sold in 3 days with a full price offer.  Another agent in our office had multiple offers on a home in 3 days and it went for more than the asking price.  In both cases, the buyers had lost out on other homes because they were not as fast as other buyers to get their offers in for consideration.

Don’t get me wrong, things are not back to the 2005 and 2006 frenzy here, but there are buyers with financing that need to buy a house and don’t want to wait forever!  If the object of putting your house on the market is to get it sold, price it competitively, make it accessible and with the right marketing, it will sell and you won’t have to go through the frustration of dealing with insultingly low offers.

]]> http://wangsnessrealestate.com/2030/2030/feed/ 0