I know that the appraisal plays a major role in a buyer's ability to purchase a new house with a loan, but I never expected one of the latest I saw to make such a difference.  The appraiser accidentally marked that the property is in a declining market and the lender wanted more money down as a result. 

I had to call a couple other appraisers and make sure I wasn't completely out of the loop on this one, but Snohomish County is NOT in a declining market.  If anything, I have had a ton of interest from buyers that call, so I was surprised to see the dreaded box checked.

The original appraiser agreed to write up an addendum explaining his error, but unfortunately the underwriter had already seen the box marked declining market.  I am sure it looks like we are trying to pull a fast one so the purchase and sale may have to go to an entirely different lender as a result.  An appraisal can make a huge difference and value isn't always the issue.

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

Last week, I got too much sun and this week I found myself in crazy white snowy conditions!  I had to drive north a bit for an event and this is what I got to drive back in!  I think I would like the sun back, please?

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

 If you are thinking of relocating to Seattle, I am an expert at Seattle Relocation services and can help you find the perfect home while making sure it is a solid financial investment! 

There are many short sales on the market right now and it can be frustrating for a consumer and bad for the surrounding houses. Here's why:

What is a short sale?

Simply put:  A Short sale is when the seller owes more than the house can be sold for in the current market.

How does it happen?

This can happen in a variety of ways - here are just a few:  The house could be in a suddenly declining market or the homeowner could have stripped all of the equity out of the house by refinancing over and over again to pull out money for other things.  The condition of the house could have decreased making it not worth what it was purchased for to begin with.

What is the bottom line?

The bottom line is that if you owe more eon your house than it can reasonably be sold for, you need to talk to an agent who knows how to do a short sale.  A short sale can be very detailed and complicated transaction, but is completely possible.  The agent deal directly with the bank and they will put your home on the market for less than what you owe with a clause for buyer agents to see:  " All offers subject to lien holder approval."  Then when/if an offer comes in at that price point, the agent needs to complete a short sale package for the bank.

 Why would a bank grant a short sale?

The bank has the final say, but in many cases it is cheaper for them to write off part of the debt and grant the short sale versus taking the money and time to foreclose when the homeowner can not pay the mortgage. 

Why would a seller sell with a short sale?

They owe more than its worth and won't get a dime so they don't care what the price is, but it would help them avoid a foreclosure on their record if a short sale can be negotiated.

Why would a buyer buy with a short sale?

A first time home buyer can get a screaming deal on a house they otherwise would not be able to afford in most cases. An investor can get a great property for flipping because with a few cosmetics these houses are usually good flipper candidates.

Everyone wins right?

So here's my problem: 

It is a little like FALSE advertising.  I think the MLS should force some kind of disclaimer in the public remarks so that a consumer is not tricked into thinking that these houses are priced at the market rate.  The reality of the situation is that most of the time they are slashed well below market value to gather as many offers as possible for the bank.  The bank will also usually push back once they get an offer and try to get more money.  In most cases, this counter will be MORE THAN LIST PRICE.

Now, More than list price is still usually a pretty good deal, but try explaining that to new buyers who think a price in the MLS is a price and don't understand why in the world they can't get a house for the price it is being advertised for.  While your at it, try explaining the ridiculously low price to the surrounding neighbors trying to sell their homes for $100,000 more in some cases.

Something's got to give if we are going to keep seeing these as the norm in some neighborhoods.  Are you protecting yourself when you list and sell a short sale?  I know for me I am starting out with a disclaimer about them before I ever show my buyers a short sale property.  I want them to really know what they are getting in to.

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

Seattle Suburbs: Getting Ready for the Holidays: Santa Photos!

If you want your little one to come get a picture with Santa, Alderwood Mall in Lynnwood, Wa has him!  Photos are same day so you can bring them home to share for the holidays.

Hours:

M-S

10AM-1PM

2PM-5PM

6PM-9PM

Sunday

11AM-3PM and 4PM - 6PM

The Alderwood Mall Santa is a pretty good one, but the lines are usually pretty long and the photos are on the pricey side.  Make sure to bring snacks for your little ones while they wait!

Alderwood Mall: 3000 184th Street SW, Lynnwood, Washington  98037

Courtney Cooper ....For all your FULL SERVICE and QUALITY Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Associate Broker and Realtor serving North King & South Snohomish County - Experienced and with a background in accounting - I love my clients and work hard for them!

Call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle, Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!