Eastside Real Estate Working-for-you!

Sammamish listing - condo - 571 241st Ln SE - Cameray

Sammamish listing - condo - 571 241st Ln SE - Cameray By Greg Perry, eastside realtor $305,000 2 bedroom, 2 bath, 1081 sq feet. This drop dead gorgeous end unit condo, located in popular Cameray, is ready for you to move in to!  Recently painted with decorator colors, the entertainment spaces include a casual breakfast bar, dining area and lovely living room with cozy gas fireplace.  Spacious kitchen has a beautiful cabinetry, plenty of counters and pantry.  Elegant master has a full bath and walk - in closet.  One car garage. Utility room.  Nearby club house has excercise room, hot tub, pool, meeting and entertainment facilities.
General Property Information
SQFT: 1081 Year Built: 2000 Fireplace: gas	Garage: 1 car Roof: comp	Heat: Radiant Fuel: Natural Gas Taxes: $2,131
Floors: wall to wall carpet, vinyl,slate
Interior: End unit,master bath,insulated windows,walk-in closet,ground floor
Exterior: wood
Disclaimer: Square footage is based on information available to agent, including County records. Information has not been verified by agent and should be verified by buyer. Check out the listing page for more pictures and video of this gorgeous unit.

"The SECRET" .......to working efficiently with Buyers. Part 7 "THE HOME BUYING PROCESS"

"The SECRET"  ........to working efficiently with Buyers.  Part 7 "THE HOME BUYING PROCESS"
By Greg Perry, Kirkland Realtor

Part 7 of Series

Part 6 - My expectations of my clients.
Part 5 - Buyer's expectations of thier agent.
Part 4 -  What to look for in an agent.
Part 3 - Discover Buyer desires and needs
Part 2 - The real estate market
Overview

Buyers today have more ways to research information than ever before.  Have a question?  All we need to do is to Google it!  Despite this access to information, Buyers still don't know what questions to ask!  As soon as Buyers get enough information, they'll start moving toward making a purchase.  My goal is to give give Buyers enough information so that they have confidence as they move through the process.  This segment, "THE PROCESS", is the information Buyers need.  Here is how I break it down:

MORTGAGE APPLICATION - Before we can really start the process, you (Buyer) must go through the mortgage application and pre-approval process.  Before considering our offer, the Seller needs to know that you have the financial ability to close the transaction and we need a target price before we go looking.  We don't want to look at $500,000 properties when your top qualification number is $350,000.  A pre-approval means that the lender has reviewed income statements, tax returns and debt.  A credit check is run and the lender has a loan underwriter review all the information.  Based on this information, the mortgage company will give you a "conditional" pre-approval.  What they're saying is that you are approved for your loan, but typical conditions are 1. a suitable property must be under contract, 2. The property must appraise for value and 3. The information must remain the same (for example, you must remain employed). 

LOOKING FOR A HOME - Here is where we organize the home search.  What I find is that all Buyers at this point are looking for houses somewhere......most of them on the Internet.  I find out how you are currently searching and give you pointers on the most efficient way to search on-line.  Typically I do a computer search and pick the homes in the area that meets your basic criterea and send them to you via email.  Then we set a date to go look at the homes.  I don't like looking at more than 7 or 8 homes in one buying trip.  Any more than that and everyone starts getting confused as to which houses have what.  We use a check list to help the you keep everything straight.  If we exhaust current inventory, I check every day--- many times each day, to find the NEW, REDUCED and BACK ON MARKET listings.  We try to be ready at a moment's notice to check out the new hot listings.

WHEN YOU FIND A HOME - We may find the home in the first trip ----or your search may take months.  The important thing is that when the house is identified, it is time to act!  Many houses are lost because while a Buyer is thinking about the house, another Buyer may have already thought about the house and buys it.   

OFFERS - All real estate offers must be in writing on a full contract.  The contract includes all basic terms and conditions including price, closing date, inclusions, exclusions, financing, inspections, title reviews and other conditions.  I will provide you with a blank copy of the basic contract so you can pre-read the contract language befre we make an offer.

EARNEST MONEY - The Buyer must bring their checkbook because the contract must be accompanied by EARNEST MONEY.  Earnest money is a deposit that shows the Seller that you have more than a passing interest in the property.  The concept of earnest money confuses some Buyers.  Earnest money is not extra.....it's a portion of the your down payment or closing costs.  If the earnest money exceeds the down payment or closing costs, it is refunded back to you at closing.  The earnest money is protected by contract conditions, for instance the inspection.  If the property does not inspect to your satisfaction, then the you may elect to rescind the transaction and the earnest money will be refunded to you.  However, if the all of the contract conditions have been solved, and you elect at this point walk away, the earnest money may be claimed by the Seller as liquid damages.  Earnest money deposits are cashed and held in an escrow account.  The amount of earnest money is somewhat market and area dependant.

COUNTER OFFERS - If the Seller does not agree with any detail of a contract, then he may elect to counter offer.   The Seller does this by changing the detail on the contract, (such as the price), and sending it back to you.  At this point we still do not have a deal and could actually go look at another property.  If you agree to the Seller modifications, we enter into  a phase called "mutual acceptance".  This means that both you (Buyer) and Seller agree on every term and condition on the contract. 

INSPECTIONS - I recommend professional building inspections.  This would be one of the "conditions" on the contract.  In my mind it is critically important for you to know everything there is to know about the house you are purchasing, so you can make good decisions.  Every house has things wrong with it.  In fact, much of what will be found on the inspection will become a work list after you move in.  However, if there are major issues in the house structural integrity, systems (heating, electrical, plumbing), or a safety issue, we may elect to ask the Seller to repair the item before closing.  If we disapprove the inspection and ask the Seller to remedy a defect, and the Seller agrees,  the inspection condition is waived and we move forward to closing.  If the Seller declines to remedy a defect, then you have a choice, to proceed anyway (understand the property condition), or to rescind and get an earnest money refund.  Negotiations can also include agreeing on a price reduction or a Seller credit for you at closing.  You'll want to budget around $400 for this inspection to be paid at the time of inspection.

APPRAISAL - Your lender will wants to know a couple of critical things.  First and most basic, does the property exist and in reasonable condition, and, second is it worth market value?  The lender sends out an appraiser to make sure they are making a good investment by loaning you money on the house you selected.  Most houses appraise just fine, however occasionally one does not.  If a house does not appraise, there is language in your contract to protect you and your earnest money. 

CLOSING - Closing is the day that the house becomes yours!  In our state, the definition of closing is:  The Seller has availability to the funds (the lender has released their funds, starting your loan) and the property is recorded in your name at the county courthouse.

POSSESSION- This is the day you actually take possession of your property.  This date is negotiated between you and Seller, just like the closing date.  Most often, possession is the same day as closing, but not always.  The Buyer or Seller may have special needs that both parties agree to.  For instance, the Seller may remain in the home after closing for a specified period.  We would create a rental term agreement between both parties.  Perhaps the Buyer moves in before closing (this is not encouraged and is rare).  The possession date can be one of the toughest and most interesting negotiation in a real estate contract.

This is the basic flow of how the real estate process works.  This article is an overview.  We did not cover all contingencies and conditions.  For instance a condo buyer would need to see a resale certificate or public offering statement.  There is a lot more detail that I could write about each of these sections.  We do cover each section in depth in our first Buyer interview and as we're out finding your home.  By the time it's time to write your contract, you will have comfort in your knowledge and have confidence in your decisions.

Kirkland Mother's Day Events

Kirkalnd Mother's day events
Greg Perry, Kirkland Realtor
www.425realty.com The Voice of Seattle's Eastside

There is plenty to do in Kirkland on Mother's Day.  Here are some events you may want to put on your calendar!

Celebrate Mother's Day in Kirkland! (Sunday May 13):
Kirkland's Artists Studio Tour May 12 and 13th

Bon Appetit Hosts Mother's Day Tea!
May 12, 10:30am | Sur La Table Kirkland

The Crab Cracker Mother's Day Brunch! Sunday, May 13, 2007

Mother's Day Brunch at Waters, a Lakeside Bistro Sunday, March 13, 2007

Mother's Day at Yarrow Bay Grill, Sunday May 13, 2007

Mother's Day Brunch at the Beach Café Sunday, May 13, 2007

Kirkland Half Marathon Walk and Run & 5K Run-Walk
May 13, 2007 | Throughout  Kirkland

Friday's Did You Know?

Two days after Christmas in 1913, Washingtons first auto ferry named "Leschi" made her maiden voyage across Lake Washington.  The Leschi was a steam powered sidewheeler and ferried cars from Eastside communities to Madison Park from 1913 to 1950.

"The SECRET" .....to working efficiently with Buyers. Part 6 My expectations of my clients.

"The SECRET"     .....to working efficiently with Buyers.  Part 6 My expactations of my clients.
By Greg Perry, Kirkland Realtor
Eastside real estate

I think the most important concept here is that every agent should have some kind of expectation of their clients.  An agent with no client expectations, (an agent who allows the client run the process) has actually demonstrated an inability to negotiate.  The agent should be the leader in the relationship. 

I have a few expectations that I share with every Buyer. 

1.  I'LL BE ON TIME FOR OUR APPOINTMENTS..... and I expect my Buyer to be on time!  In other words, we need to respect each other's time.  Sure traffic in our Region occasionally makes punctuality impossible, but my expectation is that my client makes every effort to meet on time.  If traffic is impassable, the courteous thing for both parties to do is to call by cell.

2.  GET A BABYSITTER FOR CHILDREN .......  I love children.  I have 4 of my own, and 3 grandchildren.  That being said, I want to put my client in the very best possible path to make a great decision.  For that reason, I want the Buyer to be able to focus on the property.  Does it have proper closet space?  Where will the furniture and TV go?  Is the amenity package what they are looking for?  If junior is playing with the $1,000 vase in the corner, the client will be distracted and miss critical issues.  Almost all clients with children actually appreciate this standard.  Many clients don't think about or even realize that it's beneficial to get a baby sitter.  I've had many clients thank me for giving them a "break" from their children.

3.  OFFERS WRITTEN IN MY OFFICE......  Real estate contracts are incredibly complex.  I write them and work with them every week.  I am an agent that has studied and knows the important details of our contracts.  When I am writing a contract for a Buyer, I never take the contract for granted!  When I am in my office environment, I have access to the resources to research the listing my Buyers are making their on.  How long has it been on the market?  What is the absorption rate of inventory in the area in their price range?  What did the comparables sell for?  I also have the forms and the tools immediately on hand.  But the most important thing of all is, I have my full business brain going in a place where I can focus all my energy in writing the right contract with the right terms and conditions for my client.  My client will have their business brain on, too, and not be distracted by outside influences.

4.  HOW I COMMUNICATE AND RETURN CALLS.....       When I am in a meeting with a client, I don't answer my phone.  Why?  because I want to focus my attention and show my client that I respect them and their time with me.  When someone calls me on the phone, I want to respect them with my attention and time, as well.  I let my client know how I handle both telephone and email communication and find out from my client how they like to handle these communication methods, as well.  If I am working on something highly sensitive (like a negotiation of a contract), I will seek situational permission from the client I'm with to handle a specific call.

5.  RESPECT MY DAY OFF..... I work hard.  Many days I work long hours.  If I allowed it, I could work real estate 24/7.  What I found is that I need a day to get away from real estate and clients to be able to re-charge.  My clients are better for it! Can you imagine a sprinter getting close to the finish line, only to have it moved out another 100 yards?  Then he makes it there and it gets moved again?  He cannot keep the pace and then settles in for a long, boring run, never having the energy to ever sprint again.   Sometimes this business requires a sprint, and I can do it......because I devote one day every week to recover.  My clients get better service because I'm working and negotiating with agents who are tired.  My clients know my day off and understand the importance of allowing me to re-charge.  If I run across someone who does not respect this, I happily refer them to another agent.   An important note here.  If I am in a negotiation and there is a time sensitive contractual issue, I will occasionally do a specific task on my day off.  I get it done.......and do no more real estate!

6.  I EXPECT GOOD COMMUNICATION FROM MY CLIENT TO ME.......  We have already talked about the importance of good communication from the agent to the client.  Client communication back is as critically important in a good business relationship.

There you have it.  Basic client expectations.  Of course there are other situational expectations that get verbalized along the way.  Have I ever compromised my expectations?  YES!  When there is a good common sense reason to.  For instance, if a relo Buyer is referred by one of my very best clients who is hiring him to work in his department,  they have children, and the only day they can see is the day I take off, I may make the decision to make an exception.  If I know that this generally happens once or twice a year, I don't feel any inward resentment toward a client or my profession.

Coming up next:  The Process

Kirkland's Norkirk and Market Neighborhood Plans Update Project:

Kirkland's Norkirk and Market Neighborhood Plans Update Project:

The Planning Commission will hold a public hearing on April 26, 2007 to receive public comments on the draft Zoning Code, Zoning Map, Municipal Code and Subdivision amendments implementing recently adopted Market and Norkirk Neighborhood Plans and Market Street Corridor Plan goals and policies. 

-  Regulations will establish incentives to 1) preserve historic homes and 2) retain or create small homes on small lots in various zones in the Market and Norkirk Neighborhoods.

-  Design standards and zoning changes for the Market Street Corridor are also proposed.

Once the Planning Commission has received public comment they will provide staff with direction on any revisions.

The staff reports prepared for the April 26th Planning Commission public hearing are now available for viewing online by clicking here.

The Planning Commission hearing will be held on April 26, at 7pm (or soon thereafter as possible) in the City Hall Council Chamber, 123 5th Avenue.

You are encouraged to attend the public hearing and provide comments on proposed regulations. You may also submit written comments to the Commission, in person at the meeting, or to the Planning Department prior to the meeting.

Written comments on the Market Street Corridor Design regulations should be directed to Angela Ruggeri.

Written comments on the Small Lot Single-Family And Historic Preservation regulations should be directed to Joan Lieberman-Brill. 

All other information related to the MNH plans update project can be viewed by clicking here.

For more information contact:

Small Lot Single Family and Historic Preservation Regulations: Joan Lieberman-Brill, AICP - Senior Planner. Department of Planning and Community Development. Phone: (425) 587-3254. email: jbrill@ci.kirkland.wa.us

Market Street Corridor Design Standards and Zoning Regulations: Angela Ruggeri , AICP - Senior Planner. Department of Planning and Community Development. Phone: (425) 587-3256. email: aruggeri@ci.kirkland.wa.us

Greg Perry, Kirkland Realtor
Eastside Real Estate, Working-for-you

Spring scenes from Marina Park, Kirkland Washington

Spring scenes from Marina Park, Kirkland, Washington
by Greg Perry, Kirkland Realtor

Kirkland is often referred to as the "little Sausolito,CA of the north".  Kirkland is a very pedestrian city, with the downtown waterfront and view areas built with more condos than any other Eastside city.  Locals and visitors alike love browsing downtown boutiques and art galleries.  Restaurants are varied and world class.  Because Kirkland is such a popular place to live, and lots are hard to come by, downtown Kirkland real estate values are higher than most areas in King County.

The crown jewel of Kirkland's waterfront is Marina Park.  The magnificent gazebo hosts concerts and organized events all summer long.  Visitors coming in from the lake can moor their boats at the public marina to spend the day.  Summer evenings find Marina Park a virtual melting pot of all cultures and nationalities that meet with friends and families to enjoy a picnic on the lake.

Please sit back and enjoy these scenes from Kirkland's Marina Park.

"The SECRET" ......to working efficiently with Buyers. Part 5, What are the Buyer's expectations of an agent?

"The SECRET" ......to working efficiently with Buyers Part 5, What are the Buyer's expectations of an agent?
By Greg Perry, Kirkland Realtor, Kirkland Wa

Here's where the rubber meets the road.  Buyer's have a good experience when they're expectations are met.  They can become raving fans when their expectations are exceeded.  Healthy business relationships happen when both parties understand each other's expectations.

At this point of the initial consultation, I ask the Buyer(s), "What are your expectations of your agent?".  What I've discovered over the years, is that most Buyers don't know what they should expect from an agent.  In fact, most Buyers at this point focus on just one thing, and that is finding their home.   

I actually help them by teaching them what they should expect in an agent.  Here is my list:

• Communication  I think the Buyer should expect good and consistent communication and teaching from their real estate agent.
• Honesty and integrity?  I share with by clients that trust in a service industry relationship is a balance between character and competence.  When we find someone who we feel has high character, and they know what they're doing, we want to do business with a person like that. 
• Help you find your home? This is a very important function in what we do with a Buyer, but I stress to the Buyer, it's not all we do.   As Buyers now have excellent access to listings and information, it's not uncommon that they will spot the house on the Internet before we do. 
• Negotiate?   One of my single biggest strengths is my ability to negotiate on behalf of my clients.  This is one of the most important reasons of all to hire and use a good agent.
• Take care of the details? The Buyer will have earnest money committed to the purchase.  Purchase and sale contracts are extremely complicated.  Good agents must be able to take care of every detail of the contract, as well as managing the process.
• Keep your best interests at heart?  A good agent will keep the interests of the client ahead of their personal interests.
• What has been your past experience with an Agent? This is a great question to find out if the Buyer has had a bad experience or a good experience in the past with a real estate agent. 

Next up:  My expectations of my client.

q

State of the Mortgage Market

By Ryan Jensen, The Jensen Group

In the media, there is still a lot of press regarding the recent struggles of the lending, and more specifically, the subprime lending industry. It is true that a number of subprime lenders who allowed their guidelines to become rather lax and flexible to qualify more buyers are now taking some hits. Foreclosures are causing cash flow problems and mismanagement has forced a number of lenders to close their doors. Although this is not the end of the world and the whole situation has been a bit overplayed in some aspects, there are some effects this will have on the market for awhile and it is worth watching for any home owner, or would be home owner.

Here are a few updates for those following these events.

·         According to a recent Seattle Times article, foreclosures around the country have risen 47%. This means a large number of homes coming back on the market and lenders holding these mortgages are being overwhelmed by the increased volume, causing some to go under. By the way, foreclosures in Washington State actually bucked the national trend and DROPPED 5.9%, while appreciation has still been in the double digits.

·         Lending guidelines are more restrictive than they were in previous years. 100% financing is still available, but requires generally at least a 680 credit score or higher and difficult to get with stated income. The secondary market for buying 100% loans has just shrunk at this point. Subprime lenders have also risen their rates considerable to adjust for risk.

·          At the urging of the federal government, some banks are now looking at restructuring loans they are servicing for at risk borrowers or borrowers looking at foreclosure in an effort to prevent default. Washington Mutual is looking at earmarking as much as $2 billion for such an undertaking.

·         Despite all the hub-bub, good rates are still available. With 0 discount points, a 30 year fixed can be as low as 5.75%.   

In remembrance.....

My wife Val reminded me to wear my orange shirt this morning in remembrance of the victims of Virginia Tech.   

God, please bless and comfort the families and friends of the those who were lost or injured.