Buying new construction condos or houses

The next class is on Wed December 14 from 6:30 - 9:00 pm in the Bellevue Area. Thinking of buying new construction or a presale, walking into the onsite sales office can be one of the biggest mistakes you can make. We discuss the basic process of negotiating, delays in construction, avoiding common mistakes when purchasing new construction, picking a lot, the CC&R’s, warranties, what happens during construction, getting a loan, costs associated with new homes, condo conversions, public offering statement, options, upgrades, inspections the buyer should request, and finally the closing process in detail. This is a class that you will leave with much more insight than ever before. Be empowered before buying. Register online at www.WashingtonStateHousing.com

Free Condo Buying Seminar

Purchasing a Condo

The next class is on Sat December 10 from 1:00 - 3:30 pm in the North Seattle Area. This class is for seattle condo buyers that would like to learn the process of buying start to finish and understand how condos, co-ops and townhouse operate. The topics will provide you with knowledge of the condo and town home ownership and purchasing. Real estate agents and investors have taken this class and have written the instructor to praise of how much knowledge they obtained from this class. Condo owners who have taken this class after buying have stated "I wish I new of this class before I bought and made mistakes purchasing a Seattle condo". Be empowered before buying. Register online at www.WashingtonStateHousing.com

Free Condo Buying Seminar

Purchasing a Condo

The next class is on Sat December 10 from 1:00 - 3:30 pm in the North Seattle Area. This class is for seattle condo buyers that would like to learn the process of buying start to finish and understand how condos, co-ops and townhouse operate. The topics will provide you with knowledge of the condo and town home ownership and purchasing. Real estate agents and investors have taken this class and have written the instructor to praise of how much knowledge they obtained from this class. Condo owners who have taken this class after buying have stated "I wish I new of this class before I bought and made mistakes purchasing a Seattle condo". Be empowered before buying. Register online at www.WashingtonStateHousing.com

Free Seattle Condo Buying seminar

The next class is on Wed November 23 from 6:30pm - 9:00 pm. This class is for seattle condo buyers that would like to learn the process of buying start to finish and understand how condos, co-ops and townhouse operate. The topics will provide you with knowledge of the condo and town home ownership and purchasing. Real estate agents and investors have taken this class and have written the instructor to praise of how much knowledge they obtained from this class. Condo owners who have taken this class after buying have stated "I wish I new of this class before I bought and made mistakes purchasing a Seattle condo". Be empowered before buying. Register online at www.WashingtonStateHousing.com

Searching the Seattle Area MLS for homes and condos

There are many places to search for homes and condos in the seattle area. Some of them in my opinion are a waste of time. I have compiled a list below and give my opinion on each

Magazines many time take 2 weeks to publish a new ad. If the listing companying puts an ad in the magazine and you happen to pick it up on the first day it is distributed then you see a property that is 2 weeks old and in our market is probably sold. If you have the luck to pick it up right before the new issue comes out, then it could be 6 weeks old.

Newspapers are a little better, but still some of the properties don't get into it for a while

There are numerous web sites in the web world and many are not updated frequently or provide you the information that you require. In my opinion MLSregister.com provide some of the most detail information available on Seattle condos and Seattle homes. It provides buyers with addresses, dues, amenities and much more information. It also allows you to search on multiple platforms for all companies with listed properties in the Seattle and surrounding areas. Many sites require you to register before you can search for properties, this one does not.

Seattle Daily Journal of Commerce Article

There si a good article on the different seattle condos that will be developed and good information concerning the landscaping of Quenn Anne at http://www.djc.com/news/re/11137643.html. Please let use know of new condos in Seattle and other areas that you learn of.

Free Seattle Condo Buying Seminar

Purchasing a Condo

The next class is on Sat November 12 from 1:00 - 3:30 pm in the North Seattle Area. This class is for seattle condo buyers that would like to learn the process of buying start to finish and understand how condos, co-ops and townhouse operate. The topics will provide you with knowledge of the condo and town home ownership and purchasing. Real estate agents and investors have taken this class and have written the instructor to praise of how much knowledge they obtained from this class. Condo owners who have taken this class after buying have stated "I wish I new of this class before I bought and made mistakes purchasing a Seattle condo". Be empowered before buying. Register online at www.WashingtonStateHousing.com

Real Estate Agent Who don't know the business

It amazes me how many buyers are willing to stay with a real estate agent or clearly does not know the business. I teach many seminars and I have buyers who after taking the class and learning how the real estate transaction work still will work with an unqualified agent. Most of the time this buyer has just stumbled onto the agent by visiting an open house or calling an ad in the newspaper. You must interview an agent and find out about their experience before starting the buying process. There are many class offered at www.WashingtonStateHousing.com that helps you find out what to watch out for and possibly save you thousands of dollars and many days of headaches.

Most areas cooling Seattle Condos are still hot?

Many times you read in local newspapers, hear on news reports and magazines that areas are experiencing a hot market which indicates its a sellers market and buyers are offering top dollar. Contact a local condominium specialist when purchasing a condominium or town home who can provide you more information and data concerning current market conditions. Many times the hot market is located in a specific area and you could be 1 mile away from that area and it could be a buyers market. Don't overpay without having the right information and experts involved in the transaction. Remember many articles in newspapers and magazines are writen by freelance writters who have no knowledge of real estate and interview real estate agents to get the opinion about the market. Many times opinion of these agents might be wrong. Infact I have seen articles that interview several agents and when I went to check some of these agents experience I found they were new to the buissness or don't sell many properties. The only true way to know what type of market we are experiencing is to see the actual data from the area you are looking to buy.

Discounts on Seattle Condo Real Estate Agents

Buyers sometimes are not aware that if there is a discount that it might actually cost them more in the long run. There are many start-up companies out there that think they can put up a website together and get buyers, and they are right. Many buyers are not knowlegable enough to know that this might cost them money. Consider the following example. The listing agent lists the home at $330,000 The home is worth about $300,000 based on market conditions. The agent is not a good negotiator and does not know the market and informs the buyer it is a hot market. The buyer pays full price and get a rebate from the agent, lets say $3,000. The buyer actually paid $327,000 for that house. If that same buyer chose an agent who knew how to negotiate and maybe even suggested the buyer walk away from the house, the buyer could end getting the home for $300,000. In reality saving $30,000 off the listed price. This buyer would have netted $27,000 more than a buyer who did not negotiate a good price.

I know that sellers many times think their home is actually worth more than it actually worth and convinces the listing agent to list it at that price hoping getting an inexperienced buyer or agent to make an offer. I have personally represented buyers where this has happened. In fact in one deal I negotiated close to $50,000 off the list price of the home in the low $300,000 price range.

It can be very common to find a licensed real estate agent who is simply not knowledgeable enough to do a good job. You have to search much harder to find a licensed lawyer, doctor, or engineer who simply can't do their job. You all work in fields where you might think the person doing the job should be maybe sweeping floors instead.

To get a real estate licence in Washington State you have to take a 60 hour class and pass a state test. It might supprize buyers that many real estate agents have never even owned there own home.

When I bought my first property bfore I was licensed I made the mistake many buyers make. I walked into an open house and asked the agent there how much I should pay for the home. Of course he said full price because he was representing the seller. I found out later that I should have had my own agent.

The next time I bought a property I thought I got smarter. I picked an agent to work with me to find a house and he was my buyers agent. I made the mistake of not interviewing him to see his experience and credentials. I don't think he did a very good job for me.

A year later I decided to get a real estate license and it really opened my eyes to what a buyer should be looking for and how to go about getting a good agent. I've been in the buissness now over 8 years and bought many properties for myself and have represented hundreds of buyers. I feel sorry for the buyer who doesn't know any better and just picks the first agent they speak to and don't interview them.

Many buyers call an ad in the newspaper or on a website and the property is not available, but that agent suggests other properties and that buyer starts working with that agent, in my opinion a huge mistake. Many new agents host open houses also in an attempt to secure new buyers for themselves.

Remember its not how nice they are, its what kind of job they can do for you. You might have a friend or relative that has a real estate license and you might consider using them, but if that same person came to you and asked to borrow $100 you would probably say no or they might not know finances. But you feel sorry for them and decide to let them help you buy the most important investment in your life. You would probably be better off giving them a couple of hundred dollars.

There are many free classes in Washington State that provide information on buying. You may find classes at www.WashingtonStateHousing.com.

Michael Kass, CRS, GRI, ABR
www.MikeKass.com
Associate Broker

Free Seattle Condo Buying Class

WashingtonStateHousing.com is offering a free Seattle condos buying classs on Wed Nov 2. This Seattle Real Estate Class should benefit new buyers or current owners of condominiums. Learn about the opertation of the association and items to watch out for when choosing a condominium.

Buyers Agent

Do Buyers need the help of a buyers Representative?


Yes! Buyers should work with a real estate professional who is totally loyal to them and is knowledgeable concerning condominiums and Townhomes.


Does the Buyers Agent make decisions for you?


No! The buyers agent will use his expertise and provide you information concerning the negotiations, financing, contingencies and the closing process. This information will allow you to help make decisions. The buyers agent might direct you to other experts to help with the buying process.


How much does the buyers agent cost?


The cost of the buyers agent is typically free. The fee is paid by the seller when listing the property. A portion of the listing fee goes to your agent for negotiating for you. There is no risk using a buyers agent considering the risks of buying real estate


Does the buyers agent represent the seller?


No, the buyers agent is legally obligated to you and must keep all information concerning financial and personal information concerning you confidential. That another important reason to work with a buyers agent. The listing agent does not have this responsibility.

What properties can the buyers agent show me?

The accredited buyers agent has access to all Northwest Multiple Listed Properties from all companies.

What is a Certified Residential Specialist ?

This national recognized designation is considered the PHD in real estate, only the very best performing agents may earn this designation.

New Construction / Presales

When buying new construction many buyers are unaware that they might be able to have their own buyers agent represent them in the transaction at no additional cost to the buyer. The agent can give them recommendations concerning location of the unit in the complex. Upgrades and various other items affecting the purchase. Remember the on site agent works for the builder or developer (seller) and has to be loyal to them. You need your own representation when purchasing such a large investment. Get your buyers agent before entering a new construction site or presale site. I believe you should not sign anything including anything that provides your name before you have your own representation. When entering the site let them know you are working with a buyers agent and the agents name.

Finding an real estate professional

Before starting the process of purchasing a condominium or town home you should seek help of a professional agent. Much like choosing a lawyer or doctor you want to ensure you are working with someone who watches out for your interests. When interviewing a agent you should be provided with a resume containing the agents experience. During the interview you will want to see how the agent works. Working with friends and relatives is great but do you really have confidence in their ability to handle a purchase which in this area amounts to a quarter of a million dollars or more. This link provides you with a local real estate agents resume. Many times buyers find out that they did not get the right advice when they try to sell their condo. They overpaid for the condo or did not know about certain conditions that made the condominium unattractive to buyers. There are many Free Washington State classes that teach you about the condominium buying process

Condominium Insurance

When buying a condo the insurance included in the association dues might not cover personal belongings, appliances or carpet in the unit. It might be wise to get separate insurance.

Free Condo Buying and operation seminars

Free condominium buying seminars are offered at WashingtonStateHousing.com

New Construction / Presales

When buying new construction or presales many buyers are unaware that they might be able to have their own buyers agent represent them in the transaction at no additional cost to the buyer. The agent can give them recommendations concerning location of the unit in the complex. Upgrades and various other items affecting the purchase. Remember the on site agent works for the builder or developer (seller) and has to be loyal to them. You need your own representation when purchasing such a large investment. Get your buyers agent before entering a new construction site or presale site. I believe you should not sign anything including anything that provides your name before you have your own representation. When entering the site let them know you are working with a buyers agent and the agents name.

Making large purchases

You decided to buy a condo or home. You just got approved for a loan, don't make the mistake of taking out credit or charging existing credit cards for buying a new car or new appliances or even furniture until you own the home. The lender might do a credit check again before closing and you might not qualify for that loan because your ratios do not meet lender guidelines.

Good Article on Condo in downtown area

http://money.cnn.com/2005/09/29/real_estate/buying_selling/western_trends/index.htm

Why buy a condominium?

Condominium living is different from owning or renting a single dwelling, town house or apartment, because condos have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium. Many buyers do not want the responsibility of making day to day decisions about the care of the property they own. They also do not have the time or desire to do the chores home ownership may bring to them.