Here are four common ways to hold title to real property in Washington State:
1) Single Individual - A person who is not married or a registered domestic partner.
2) Separate Property - A person who is married or a registered domestic partnership who holds title without a spouse or registered domestic partner. A quit Claim Deed will often be required by the title company from the spouse of partner not going on title.
3) Tenancy In Common - Two or more people have interests (not as community property or joint tenants) in the property. The individual interests do not need to be equal, but the sum total of the interests must equal 100%. The interests of each tenant-in-common pases to his or her heir(s) upon death.
4) Joint Tenancy - Two or more people have equal interests in the property and the deed by which they take title must specify that the property is "held as joint tenants, with rights of survivorship". Unlike tenancy-in-common, when a co-owner dies, his or her ownership interest automatically passes to the other co-owner(s).
Choosing how you want to hold title is an important detail to figure out prior to closing. Be sure to have a conversation with your agent, Title Company and/or an attorney if you have any questions or concerns.
]]>
With the release of the statistics form the 2010 census you can now explore how your neighborhood has changed. The U.S. Census Bureau has just released population, race and age data for Washington. The Seattle Times has several tools for seeing how the region and neighborhoods have changed over the last 10 years. http://seattletimes.nwsource.com/html/census2010/ There is an interactive map and a fairly interesting dot map in pdf format.
]]> ]]>The city of Seattle is the number one city to trick-or-treat in the nation, and for the second year in a row, Wallingford has been named the best neighborhood to trick-or-treat in Seattle, as computed in the second annual Zillow Trick-or-Treat Housing Index. The data junkies at Zillow donned their Halloween caps and identified the top five neighborhoods in Seattle that kids will get the most bang for their knock as they try to optimize their candy haul.
Top 5 Best Places to Trick-or-Treat In Seattle in 2010
]]>1. Pay your home off faster. To paraphrase Gordon Gekko, SPEED is good. Especially when it comes to paying your house off. As much heat as home ownership takes, the fact is, if you are ever in a position to pay off your mortgage, you nearly eliminate housing expenses, something that never happens when you rent. By definition, a 15-year mortgage positions you to own your home free and clear in half the time (of course, taxes and insurance don't go away). Just in time, actually, for many homeowners to pay for college tuition!
2. Free yourself from the market cycles. On a 30-year mortgage, nearly the first half of the loan is amortized in a way that you're primarily paying interest, so very little equity is being built up. As a result, many 30-year mortgage borrowers look to market appreciation for the only increase in equity they can count on during the first half of the life of their loan. And we all know that market appreciation simply isn't something we can rely on, especially these days.
With a 15-year loan, you pay your principal off more quickly. As a result, you build equity up consistently and without relying on the market to increase the value of your home.
3. Save tens, even hundreds of thousands of dollars.According to the National Association of Realtors, the median sales price for all existing American homes in August 2010 was $178,600. Finance that for 30 years at 4.375%, and you'll pay $140,338 in interest over the 30 years. Elect for a 15-year mortgage at 3.75% instead? You'll pay only $55,187 in interest over the life of the loan -- 60% less interest, a savings of over $85,000!
Something to consider if your equity position and monhtly income allows.
]]>Seattle Recreational Walking Map from the Seattle Dept. of Transportation (SDOT)
The Seattle Walking Map was designed to help Seattle residents and visitors choose a walking route that best suits their interests and fitness level. The routes identified in the map come from a variety of sources including Feet First, King County, and the City of Seattle Department of Transportation and include routes that follow sidewalks, shoulders on quiet streets, and park trails.
This new series of city walking maps divides Seattle into three sections: north, central, and south. Adjoining sections of the map include a limited amount of overlap, should your route cross from one section to another.
Walk Score is a site that has been around for many years. Driven by advertising it will take any address and rate it for its proximity to amenities.
How Walk Score Works
Walk Score is a number between 0 and 100 that measures the walkability of any address.
90-100 Walker's Paradise -- Daily errands do not require a car.
70-89 Very Walkable -- Most errands can be accomplished on foot.
50-69 Somewhat Walkable -- Some amenities within walking distance.
25-49 Car-Dependent -- A few amenities within walking distance.
0-24 Car-Dependent -- Almost all errands require a car.
Here are just a few of Seattle's best walking neighborhoods:
]]>Below are a few of the provisions in the ordinance. Check out the complete ordinance here.
In all residential zones all urban farms are subject to the following provisions:
2. Sales. Retail sales and all other public use of the farm shall begin no earlier than 7:00 a.m. and end by 7:00p.m. every day of the week.
3. Deliveries. Commercial deliveries and pickups are limited to one per day. On-site sales are not considered commercial pickups.
4. Motor vehicles. No more than two motor vehicles, each with a gross vehicle weight of 10,000 pounds or less, may be used for farm operations.
Website rates your neighborhood's walkability and your commute costs. The Seattle Times, 8/16/2010
According to Walkscore, 57 percent of Seattle residents live in a neighborhood with a score of 70 or above. Most neighborhoods have a score of at least 50, with 14 percent of residents living in car-dependent neighborhoods.
Seattle's most walkable neighborhood is Pioneer Square, with a score of 99, followed by downtown, 97; First Hill, 96, Belltown, 95; and Roosevelt, 96. At the bottom of the list is Blue Ridge, with a score of just 32.
Walkscore also scores the walkability of a neighborhood to its proximity to such amenities as grocery stores, schools, restaurants, parks and even bookstores.
The website also has a calculator to show home much of a resident's average monthly income goes to housing and transportation costs. According to Walkscore, households in traditional suburbs spend up to 32 percent of their incomes on transportation costs, while households in walkable areas with good access to public transportation spends as little as 12 percent.
Using revolutionary new technology, a detailed property search of all listed properties from all northwest brokers is easily negotiated using the interactive map, simple list, or tile display. Buyers can compare listings and save favorites to review later. They can create a custom search and receive daily updates of new listings by email, or look for this week's Public Open Houses. Sellers can view recent sales as well as listings currently pending in order to make the right decisions when listing a property for sale. Users can take a virtual walk down the street using Google's Street View, or determine the nearest schools or restaurants. Zillow's demographics are displayed as well as Walk Scores where available.
In addition, the website gives advice on how to maneuver through issues like preparing your home for sale, making the successful offer, and financing decisions. At any time, a quick phone call or email will answer any questions you may have about a property or the website.
We hope you enjoy our new site and the information we are now able to provide.
]]>First-time homebuyers will have until Sept. 30 to close on their purchases and land an $8,000 tax credit under a bill passed by the Senate late Wednesday.
President Obama is expected to sign the bill, which was overwhelmingly approved by the House on Tuesday. The deadline had been June 30.
The bill doesn't help anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized.
Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500.
__________________________________________________________
UPDATED: As of June 29, 2010, In a 409-5vote the House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.
The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.
__________________________________________________________
UPDATED: As of June 28, 2010 Congress has failed to pass the House bill that would have completed the extension. Therefore, as of this time, the Home Buyer Tax Credit that looked automatic HAS NOT PASSED and the deadline has NOT been extended.
__________________________________________________________
Sorry, the three month extension for the Federal Home Buyer Tax Credit does not allow you to qualify if you have not already put a home under contract. The extension only applies to the amount of time you have to close your transaction.
The previous deadlines required a Buyer to have mutual acceptance to purchase a home by April 30th, 2010, that deadline stands. After reaching mutual acceptance the home buyer had until June 30th, 2010 to qualify, this deadline has been extended to September 30th, 2010.
Many lenders were struggling to meet the June deadline and were asking for more time. The extended timeline will also allow those Buyers that were working a purchasing a 'short sale'. Often the wheels turn slowly when purchasing a 'short sale' property that must have approval from the Seller's bank.
As reported by the National Association of Home Builders:
The U.S. Environmental Protection Agency's Lead: Renovation, Repair and Painting rule governing the work of professional remodelers in homes where there is lead-based paint was published in the Federal Register on Earth Day, April 22. The rule took effect April 22, 2010.
The rule addresses remodeling and renovation projects disturbing more than six square feet of potentially contaminated painted surfaces for all residential and multifamily structures built prior to 1978 that are inhabited or frequented by pregnant women and children under the age of six.
It requires a cleaning inspection after the work is completed and grants the remodeler flexibility in determining the size of the work area, which can reduce the size of the area subject to containment.
The EPA rule also lists prohibited work practices ― including open-torch burning and using high-heat guns and high-speed equipment such as grinders and sanders unless equipped with a HEPA filter.
Additionally, the rule establishes required lead-safe work practices, including posting warning signs for occupants and visitors; using disposable plastic drop cloths; cleaning the work area with HEPA vacuuming and wet washing; and individual certification through a training course.
The full rule and brochures for consumers and renovators can be downloaded from the EPA's Web site.
Information for Homeowners Working at Home
If you are a homeowner performing renovation, repair, or painting work in your own home, EPA's RRP rule does not cover your project. However, you have the ultimate responsibility for the safety of your family or children in your care. If you are living in a pre-1978 home and planning to do painting or repairs, please read a copy of EPA's Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF) lead hazard information pamphlet (11 pp, 1.1MB). | en español (PDF) (20 pp, 3.2MB). You may also want to call the National Lead Information Center at 1-800-424-LEAD (5323) and ask for more information on how to work safely in a home with lead-based paint.
]]>There is also growing pressure to raise the minimum down payment from 3.5% to 5%.
Even with the coming changes, FHA will still be a fantastic loan option for first time buyers. The program still allows gift funds from family, friend and/or employers. The program also allows for state homebuyer assistance programs.
If you are a first time homebuyer that was thinking of using the FHA program, now may be a good time to talk to a knowledgeable real estate professional or local lender.
]]>* A tax credit of up to $8,000 is available for First-Time Homebuyers.
* A tax credit of up to $6,500 is available for Repeat Homebuyers who have owned a home for five consecutive years out of the prior eight years.
* Homes priced above $800,000 are not eligible for either the first-time homebuyer tax credit or the repeat homebuyer tax credit.
* Home purchases in 2010 may be claimed on an amended 2009 income tax return.
Not sure about something? Have further questions about the market, the tax credit or just home buying in general? Reach out. We are here to help.
]]>Editors Note: In September, on the first anniversary of Washington Mutual's closure,the Puget Sound Business Journel reported that as executives fought to sell the bank during its final days, regulators undercut those efforts by signaling to bidders that the bank would soon be seized and sold at a much lower price. Now, further investigation reveals that, contrary to regulators' assertions at the time of the seizure, WaMu had sufficient liquidity and capital to meet regulatory standards and survive. Why, then, was it shuttered?
Recently in my office I listened to a story about a Buyer who had just missed out on the house they wanted to call home. How? They waited several days after the home came on the market and by the time they wrote their offer, someone else had beat them to the punch. I think in today's market it is easy to over-strategize or get lackadaisical and forget one of the fundamental rules in real estate: "time is of the essence".
Even in today's slower paced market if you identify the home that fits you and your family, you still must move quickly. If you are interested in a house, there is a chance that someone else may be too. Often in today's market people hesitate to write an offer immediately because they do not want to pay full price. I understand that. However, if it is a home you really want, I would suggest writing your offer immediately. Simply make the offer that you feel is appropriate for the home. At a minimum, it shows the Seller your interest and raises the likelihood that you will be involved in negotiations on the home, even if there is another offer.
If you decide to hold off on your offer and are willing to take the risk of losing the home to another offer, be sure that it is over a dollar value that you can live with if you lose the home. If you are buying the home for the long term (as you should be) maybe a $10,000 to $20,000 reduction in price is not as important as getting the house that feels like home.
]]>
LEED ~ Leadership in Energy and Enviromental Design: Widely known program on a national basis. LEED is offered through the U.S. Green Building Council. Similar to Built Green, it offers different levels of green certification, which are based on features in a development.
The Leadership in Energy and Environmental Design (LEED) Green Building Rating System™ encourages and accelerates global adoption of sustainable green building and development practices through the creation and implementation of universally understood and accepted tools and performance criteria.
LEED is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings. LEED gives building owners and operators the tools they need to have an immediate and measurable impact on their buildings' performance. LEED promotes a whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.
Who uses LEED?
Architects, real estate professionals, facility managers, engineers, interior designers, landscape architects, construction managers, lenders and government officials all use LEED to help transform the built environment to sustainability. State and local governments across the country are adopting LEED for public-owned and public-funded buildings; there are LEED initiatives in federal agencies, including the Departments of Defense, Agriculture, Energy, and State; and LEED projects are in progress in 41 different countries, including Canada, Brazil, Mexico and India.
]]>