One reason I love living here is because there are so many recreational opportunities within a two hour drive. The other day I took a last-minute drive to Mount Baker, and came back refreshed. Picture Lake and Mount Shuksan were as beautiful as ever.
If you are anything like me, you are feeling incredulous the pandemic has been going on for so long. It seems as if wearing a mask has become an everyday accepted event in most of the northwest, with people varying from stylish to medical grade.
I’ve been volunteering with Covid testing in Everett, and we get about 250-500 drive-throughs each day, with about 8% testing positive. Only a small percentage actually look sick to the eye, but others have some symptoms. My heart goes out to those who have contracted it; I recently found out a friend of mine that I’ve know since she was a child (I used to babysit her) has Covid, and has been having many issues.
Meanwhile, aside from work, I’ve established a regime to stay healthy; yoga, online dance lessons, walking Watson, and bird watching. I’m trying to find balance in each day. (BTW, if you want to join the fun, check out the late morning online dance class with Michelle Badion: click-here.)
If you care to join me on one of trips to the Skagit Wildlife area let me know!
I’m excited to say we found a buyer for this lovely waterfront condominium!
This transaction came with a few surprises, and lessons learned. The offer from the buyer’s agent was straightforward, and was accompanied by 20% down, and a pre-qualification letter from Caliber Home Loans, a firm I often recommend. The buyer’s agent was convinced that with so much down we would not get an appraisal.
However, after the inspection was completed we were told that Caliber couldn’t warranty the building due to a lawsuit about a proposed walkway on the beach.
Wanting to keep the buyer, and after speaking to the HOA’s attorney, who pointed out there were many sales in the building, I called Julia Eaton, of Axia Home Loans, one of my recommended lenders, and two other lenders who have helped recent clients buy in the building.
Axia pre-underwrote the building despite the lawsuit, but after speaking with the buyers, came up with a surprise: the buyers had walked away from a home five years prior and so had a poor credit history do to a foreclosure. Therefore, they would not work with the buyers.
Another lender found that Caliber was going to broker the mortgage to Washington Federal, and suggested the buyers go direct, and up the down payment from 20% to 25%. While they were trying to keep their cash on hand for remodeling, they finally agreed, and this is how the offer moved to closing! Congratulations to my seller, who is now looking for a 1031 tax exchange property. This may be a challenge, as seen in the next section, as we have lower inventory than ever.
Northwest Multiple Press Release:
Would-be homebuyers have more buying power, but also more competition for meager inventory (it’s even more of a seller’s market)
KIRKLAND, Washington (September 4, 2020) – Extremely low interest rates mean would-be home buyers have more buying power, but sparse inventory and increasing home prices in many parts of Washington state are leaving many buyers unable to take advantage of these attractive rates, reported broker Frank Wilson upon reviewing the latest statistical report from Northwest Multiple Listing Service.