Q: Why do agents make appointments and don’t show?

Q:  A Home Seller recently asked “Why do agents make a appointment for showing and don’t show up and don’t even call to cancel the appointment?” The person made arrangements to be out of the house, cleaned really good picking up after the kids and pets. She found out the agent never did come by and never called to cancel.  She said this has happened more than once and is very frustrating.

A:  Fortunately, this situation does not happen that often, at least with my listings in the Seattle area.  Most agents will call back to cancel or postpone the showing. Sometimes there are delays, clients will take longer at each of the other homes they are touring, or clients cancel or have to postpone. I advise my client sellers to get the name and phone of the agent making the appointment.  If they don’t show, I give them a call to ask a few “pointed questions.  Good luck!

How important are contract dates when buying real estate?

How important are contract dates when buying real estate?  What if I don’t have a time limit on how long the seller has to respond to my offer?  How much time do they have?

In Western Washington, MLS purchase-and-sale agreements have expiration dates written into the boilerplate.

For a regular home purchase, (not a foreclosure or short sale) there’s an expiration clause at the in the contract. This simply means you can specify a date, or, if none is specified, the contract defers to the default language.

If the contract is a “distressed sale”, for example a short sale purchase, there is an additional addendum which specifies a date under which the contract becomes voidable if the lender (not the seller) has not approved the short sale.

Dates are very important in real estate purchase and sale transactions.  They allow for certain protections such as the return of an earnest money deposit if buyer and seller cannot come to terms. Or it could allow the seller the right to cancel in the same manner, so be sure your agent discusses all contract dates with you.  Your tactics and strategy matter!

Because You Asked – What’s a Hot Sheet?

Q.  I have heard people use the term Hot Sheet for Seattle real estate.  What is it and how come my real estate agent never mentions it?

A.  Hot sheet is another one of those “real estate” terms used by Seattle real estate agents to describe a report from the Washington State Multiple Listing Service (MLS) of new or recent activity in the MLS. It normally would show the new real estate for sale, status changes, and price changes since the last hot sheet was viewed. Some just show the previous or current day activity.

Rates To Rise – Should You Refi Now?

Rates Are Going To Rise – Should You Refinance Now?

So here’s the question.  You want to lower your mortgage interest rate to lower your monthly payment.  Who doesn’t right?  But should you do it now with rates so low, or wait to see if they are going to go even lower?

Refinancing can save you a ton of money, but you need the straight scoop before moving forward so you can make the best decision. Let’s face it, I’d love to help you sell your present home and find one that more closely matches your current needs.

However, for many of my clients, selling may not be the best option at this time.  True to form, we are here to serve as a resource any way we can . . even if that means helping you stay in your present home.

Home refinancing is a great option for people looking to lower their monthly payments, get money for home improvements, consolidate debt from high-interest credit cards, switch from an ARM to a fixed-rate mortgage, or even avoid foreclosure.

Low rates may be ending soon

Interest rates are still at historic lows, but the end may be in the near future. That’s why now is the best time to investigate your options, whether it’s selling or refinancing while you can still save a pile of dough.

3 things:

Understand lender fees and points – Discuss and ask questions regarding lender fees and points on your new loan. Really check for surprises, such as last-minute closing costs or higher than expected interest rates.

Don’t get busted paying off early – Depending on the contract details, some mortgages have penalties for prepayment. Tip: in some cases, even if you have a penalty, it might still make sense to refinance based on the amount of money you’ll save.

Get a few quotes – Normally, I recommend placing as much or more importance on the person servicing your loan as their rates.  However, shopping around for quotes from a variety of companies is a smart idea because each one will offer you something different. Comparing quotes and contract details helps you pick the best refi offer for your situation.

Let me know if you need the name of a good mortgage rep, or need a hand making sense of your refi quotes. Call me at 425-330-0663.