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House Hunting: Credit Score Impact on Loan Approval

January 26, 2018 By David Warren

Regardless of your experience (or lack thereof) buying homes, it’s important to review how credit impacts the process—most notably, getting a loan.

Different types of loans have different credit requirements. For example, many loans require a credit score minimum of 620, although loan approval with a credit score as low as 580 is possible. Getting the loan with the lowest interest rate usually requires that you have a higher credit score, which demonstrates your skill at debt-management and indicates you are less of a risk to the lender.

If you’re preparing to look for a home, check your credit score and credit history to better understand the factors that typically impact your scores. This will help you gauge your personal finances, develop a realistic wish list for your house, and get you on the path to home ownership.

A good loan originator can help you repair a less that ideal credit score. They want to help. If you are thinking about buying a home in the Seattle area and would like to be referred to a great lender let me know. I’d be happy to send you in touch!

David Warren
Managing Broker
Metropolist
425-760-8285
david@metropolistgroup.com

Filed Under: Buyer Advice

What Is Escrow On a House?

January 17, 2018 By David Warren

“Escrow” is a term that comes up frequently when buying and selling property, or in transactions where large sums of money are involved. Simply put, escrow is when a third party (someone other than the buyer or the seller) holds and regulates payment until both sides are satisfied. This third party, usually an escrow company, is impartial to the transaction—they don’t favor the buyer or the seller. Instead, their job is to make sure both the buyer and the seller complete their sides of the transaction agreement, and are satisfied with the results. Using an escrow company helps protect the assets and interests of both sides.

Example: Suki is selling her house in Seattle to Ben. Suki and Ben come to an agreement on price, terms and any the conditions that need to be met for the sale (such as inspections and appraisal). A signed purchase and sale agreement is then delivered to an escrow officer, who keeps track of the contract and holds payment (such as earnest money) until the contract has been satisfied. Once both Suki and Ben have fulfilled their ends of the agreement, and they are both pleased with the results, the ownership of the Seattle home is then transferred or conveyed from Suki to Ben, and escrow closes, allowing payment to be completed.

There are several reputable escrow companies that can be found online or locally, but it’s often a good idea to ask your real estate agent who they recommend.

If you have a real estate related question please ask. I’m happy to help in anyway that I can.

David Warren
Metropolist
425-760-8285
david@metropolistgroup.com

Filed Under: Real Estate Basics

Bamboo Flooring: A Cost-Effective Alternative to Hardwood

January 17, 2018 By David Warren

Installing hardwood flooring is an elegant and convenient way to increase the value of your Seattle home. However, it isn’t always within budget. Bamboo is a great alternative to the classic oak or maple flooring, but with a much smaller impact on your wallet. Here are five great benefits to bamboo that are worth considering:

  1. The Price: Simply put, high-quality bamboo is much cheaper than comparable woods.
    It’s not uncommon to see bamboo running at half the cost of the traditional hardwoods.
  2. It’s Green: Well, it’s not literally green (at least, not on your floor), but it’s far more
    friendly on the environment than other woods. Bamboo can be harvested in as little as
    four year post-planting, whereas hardwoods can take decades from planting to
    harvesting. Your bamboo floors will last far longer than it would take to grow a
    replacement.
  3. Versatility: Bamboo comes in a wide variety of stains and finishes, including cherry-red,
    classic pine, or distressed. There’s a style of bamboo perfect for any room decor.
  4. Ease of Cleaning: With as little as one sweep or vacuum a week, plus a quick mop with
    plain water and mild detergents, you can keep bamboo flooring looking like new for
    years.
  5. Installation Options: Bamboo isn’t just versatile in its coloring. It’s available in a huge
    number of formats, widths, and thicknesses, and can be fitted with glue, nails and
    screws, or even click-lock for particularly easy installation.

If you were considering your next home improvement project, bamboo flooring is a great next step. Its rising popularity means it’s easily available both online or in stores, and you’ll find a great array of use and style suggestions on home improvement blogs and social media. Not only will visitors love your choice in flooring, but your wallet will be thankful, too.

 

David Warren
Metropolist Real Estate – Seattle
Managing Broker
425-760-8285
david@metropolistgroup.com

 

 

Filed Under: Home Improvement

5 Benefits to Professional Advice When Selling Your Home

January 15, 2018 By David Warren

When thinking of selling your home, the idea of listing it yourself to cut costs can be a compelling one. However, the DIY method of home-selling can often be more trouble than it’s worth, both mentally and financially. Here are benefits to having a professional involved in the process that you may not have considered.

  1. Correct House Price: Professional listing agents are experts at interpreting comparative market analyses, or CMAs. A CMA shows information on recently-sold listings of similar properties in a similar area to the property you are looking to sell. Professionals have access to the most recent data and know how to filter that data to best suit your property, thus settling on a price that will accurately reflect the current market.
  2. Qualified Customers: While getting anyone to view your listed home is the key to selling it, having a pro on board will ensure that the potential customers viewing your home are more qualified to make an offer, and will allow you to entertain competitive bids.
  3. Choosing an Offer: Even the most confident homeowner would be hard-pressed to sift through offers and separate the fool’s gold from the diamonds in the rough. Professionals know what exactly to look for in the offer, and have the experience in negotiation and bid interpretation to ensure you are working towards the best offer.
  4. Navigating Closing: Real estate professionals can help guide you through situations you may not have anticipated during the closing process, such as a customer’s requests for repairs. Professionals can advise you on what to concede and what to stand firm on in order to reach a satisfactory deal for everyone.
  5. Selling for Maximum Profit: The 2016 Profile of Home Buyers and Sellers, an annual study conducted by the National Association of Realtors, found that sellers using real estate agents sold their homes for an average of $60,000 more than sellers who didn’t. No matter what your budget or price point for selling, that is not a number to scoff at.

Ultimately, the choice is yours when deciding how to sell your property, but hopefully these benefits give you a better understand of just how vital having a real estate professional on your side can be.

If you’d like a no obligation opinion of the value of your greater Seattle area home please contact me.

David Warren
Managing Broker | REALTOR
METROPOLIST
425-760-8285
david@metropolistgroup.com

Filed Under: Seller Advice

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David Warren
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David Warren | Realtor
Managing Broker
425-760-8285 Direct

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3518 SW Genesee St.
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