By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on January 26th, 2012
Bank Owned and Short Sale Properties
Over the last nearly two years, I’ve seen a huge surge of foreclosed, or real estate owned (REO) properties around Green Lake and other nearby neighborhoods. In fact one broker I know specializing in just this.
But what is the difference between a short sale and bank owned property? I had a client ask this exact question of me last Saturday as we were out in full force looking at REO properties.
Short sales = seller owes more than the value of the house. Upside down equity. They qualify for a hardship, don’t pay their mortgage for 60 days and the process begins. The object is to try to sell the house before it’s foreclosed on because the lienholder gets (most) of their money back when they sell for less as opposed to getting no money when it goes back on the bank’s books.
Bank owned = short sale didn’t sell the house. No one bought it at auction. So the house goes back to the bank who is now the “seller”. Owner gets a bankruptcy on their credit.
I definitely don’t shy away from either scenarios. If my client wants to get a screaming deal then I’m not stopping them. What constitutes a screaming deal is usually 10 to 20% lower than the retail market value for these bank owned properties. The lower market value attracts offers quickly usually as soon as the Listing hits the market. Which leads me to talk about…
Multiple offers. Yes! Many multiple offers on bank owned properties these days. Is it on purpose? Well…the bank does want to create a bidding war so yes, it’s on purpose – they want that financial burden off their books. And with a bidding war means hopefully the bank gets more $$.
How should a buyer’s agent handle multiple offers on a bank owned property? It starts with excellent communication between me and the listing broker (who represents the bank). The bank will ask for the best and highest offer via an electronic bid. Folks involved are the listing agent, an asset manager, and the bank. Many moving parts here so indeed COMMUNICATION is the key – and quite possibly getting your offer accepted.
HOW TO MAKE THE BEST “HIGHEST AND BEST OFFER”: The BEST offer is not always the highest price. Terms are considered such as… are there any contingincies? How many days to closing? Is there a pre-quailification letter? Is it a cash sale? Cash is not always king when you low–ball it. What type of mortgage is it? FHA is the favorite choice of Buyers but least favorite by Sellers.
My top tips are to read the directions for submitting offers and follow them. The less corrections the better. Eliminate all contingencies except for a 7 day home inspection and mortgage contingency. Which means waiving appraisal. Place a closing date 30 days for conventional and 45 days for FHA. this will give you a better chance of getting your offer accepted.
If you have questions about bank owned properties, feel free to contact me!
Do you know how many bank owned OR short sale homes are on the market right now in Green Lake? 9 Active and 10 pending to close but haven’t yet – so now is your opportunity to put in a back up offer! Not all those short sale and bank owned properties are bound to close – espeically short sales since they can take longer to close. Buyers get antsy and walk away scotch free.
By Courtney Cooper, Realtor, Cooper Jacobs Real Estate, courtney@cooperjacobs.com, 206-850-8841, on January 8th, 2012
Green Lake Real Estate in Seattle, WA
Click on any of the Green Lake homes for sale below – This page has all listings from all Seattle real estate companies and is current from information swept from the NWMLS for changes every 15-20 minutes. You can find all Green Lake Seattle real estate here including Green Lake homes & condos and even some Luxury Green Lake property for sale.
Green Lake Real Estate in Seattle WA – Find Green Lake homes For Sale
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on January 3rd, 2012
John Stanford Attendance Area Changes
If you’re a mom with a child or children in public schools, hearing about the over-population problem in our schools is nothing new. John Standford Elementary is the school essentially getting re-evaluated and this time portables might not cut it.
The proposal is to re-establish the attendance area stopping North and South at 45th Street (currently it’s 47th Street) and stopping at Burke Ave (currently it’s Stone Ave) going East to West. McDonald Elementary and BF Day would be welcoming those new students.
The 35 page proposal by the school board can be read here. If this affects you or someone you know, make sure to be at the meeting tomorrow night in the auditorium, Wednesday January 4th at 6pm at 2445 3rd ave South to be heard. The voting begins January 18th for this proposal.
Get involved!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on December 15th, 2011
 Friends want to know, am I keeping busy in the Green Lake Real Estate Market for 4th quarter…notoriously a sleepy time of the year for Realtors. The answer is YES I’M BUSY! Keeping track of the real estate market is a daily, constant routine and the inventory is literally changing every day. Clients want to know what’s going on every day.
Many buyers are asking what’s up with this lack of inventory. On the flip side, sellers are asking is it a good time to sell with home values seeming to be slipping. True, the Green Lake real estate market has seen better inventory before, but the homes that are active are selling! A home listed for sale on my street went for $10,000 over list price which means, yes, multiple offers. Then there’s the bank owned property for sale around the corner. So you really do need a professional Realtor in this market who can help you understand the market and the pros and cons.
So how is my favorite neighborhood, Green Lake, faring in this 4th Quarter so far?
Just to show you how active Green Lake’s real estate has been as we are nearing the end of the 4th quarter, here’s a quick snap shot.
Green Lake 4th Quarter 2011 Solds
If you want the short version, here goes:
High Sold Price
$910,000
Median Sold Price
$482,500
Low Sold Price
$246,500
The average price per square foot rounds out at just about $240.00 and with 63 days on the market, things have been selling for 98% of list price.
If YOU’RE interested in understanding the Green Lake Real Estate Market, I’d be happy to help. I’ve lived in this ‘hood for 17 years and love every minute.
molly@cooperjacobs.com / 206.841.6800
By Courtney Cooper, Realtor, Cooper Jacobs Real Estate, courtney@cooperjacobs.com, 206-850-8841, on December 10th, 2011
Don’t Forget The Green Lake Pathway of Lights Tonight!
The Green Lake path is something I hold very dear and near to me. This year in particular, I have been one with it and walked it on most days during the year only to stray to the Lake Union Loop, Queen Anne Boulevard, or the Discovery Park Loop Trail once in a while.
From to the Seattle Parks & Rec Site:
This years event is Dec 10th, 2011 from 5-8 p.m. (every 2nd Sat in Dec.). This yearly event brings neighbors, friends, families and Seattle together to light up the night in one of the darkest months of the year in a celebration of light and the many holidays of December. Volunteer music groups, and people setting up and taking down the candles and helping with the event wanted!
The event is free and open to the public and this year is December 10th, 2011 from 5-8pm. The event includes 4 music stages around the 2.8 mile lake, with holiday performances by music groups of 20 or less (unamplified). The 2.8 miles of the interior of the lake are light by over 2500 candles; in addition docks and some paths leading to the lake are also lit. You are encouraged to light up the night yourself, with glow sticks and other items.
Green Lake is a wonderful Seattle neighborhood – if you are interested in Green Lake homes for sale, please let us know what we can do for you. We have excellent Green Lake listing agents and also some of the very best Green Lake Realtors for buyers. Cooper Jacobs Real Estate is different and we want to show you why. realestate@cooperjacobs.com
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on November 11th, 2011
We all hate popcorn ceilings, right? I mean what does it really have going for it besides temporarily masking uneven ceilings or cracks. Before 1978, this fabricated binding material was used for insulation around the boiler room, in roofs, windows, and electrical wiring and you got it – texturing on walls and ceilings. Don’t let the age fool you – some homes in the 80′s have it too.
 If a buyer has the option of purchasing a home with or without popcorn ceilings, guess which one they’ll choose? And as a seller, do you want your home to be overlooked just because you didn’t want to go the extra mile to make your home standout and get sold? Depending on the square feet, what could cost you around $2,500 before a buyer puts an offer on your home might cost you 4x that if a buyer asks you to do while in contract.
First of all, not all popcorn ceilings are considered asbestos. And don’t rely on the “sparkle test” because that doesn’t cut it anymore. The best action for you, Mr. Popcorn, is to get it tested for asbestos first.
There’s a great place in Seattle to take your sample to:
NVL Laboratories Inc
4708 Aurora Ave N., Seattle, WA
(206) 547-0100
The cost is $30 and the turn around time is 24 hours. If it’s not abestos, a spray gun full of water and a lot of scraping will do. If it is abestos, try calling Tony at Affordable Environmental (206) 793-1321 or tc@affenv.net.
A license and bonded contractor, his bids start at $3.00 per square foot.
Now don’t even get me started with lath and plaster. That’s another post!
Green Lake has plenty of homes built before 1978, before asbestos was banned. So if you’re a seller looking for some answers on your popcorn ceiling, give me a call – I’d love to help! Whether you’re a buyer or a seller, feel free to give me a call for a free consultation. Popcorn ceilings begone! Molly 206-841-6800 or molly@cooperjacobs.com
By Courtney Cooper, Realtor, Cooper Jacobs Real Estate, courtney@cooperjacobs.com, 206-850-8841, on November 1st, 2011
Plan On Attending The Green Lake Pathway of Lights 2012
The Green Lake path will be lit up again in a tradition that has been going on since before Elvis died. You don’t want to miss this beautiful and very cold event – there is nothing more beautiful than Green Lake and some of its docks lit up! Green Lake neighbors and friends get together and the event is FREE.
From to the Seattle Parks & Rec Site:
This years event is Dec 10th, 2011 from 5-8 p.m. (every 2nd Sat in Dec.). This yearly event brings neighbors, friends, families and Seattle together to light up the night in one of the darkest months of the year in a celebration of light and the many holidays of December. Volunteer music groups, and people setting up and taking down the candles and helping with the event wanted!
The event is free and open to the public and this year is December 10th, 2011 from 5-8pm. The event includes 4 music stages around the 2.8 mile lake, with holiday performances by music groups of 20 or less (unamplified). The 2.8 miles of the interior of the lake are light by over 2500 candles; in addition docks and some paths leading to the lake are also lit. You are encouraged to light up the night yourself, with glow sticks and other items.
Green Lake is a wonderful Seattle neighborhood – if you are interested in Green Lake homes for sale, please let us know what we can do for you. We have excellent Green Lake listing agents and also some of the very best Green Lake Realtors for buyers. Cooper Jacobs Real Estate is different and we want to show you why. realestate@cooperjacobs.com
About Cooper Jacobs Real Estate’s Seattle Branch:
My office at Cooper Jacobs Real Estate LLC is located centrally near all my favorite Puget Sound neighborhoods just a few blocks up from Lake Union & just South of Green Lake in Seattle’s Wallingford neighborhood. Cooper Jacobs Real Estate is a wonderful place filled with talented Seattle real estate brokers and I count myself extremely lucky that I get to spend so much time with these wonderful people. We specialize in different Seattle neighborhoods and suburbs in both residential and commercial real estate and are all very passionate and excited about each of our favorite Seattle neighborhoods and industries!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on October 27th, 2011
Run a Background Check on the next home you’re contemplating buying.
There’s this great house for sale on my street with a sign advertising “Remodeled”. Unfortunately I’m not the listing agent. But lucky for me I know (somewhat) the history of this house. For the flock of buyers and buyer’s agents touring it over the last four days, they do not.
Rewind. Not more than 3 weeks ago, the house was hidden by overgrown trees, a peeling paint job, and rotating cars parking in front of the house. And I hate to say it but garbage bags littered the driveway. The house had been a rental for as long as I can remember.
It goes up for sale, a Realtor and Investor buy it at auction for around $325,000 and the transformation begins. Over the course of 3 weeks I see the Big Monster Trucks and their trailors hauling away debrie, old appliances, and yes those overgrown trees and rubbage in the driveway. Next a new refrigerator appears on the sidewalk, waiting to be installed, the painters are frantically painting the exterior an attractive shade of blue and finally the stager comes in dressing up the place with lamp shades and fake fruit. Viola! Back on the market with ABC Realty and advertised as “Remodeled” for an asking price of $425,000. This is a case of flipping a property in action! I have to admit it was fun to watch and believe me I’m thankful it got the facelist it needed.
It’s a good idea to run a background check on a property in any case. Are there liens? Were their past claims? How’s the sewer line (this is a huge one!). Are their shabby patch jobs? Of course hiring an inspector can eliminate much of the structural questions a new buyer would have … but what about the paper trail?
Run a background check. Your Realtor can help with this but there are also some good websites out there to help you like Buildfax. Whether it’s a condominium (CC&R’s, minutes of meetings, financial reports) or a single family home, running a background check is definitely in your favor. For more real estate answers, give us a call!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on October 21st, 2011
Last Chance For Free Trees!
 There is no denying curb appeal brings in the buyers when you’re selling a house. Beautiful lush trees, interesting curvy branches, vibrant colors spots sprinkled into your landscape is just what can bring more foot traffic, web hits, and buyers to take notice of your home for sale.
Here’s your chance to get Free Trees!
Seattle reLeaf and Cascade Land Conservancy is offering a chance for you to grab not one but 4 free trees by Monday October 24th! Don’t wait another second – you would be crazy to pass up this opportunity.
Thanks to Andrea Mojzak, a Green Cities Project Associate, for getting in touch with Green Lake Loop and wanting to spread the news about this amazing project.
You can select from four different varieties of trees available, while supplies last of course. And I quote from Andrea:
1) Lewis and Clark thought that Western red cedars were amazing enough to be called the “trees of life” -arbor vitae. Plant one in your backyard and you’ll be on your way to helping our cities be full of life.
2) The gorgeous Deodar cedar is native to the Himalayan region, but grows wonderfully in the Pacific Northwest. It has a long history in India, where its Hindu name means “revered tree.”
3) The tupelo tree is a great medium-sized tree for a yard that is looking for some brilliant leaf coloring. Tupelo leaves are a dark glossy green in the spring and summer and turn bright colors- mostly red, but some yellow just as the gray skies come rolling in. Tupelo is used in the south to make the famous “Tupelo honey.”
4) Shore pines are quite the opposite of the straight and orderly pine you might imagine. As its scientific name, Pinus contorta ssp. Contorta, suggests, it can grow crooked branches – an attractive addition to your backyard.
 Want more information? http://seattle.gov/trees/treesforneighborhoods.htm
Or contact Andrea directly at 206-905-6920 directandream@cascadeland.org
Thanks for keeping Seattle clean and green!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on October 9th, 2011
As a full time Realtor, I have plenty of access to active homes on the market each day. And as a full time Realtor, I have many buyers and sellers I’m working together with on a daily basis. So what happens when I AM the client?
Tonight I’m sifting through the inventory with my own interests in mind this time. It’s put me in an entirely different mind set. First I type in my criteria and eagerly press the “search” button as if it’s going to magically present my dream house.
Okay, 33 search results. Like a good book, I click “next” to see what the next page brings. NUMERO UNO – pictures. I look at the photographs. If they, um suck, then I basically move on. I’m looking for a feeling the pictures make me feel like if I can invision myself and my family in the home. If not, click next. If yes, then I look deeper – pull up the map, look at the type of energy source, lot size, any updates done. Do you do this too?
It’s quite addictive. Will I miss the one I’m suppose to buy? How much work/$$ do I really want to put into it if I like it? Probably none – as this is one of my criterias. So I guess I’m like most of the population – my price, my floorplan, my first pick neighborhood, turn key. Wow - I do this every day for alot of clients…I guess I should take my own advice. Listen to your gut and never turn down an opportunity to preview a house on the market. You’ll never be able to see the details (slopped floors), the smells (mold in the basement), or witness the proximity to that convenient store until you’re physically present in the house. Sometimes ya never know!
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