At Carrie Pierce & Associates, we truly listen to your needs and place your best interest above our own 100% of the time. Call us to set up a one on one consultation and experience our top of the line service today!
11300 Pinehurst Way NE Seattle, WA 98125 (425) 518-1176

Real Estate Closing Process in WA State and What to Watch Out For

What happens on the day of closing in WA state? If you’re from an Attorney State like NY or MA, you’re closing happens with the buyer and seller in one room with their attorneys. At the settlement appointment the buyer and seller may sit in the same room, paperwork is signed, keys are handed over and you shake hands. You’ve already walked through the home with a fine tooth comb and made sure the home is still in good condition.

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Shopping Over Your Budget

A common decision home buyers often have to make when home shopping is “should I go over my budget?” With such low inventory on the market right now this question is coming up more than ever. My best advice is that if you’re going to overspend try and do it for location and not house. This will ensure you’re keeping your purchase investment worthy. If you’d like a list of the highest demand locations in the Greater Seattle area call me at 425 518 1176.

How Seattle Neighborhoods Have Weathered the Real Estate Storm

Seattle

If you live in Seattle, you might be wondering how hard your particular neighborhood was affected by the market crash.

Below are the percentages in price drop by neighborhood from July 2007-July 2011. Thank you to Zillow for providing the average home prices per neighborbood in July’07 and July ’11 so we could reach these statistics.

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Why the time gap in between blog posts?

Thanks to my wonderful clients and their referrals we were recognized in the top 1% at Coldwell Banker Danforth in sales volume, also earning the President's award. In 2013 we had our best year yet and I achieved the #1 agent in sales volume at Coldwell Banker Danforth. Most meaningful, we were recognized by Seattle Magazine as a 5-Star Realtor rated "Best in Client Satisfaction" for the 3rd and 4th season in a row, rated by our past clients. All this meant we were working hard for our clients each day and unfortunately the blog posts suffered.

Thank you for your grace in the time gap between blog posts as I was working hard to achieve these goals. I promise to keep the blogs coming on a monthly basis.

Buyer Beware When Purchasing REOs

I’ve had many clients ask me to find them a good deal on a REO, or bank owned home. They have the impression that REOs are a great way to get good deals on real estate. This is true, you often times can get a good deal. However, buyer beware. Banks have recently been sneaking language into their mandatory addendums that effectively makes buyers responsible for excise tax. Buyers get a not so nice surprise at closing when they see that they owe this money. Excise tax is 1.78% of the sales price in Washington State. Therefore on a $500,000 home purchase excise tax is $8900. What’s worse is buyers typically cannot back out of the contract at closing so they must choose either losing their earnest money or paying the excise tax. Bank Owned Home

The properties owned by government entities Freddie Mac and HUD are exempt from excise tax so these contracts are safe from the excise tax clause. However it’s always a good idea to have an attorney look at the bank’s addendums before you sign.

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