Seattle Area Real Estate

Important for anyone parking in Downtown Seattle

From Seattle Times, By Mike Lindblom

Seattle Times transportation reporter

Until now, Seattle drivers have known that, if they could wriggle their way to an open curb, parking fees would be relatively inexpensive and straightforward.

But one of city government's New Year's resolutions is to embark on a new age of market-based pricing, ultimately charging more on the busiest blocks at the busiest times, and less at times when extra spaces tend to be available.

Seattle officials hope variable fees will inspire a quicker turnover of precious parking spaces, boosting commerce and reducing carbon burning. In some U.S. urban neighborhoods, as much as 30 percent of all traffic is caused by people who circle the blocks looking for an opening.

"It helps reduce the traffic congestion, of people finding a spot," said Mary Catherine Snyder, parking strategist for the Seattle Department of Transportation (SDOT).

Market-based prices largely are based on the work of UCLA professor Donald Shoup, author of "The High Cost of Free Parking," who has earned a cult following among green activists and urban planners. His research suggests an ideal occupancy of 85 percent for curbside spaces, a figure often cited by Seattle Mayor Mike McGinn.

For complete article:

http://seattletimes.nwsource.com/html/localnews/2013799522_parking30m.html

Completing the Deal Part III

When Should You Close?

With online transaction management now available, closings can occur within a week in some areas - at least in theory. In practice, it takes time to arrange financing, conduct inspections, obtain appraisals, locate replacement housing, contact movers, pack and actually move.

While instant closings are not practical, neither are closings too far in the future. The problem with closings much past 60 days is that loan rates are difficult to lock in. If mortgage rates go up, it's possible that the buyer will no longer be able to afford the home and thus the deal may fall through.

The result of these considerations is that most homes close 30 to 45 days after a sale agreement has been signed.

Completing the Deal Part II

What’s in a Sale Agreement?

A purchase and sale agreement sets a purchase price for the home and a series of terms and conditions. For instance:

• Contracts routinely depend on the ability of a buyer to obtain financing and/or sell their current home, which is why most sellers prefer buyers with mortgage pre-approval letters.
• A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer. Generally the buyer's agent arranges the inspections, which the buyer typically pays for.
• Lenders will establish numerous conditions before granting a loan. They will want a title exam, title insurance to protect against title errors, termite inspections, surveys and an appraisal to assure that the home has sufficient value to secure the loan.

Completing the Deal Part I

Signing the Deal: Closing / Settlement / Escrow

It might seem as though once a purchase and sale agreement has been signed that the buying process is complete. Not only is it not over yet, but some of the most complex aspects of a real estate transaction now begin.

Once a contract for the purchase of a home has been accepted, a series of inspections and checks are typically required to satisfy buyers and lenders. REALTORS® can help buyers complete the transaction process by assisting with the many requirements found in a typical sale agreement. The REALTOR® also helps the buyer prepare for closing, that is, finalizing the sale.

Inspections Part IV

Inspection Timing and Results

Home-buyers usually arrange for an inspection after signing a contract or purchase agreement with the seller. The results may be available immediately or within a few days. The home inspector will review his or her findings with you and alert you to any costly or potentially hazardous conditions. In some cases, you may be advised not to buy the home unless such problems are remedied.

You could include a clause in your purchase agreement that makes your purchase contingent upon satisfactory inspection results. If major problems are found, you can back out of the deal. If costly repairs are warranted, the seller may be willing to adjust the home's price or the contract's terms. But when only minor repairs are needed, the buyer and seller can usually work out an agreement that won't affect the sale price.