Rick Chapman Realtor

Seller Saturday: Interest Rates Drop Again

Rick — Sun, 27 May 2012 16:41:20 +0000

Interest Rates Drop Again Interest rates ended last week at 3.675%, down from 3.85%. Sales of homes in the Burien and Normandy Park area of Washington have seen an increase. Take a look at the Trend Graph for these areas (click on the Resource tab of this website). The number of homes for sale has decreased [...]

Escrow Thursday: An Explanation of Each Deed Type

Rick — Thu, 24 May 2012 14:23:54 +0000

An Explanation of Each Deed Type: Warranty Deed (RCW 64.04.030): The seller “conveys and warrants”. Subject to liens and encumbrances (if any) noted on the deed, the seller/owner/grantor covenants: that at the time the deed was delivered, the seller held good title to the land and had full power to convey it; that the title was then free from [...]

Mortgage Monday: Rates Are Still Low

Rick — Mon, 21 May 2012 15:08:59 +0000

Rates Are Still Low Prices of homes in the Seattle area markets have seen an upward swing. There are some homes in the market that are having multiple offers, causing sale prices to increase. The number of homes on the market is also at a five-year low. Interest rates are still at a 40-year historic low [...]

Mortgage Monday: Home Sales Increase in Seattle, Washington

Rick — Mon, 14 May 2012 16:16:39 +0000

Home Sales Increase in Seattle, Washington With the number of homes for sale decreasing in the Seattle, Washington market, home sales are seeing an increase over last year of 9%. Multiple offers are back as a part of the home sales market. Lower inventory, plus low interest rates, equals a sellers’ market. If you have been [...]

Seller Saturday: Seattle Real Estate Market Improves

Rick — Sat, 05 May 2012 21:13:19 +0000

Seattle Real Estate Market Improves The real estate market in Seattle, Washington is showing a marked improvement over last year. In the Windermere office where I have my license the brokers are getting busy. I, too, am getting busier than I have been in a long time. For the last three weeks many of the homes [...]

Escrow Thursday: Why Do They Use Blue Ink For Signings?

Rick — Fri, 04 May 2012 13:59:28 +0000

Why Do They Use Blue Ink For Signings? All escrow companies want you to sign the documents for the sale or purchase of your home in blue ink. I have always wondered why this was done. I have asked that question of escrow officers in the past and I received a less than satisfactory answer. “That’s [...]

Mortgage Monday: Streamlining Short Sales

Rick — Mon, 30 Apr 2012 16:27:53 +0000

Streamlining Short Sales New requirements from the Federal Housing Administration has made it quicker for short sales to be completed in less than 6 months. The new requirements set forth a 30-day response for short sales after all required documents have been submitted and third party consents have been received. The usual practice has been longer [...]

Mortgage Monday: Steps to Home Ownership

Rick — Mon, 23 Apr 2012 15:17:29 +0000

Steps to Home Ownership 1. Get pre-approved for a loan. Get together with your loan officer or get a referral from your Real Estate Professional and get that pre-approval letter. Keep in mind that you do not want the letter to reflect the maximum you can borrow toward a home purchase. There will be added costs [...]

Escrow Thursday: Title Insurance

Rick — Fri, 20 Apr 2012 18:01:37 +0000

Title Insurance Title insurance is an insurance policy that you purchase that will cover you during the transfer of title during a sale or purchase of your home or property. It is a policy that will pay for loss of title transfer due to a lien on the property. There are a lot of issues that [...]

Mortgage Monday: Conflicting News

Rick — Wed, 18 Apr 2012 01:19:31 +0000

Conflicting News If you read The Seattle Times on Sunday you read an article that told of how difficult it was to get a home loan at this time. The writer went on to say that he was only reporting the averages. The average FICO score that was approved for a loan was 764, which was [...]

Escrow Thursday: Deed Definitions

Rick — Thu, 12 Apr 2012 15:32:34 +0000

Deed Definitions Bargain and Sale Deed: A deed by which the grantor “bargains, sells and conveys” real property to the grantee. A bargain and sale deed conveys fee simple title to the grantee and warrants against defects created by the grantor, except for those matters disclosed in the deed. Personal Representative Deed: An attorney prepared deed used [...]

Mortgage Monday: Guest Post by Larry Chandler

Rick — Mon, 09 Apr 2012 14:58:17 +0000

Questions Home Buyers Should Pose to Their Mortgage Lender Without a doubt the purchase of a home is one of the largest transactions that most people take on in their lifetime. Due to the sheer size of the purchase, it is a good idea to get all the facts together beforehand. This list illustrates the information [...]

Burien, Washington: Burien Books

Rick — Sat, 07 Apr 2012 23:08:00 +0000

Burien Books Burien is a small town South of Seattle and West of SeaTac Airport. There are many small shops and community activities that take place in the downtown core. Burien Books, a locally owned, independent bookstore, is the feature of this blog post and an upcoming event that will be taking place at the store. [...]

Escrow Thursday: School Ratings at a Glance

Rick — Fri, 06 Apr 2012 15:07:54 +0000

School Ratings as a Glance Why are schools a part of Escrow Thursday? When ever I have a neighborhood question from one of my buyer clients, I can always find the information they are looking for on an Escrow service website. Not all escrow services provide this information so don’t expect it to be there just [...]

Mortgage Monday: How Does an Appraiser Value a Home

Rick — Mon, 02 Apr 2012 17:51:42 +0000

How Does an Appraiser Value a Home? After you have a signed purchase and sale agreement and before your lender releases the funds for your home purchase, they will have an appraisal. The appraiser will research other homes that have sold in the area of the home you have decided to buy. They then look at [...]