The Seattle Condo Loft

There’s been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.

Foreclosures are pressuring the real estate market in many cities, but providing many opportunities for home ownership. Formerly investors and “house flippers” were the majority at Seattle foreclosure auctions. But now, regular home buyers who want a chance at an affordable home are flocking to Seattle foreclosure auctions.

While foreclosures in huge numbers hammer housing prices, efforts to sell the homes and get them off the market have two benefits. One is that once the large inventory of Seattle foreclosures is off the market, housing prices can stabilize and a true market value can again be established, with homeowners once again building equity. The second benefit is obvious – the buyer gets a home at a low price.

Buying a Seattle foreclosure is not without risk, since the buyer is responsible for repairs and all liens against the property, including taxes, construction liens, and second mortgages. When it comes to Seattle  condos, it’s possible to have less risk exposure than with a freestanding house.   We can help you with this. We can give you information about the building, the community, and assisting you in finding out the truth about all outstanding liens. We can also assist you with purchasing any foreclosure you choose, not just a condo.

Here at CondoDomain, we have partnered with RealtyTrac so that you can search all available and pending foreclosures in the Seattle area. Take a look at these, and then call us with your questions.

The first time home buyer tax credit of $8000 is generating a lot of interest among potential Seattle Condo buyers – and a lot of questions.

What’s interesting for all home buyers is the various initiatives in states right now - California just passed a $10000 tax credit for newly constructed homes available to ALL home buyers this year, in addition to the federal $8000 credit for first time home buyers. Delaware is considering mortgage and down payment assistance. Missouri is considering a $1000 credit for all home buyers, which is attached to a jobs bill. And on a more localized level, Philadelphia is offering up to $5000 for 300 new home buyers IF their employer matches the contribution. So far about 180 people have qualified under the Home-Buy-Now program. Philadelphia also has many properties that qualify for a 10 year tax abatement.

Keep watching your state and your city legislators – more help may be on the way.

Some questions that buyers have posed recently:

1. What happened to the federal $7500 credit? Can I claim that AND the $8000 credit too?

No. The $7500 credit can be claimed this year for purchases in 2008 – and it has to be paid back. The $8000 credit is for homes purchased in 2009 – and does not have to be paid back.

2. Who is a first time home buyer?

For the purposes of the $8000 first time home buyer stimulus credit, a first time home buyer is someone who has not owned a home within the past three years.

3. What happened to the $15,000 credit that was being talked about?

In the final stimulus bill, Congress reduced it to $8000, and allowed for credits on vehicle purchases. Many people in the building and real estate professions are lobbying for a full $15,000 credit for all home buyers – across all markets that would be a REAL jump start, especially in those areas where prices have fallen more than 50%. But hey, right now, it is what it is – grab it and go for it.

4. When do I see the money?

When you file your 2010 tax return.

5. What else can I do to get a great deal?

Glad you asked that question. In addition to the tax credits, here at CondoDomain, we encourage you to contact our local realtors to find the best deal that is right for you – and when you get to closing, we give you money back. Yes, we offer a rebate on the commission costs that the seller pays. We charge you a flat fee for buyer representation, and the rest of the commission goes in YOUR pocket at closing – not ours.

If you buy a Seattle condo for $500,000 we negotiate the best deal possible for you. We help you find the best possible mortgage for you. Then, at closing, we cut you a check (based on a price of $500,000) for up to $10,000. Next year, when you file your taxes, claim your tax credit based on your purchase price for additional savings.

Call us today to take advantage of all the great deals on Seattle condos for ALL home buyers.  And remember, we’re the people who provide you world class service and give you money back at closing.

The Seattle Condo Loft is about to go live.  This new blog will highlight new Seattle condo develompents and luxury urban properties in downtown Seattle, WA.  Get ready…we plan to launch very soon

In anticipation for the all new CondoDomain Seattle search portal, we have pushed our local blog live! In the coming months we plan to release CondoDomain Seattle and begin working with buyers looking to purchase in downtown Seattle, WA! If you want to get a feel for what our site will be like in Seattle, WA please feel free to check out our Boston site.

Why Buy With CondoDomain?

1. We are exclusive buyers brokers! We only do 1 thing…and we do it very well!

2. Condos! Its what we know! Its what we do!

3. Flat Fee! We run an efficient business that benefits YOU, not a commission based agency that is compensated when you spend more!

Our average client receives more than a $13,000 refund back at closing…

We’re Hiring!

If you are interested in learning more about the company please write us or check out our Facebook Group here.

About CondoDomain.com LLC

CondoDomain.com is a web-based real estate brokerage based in Boston, MA. The company is expanding nationwide to offer its buyers’ brokerage services in more than 30 cities around the U.S. Currently operating in Boston, CondoDomain offers an innovative flat-fee business model allowing the majority of the commission to be refunded to the buyer. By combining up-to-date MLS feeds, new construction buildings, FSBO, Foreclosures, Lofts and Auction listings all on one site, CondoDomain has become one of the most popular and user friendly real estate websites available. CondoDomain.com offers a 100% satisfaction guarantee to all of its clients, ensuring a professional, efficient, and pleasant transaction. Visit www.CondoDomain.com for more information or feel free to dive into our blogs at www.CondoDomain.com/blog.

For more information, please contact Erica Farthing at (877) 852-6636.

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