Correction: I bought because of Uncle Sam (1031 Exchange rules).
Did you end up using a full service agent or got 1%-2% back?
And did you go Eastside?
Only investment properties are FOMO. Primary home can be a different set of feelings that drove the purchase.
In my case, all properties I got it with FOMO point including primary homes as I bought my first primary after 12 years of waiting in bay area ! Meanwhile,while waiting, I saw the CU homes were more than doubled. After I bought, in few years 2008 hit, home prices fell !
Applauds FOMO in real estate.
FOMO is bad mostly in stock market
What was my Oakland 4plex??? Ok, it was FOMOOLATBE, Fear Of Missing Out On Life After Tax Benefits Exhausted…
One FOMOOLATBE, pls (sounds like a coffee drink )
@marcus, do they ask you to waive contingencies in Seattle? Did you have the chance to get inspections done?
It was pre-inspected. It was crazy thorough (34 pages total), so I didn’t ask for an inspection contingency. That’s how most people here do it. There’s a 5-day title contingency after the preliminary title report. I do have a financing contingency. It specifically states 20% down at offer price, so I’m covered if the appraisal is low (not expected). People aren’t quite as aggressive compared to CA where there’s no contingencies. There aren’t cash buyers everywhere.
Now I get why they wanted more time to move out. They’re getting divorced per the prelim title report. It looks like she bought the house before marrying him and claims it as her sole property. That’s weird since the seller’s agent said it was the husband that wouldn’t budget on price. If it’s her property, it doesn’t impact him at all.
Good to know. For old houses/fixers though I was more comdortable getting the inspections even with disclosures.
So are there any good values to be found in town (trendy areas near work centers)? Well be stopping by Seattle in summer for fun but would like to have a look at housing if there’s time.
I never had FOMO in stocks as I always find some attractive stocks to grow.
You’ll be shocked at the prices vs. the bay area. If you want rentals, I’d look at up and coming areas along the light rail. They are a little rough right now, but they are gentrifying. I didn’t want that for a primary home. I wanted a home that needed updated in an already nice area.
Columbia City would probably be my pick for a rental.
That’s the map for future light rail. I have no idea why the current stations are faded and the future ones are bright colors.
When you waterproof your balcony ask for “Hydropholic Grout” - google it . It’s a 2 part system invented by some Canadian company .
This profound js extremely flexible and thus won’t crack and compromise later . That’s how I have been sealing my showers and balconies at my properties .
Well, it may have been hers originally, but you could have the situation where after marriage they both contribute to pay the mortgage so he essentially has a right to part of it.
Go figure they are getting divorced…
One downside for RE investors is there’s a 2% tax on all RE sales. That’s less of an issue if you’re buying rentals to hold.
2% transfer tax on sales price? That’s pretty steep. Is it county or city transfer tax?
Oakland, San Francisco also have strep transfer tax for the city liberals to spend.
Yup, it’s 2% on sales price. I believe it’s county. It might be state. It’s definitely not city.
God, I just shelled out a few thousand bucks for some stones of all things for my front lawn area…
I hope your wallet is deeper than mine cuz the housing materials/labor costs will kill ya!!!