Category Archives: Real Estate

Electronic Signatures in National Commerce Act

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On June 30, 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act (the “Act”), to facilitate the use of electronic records and signatures in interstate commerce by ensuring the validity of contracts entered into electronically. The Act went into effect in October of 2000. At EZdigs, we’ve been using electronic signatures for several years now.

The Act provides that “a signature, contract, or other record related to such transaction may not be denied legal effect, validity, or enforcement solely because it is in electronic form.” 15 USC 7001 § 101(a)(1). In addition, “a contract, relating to such transaction may not be denied legal effect, validity, or enforceability solely because an electronic signature or electronic record was used in its formation.” 15 USC 7001 § 101(a)(2).

The Act defines an electronic signature as “an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.” 15 USC 7001 § 106(5).

NWMLS’s purchase and sale agreements provide: “The parties acknowledge that a signature in electronic form has the same legal effect and validity as a handwritten signature.” This provision is simply an acknowledgment of the existing law to provide the buyer and the seller with notice that the agreement may be signed electronically. The Act does not require that the parties agree to use electronic signatures for those signatures to be valid.

How can King County Regulations of On Site Sewage (OSS) impact the closing process?

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When a property served by a septic system is being sold or transferred, the seller must record a Notice of On-site Sewage System Operation and Maintenance Requirements (OSSM)** at the King County Recorder’s Office. This is a document that acknowledges the property is served by a septic system and describes the owner’s responsibilities for maintaining the system.

King County requires the sellers of all properties with septic systems to have them inspected by a King County licensed On-Site System Maintainer (OSM).  The inspection must be given to both the buyer and the Public Health Department before the transfer of title.

A transaction may be delayed until the following steps are completed:

• Verification from the County Health Department that they have received, reviewed and approved the OSS report and have received their fee prior to closing.

• The buyer must sign the form 22U (buyer’s declaration of receipt) prior to closing.

• Escrow needs to be provided with evidence that the form 22U has been recorded.  It must be recorded prior to the transfer.

• There is a required $40.00 OSS “Education Fee”, paid to King County, for which the buyer will receive educational material from King County three (3) to six (6) months after closing.  Escrow can facilitate this process.

If you want more detailed information please contact the Public Health Department at 206-296-4600 or visit the website http://www.kingcounty.gov/healthservices/health/ehs/wastewater.aspx

Look Who’s Ready For 2012!

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New Year, New Cards

Cool new cards on deck for all EZdigs agents for 2012. And if you’re thinking of taking advantage of our low monthly virtual office fee ($50.00) then your first 500 cards are on us!

Kind of a no brainer when you run the numbers – hmm, lets’ see pay my brand name brokerage 25K of my hard earned commissions per year (and for what I might ask) or transfer to EZdigs and keep 100% of my commission (yes, definately the smarter choice!).
Everyone has thier reasons for resisting change but ask yourself this: “is my brand name brokerage really helping me, or am I helping them?” I’ve been there – and frankly, if you’ve earned your stripes & know what you’re doing, then you are paying someone Twenty Five Thousand Dollars per year for the priveledge of working for thier brokerage. Wouldn’t you rather have the flexibility to do as you please with your own commission dollars? What would you do with 25K back in your pocket?

Christmas Ships and Bonfire at OO Denny Park in Kirkland

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The Christmas ships and bonfire were a big hit at OO Denny park in Kirkland. The bonfire was spectacular as you can see from the photos. And the ships came in close to shore so we could hear the choir. The sound was fantastic, fire and hot chocolate was warm and the company excellent. Thanks to the EZdigs supporters who turned out!

 

Live in Kenmore? Time to Talk Budgets and Property Taxes

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Kenmore, Wash. – The Kenmore City Council invites the public to participate in two
public hearings on: 1) setting the amount of tax levy for the year 2012 and 2)
proposed mid-biennial amendments to the 2011-2012 budget. The public hearings
are scheduled on Monday, November 21 and Monday, November 28 at 7 p.m. at
Kenmore City Hall, 18120 68th Ave NE. At the November 28 meeting, a budget
amendment ordinance and an ordinance to set the 2012 property tax levy will be
scheduled for action by the Council.

Citizens attending the hearing are invited to express their views by written and/or oral comments relative to the proposed mid-biennial amendments to the 2011-2012 adopted budget and 2012 property tax levy. Comments will be accepted up to the close of the public hearing.

Here’s a link to the Nov. 21st Council Meeting Agenda.

Buyer Gets 3.25% 30 Year Fixed on an Unseasoned Flipped Condo

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People said it couldn’t be done. In fact the listing agent said it couldn’t be done via conventional financing anyways. I’ve never been one to follow the herd however so we went for it – and we made it happen!

Was it difficult? Yes - this was a high rise condo in Downtown Seattle that was only 30 days from the seller having purchased it at the auction. And if that wasn’t enough the listed price was 27% higher than the seller’s purchase price at auction. Bottom line – lenders don’t like any of these factors.

What did I know that the listing agent didn’t? Because I work with Tryg Satterlee at West Horizon Financial – flat out the most knowledgeable in the industry – we knew that Wells Fargo had just changed their underwriting guidelines on flipped properties. Wells had essentially done away with the seasoning requirement as long as there were two independent appraisals of the property

We submitted – Wells ultimately approved and funded the loan. My clients were able to purchase a great condo at an amazing price with an unheard of interest rate (3.25% with a 3.336% APR). Want to hear more? Drop me a line in the comments below.

Home Closed for Vet and Family

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Lot 24 in Elk Meadows. Sounds like any other new house right?

Not so for our happy new buyers – the Lopez Family. This one was tricky to close, but not for the usual reasons. You see in this case we were working with just one of the buyers. The wife is here and her husband is active duty military serving in Iraq. So in order to close it she needed to have a specific power of attorney to sign on behalf of her husband – who has never seen the home. Escrow sent the proper forms to him in Iraq, he was somehow able to find a US notary get them signed and back to us. Now I’m happy to report that we are finally closed and the Lopez Family is moving in – just in time for Veteran’s Day.

Happy Veterans Day Lopez Family and Happy Veterans day to all our military families!

EHLP HELP from HUD

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Nope.  “EHLP” is not a typo.  It stands for FHA’s new Emergency Homeowner Loan Program which will provide interest-free, forgivable “bridge loans” of up to $50,000 to income eligible homeowners who’ve gone into default because of a loss of employment, underemployment or medical costs to help those homeowners restore mortgage currency and get back on their feet.  In early October, HUD Northwest Regional Administrator Mary McBride announced that the application window for EHLP loans is expected to open in December.  She also reported that HUD has allocated $56.3 million for the program in Washington state, $13.3 million in Idaho and $3.9 million in Alaska (Oregon is offering a similar program, but it’s funded by Treasury’s “hardest hit” program. ““In crafting this new loan program,” McBride explained, “HUD built on the lessons learned from Treasury’s Hardest Hit initiative to design and implement a program to assist struggling unemployed homeowners avoid preventable foreclosures.” Expect the application a-b-c’s to come out in December.

I’ll repost info on the application process as it comes available from HUD. Here is HUD’s website for more info on this or other programs: http://portal.hud.gov/portal/page/portal/HUD

If you or anyone you know is having trouble working w/the banks and feeling like they aren’t making progress/talking to a brick wall - pass our info along or have them send me a confidential email @ msatterlee@ezdigs.com. There is too much misinformation out there & we can cut through the BS coming from the lenders, deliver knowledgeable professional assistance or assist with short sales if necessary.