Thai Nguyen Real Estate Podcast Thai Nguyen

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} If you want to buy a luxury condo in this incredibly competitive market, don't be afraid to offer an extra $5,000 or $10,000-- it won't impact your monthly payment as much as you think. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} Today I’m coming to you live from the kitchen of a luxury condo in the heart of Bellevue to talk a little bit about these specific properties. The average luxury condo in this area is going for $767 per square foot. The condo I’m standing in right now is 1,641 square feet and it’s priced at $1.6 million. I frequently get questions from buyers asking if they should pay an extra $10,000 if they’re in a multiple offer situation. If you offer an extra $5,000, you'll pay $10 to $20 more per square foot. Make sure you break down those numbers along with whatever your interest rate may be to determine what your payment difference is. Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} Right now we’re in a seller’s market. Most of the properties we’re listing are lasting only about three to five days on the market, and we’re reviewing a lot of multiple offers. Make sure that you effectively understand the difference of payment so you’re not stuck paying an extra $5,000 or $10,000. If you have any questions about this topic or are interested in buying a luxury condo, please don’t hesitate to give us a call. We’d be happy to help you! Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-famil

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Happy New Year and thank you for your support! Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation I just wanted to take a minute to thank you for your support this year. Thanks to you, I’ve been able to grow my team. We are able to provide great service while giving back to the community. In 2017, we are going to do so much more, and we would love for you to be a part of it. For now, have a great New Year and enjoy the holiday season. We are going to rock 2017! See you soon!

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Why are sewer inspections so important for your house? I've brought in a professional inspector to explain why the $200 inspections could save you tens of thousands of dollars. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Today I wanted to take a moment to tell you about why it's important to do a sewer scope or inspection on a property. I've brought in an expert in Todd Vecchio of Sound Sewer Inspection to help me explain the process. A sewer inspection is an important part of the house you're buying that you can't see, Todd says, and can have a value from $50,000 to $75,000. It's the one part of the house that has a very substantial value that you can't see. “ A sewer inspector will put a camera into the system's pipes, like a colonoscopy for the house. ” A sewer inspector will put a camera into the system's pipes, like a colonoscopy for the house. The camera will travel every inch of the pipes, from where it leaves the house all the way to the street. You want to be sure the system doesn't have any cracks, breaks, or root intrusions. Root intrusions can be a big problem here in Seattle. As Todd says, it's a really good $200 insurance policy to make sure you don't have a $30,000 problem out in the street. Along with the inspection, you'll get the video and a thorough report so that you get the total picture. If you're interested in learning more or you have questions about sewer inspections for Todd, you can give him a call at (206) 619-9990 or email him at todd@soundswerinspection.com. If you have any real estate questions for me or you're thinking about buying or selling a home in the Seattle area, don't hesitate to give me a call or send me an email. I would love to work with you!

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Buying a condo can be a big purchase, and it’s important that you do your research before you make an offer. Today I’ll go over five things you need to know before buying a condo. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Today I want to go over five things you need to know before you purchase a condo: 1. What are the HOA dues? What do the HOA dues cover? Sometimes they cover lawn maintenance and swimming pool upkeep while others cover water utilities and trash collection. The condo in the video is technically a townhome, so the HOA dues, in this case, are much lower. You would only have to pay $120 a month, but that’s because the HOA only covers landscaping maintenance in the common areas. 2. What is the rental cap? Make sure that each condo association you are interested in does not allow a lot of renters. When rental rates are high, the next person who purchases a condo in that complex will have a hard time getting financing, which could mean that you will have trouble when it comes time for you to sell the property in the future. “ The rental cap directly affects the resale value of your condo. ” 3. How much money is in the reserves? You want to make sure that you look at all of the financial aspects of the condo association. The condo association should have enough money in the reserves for future repairs. Every two years, the condo will undergo an inspection, and if there is not enough money in the budget, you will wind up incurring the costs of repairs. 4. Are there any pending assessments? Pending assessments are very important; some associations that are five, 10, or 20 years old could need roof repair in the future. If there is not enough money saved up, there will be a pending assessment. You want to know when those are coming up because again, if there is not enough money in the reserves for repairs, you will have to pay out of your own pocket. 5. What are the rules and regulations? Do they fit into your lifestyle? Many condos have pet restrictions. Some may only allow cats and other small pets, while other condos allow dogs of a certain size. Some dog breeds may not be allowed in the condo. You will also want to ask about things like parking restrictions or whether or not you can barbecue on the balcony. It is very important to do your research on these five items before you submit an offer for a condo. If you have any other questions about buying a condo or about real estate in general, give me a call or send me an email. I would be happy to help you!

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Buying a bank-owned property can seem overwhelming, but it can be amazing to see the potential in the property come to life. Here are a few tips for purchasing bank-owned properties. When your offer gets accepted on a bank-owned property, you absolutely must do a full inspection. In order to know everything that is going on with the property, you need to call the utility company to turn the utilities on. Usually, the bank will shut off the water and electricity to prevent leaks and other issues while the home is vacant. The utility company will turn everything on for 24 hours. That’s when your inspector can go in, run the water, check the heating system, and make sure everything is working. It costs about $200 to turn the utilities back on for the day, and the inspection will cost about $450 or $500, depending on the size of the property. The property we’re filming at today has a great layout with a five-piece master bath. When you look through a bank-owned property, don’t shy away from dirty carpets, holes in the wall, or mildew in the ceiling. Small issues like that are all fixable. Pay attention to things you cannot change, like the layout and the location, before making the purchase. “ Don’t get hung up on small  issues that can be easily fixed. ” This property is listed at $388,000, which is a little high based on my market research. It is an active property and has been on the market for 155 days but the bank has not yet reduced the price. I think you could get this property at $325,000, and that would be a great value, especially considering that a similar, well-maintained property would run at $450,000 to $475,000. I have been working with bank-owned properties for 11 years, and it is really fulfilling to see these properties get fixed up to their full potential. If you have any questions, give me a call or send me an email. I look forward to hearing from you!

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Kevin Hummel is with McFerran Law here in Seattle, and he is a certified exchange specialist. Kevin helped me with my 1031 exchange, and he’s here to answer some common questions. First off, why would you do a 1031 exchange? In short, we do this to avoid capital gains. The 1031 exchange can save you tens of thousands of dollars. It’s a simple process that happens during the normal closing process. Then, Kevin steps in and works directly with your escrow company. “ The 1031 exchange can save you tens of thousands of dollars. ” What kind of properties qualify for the 1031 exchange? A 1031 exchange is set up for an investment property. That includes rentals, commercial properties, or properties that you are holding onto for long-term appreciation and value. How many properties can you exchange? How long is the process? There is no limit to the number of purchases or sales that happen during an exchange. To keep things more simple, however, consider limiting the number of properties you buy to three. You have 45 days from the close of the sale to identify the properties in the exchange. Then, you have 180 days from closing to complete the exchange. Once you close on the sale, you can use the money you saved during the 1031 exchange to purchase other properties, so long as the values line up. Can you identify a property that is worth more than the home you sold? Let’s say you sell your house for $300,000 and identify a $350,000 property in the exchange. Since that property is worth more than $300,000, you can do a partial exchange. In that instance, you would pay taxes on the difference between the two properties. In order to get a full deferral, you need to match the exchange value, which is the sale price minus the closing costs. The three basic rules for a 1031 exchange are: purchase a property equal or greater than what you sold; use all the proceeds from the sale towards your purchase; and replace the debt that’s paid off on your sale, if you have a mortgage on it. If you sell a property and decide to buy land, is that still a like-type property? Absolutely, as long as the land meets the same qualifications as an investment property. Again, that means creating income, being used for a business, or holding the property for long-term appreciation and value. What happens if you miss your deadline? You will owe capital gains taxes on the property. The capital gains rate for most individuals is 15%. That is what we are trying to help you avoid. Do you need a consultation before handling a 1031? The consultation is not required. If you have a simple question about an exchange, you can call Kevin and talk about it. If you would like an hour long consultation, that will cost about $150 to speak with Kevin or one of his fellow attorneys. If you have any further questions for Kevin, you can call him at 253-383-1200, or click here for more information. If you have any other questions, give us a call or send us an email. We look forward to hearing from you!