Have you ever wondered what happens to the earnest money deposit when residential transactions fail to close? The answer is found in a piece of legislation created by the State of Washington called the Interpleader. Intending to resolve uncertainties surrounding the proper disposition of earnest money deposits, this process was clarified for SeattlebyDesign, by one of our favorite Title & Escrow companies, and we felt obliged to share it with you. Note that earnest money can be held by title companies, escrow agents, and real estate licensees.
Private Mortgage Insurance and the Alternatives
Let’s talk about Private Mortgage Insurance, or as we know it, PMI and it’s alternatives. When you apply for a mortgage, the lender will typically require a down payment equal to 20% of the home’s purchase price. If a borrower can’t afford that amount, a lender will likely look at the loan as a riskier investment and require that the homebuyer take out PMI, also known as private mortgage insurance, as part of getting a mortgage.
It’s important to realize, though, that mortgage insurance — of any kind — is neither “good” nor “bad”. Mortgage insurance helps people to become homeowners who might not otherwise qualify because they don’t have 20% to put down on a home. But as it adds to the total cost of your monthly payments, many wonder what options they have.
Touring the Floating Homes of Lake Union
They are some of Seattle’s most unique and recognizable homes, and there’s only 500 of them. Last month, team member Enrico Pozzo—an expert in all things floating homes—led a tour of Lake Union and the homes that top its waters. Skippered by Realogics Sotheby’s International Realty (RSIR) CEO Dean Jones, our team was joined by nearly 40 of our RSIR colleagues and a few guest brokers from our affiliates in New York and California.
Sold in Westlake!
Our client’s Westlake floating home closed at $1,150,000! It was a pleasure working with them and we wish the new owners the best of luck in their new space.
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