Statewide Form 22A—Financing Contingency: The Buyer’s Perspective

As discussed in the prior piece on Form 22A, the statewide financing contingency form in many ways heavily favors the interests of buyers. That is because absent drafting custom language, the financing contingency can remain as a buyer protection though the date of closing. After the passage of a specified period of time the seller can ask the buyer to waive the contingency, but the seller cannot force the buyer to do so. Therefore if a buyer cannot get financing, and their offer contains a non-waived Form 22A financing contingency, then the buyer will not be in breach of contract if they cannot close due to lack of financing…

Statewide Form 22A—Financing Contingency: The Seller’s Perspective

Most offers written within the Northwest Multiple Listing Service area use what are referred to as the “statewide forms,” a collection of real estate forms which can be selected and completed by real estate brokers and others. While some attorneys might argue those are not the best forms, they are in general well balanced between the interests of buyers and sellers, and serve the parties well. In contrast, there is one form, the Form 22A financing contingency, which some argue heavily favors the interests of buyers, and which I would argue is poorly drafted…

Seattle Housing Market Hotter Than Ever in 2015

I’d like to introduce a new chart. The “Residential Real Estate Heat Index” is an index I’ve been calculating for a few years, that originally was part of the now-defunct Sound Housing Quarterly newsletter. It rolls changes in the median price, new listings, total inventory, pending sales and closed sales all into a single number to measure the relative “heat” of the market.

Here’s what it looks like for King County single-family homes and condos…

Friday Flashback: Suzanne Researched This

Here’s a fun Friday Flashback. How many of my readers remember this classic 2006 Century 21 TV commercial?

“Suzanne Researched This” became a big inside joke among those who didn’t buy the hype at the peak of the bubble. This commercial was so egregious that even Slate wrote an article headlined “The Nastiest Wife on Television.”

Mayor’s Affordability Committee Releases Tepid Growth Recommendations

As a follow-up to this morning’s post about the future of single-family housing in Seattle, here’s the final report from the Mayor’s “Housing Affordability and Livability Advisory Committee”: Seattle Housing Affordability and Livability Agenda (pdf) There are a few relevant portions of the report that address single-family zoning. From page 21 of the report: MF.1 […]

Seattle Preparing to Say Goodbye to Single-Family Zoning?

Remember a few months ago, when I suggested that single-family housing in Seattle would be on its way out soon? If Seattle’s population keeps growing, there is a hard housing reality that we’re going to have to face: the death of the single-family home. As of 2013, roughly 43 percent of Seattle’s housing stock is […]