Let’s reach into the Seattle Bubble mailbag for today’s post. Today’s email is from a reader that has been shopping for “investment” property on the Eastside.<\/p>\n
Just thought I’d give you a heads up on a buying experience in Bellevue.<\/p>\n
I’ve been looking for an investment property for a while, finding nothing but garbage and stagnant short sales on the Eastside in the $275 -$295 range. I got a tip that a house will be coming to market in my target area (a 3 bedroom, 1.75 bath rambler on cul-de-sac with 2 car garage), so I contacted the listing agent. He told me that the house will be available in about a week after it has minor repairs and cleaned up.<\/p>\n
I drove by the house—it’s a great condition rambler that a little old lady has been the original owner. She has kept the house in great shape, new roof, gutters, electrical, plumbing, windows driveway all newer except the bathrooms and kitchen are original.<\/p>\n
So, I contacted the listing agent to tell him that I want it and he can be my agent also. I’m a contractor so I look it over really good and say 3% earnest money, no inspection, preapproval letter 25% down.<\/p>\n
The morning it comes on the market I meet the agent and we sign a purchase agreement. By 2 o’clock that afternoon he has 8 offers including a couple with escalating clauses. Because I was first and had a strong offer and the listing agent on my side I got it! <\/p>\n
Wow, the demand is there the supply is not!<\/p><\/blockquote>\n
Although sales still seem to be pretty much in the gutter, I have been hearing more and more stories like this reader’s tale lately. I still don’t buy the “pent up demand” story (I think “pent up supply” is much larger), but it does seem that in today’s market there is a serious shortage of desirable homes for sale.<\/p>\n
What do you think? Have you had a similar experience trying to find a decent house (for home or investment)?<\/p>\n","protected":false},"excerpt":{"rendered":"
Let’s reach into the Seattle Bubble mailbag for today’s post. Today’s email is from a reader that has been shopping for “investment” property on the Eastside. Just thought I’d give you a heads up on a buying experience in Bellevue. I’ve been looking for an investment property for a while, finding nothing but garbage and…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[507,506,321],"coauthors":[],"class_list":["post-15947","post","type-post","status-publish","format-standard","hentry","category-features","tag-pent-up-demand","tag-pent-up-supply","tag-reader_stories"],"yoast_head":"\n
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