Bored with regular, run of the mill houses? Looking for something unusual? How about buying a fire station or a church for a home?
Seattle-area real estate appraiser Richard Hagar says although places like this could be fun to live in, banks are usually skittish about loaning money for anything out of the ordinary.
Since the 1970s, banks have been required to report any suspicious house purchases to the FBI. Now that mandatory reporting is netting mortgage brokers, too. Seattle area real estate appraiser Richard Hagar says that's a good thing since about 80 percent of home loans go through mortgage brokers.
Adolph B. Rice Studio Collection / Library of Virginia
Is it true that there there's a bank vault out there full of cold, hard cash that's now available to people trying to refinance? That's what KPLU's John Maynard asked Seattle-area real estate appraiser Richard Hagar when he dropped by KPLU's studios recently. Without skipping a beat, Hagar responded:
"The good news is if you've missed some mortgage payments or you were in foreclosure, banks now have more cash available. And they've loosened up the purse strings a bit."
When most of us talk about condos, we’re usually referring to buildings with apartment units that are individually owned. But as real estate appraiser Richard Hagar tells KPLU’s John Maynard, a condominium is technically a type of ownership.
So you can also "condominiumize" other types of property. Hagar says it's a hot trend for investors.
KPLU's John Maynard bought a condo in 2007 – at the height of the market. He took out an adjustable-rate mortgage that's "adjusting" in June.
That's turned out to be good news for Maynard, who's mortgage payment will go down considerably since interest rates are low right now and expected to be so for quite some time.
It's a drawn out, frustrating process, but if you're willing to put in the time, buying a home from a bank can save you a lot of money. Seattle-area real estate appraiser Richard Hagar tells KPLU's John Maynard that while it is mostly investors who seek out these properties, average home buyers can score great deals, too
Great deals on new homes can be found on the plains and near the planes.
That's the word from Seattle-area real estate appraiser Richard Hagar. New developments on the flatlands of Quincy, Wash., and the "loud lands" near Sea-Tac Airport are being built and sold at a pretty fast clip. Hagar tells KPLU's John Maynard there are some interesting reasons for that.
Is the active street life in places such as Tokyo and Barcelona due, in part, to the fact that many people there live in very small apartments? When your living quarters are about the size of a jail cell (90 to 100 square feet, including the bathroom), then perhaps it's nicer to be outside sitting on a park bench, or spending time in cafes. Maybe Seattle's street life will perk up with the micro-apartment trend that's happening here.
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