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Questions and Answers
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 ow do you determine
how much to pay for property?
I establish the value of your Seattle
commercial real estate by looking at
what other similar properties have sold for in
the area. This is called the
“comparable sales method” and it is the same
method that real estate agents use. For more on my
valuation process, click on:
How Much I Will
Pay.
How long have you been in business?
I have been purchasing real estate in the greater
Seattle area since 1984.
For more about
me and when I got started,
click on:
About Me.
How much will closing costs be?
Because I am not a real estate agent, you will
not be
paying any commission. That is a very big
savings. The only significant closing cost
you will have is real estate excise tax,
which is a sales tax paid to the State of
Washington of 1.78% of the sales price. So
for instance, if a property is sold for
$100,000, then the real estate excise tax is
$1,780.
Typically, the only other closing
costs you will have will be title insurance
and the escrow fee, which is not very much.
And that is all. Again, no real estate
commission will be paid. I have been using
the same escrow company for years and will
give you their name and phone number if you
would like to talk to them about this.
Drawing up the paper work for a piece of
Seattle commercial real estate is a fairly
simple matter.
My property needs a lot of repair. How is
this handled?
I always purchase property in “as-is”
condition. This means that anything that is
wrong with the structure or in need of repair, I
will pay for. For more about this click
on:
How I Can Help.
My property’s current condition might not
even qualify for bank financing. Would this
be a problem?
I can pay all cash, so the condition of your
property is not an issue. I do not require that
it qualify for bank financing. For more
about selling your property in "as-is"
condition,
click on:
How I Can Help.
How quick will I receive my money?
If you are in a hurry, then I can pay all
cash in as few as 5 days. If you can wait
about 3 weeks, then I will obtain regular
financing. I have been using the
same mortgage company for many years and
will give you my personal mortgage rep's
name and phone number if you like.
What do you typically do with the
properties
you purchase?
Typically, the Seattle commercial real
estate
I purchase goes into my "long term hold"
portfolio.
Are there any extra fees involved?
No. You will not have any extra fees or
expenses by selling to me. In fact, by
selling to me you stand to save yourself a
great deal of money by not having to repair
your property or pay a real estate
commission.
I still owe money on my mortgage. How
will this balance be paid off?
The escrow company will order a payoff
statement from your lender and will pay off
your entire mortgage balance at closing.
Do you have any advice about other real
estate investors?
Some other investors are just fine. In fact,
most people find that virtually all real
estate investors offer nearly the same price
for property. This is because we all use the
same criteria for establishing the value of a
piece of commercial real estate in Seattle. I do have one word of caution
though. Make certain the investor is “for
real”, that is, make sure the person has the
ability to close the transaction.
Find out how long they have been in
business. Be sure to ask for their
business references (I would be happy to
give you mine).
Also, insist on a sizable "good faith"
earnest money deposit. Ask them about their level of
experience. Get a sense about them. If you
don’t feel absolutely comfortable with each
and every one of their answers then don’t
sell to them. Once you find the right
purchaser, you will know it. This is one of
the biggest decisions most people make, so
you will want to be very comfortable with
the person you decide to sell to.
If most real estate investors pay the
same amount, then why should I choose you
over someone else?
A combination of reasons. Experience.
Financial ability. Trust. Everyone's
situation is different, and every person is
unique. We will talk and you can feel free
to ask me any questions you wish. If you
need further clarification, please ask. I
very much want you to understand what I can offer you. Perhaps my
business
philosophy will become apparent. And
perhaps our shared goals will bring us to a
meeting of the minds.
Let me know if I can answer any other
questions you may have.
Please just give me a call or email.
To send me an email:
Click Here
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Just give me a call,
or send an email.
I will respond promptly.
Call me: 9am - 9pm
7 days a week
206-935-5000
or:
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