Seattle Real Estate 2008: Financing Contingency Form Revised Again

NWMLS form 22A has been revised again this April 2008.   Changes for the new Seattle Financing Addendum:

The newly revised form 22A adds two more loan types which can be disclosed: 

1. Rural Development Loan  According to the NWMLS: "A Rural Development Loan, is for rural property and is available through the United States Department of Agriculture. For more information, visit www.rurdev.usda.gov."

2. HELOC - If the buyer is getting a Home Equity Line Of Credit (HELOC) with a loan from another property they own, then this is a great place to disclose that.

I think item number two in the changes is a great addition - there are so many ways to finance a home purchase and I have definitely seen many buyers take out a HELOC on their current property for a down payment rather than try a hard to find bridge loan or run the risk of losing a property with a contingent offer.  Disclosing that information to the seller is both helpful in giving them more knowledge of your situation, but also a good protection for you in case the HELOC doesn't go through for some reason or another.

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

 If you are thinking of relocating to Seattle, I am an expert at Seattle Relocation services and can help you find the perfect home while making sure it is a solid financial investment!