Lake Union Living, Seattle

After a nearly 4 year hiatus, Seattle Metropolitan Credit Union has stepped up to the plate to offer houseboat lending in the Seattle area. We salute SMCU for embracing this amazing Seattle tradition which truly helps to define the Seattle character. For those thinking about purchasing a Houseboat in Seattle, this is great news.
The program details allow for 75% financing of the combined sales price plus sales tax, 30 year amortization with a 10 year balloon payment, and rates comparable to those for yacht lending. Credit and Income guidelines are similar to those required for purchasing a home. A Marine survey, and haulout is required. Further details can be obtained by contacting Denise Carlson at (206) 398-5581 or by emailing her at denisec@SMCU.com. For a list of available houseboats, please visit Special Agents Realty.

There is a storm on the horizon that is seriously going to HURT our economy. The new Appraiser rules HVCC (Home Valuation Code of Conduct) being imposed are likely going to cause further harm to our economy. Though the concept sounds reasonable – i.e. removing the ability for Loan Originators or Real Estate Agents to choose the appraiser, the effect will be disasterous.  The new rules support undervaluing homes simply because an appraiser is chosen by the lender. If the lender chooses an appraiser that provides a consistently lesser value, they win because their asset is worth more than the appraiser indicated. Hence the Lender has less risk.

It is assumed that the evil Loan Originators and Real Estate Agents were able to influence the appraiser into providing over inflated values, however, do you really believe the Lenders are more ethical or that for some reason they do not have a vested interest in getting lower valuations? Give me a break.  We’ve seen what the big lenders are capable of doing. That is why according to www.ml-implode.com, 342 lenders have imploded since late 2006 by providing loans to people that should not have received them.  So, let’s put the power of choosing appraisers in their unbiased hands!?!

Be prepared to see further (unwarranted) devaluation of homes due to this rule.

From the Department of Planning and Development (Shoreline Master Program Update):

The Department of Planning and Development (DPD) has begun the process of revising Seattle’s Shoreline Master Program (SMP) for the first time since 1987. The SMP establishes policies and regulations governing land use along marine and freshwater shorelines. Seattle’s shorelines include Puget Sound, Lake Washington, Lake Union and the Ship Canal, the Duwamish River, and Green Lake. The area affected by the SMP is generally 200′ landward from the waterline.  DPD is working with the Washington Department of Ecology to complete the update of Seattle’s program by the spring of 2010. If you are interested, participation in the process is through the Citizens Advisory Committee and their schedule is posted.