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All Forum Posts by: Serena Sun

Serena Sun has started 5 posts and replied 42 times.

Post: Urgent: Water Leak for brand new house, Please help!!!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2
Originally posted by @Manolo D.:
Originally posted by @Serena Sun:

I am afraid repairs and new construction is still made up of putting materials together, however, repairs are more uglier due to innovations of "repair" materials, if they are ripping the build materials, and replacing the same, it should be fine. Don't accept any repair grade materials. I use a line for quality control even on my employees, If this is your house, will you accept it? (even on an asphalt pavement job, it still worked on my sub). For you, something in the line of, "I bought a new house, I didn't buy a rehab, will you accept a new material and your supplier gave you a used one?". While I still believe in the perfect world where you get a repaired product, but you deserve a product that is of the same par as a new build. Is there a way for you to get an extra warranty (I recommend a separate sheet) for possible mold, say 5 years?

hi Manolo, 

Thanks for your advice about the repair material. I didn't even know they might use different material. 

We will definitely try to get extend warranty from the builder. We suppose to get a update from the builder about what happened and how they are going to fix the issue.

Will we have to disclosure the incident to buyer if we sell the house years later? 

Thanks again for everything :)

Post: Urgent: Water Leak for brand new house, Please help!!!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2
Originally posted by @Joel Owens:

Laundry room should be tile floor and have an overflow drain in the floor. Does it not?? A drain pan underneath the washer is not adequate.

Absolutely get pictures. Some builders are cheap and want to patch. Mold could be in places you do not see now.

No legal advice given.  

 hi Joel, 

Since it just happened today, we don't know where the water come from yet. I don't see an overflow drain in the floor and there's no drain pan underneath the washer. The floor is vinyl flooring. 

The builder actually has very good reputation and they didn't use cheap material...so upset this happened

Post: Urgent: Water Leak for brand new house, Please help!!!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2
Originally posted by @Manolo D.:

Hi Manolo, 

Thanks for your quick response. My concern is that the mold will develop slowly where we can't see, and one year warranty won't be enough to cover the damage when we do discover later. 

I feel like I am paying full price for a product that has been repaired and might need future repair if not fixed properly. :( 

Thanks for sharing your thoughts 

Post: Urgent: Water Leak for brand new house, Please help!!!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2

Hi Everyone, 

First, thanks to those who advise me to refinance our old primary to buy a new home. We just finished refinance and use it as the down payment for a brand new house, and it will be closed in couple days. 

Today is our walk through with the builder before closing!! Something totally unexpected happened. 

We were testing the new washer machine on second floor, then went outside for about twenty mins. We noticed that the mudroom ceiling was dipping water. We went upstairs, i saw the laundry room floor flushed with water. Some carpet around the door was also wet. Substantial amount of water (probably a gallon or so) trickled down the mud room through the light fixture in the ceiling. There was also a small leak in the garage (about several cups of water).

The builder said that they will repair the damage caused by water. My husband and I are pretty upset this happen to a brand new house, and we are very concerned. 

We have no experience about water leak, so would like to hear your opinion:

1. Should we close the house, or just try to get out of the contract and find another house?

2. If we still buy the house (my husband likes the view), what action can we take to ensure that everything has been fixed and there's no future impact?

We don't know how large the impacted area is. Once water got under the floor, it could spread freely. Does that mean insulation needs to be replaced? What about the ceiling? Would it expand or have water marks? Most importantly, would mold grow if it isn't completely dry and treated?

Do you think we might ask the builder to cut price because of the water leak? (it's a $850K house) How about ask builder to extend the warranty? How long will it be reasonable?

Sorry about all these questions and we really appreciate it if you can tell us what you think if you were us. 

Thanks in advance for your help

Best wishes

Serena

Post: Refinance or sell to buy a new house? Please advise!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2
Originally posted by @Alex Chin:
Originally posted by @Serena Sun:
Originally posted by @Alex Chin:

 In the North Ross Hills area, I believe that you could indeed potentially command the aforementioned rental amounts. It all depends on the property size, amenities, and location. Below are 3 Craigslist postings that illustrate my thoughts. Essentially, if the house has a minimum of 2bd./2ba, and 1,000+ sqft., you should expect approximately $1,800-$2,000/month. If your property is 3-5bds/2-4ba, and around 2,600-3,000 sqft., you should be able to command $3,000+/month. 

Alex, 

Thank you so much for your quick reply and doing the research for me. The house is 2200 sf, with most original amenities. I will look into it, and hopefully the house can bring in some cash :) 

Have a wonderful day

Post: Refinance or sell to buy a new house? Please advise!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2

Hi Ryan, 

Thanks for your advice. 

We did start our search in Bothell area ($550K ), then move to Kenmore ($650-750K). However we've lived in Kirkland for so long and really like it, so we decide stay in the same area, which bring us to ($800-$1M) range. 

A house in Bothell means add 40-50 mins daily commute for both of us, not sure if it is worth it.  Anyway, we are still debating and try to make a decision sooner.

Thanks

Post: Refinance or sell to buy a new house? Please advise!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2

Hi Dave, 

I heard you...We will start the refinance process shortly, so we can make offer in good position. We mostly looked at presale new houses right now, but as you said good deal might come along and need quick closing. Thanks

Post: Refinance or sell to buy a new house? Please advise!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2
Originally posted by @Nghi Le:

Hi @Serena Sun,

You also may want to talk to a mortgage broker first to see if having the rental and purchasing a new primary is even possible with your DTI, reserves, etc. If you need a good mortgage broker, I can refer you to one in Kirkland.

If you're confident you can find a good investment property after selling the house and getting the cash, go for it. But it's pretty hard in this Seattle market, unless you're willing to go out of Seattle. Otherwise your money is just sitting, which is the worst case of all. Again, make sure you talk to a loan guy who can tell you how much you can spend on a primary and investment property with your down payment, reserves, and DTI scenario.

I also suggest choosing 30-year loans because the rates are so ridiculously low. You'll pay more in interest of course, but the value of the house will more than pay for it the longer you hold it since it compounds (and interest decreases every year). Plus, if you make the same payment as the 15-yr loan on the 30-year loan, you'll pay it off in about the same time anyway, but at least you have the flexiblity of having a lower payment (in case you hit some troubled times and income/cash flow gets tight).

hi Nghi, 

I did check with a loan officer, she said the loan amount is ok. Please refer me the mortage broker, I'd like to get another quote. :)

We should choose 30 yr loan for the new home to be more flexible.

Thank you so much

Post: Refinance or sell to buy a new house? Please advise!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2
Originally posted by @Alex Chin:

@Serena Sun - Just my 2 cents, but I would very carefully take a look at how much you can command in rent for your place. Which neighborhood is it in? If the house is located in one of the hotter Seattle areas, I would say you should easily be able to command upwards of $3,000-$4,000/month in rent.

 The house is located in north Ross Hill, near Kirkland Costco. (98033) We might increase the rent to $2600-$2700 after the lease expires, but I am not sure about $3K-$4K. It feels the rent doesn't keep up with the crazy housing prices here. 

Most likely we will get 30yr fix for the new home, the monthly pmt might be too much for 15 and 20.

Post: Refinance or sell to buy a new house? Please advise!

Serena SunPosted
  • Real Estate Investor
  • Kirkland, WA
  • Posts 42
  • Votes 2

Hi Everyone, 

Thanks for taking the time and share you opinions. We didn't think about buying a bigger house one month ago. I guess my nesting instinct kicked in and want to a bigger space for baby to play. 

We've been looking around our primary house the last couple weekend and decide we will refinance to get the down payment. We might sell within 2.5 yrs as some of you have suggested, but the decision will be made later. 

I got a quote for refinance interest 15yr fix for 3.375% and 20 yr for 3.875%, is that good? 

Thanks

Serena