Eric Huang Real Estate

11/08/2024

10/13/2024

My buyer closed on his new construction home 3 weeks ago. I was reluctant to post it because we did not have a good experience with this developer. They have since then cleaned up their act and performed all the tasks as promised. I decided to tell our story so anyone looking to purchase new construction can learn from our experience. I will not be disclosing the developer's name for legal reasons.

We submitted an offer in late May at full list price but requested the developer provide the washer, dryer, refrigerator and $5K in closing cost. They initially refused and but after 30 days of negotiation, they finally conceded. Everything was going fairly smooth until we received the notice their unit will be complete in 40 days and the buyer should initiate their loan. On day 25 we performed a home inspection and provided our findings and repair requests to the site manager. On the 30th day, I followed up with the site manager to get a idea when the initial walk-through will take place. His response "we will contact you once we have a concrete date". I followed up again on day 35 with a similar response. Everyone (buyer, lender, and I ) was very frustrated with the lack of communication from the site manager. Then finally on Day 38, we receive an notification email to perform a walk-through on the closing date. What happened to the initial walk-through? I immediately called the site manager to tell him we are not closing without performing an initial walk-through which he agreed to push back the closing. This is when things when downhill. During our pre-closing walk through. There were missing doors, missing handles, missing washer/dryer/frig, furnace wasn't operational. Too many items too list. I knew there was no way we can close in 5 days but the manager promised it would all be taken care of at final walk-through. The buyers were excited to get the keys on final walk-though until we walked though the door. The home was in the same state as we view it 5 days ago. I was embarrassed and pi**ed at the same time. We told the site manager we are not closing today and just walked out. The next few days was just chaos. My buyers are super pi**ed and want to terminate the contract while the developer kept pushing them to close. I had no choice but to threaten the developer with a lawsuit accusing them of not of fulfilling their obligations. It bought us some time for my buyer's to calm down and think things through. They still want to close on the home with the condition all their requests must be met and instead of providing the washer/dryer and frig, the developer would credit them $4,000 so they can buy their own appliance. We finally closed a week later. I remember on closing date, I was so nervous the home wasn't completed as promised. But they came through and got to most of our request. There was some little touch ups they came back to take care after the closing.

The was probably the most frustrating transaction I dealt with a developer. I forgot to mention, due to the delayed closing, the lender has to request two rate extensions. The developer refused to pay for the extension fee so we had to beg the lender to waive them. Luckily they were empathetic and waive the fees.

09/28/2024

I'm thrilled to announce my listing in West Seattle has sold.
I want to thank the seller for trusting me with this milestone. Your confidence in me means everything!

08/31/2024

Congrats to my buyer on their purchase in Woodway.

Just shy of an acre in a villa-like setting. This homes has all the outdoor amenties anyone can ask for. Features mosaic glass tiled swimming pool, covered pavilion w/ masonry fireplace, lit sport court with fencing, park-like secondary backyard w/ koi pond & tree house just to name a few.

We were able to negotiate $139K off the asking even in multiple offer situation.

08/26/2024

Congrats to my buyer for purchasing his Juanita Home off- market.

I have to give credit where credit is due. The buyer found out his neighbor was about to list their home so he reached out to them to make the deal happen. All I did was write the offer. I wish they were all this simple. 😅

08/24/2024

Congrats to my buyers on their purchase at the Bellevue Towers. We were able to negotiate $65K off the asking price.

08/21/2024

Congrats to my seller to a successful closing on their home in Kent.

The seller initially reached out to me to help rent out their home. However I looked into the history of the property and learned the home was listed for sale 8 month ago with Redfin but never sold. I brought it up with the seller and he shard with me he would still prefer to sell than rent. I suggested I can preview the home and provide him my feedback as to why it didn't sell. Upon arrival, It was obviously the exterior was dilapidated. The paint was chipped and some of the trim were rotted. The interior wasn't as bad but was really dated. I provided my finding to the seller and gave him my suggestion. However he did not have the funds to do any of the projects I suggested. Luckily Compass has a program called "Concierge" where our firm provides the seller a "interest-free" loan to improve their home. I told them as long as they get approved for the program. I will take care of all the renovation. Long story short, he was approved for $13K and now we are sold. THE END.

08/20/2024

Congrats to my seller on the off-market sale of their Eastgate home.

This buyer was referred to me by a past client. I was one of the handful of agents they interviewed and was selected to represent them. The initial plan was spend roughly $12K to update the home and list at $1.3M. During the planning phase a similar home in the same neighborhood went pending at $1.25M. The pending home was 200 sq ft larger, better fit and finish and has a 1 car garage. I shared this info with the seller to let them know their home will mostly only fetch $1.2M on the open market. So I proposed a different option. I know a few builders that are looking lots this area and would acquire their property. It was just matter of what price they were willing to pay. So based on my research of new home prices in Eastgate and the construction cost. I back calculated and came up with $1.35M. I reached out to 4 developers requesting a bid with a $1.35M starting bid. To my surprise, one developer offered $1.355M with no buyer's commission. It was essentially a $1,388,875 offer. In addition the seller didn't have to spend $12K to update the home. It was a no-brainer to accept the offer.

The seller was ecstatic with the offer. Often time asking "are you sure this deal with go through. It's seems too good to be true." I had to reassure them, the earnest has already been forfeited, worst case you walk away with $50K and I'll list it. 😅

08/20/2024

Congrats to my seller on the sale of their Ballard home. We received a full price offer in 5 days.

08/14/2024

Congrats to my buyer on the acquistion of their investment property Totem Lake. The buyer is from out of town so the whole purchase process took place over phone calls and facetime. Hopefully I can meet them in person some day.

07/21/2024

Wow. Bellevue prices really getting out of hand 😂

07/07/2024

Congrats to my buyer on a successful 1031 exchange. The timing was impeccable. We were able to close his condo on the same day we had the warehouse under contract. Buyer is able to use the proceeds from the sale toward the downpayment the warehouse purchase.