State Specific Question About: WASHINGTON (WA)

I live in a house which has been rezoned I-PCB planned community business. We have been on the market for 2 yrs. We had an offer which had us tied up for about a year which ultimalty fell through becaue the buyer could not get approval from the bank to build an office center because of hangs ups getting city sewer here. Since the offer fell threw in April, the market has gone down and we have had no reasonable offers.

My question is, can I rent my house out to a business. It seems like a logical solution to our situation. The city is planning to bring sewer in a couple years which will make the prop worth more. The house is a basic rambler about 1100 sf with room for parking, but could be easiy be turned into an office for denist, attorny, reale estate etc., but will need renovations to accomidate the desired business at our location.

Every commercial situation is different.

Check with Zoning to be double sure you can do what you want to do. HERE, if I converted from residential to commercial I would need to meet some ADA standards for access, parking and facilities.

Also watch out for Systems Development Charges triggered by a change of use. I don't know if you have them in WA, but in OR the fees add up to big money.

Im not sure about systems dev. I could check with the county.

Sounds as though development is coming your way. . .try to hang on. It would be a shame to walk away and leave a large sum sitting there for someone else to make.

Can you be creative in finding other ways to make your bills (2nd jobs, sell other assets, leverage from retirements, etc.?)

Really scrutinize your situation and see what you can do. Sometimes the best solution isn't obvious, and sometimes its not one's first choice. . .

Have you thought about finding a partner.

Also, the 720K offer may have been out of whack and that is what kept the bank from financing it back early last year when money was much easier to come by.

Sounds like you are having problems meeting the current mortgage. IF huge IF you are really sure it is going up in value after you do a lot of due diligence, then you might want to take out a HELOC to ease your financial situation. Borrowing 30-40K now might just alleviate your current financial situation and allow you to keep the property until you can sell for the value you think it is worth.

BUT DON"T borrow the money unless you are going to use it to alleviate your current situation. Like pay down credit cards or other high interest bills.

Ya unfortunalty Im not diversified at all. Ive put every dime into this prop. for the the big payday. I did find out today by my agent that there is a high roller interested in the prop. I hear ya though, hate leaving money on the table. In a down market. But it might be hard to pass on a cash offer with quick closing. Selling commercial prop can be difficult; and ive certinay learned alot. Mainly that closing takes forever...and then there are still no garantees that your buyer will get loan approval after being tied up for months!

If we get our asking at 650k well get 410 before commisions, etc. If we hang on for a couple more years will definatly be worth more, 100 or 200 more with sewer. But if the deal is right will enticing to just move on. By the way I purcheced this house in 2002.