Seattle Floating Homes Buying Process: Elements of a Seattle Houseboat Inspection

Seattle Floating Homes Buying Process: Elements of a Seattle Houseboat Inspection

After finding your Seattle floating home, you will need to have both a regular home inspection – much like you do with land homes – and also an additional houseboat inspection to evaluate the floating portion of your home. Part of this will involve a diver going under your new floating home and evaluating floatation systems.

Elements of a floating home inspection – The length and width of your float will be measured and recorded. Corner elevations will be measured. This is measuring from the deck surface to the water level. Water depth will be measured and whether or not obstructions under the surface exist.

The houseboat inspector will look at and evaluate all of the decking of the floating home and also the connections to the home for the water, sewer, and electrical. They will look at how the floating home is connected to the dock by evaluating the spring lines, anchor chains, moorings, floatation, and house spacing.

Flotation – In addition to the newer concrete floats, the older log foundation floats are supplemented by floatation air barrels, and some Styrofoam billets – each providing various levels of lift. If for some reason when they measure the corner elevations and the floating home is not level, additional floatation may be added.

Looking at Log Foundation floating homes, the inspector will count the number of logs and describe their configuration. Then the Stringers will be counted and evaluated. Stringers are the support for the home itself from the log foundation. From time to time they do need to be replaced and should always be treated timbers.

Additional Seattle floating homes resources:

Seattle Houseboats See what Seattle floating homes are on the market now!

Seattle Floating Homes Financing Update 2010

Seattle Floating Homes Financing Update 2010:  You might think with all the other changing real estate financing guidelines that financing for floating homes would be hard to find, but not so. There are some great local bankers who specialize in just this type of home and the process is still pretty straightforward for a houseboat that is in the category of floating home.

With the changing lending environment, what is the range in programs available today for floating homes? According to Gary Olson at Banner Bank who is quite  a hard working guy and specializes in Seattle floating homes as well as doing a great job with your other real estate needs, the normal down payment for a floating home in Seattle would be a
minimum of 20%-30% or more depending on the size of the loan.  After the potential purchaser has been given a conditional loan approval, the bank then orders the additional items required by the bank to finance the floating home.  In this case, they order a dive inspection as well as a current appraisal of the home. The bank must then review all items and both the bank and the underwriter for Banner Bank must approve all items.

In addition to these expenses, there are of course title insurance fees, recording fees, etc. just as with traditional Seattle real estate.The floating home must be on a co-op or condo dock for the program and the loans from Gary at Banner are amortized over 25 years with a 15 year term (the rate the client starts out with is what they keep for 15 years).  Gary is a great resource for your Seattle floating homes financing!

We are available to talk now.