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Steps in Buying a Home

If this is the first time you will be buying a home, or if it has been a while since your last real estate transaction, a quick list of the typical steps can help you know what is coming next. If you have any questions, please feel free to contact us.

You're thinking of buying.

It hits you one day, "By golly, I want/need to buy a house". Great! If you happen to live with anyone else, find out if they agree with you. It helps to have your partner/spouse, kids, dog, etc. on the same page with you. :) I kid, I kid.

Think about what features your home needs to have.

Consider house vs. condo, city vs. rural, newer vs. older. Often it is helpful to have a "needs" list and a "wants" list. By taking a look at those lists and prioritizing them it can serve to make sure you arrive at the best decision for your needs - especially if it comes down to a tough decision between two places.

Of course, there are plenty of folks out there that aren't list makers. Some people can tell the right home for themselves the moment they walk through the door. As for the rest of us, get out your note taking supplies and get busy!

Talk to a Banker, Talk to a Banker, Talk to a Banker.

We just can't stress this one enough. Before you get out looking at homes, talking to a mortgage specialist is of paramount importance. Wait! I can hear you thinking now, "But I know how much I can afford"! The fact of the matter is that you probably do. There are plenty of mortgage calculators out there, you know what your credit is like, you know how much you have to put down, etc.

However (and it is a big, fat however), there is nothing to lose if you start looking at homes with a pre-approval letter in your pocket. There is something to lose if you start looking at homes without one. There's a heckler in every crowd, so we'll just go ahead and answer the "like what?" question.

For example: You're one of those people that knows you have found your dream home the moment you walked through the door. Suddenly you're in love. You must have this house.

• It turns out that there is another buyer that is writing an offer, and that buyer has an approval letter. The seller accepts that offer because it seems more solid based on the information they have.
  
• OR, you write an offer and the seller accepts it. (Yay!) You put down a deposit, you try to obtain financing within the timeframe specified in your contract BUT the bank can't get it done because your ducks weren't in a row from the beginning.
  
• OR, you decide to write an offer but decide you better get a pre-approval first. You get to the bank/mortgage company and you don't qualify. The horror! Then you have spent some of your valuable time (maybe a lot) looking at - not to mention falling in love with - a home that is not in your range of affordability. What a waste!

 

So, talk to a banker, talk to a banker, talk to a banker.

Contact us nice folks at Rion Real Estate, if you have not already.

Give us a call at 425.677.5000 or send us an email if you prefer. Ask us to set up a search for the type of home you are trying to find. Or sign up and set up an automatic listing alert on your own. That's the easiest way to make sure you're not missing anything. We take the information, enter it into our computer system, and voila - every time a homes comes on the market that fits your parameters it is automatically sent to the email account(s) of your choice. Sound good? Sign up now!

If you have a home to sell, ask us for a Market Analysis.

The amount you have to put towards your next home is often dictated by how much you net. A sound Market Analysis will take a look at homes in your area that are on the market or have recently sold. Based on that information, it will provide a value (often a range of values) that buyers are paying for homes like yours. To request one now, click here.

Ready, set, look at homes!

From the list of homes we have sent you, let us know which ones look good. We don't want to drag you through a bunch of homes that you don't want to see. We listen to what you want and help find a good match for you.

Negotiate with the seller.

You found the right home! Congratulations! There is more to negotiating an offer than just the sales price. We work to make sure that the other terms of the offer (like the closing date, timeline for inspections, financing approval, etc.) are compatible with your situation. We make sure that you get the best deal possible.

The purchase agreement.

Once everyone has signed the offer, a copy will be distributed to all parties involved in the transaction.

Title work.

The title company springs in to action! As part of the closing process, the title company will prepare a commitment for title insurance. The escrow company (sometimes the title folks and escrow folks are the same people) will work on obtaining payoff information and making sure that the seller is passing clear title to you.

Property inspection and other contingencies.

If you have elected to conduct a property inspection, pest inspection, or other type of inspection, you will have a limited number of days to do so. A typical property inspection takes several hours and it is good for you to be there to hear the inspector's evaluation first hand.

In the event the inspection is satisfactory, we will send a written notice to the seller called a contingency removal. In the event that the property inspection is not satisfactory, you can do one of two things. (1) Request that concessions be made. For example, you may request repairs or a reduction in the purchase price. Concessions can be negotiated. (2) Alternatively, you may withdraw the offer to purchase the home. \

The same process is followed for all contingencies on the purchase of your home. For example, if you have requested a pest inspection, an inspector will visit the home. The inspector will give the results to the you. You decide if the results are satisfactory. If they are, a written contingency removal follows. If not, a concession request or a withdrawal of offer will be presented.

Appraisal.

In most cases, your lender will require an appraisal to receive final approval for your mortgage. They will contact the listing office and will set an appointment to let an appraiser view the home. Typically, an appraiser will only take 15-30 minutes in the home. Sometimes they may only need to view the exterior. You get a copy of the appraisal, typically at closing.

Financing approval.

If the purchase agreement you signed includes a financing contingency, there is a date in the contract by which time the financing needs to be secured. We'll keep you updated, and work on a contingency removal form when your loan is approved.

Tracking.

From the time you write the purchase agreement, we are in contact with the other agent, title company, loan officer...any other parties involved in the transaction. We will keep you updated on any matters that require your attention, so you always know what is going on.

Closing and beyond.

We are there to represent you while we work towards closing, at the closing, and after the closing.