mavissamuel.com

seattle residential real estate

 

Steps in Buying a Home

  1. 1.  Meet to discuss the home-buying process. We will talk about your needs and wishes for a home and when you’d like to move. We’ll also discuss financing, insurance, escrow and title, and the details about what to expect when buying a home. I’ll give you a copy of the Law of Real Estate Agency pamphlet for you to read.

  2. 2.  Lender pre-approval. Pre-approval for a mortgage lets you know what your price range is, and it strengthens your offer to buy a home.

  3. 3.  Buyer agency agreement. A Buyer’s Agency Agreement clarifies our expectations of one another, and makes the home search more efficient and speedy.

  4. 4.  Select and visit matching properties. After we’ve talked about what you’d like to find in a home and location, I’ll search the Northwest Multiple Listing Service for homes that meet your needs and wishes. We’ll start looking at properties, you’ll give me feedback, and we’ll find the home that is right for you. (See the NWMLS page.)

  5. 5.  Choose a home. There will be a home that is right for you, given your needs, wishes and financing capabilities.

  6. 6.  Make offer to buy. The goal of writing a good offer is to have it meet your requirements while being attractive to the seller. The strategy of your offer will depend on many factors.

  7. 7.  Negotiation. There is often some negotiation involved in an offer, even if the basics are acceptable.

  8. 8.  Inspection. Many offers are subject to your approval of an inspection done by a professional inspector.

  9. 9.  Contingencies and conditions. Normally there are conditions that need to be met in order to close the sale, such as inspection, financing and insurance.

  10. 10. Appraisal and final lender approval. Lenders normally require that the property be professionally appraised, to be sure the value of the property supports the loan amount. After the appraisal has been satisfactorily completed, and all other loan conditions met, final loan documents are prepared.

  11. 11. Escrow. Escrow is the “disinterested third party” (a company or an attorney) who follows instructions as specified in the Purchase and Sale Agreement, including providing marketable title to the property, paying off any liens, and recording the deed.

  12. 12. Signatures. When all the documents are ready (those from the lender and those that escrow has prepared), the seller and buyer will come separately to the escrow office to sign the paperwork.

  13. 13. Closing. A day or two after the seller and buyer sign the closing papers, the required documents are recorded with the county. When funds are available to the seller (usually the same day as recording), the sale is officially closed. The buyer now owns the property.