Steps to Owning a Home
Congratulations! You’re ready to buy your next home. Whether this is your first time or you’re a seasoned home owner, it’s nice to know what to expect along the way. Below is a list of the basic steps you will take in the buying process:
1. Finding the right home: Chances are you already know what you are looking for in a home, the area you want, and the price you can afford. However there are many variables that can affect these criteria. Call me when you are ready to begin and I can help you narrow down your criteria and prepare specifically for the Seattle real estate market.
2. Determine how much you can afford. This usually means meeting with a loan officer and getting a pre-approval. If you don’t know a loan officer, I would be happy to recommend one of my trusted colleagues to get started with. You will need a pre-approval letter to know not only how much you can afford, but also to include in your offer so the seller knows they are working with a financially sound buyer.
3. Tour homes. This is the fun part! Once you have your pre-approval letter, you can seriously begin your home search. I can take you on private showings of listings when it’s convenient for you, or you can swing by Open Houses when they are available. Looking online is also a favorite pastime of most buyers!
4. Decide on a home and make an offer. By now you know how much you can spend on a home, and working together we’ve likely narrowed down your criteria. When you find the home that fits your wants and needs, you’re ready to make an offer! I will help you prepare the contracts for the offer and submit it to the seller. If the seller “counters” your offer, you will negotiate until you both agree to the terms of the sale. You will be in the driver’s seat for all the decisions, but I can advocate on your behalf.
5. Get home inspected. Once your offer is accepted, you are in “first position” to buy the home. This usually means the seller can’t get in contract with another buyer unless you walk away or default on your contract. Shortly after your offer is accepted, you will conduct an inspection. If you do not know an inspector, I can recommend one for you. Inspections range anywhere room $200-$500 depending on the size of the house or condo. The inspection will tell you about the condition of the home and can help you avoid buying a house that needs major repairs. Upon completion, I will help you negotiate any repairs or improvements.
6. Shop for homeowner’s insurance. Lenders require homeowners insurance to cover the collateral for the loan (the home). Shop around as you would for any insurance coverage. Of course I am here for your questions!
7. Complete the transaction and move in! The time from when you make your offer to when you get the keys is about 4 weeks. Over this time I will help manage all of the parties involved (Escrow, Title, Lender, Seller, etc.) to make sure all the necessary paperwork and deadlines are taken care of and met. Once these tasks are completed, the deed is recorded under your name at the County Courthouse, the funds are transferred and then I can give you your keys!
