1. You got preapproved (not prequalified) by a lender you trust
Beware when shopping for a loan. The lowest rate does not necessarily end up the lowest overall price. Make sure you're comparing them point for point. A good agent can help you decipher
the information to your best interest. What are closing costs? What is APR? Is this a good program for you long term or short term? There are a lot of things to consider, and each person's situation is different. 2. You found an agent to work with that you trust
For a buyer, an agent with the ABR designation has gone to extra lengths to get special training to
maximize what they can do for you. Ask questions to a potential agent that are the most important to you. A good agent is adaptable to each client's situation. 3. You educated yourself on the buying process
That can be done with the help of your agent. Many buyer agents do presentations and consider education a part of the process. There are also many first time
buyer seminars at no cost to you, provided by lenders, title companies, and real estate agents. These can be very helpful. The more you know, the more equipped you are to make an educated buying decision. 4. You previewed and compared different properties
Having some perspective on what your dollar buys can only be done by looking at properties. Housing prices vary from
one neighborhood to another and a good agent can give you a better feel for what is a good buy or not in a particular neighborhood. Ask for comparables when you are ready to buy to ensure that you are getting an appropriate price for the neighborhood. Go to Open Houses when you can. Look at as many properties as you can before you buy. However, you may find the house that you love on your first time out with your agent. No matter how educated and savvy the buyer, chemistry does kick in,
and you seem to know when you have come home. 5. You and your agent wrote an offer that got you the house
Along the way, talk to your agent about the strategies required to write the offer that will get the house. In a Seller's market the strategy will be differ from a Buyer's market. Have the process clear in your mind and know what your limits are beforehand.
This will give you a stronger bargaining position. Flexibility is also relevant. The best deals are the ones where everyone wins. 6. You had a home inspection
Hiring a professional home inspector will be the best $250-$400 that you will ever spend. The home inspector works for you, the buyer. Their job is to do a thorough inspection of the Major Systems of a home including the structure's exterior, windows, foundation, roof, garage, electrical, plumbing, heating / A.C., attic and basement or crawl space. Most inspections include a certified Pest and Dry Rot inspection
at no additional cost. Expect this inspection to take 2 to 3 hours, depending on size. Your agent can probably recommend several good inspectors. Every home has some problem areas. The inspection is designed to help you make an informed buying decision about the home's condition. Some items are commonly negotiated after an inspection. After the inspection is done and the "Inspection Contingency" is removed, the next step is initiated by your lender. 7. You had an appraisal
Now it's the lender's turn to complete their end of the process. The lender orders an appraisal on the property to ensure that the purchase price and the market value match. The appraiser looks at condition, size, neighborhood, and comparable properties to determine the Appraised Value. If the appraised value and purchase price match, the loan is approved and the lender prepares loan documents.
8. You had an escrow company put the pieces together
The escrow company is a neutral party that puts all the pieces together to close your loan. This includes clearing the title of encumbrances, ascertaining payoffs, recording documents and disbursing funds with a complete accounting. The transaction is prepared by a closing team lead by a Limited Practice Officer that is
licensed by the State of Washington to prepare certain legal documents. When all the pieces are complete they will make an appointment to have you come to their office to sign the necessary documents. 9. You got a clear title report
Initially a preliminary title report is ordered for your property. This report shows how title is held and identifies any liens, easements,
etc that affects the title. It also tells the escrow company what must be done in order to make the property acceptable as security for the loan. A title report shows any outstanding judgments, if any, against an individual. It is not uncommon to find judgments against people with similar names. These items are easily cleared with an identification affidavit. 10. Your property transaction closed
Closing day is the day that the proceeds of the sale are disbursed to the seller, the deed is delivered to the buyer, and all the appropriate documents are recorded. Sometimes a buyer takes possession the same day. Sometimes it is several days later, depending on the situation. Congratulations!
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