| 1. |
The first step is
to be qualified by a lender.
Being Pre-Approved by a lender
before you make an offer
on a home can save you thousands of dollars later. When you
call us to set up our counseling session we will recommend
a top lender for you to contact BEFORE our consultation. |
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| 2. |
Next is your consultation.
We are going to quickly go over the basics of buying a home
and provide you with the Washington State pamphlet, "The
Law of REAL ESTATE AGENCY". Next, we're going to ask
you a lot of questions to help us get a picture of what your
wants, needs and finances are. This takes about 30 to 45 minutes.
At this meeting you'll be asked to decide between two different
systems for finding a home.
The first is called "Window Shopping".
With this system we provide you with ALL of the photos, addresses
and directions of those homes that match your criteria. This
way you can drive by the homes first. Many people like this
system because they get a feel of the homes location and condition
without having us present. When a home of interest is found,
we are contacted for entrance into the house.
The second is called "Agent Previewing".
This is a more traditional system for house hunting. We will
go out and preview homes for you. We will narrow the selection
down to 4-6 of the "cream of the crop" according
to your criteria and our experience. On a predetermined day
we will go out together to preview the homes we've selected.
At the end of our consultation you will be asked to sign a
"Buyers Agency Agreement" before we perform any
services. |
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| 3. |
Once we know all your particulars we will
use computer technology to search for
properties that meet your needs. Once your loan officer has
provided a pre-qualification/approval letter, we will
either go out and preview properties for you, or
you will go "Window
Shopping" and narrow those properties down to a few.
Then we will preview those selected homes together. |
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| 4. |
When we go out to see the selected homes,
whether by "Window Shopping" or "Agent Preview",
bring your check book! You
must not be surprised when you fall in love with a home your
very first day! |
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Over 90% of our buyers buy their new home after previewing
six homes or less.
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| 5. |
Once we have found your dream home we will
go back to our office and write an "Earnest
Money Agreement" or the contract. A copy of this
agreement will be given to you at our consultation.
At this time you will be asked for an Earnest
Money check to go with your offer. This check is usually
in the amount equal to at least
1% of the price of the home. More about the Earnest Moneys
will be discussed at our consultation. We will then take the
check and Earnest Money Agreement to the seller and negotiate
the sale on your behalf. If the seller accepts your offer
by signing the Earnest Money Agreement, you will have "Mutual
Acceptance".
* This is the point that is probably
the hardest part of buying a home. Why? Because this is where
you'll start to feel BUYERS REMORSE. Although about 60% of
our buyers are extremely excited, most will feel the first
stages of buyers remorse. This happens because it's time for
a decision, commitment, and legal documents. So remember,
the butterflies you feel are normal. You'll get through it.
Don't worry...we haven't lost one yet!
Also, review the Earnest Money Agreement carefully.
Become familiar with it so you feel comfortable when it's
time to sign it. |
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| 6. |
Now that the paper
work is signed, the next step is to get a formal loan
application if you haven't already done so. You'll be asked
to pay for an appraisal and an extensive credit report, which
costs about $500. You'll be asked to sign a verification
of employment and deposits form. If you have asked
for an inspection to be done on your new home, you'll need
to pay the inspector at the time of the inspection, usually
between $275-$350. |
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| 7. |
Escrow/Closing/Move-in.
Escrow is a third party that
holds the papers, gets signatures, and sees that contract
items are completed and funded before closing. Once the lender
approves the mortgage, receives and distributes funds from
your lender, it is recorded at the county. Once recorded it
has CLOSED and you get the keys to your new home and move
in!! For a more detailed explanation of Escrow read "The
Escrow Process", a report you'll receive at our consultation. |
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| 8. |
We will work hard
to make sure everything runs smoothly. We will hold
it all together and make it as easy and pleasant for you as
possible. We'll coordinate your inspectors, appraisers, and
lenders, resolve problems and find solutions. In short, we
will give you the best in professional real estate. |
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Please, feel free to call us at any time during the process.
Although we work hard to make sure you are informed, there
may be information not easily understood that may need further
explanation. Call us!
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You now know more about the
"real world" buying process
than 90% of those who are
looking to purchase a home!
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