The home buying process broken down in six distinct stages
While the reasons for buying a home vary greatly, the home buying process is pretty much the same for all buyers.
Answer the basic what, why, when and where questions.
- What can you afford to buy? (Get pre-approved for mortgage or prepare proof of funds.)
- Why are your buying?
- What’s your time table?
- What’s most important to you in a home?
- What’s most important to you in a neighborhood?
Search online, save your favorites, see the best homes in person.
- Search all Seattle listings or by neigborhood.
- Receive results via custom searches.
- We visit the most promising homes together.
- We discuss the pros and cons of each home.
The what and how of the offer
- Your offer states offer price, terms and conditions.
- Seller can reply three ways: (1) ignore, (2) agree, (3) make counter-offer.
- If you receive counter-offer you have the same three choices.
Moving forward after reaching “Mutual Agreement”
- Deposit earnest money.
- Conduct general and special inspections.
- Report inspection results to seller with three options.
- Title company examines title and issues reports.
- Get binder for homeowner inssurance.
- Amount and terms of your loan are finalized.
- Lender issues “Good Faith Estimate”.
- Lender conducts appraisal.
- Loan and appraisal submitted for underwriting
Escrow company manages closing.
- You receive instructions from Escrow.
- Examine the preliminary HUD statement.
- Sign a mountain of documents at Escrow.
- Escrow allocates and distributes funds.
- Transfer of funds is confirmed.
- County issues recording numbers.
Questions? Call Gerhard at 425-891-8213 or use the contact form.