While the reasons for buying a home vary greatly, the process is pretty much the same for all home buyers. I’ve delineated the home buying process into six distinct stages.
Answer the basic what, why, when and where questions.
- What can you afford to buy?
- 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 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 Easy Contact at the top left.