Home Buying Process
The Personal Seattle Real Estate News

The home buying process in six stages

The home buying process is pretty much the same for all buyers. These steps are meant to guide the home buyer from initial decision to buy to the closing of the transaction.

Stage 1

Answer the basic what, why, when and where questions.

1. What can you afford to buy? (Get pre-approved for a mortgage or prepare the proof of funds.)
2. Why are your buying?
3. What’s your time table?
4. What’s most important to you in a home?
5. What’s most important to you in a neighborhood?

Stage 2

Search online, save your favorites, see the best homes in person.

1. Search all Seattle area listings.
2. Receive results via custom searches.
3. We visit the most promising homes together.
4. We discuss the pros and cons of each home.

Stage 3

The what and how of the offer

1. Your offer states offer price, terms and conditions.
2. Seller can reply three ways: (1) ignore, (2) agree, (3) make counter-offer.
3. If you receive a counter-offer you have the same three choices.

Stage 4

Moving forward after reaching “Mutual Agreement”

1. Deposit earnest money.
2. Conduct general and special inspections.
3. Report inspection results to seller’s agent.
4. Title company examines title and issues reports.

Stage 5

Finalize Financing

1. Get binder for homeowner insurance.
2. Amount and terms of your loan are finalized.
3. Lender issues “Good Faith Estimate”.
4. Lender conducts appraisal.
5. Loan and appraisal submitted for underwriting

Stage 6

Escrow company manages the closing.

1. You receive instructions from Escrow.
2. Review the preliminary Closing Statement.
3. Sign a mountain of documents at Escrow.
4. Escrow allocates and distributes funds.
5. Transfer of funds is confirmed.
6. County issues recording numbers.

P+ (425) 891 8213 or send me an email. Here’s where you can set up a free consultation that suits your schedule.