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Process of Buying a Home
Orientation—In
the initial interview, you’ll meet with my assistant
John Holmaas Jr and me to share your expectations and
learn about the entire process of buying a home. I
hope to share with you valuable market knowledge about
different areas, home prices, available financing,
what you can qualify for, and normal procedures.
Based
on your wants, abilities, and needs, you establish
priorities in price, size, style, and area. Using
this information, I will begin the search to find your
new home. Often this is started using the internet and
email as I can send along homes you can preview
online.
Financing—Putting
all the things you need to make a loan application
together can take some time so take the list that is
included in this report to avoid any delays. Many
times, people wait until they find a home and
negotiate a contract to make a loan application for a
specific type of mortgage.
Another strategy is to actually apply for pre-approval
prior to finding a home. This will give you a firm
commitment and can be helpful in negotiating the
contract. During multiple offers, often the seller
will accept the offer with the pre-approval over one
without.
Formulating an Offer—When you
find the right home, you will want to make an offer to
purchase it. This is done in writing specifying every
detail that is part of the agreement. There are
standard Washington State forms that are used. Let me
know if you would like a copy of these forms prior to
the home search process.
Settlement—The
last step is to assemble all of the loan papers at the
settlement. You will need to pay the balance of your
down payment and your closing costs at this time. A
cashier’s check is required for these funds.
Next -
Pre-Approval Process
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