Buying a home in Seattle

[Financing your new home purchase begins with a consultation with a qualified loan agent. If you currently don't have a loan agent, I can recommend one who has experience, competence and integrity.]

There are a wide array of loan options, and choosing the one that works best for you will depend on several factors: your financial means and plans, the monthly housing expense you are comfortable with, cash available for the down payment and closing costs, how long you plan to own your new home, etc.

Your home search should begin with acquiring formal loan pre-approval—so that you fully understand your financing options, what you can afford, and what your closing costs and ongoing housing expenses will be. A lender pre-approval letter also significantly strengthens your position when it is time to make your purchase offer to a Seller. Your loan agent will guide you through the pre-approval process, which involves the submittal, to chosen lenders, of your loan application and accompanying documentation regarding employment, income, assets, debts, and credit history.

Buyers Are Responsible for Inspecting the Property

A Purchase Agreement typically contains conditions allowing you to perform any inspections you desire. Inspections do not guarantee the condition of the home; instead, their purpose is to educate you regarding the home’s current condition and how to maintain it in the future.

Inspections are completed within a contractually specified period, usually less than 3 days. If you are satisfied with the condition of the property, you can remove the inspection contingency and proceed with the sale. If you are not satisfied, you may cancel the contract or negotiate with the Seller. In a negotiation, the purchase price may be adjusted, a credit may be given in escrow, or the Seller may perform repairs before escrow closes.

General Home Inspection

This is a general inspection that looks for pest, structural and general condition of the home. Cost is generally $400-600. If the inspector finds something that goes beyond their scope, we can hire a specialist to come in and give you more information.

Generally, the Buyer pays for inspections. Pest Control Inspections generally range from $350 to $500 and Contractor Inspections can range from $400 to $800 depending on the size of the home.

It's important to use qualified professionals and I can recommend inspectors in every category.

On your final walk-through, ensure that:

• Required repairs have been made. Ensure that you obtain copies of paid bills and warranties.

• All items included in the sale such as appliances, window coverings, light fixtures, etc are present in the home.

• You recieve instruction books and warranties on appliances and fixtures.

• All appliances are working.

• Doorbells and alarms are all operational.

• The water heater is working.

• Heating and air conditioning systems are working.

• No plants or shrubs have been removed from the yard.

• The garage door opener and other remotes are available.

• All Seller personal items and debris are removed by close of escrow.

The sale of real property involves transferring large sums of money and signing important documents by you, the Seller and your lender. Escrow is the process in which an impartial third party acts as a stakeholder and facilitator for both you and the Seller. Typically this entity is the Title Company. It carries out both parties’ instructions and handles the paperwork, distribution of funds, title insurance, and the transfer and recordation of the title deed.

Title insurance is a contract of indemnity which guarantees that the title to the property is as reported. If it’s not as reported, you are reimbursed for actual loss or damage under the conditions specified in the policy. The title policy covers you for your loss up to the amount of the policy.

Payments for various closing costs are negotiable between the Buyer and Seller.

Here are some typical buyer expenses:

• Title Insurance Premiums

• Escrow Fee

• City Transfer/Conveyance Tax

• Termite/Pest Inspection

• Inspection Fees

• Loan charges

• Beneficiary Statement Fee for the assumption of existing loan

• Fire Insurance Premium for the first year

• Homeowners Insurance for the first year

• Earthquake Insurance (optional)

• Private mortgage insurance (typically two months) if required by the lender

• Notary Fees and Recording Charges for all documents in Buyer’s name

• Courier Fees