The Home Buyers Roadmap | Jeanne Sutton, Realtor
Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements. During the process, we will keep you constantly updated, so you will always be prepared for the next step. A title company will be selected as a closing agent. The closing agent is a neutral third party that will hold the deposit in escrow and will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as a building or parking restrictions.
There may be recorded easements and encroachments, which limit the rights to use your property. You may wish to consult an attorney or tax advisor on the best way to hold the title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon the death of the title holder.
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property if you wish to obtain professional opinions from inspectors who specialize in a specific area eg. We can recommend several fantastic inspectors. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or.
The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of the contract usually the price or repairs. It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party.
This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time. If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property.
The value will depend on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance.
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You can also save money with these tips. We will be happy to recommend experienced knowledgeable insurance agents for every property type. If you have come this far, then this means that it is almost time for congratulations, but not yet. Do not forget to tie up these loose ends. We will provide a list of useful numbers for the activation of home services and utilities after the closing occurs. We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail — no need to worry.
We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor. The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller s will sign this statement, as well as the closing agent, certifying its accuracy.
If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive. Let our team of seasoned agents help navigate your family through this often emotional and joyous time.
We welcome a chance to help serve your families needs. Facebook Twitter. Make sure you start things out right and pick an agent who has those types of principles. Are you going to be handed off to an assistant? Do they have time to answer your questions and really guide you through the process? These are a few of many questions you should ask before making a decision on who you choose to hit the road with. Many buyers make the mistake of taking to the internet first and get lost in the sea of real estate portals which tend to mislead and misinform their visitors.
They will feed your mind with unrealistic information and say anything to get you on the hook.
No matter what, knowing what your price range should be is better that not knowing. As your agent it helps me narrow down the communities you can choose from and only show you homes that are in that comfort zone. At this meeting with the lender they will review your credit scores, talk about different programs available, and after reviewing this information, will be able to give you a pre-approval letter that shows how much home you can buy.
This is important to have at the ready because when homes come on the market that are priced well, they move fast. She is especially great with first time homebuyers. This is your chance to really get a feel of the home, very different than experiencing it online.
It is hard to average out how many homes you should see before deciding the right one, but given too many to choose from a buying decision will not likely be made. It helps to be very specific with your agent as to the key features the home needs to have for you which can shorten the buying circle considerably. From there it is easy to compare them against each other and a clear front-runner presents itself.
Work With Someone Who Understands
This also tends to be your first interaction with the seller. After studying recent sales in the neighborhood the home is in I will make a recommendation on what a fair price to offer will be. This is one of the more tense moments of the transaction as the number being offered and what the seller thinks his home should sell for might be a bit off from one another.
I usually recommend to write the offer in a way that shows that you really want the home which sends a message to the seller that you are serious and will make the process of closing the deal as painless as possible. This lays out in great detail every step of the transaction and what each party will be responsible for. Timelines are also set here which are very important to adhere to. A key section is the allocation of costs which stipulates who is going to pay for what during the escrow. For buyers I recommend asking the seller to pay for a home warranty which covers anything inside the home breaking down after the sale closes.
It is a great way to make sure you are covered from anything going wonky right after you buy the home and covers you for a year from the close of escrow. Once the RPA has been signed it is packaged with your pre-approval letter see Turn 2 from the lender and I like to add something a little extra. I write a cover letter and enclose a photo so the seller can really see who they are going to be working with and get to know you a little bit.
Homebuyers Road Map – Helping You the Homebuyer
The standard waiting period to get a response is 3 days but that can be shortened or extended depending on the situation. At this point all that can be done is sit, wait, and cross your fingers. That hour period sure feels like that. In the car world neutral is one of the more underutilized gears available to the driver.
Battle Ground. Black Diamond. Blakely Island. Bonney Lake. Camano Island. Chelan Falls. Cle Elum. Clyde Hill. Des Moines. Fall City. Federal Way.