1st Time Buyers
Educate ~ Inform ~ Empower
Since 2004 I've been representing first time homebuyers, still at the very core of my practice. With every client I work with, especially first timers, my intention is always to educate and inform the client so they are empowered in their real estate pursuits. The best choices are generally made by those who are well informed.
The way I see it, as the client you’re my boss. You get to direct me and I carry out and execute on your will. Of course we'll both enjoy a great deal more success when you understand how the process works. Buying a home is easier than you might think, especially when broken out into 10 easy-to-follow steps:
Step 1: Education Take a first time homebuyer class, and get an overview of what's involved in buying a home.
Step 2: Pre-Approval After you learn the basics of homebuying, you'll want to meet with a loan professional and get pre-approved for a home loan. Even if you don't think you're ready to buy, this is a great way to see how you qualify, where you stand and what else may be required for you to get the loan you need.
*Please be advised the bank will generally approve a prospective borrower for more loan amount than one is comfortable affording. You know your budget best.
Step 3: Representation Once you have your pre-approval, you'll know how much you will have to buy a home with. At this point it's a great idea to find an agent, and one who specializes in working with first time homebuyers. There are several reasons for this:
a) A specialist knows how best to relate to you and patiently guide you through the homebuying process.
b) A specialist has a mastery understanding and working knowledge of inventory in your segment of the housing market.
c) A specialist generally works with a team of professionals to ensure a seamless and enjoyable experience.
Step 4: House Hunting After establishing a relationship with a real estate agent you trust and can communicate with effectively, this is the time to provide them with a detailed account of all your wants and needs in your first home.
Step 5: Making an Offer Once you’ve found your ideal home, ask your agent to provide you with a comparative market analysis on the home to ensure its value. You’ll want to have funds available for at least one percent (1%) of the home’s value. This is called earnest money, which is the buyer’s good faith gesture to the seller that they will perform earnestly during the contract purchase and sale process. Your agent should effectively negotiate to get you the best deal possible.
Step 6: Home Inspection Once your offer has been accepted, even if the home you’re buying is new construction, it is always advisable to conduct a whole house or home inspection. Your agent should be able to refer you to reliable professionals for this service, which is one you will need to pay for up-front out-of-pocket. Home inspections generally cost between $300-$400. As well, a buyer should attend their home inspection to get to know their new home and its nuances as well as to be educated about the home’s systems and maintenance.
Step 7: Signing After your home inspection is satisfied, and the appraisal is complete, the lender will send your loan documents to escrow. Escrow is the third party purveyor over the purchase and sale agreement/contract. They represent neither the seller nor the buyer, but rather the terms of the contract on its face. They also facilitate the funding and closing process, which itself has three steps. Signing your loan documents at escrow is the first of these three steps of closing. (*Before you sign your loan documents, be sure to review your HUD estimated settlement statement escrow will send you before hand.)
Step 8: Funding After you sign your loan documents at escrow, they are then returned to the lender for final review. When the lender approves the loan documents, they will release funds to escrow. Escrow will then disburse funds according to the purchase and sale agreement/contract. This is something that happens behind the scenes.
Step 9: Recording Once your deal has funded, escrow will deliver your deed to the county to be recorded. At the very moment your deed is recorded is when you the buyer become the legal owner of the home. It is very important to be aware the seller has liability for the home up to the moment of closing. So taking sole possession upon and/or after closing is highly recommended.
Step 10: Keys CONGRATULATIONS! Here are the keys to your beautiful, new home.
When representing you as a Buyer, we will:
1) Help you understand the process of buying a home in today's market.
2) Put you in contact with Lenders that can Pre-Qualify and Pre-Approve you for your loan in order to determine your buying power.
3) Listen to your needs and wants and show you properties that will fulfill these. This will save you time and help you focus your search.
4) Remain familiar with the market and negotiate the best price, terms, and conditions for you, the Buyer.
As a Buyers Agent I work with a limited number of clients in order to provide you with the best service, and make buying a home a successful and enjoyable process.
Contact us with more questions on Buyers Agency and buying a home at (866) 766-REAL [7325] or by email info@JustRealSeattle.com.
