| Home Buying Process:
There are eight steps to buying your home, please feel free to contact me whenever you have a question.
1. Decide to buy
Although
there are many good reasons for you to buy a home, wealth building
ranks among the top of the list. We call home ownership the best
“accidental investment” most people ever make. But, we believe when it
is done right, home ownership becomes an “intentional investment” that
lays the foundation for a life of financial security and personal
choice. There are solid financial reasons to support your decision to
buy a home, and, among these, equity buildup, value appreciation, and
tax benefits stand out.
Base your decision to buy on facts.
- If you are paying rent, you very likely can afford to buy
- There
is never a wrong time to buy the right home. All you need to do in the
short run is find a good buy and make sure you have the financial
ability to hold it for the long run
- The lack of a substantial down payment doesn’t prevent you from making your first home purchase
- A less-than-perfect credit score won’t necessarily stop you from buying a home
- The best way to get closer to buying your ultimate dream home is to buy your first home now
- Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way
2. Hire your agent
The
typical real estate transaction involves at least two dozen separate
individuals – insurance assessors, mortgage brokers and underwriters,
inspectors, appraisers, escrow officers, buyer’s agents, seller’s
agents, bankers, title researchers, and a number of other individuals
whose actions and decisions have to be orchestrated in order to perform
in harmony and get a home sale closed. I will coordinate all the
professionals involved in your home purchase and to act as the advocate
for you and your interests throughout.
Seven main roles of your agent
- Educates you about your market.
- Analyzes your wants and needs.
- Guides you to homes that fit your criteria.
- Coordinates the work of other needed professionals.
- Negotiates on your behalf.
- Checks and double-checks paperwork and deadlines.
- Solves any problems that may arise.
3. Secure financing
While
you may find the thought of home ownership thrilling, the thought of
taking on a mortgage may be downright chilling. Many first-time buyers
start out confused about the process or nervous about making such a
large financial commitment. From start to finish, you will follow a
six-step, easy-to-understand process to securing the financing for your
first home.
- Six steps to Financing a Home
- Choose a loan officer (or mortgage specialist).
- Make a loan application and get preapproved.
- Determine what you want to pay and select a loan option.
- Submit to the lender an accepted purchase offer contract.
- Obtain funding at closing.
If you have question, I will be happy to guide you through this.
4. Find your home
You
may think that shopping for homes starts with jumping in the car and
driving all over town. And it’s true that hopping in the car to go look
is probably the most exciting part of the home-buying process. However,
driving around is fun for only so long – if weeks go by without finding
what you’re looking for, the fun can fade pretty fast. That’s why we
say that looking for your home begins with carefully assessing your
values, wants, and needs, both for the short and long terms.
Questions to ask yourself
- What do I want my home to be close to?
- How much space do I need and why?
- Which is more critical: location or size?
- Would I be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability and priority?
- Would I be interested in a condo?
- Would I be interested in new home construction?
- What features and amenities do I wasn’t? Which do I really need?
5. Make an offer
When
searching for your dream home, you were just that – a dreamer. Now that
you’re writing an offer, you need to be a businessperson. You need to
approach this process with a cool head and a realistic perspective on
your market. The three basic components of an offer are price, terms,
and contingencies (or “conditions” in Canada).
Price – the right
price to offer must fairly reflect the true market value of the home
you want to buy. I will provide a comprehensive market analysis to
guide you to make this decision.
Terms – the other financial and timing factors that will be included in the offer.
Terms fall under four basic categories in a real estate offer:
- Schedule – a schedule of events that has to happen before closing.
- Conveyances – the items that stay with the house when the sellers leave.
- Closing
costs – it’s standard for buyers to pay their closing costs, but if you
want to roll the costs into the loan, you need to write that into the
contract.
- Earnest money – this protects
the sellers from the possibility of your unexpectedly pulling of the
deal and makes a statement about the seriousness of your offer.
6. Perform due diligence
Unlike
most major purchases, once you buy a home, you can’t return it if
something breaks or doesn’t quite work like it’s supposed to. That’s
why home owner’s insurance and property inspections are so important.
A home owner’s insurance policy protects you in two ways:
- Against loss or damage to the property itself
- liability in case someone sustains an injury while on your property
The
property inspection exposes the secret issues a home might hide so you
know exactly what you’re getting into before you sign your closing
papers.
- Your major concern is structural damage.
- Don’t sweat the small stuff. Things that are easily fixed can be overlooked.
- If
you have a big problem show up in your inspection report, you should
bring in a specialist. If the worst-case scenario turns out to be true,
you might want to walk away from the purchase.
7. Close
The
final stage of the home buying process is the lender’s confirmation of
the home’s value and legal statue, and your continued
credit-worthiness. This entails a survey, appraisal, title search, and
a final check of your credit and finance. I will keep you posted on how
each if progressing, but your work is pretty much done.
You just have a few preclosing responsibilities:
- Stay in control of your finances.
- Return all phone calls and paperwork promptly.
- Communicate with me at least once a week.
- Several days before closing, confirm with me that all your documentation is in place and in order.
- Obtain certified funds for closing.
- Conduct a final walk-through.
On closing day, with the guidance of a settlement agent and me, you’ll sign documents that do the following:
- Finalize your mortgage.
- Pay the seller.
- Pay your closing costs.
- Transfer the title from the seller to you.
- Make arrangements to legally record the transaction as a public record.
As
long as you have clear expectations and follow directions, closing
should be a momentous conclusion to your home-searching process and
commencement of your home-owning experience. And I will guide you
through this.
8. Enjoy your new home
My
service is typically available at no cost to you when you work with me
in buying your home. My fee is paid from the seller's proceed. Please
feel free to contact me if you have any question.
| |  Ricky Chan
Realtor®
Tel: 425.445.6992
Fax:425.947.9908
560 Naches Avenue SW,
Suite 100, Renton,
WA 98057
email: rickyhomes@gmail.com
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及英語 | |