Our Buyer Process
Buying a home can be one of the most thrilling things you ever do. There are ups, downs, suspense, and excitement. We look forward to taking on this adventure with you. Although every buyer we have ever worked with is unique (and we have had many homebuying adventures ourselves), there are essentially 8 steps that we work through to Buyer Success!
Determine your homebuying budget
The first step in successful buying is to complete the financing pre-approval process if you are getting a mortgage. What does this mean? It means that the borrower(s) have completed a loan application and based upon their financial status and credit score(s) the lender has committed to lending up to a certain amount for the purchase of a home. Once this process is complete, assuming there are no significant changes to your financial status, you should have no problems obtaining financing once you find the right home.
It is important to note that not all lenders have the same loan products and the same loan can cost you tens of thousands more with one lender versus another. It pays to do your research. As part of your Buyer Success strategy, if you would like our help in finding the right mortgage solution, we would be happy to share our tips with you. We have gotten traditional loans, rehab loans, worked with private investors, and more, so we are very well-versed in where to get the least expensive money for your situation.
Determine your buyer success strategy
Some home buyers are searching for a home for themselves while others are looking for an innovative housing solution that will allow then to build equity quickly through House Hacking (add link) . We also work with investors – both those who are just getting started and those who already have a number of properties in their portfolio. Your Buyer Success Strategy is unique to you!
Successful home search
Once we know your budget and what you are looking for, that is where we get to work! While our goal is to check as many boxes as possible, what our clients appreciate most about us our innovative problem-solving ability. In short, we find solutions to buying challenges that give our clients an edge.
Sure, sometimes a homebuyer looking for a 3-bedroom home in Mukilteo winds up in a 3-bedroom home in Mukilteo, but if that home in Mukilteo winds up being outside the budget, we don’t give up. We think outside the box and provide you with options. Often, those innovative ideas hit the mark if the original Buyer Success plan needs to be modified.
When the right property has been identified, it is time to craft an offer. In our experience, although sometimes it is just about the price that is on the offer, sometimes it is much more than that. Part of our strategy includes connecting with the listing agent to determine what is most important to the agent and how their goals align with yours. We can see where there is common ground, where we can be a little more aggressive, and where we can let the seller win. It is important to balance all of these for your offer to align with our Buyer Success Process.
If you receive a counter-offer, rest assured that our negotiation skills are sharp and focused on the big picture goal of getting you into the home.
If a home inspection contingency is included in the agreement, you would schedule it once the purchase and sale agreement is in mutual acceptance. Depending on the market, however, it may be done before the offer is submitted or the seller may have supplied a pre-inspection report. We recommend that a house be inspected if possible. Depending on the agreement parameters, some repairs may be negotiated with the seller, but the real goal of the inspection is to understand the challenges that may exist in the property and determine if those flaws are ones you can work with.
Appraisal and Mortgage Checkboxes
If you are getting a loan, the Loan Officer will set up an appraisal of the property and gather everything required to close on your loan. You've already done most of the heavy lifting during the pre-approval process but it's not uncommon that they need additional information between inspection and closing. It's critical that you respond in a timely manner to keep the transaction on track.
An Escrow Officer will be assigned once purchase and sale agreement has been approved by all parties. They really get to work as we get close to closing. The Escrow Officer is a neutral party whose job is to handle deposits, prepare the final settlement statement, arrange legal transfer of the property and release proceeds to the seller. A few days before the closing date you will need to meet with escrow to sign all the paperwork to transfer the property into your name and secure the mortgage. Then closing occurs - the day that the transfer becomes official, the deed is recorded with the county and proceeds are available to the seller.
After the sale has been recorded and the transaction is complete, we will coordinate the key transfer and the property will be yours!