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Your
purchase of a new home is a very big step! Our goal is to help
you find the right home while preserving your valuable time and
anxiety. We accomplish this through dedicated and expert agents
who are experienced in the local real estate market,
knowledgeable in relocation needs, and who utilize the latest
technologies. We believe clear and regular communication will
keep us both on the same page throughout the entire process. |
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What are the First
Steps?
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Needs Analysis:
We discuss the various parameters and specifications
you want in your new home. This step is critical to
a successful home search. We need to know what type
of home you want, desired location, preferred
features and any specific search parameters that
will aid us in narrowing the search.
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Timing: You
need to decide when you want to move into your new
home. This date will control the timing of our
research and scheduling of viewings.
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Pre-approval:
Most sellers require that you submit a pre-approval
letter along with your offer to buy their home. You
also need to know how much you can spend on your new
home. So an interview with a lender (or lenders if
you want to shop for the best loan product) of your
choice is a critical component of your home
purchase.
Research, Tour
Preparation & Viewings
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Northwest Multiple
Listing Service (MLS): We will create a file for
you within the MLS system, which allows us to make
you aware of all available properties and easily
track any new listings as they come in.
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Email: We
email listings to you so you can preview pictures
and listing information. You then decide if any of
the listings are good enough to consider and
ultimately visit.
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Viewings:
Initially it is necessary that we view properties
together so we can get a clearer understanding of
your likes and dislikes. If we don’t find what you
are looking for after the first two or three visits,
we are then in a position to preview listings for
you which can save you considerable time.
Purchase & Sale Agreement
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Contract: Once
you identify a property you want to buy we will
prepare an offer, or contract called a Purchase &
Sale Agreement. This document is usually 10-20 pages
in length, depending on the number of contingencies
that are appropriate for the property you are
buying.
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Mutual Acceptance:
This is the date that triggers all the deadlines
required in the contract. Mutual acceptance occurs
when the seller agrees to accept the terms of your
offer. Counter-offers are common, so expect the
paperwork to pass back-and-forth at least a couple
of times. Once everyone has agreed, you have mutual
acceptance, or a contract.
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Earnest Money:
It is customary when we submit your offer to pay a
sum of money as evidence that you intend to buy the
home in good faith. Usually this money is deposited
into our trust account. Ultimately this money is
controlled by the escrow company (closing agent) and
is credited towards your purchase. Expect to pay at
least 1-2% of the purchase price as your earnest
money payment.
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Contingencies:
Most every contract has at least two to three
contingencies, the most common being:
a. Finance – Ability to secure loan and appraisal.
b. Title/Insurance – Review of preliminary title and
ability to obtain insurance binder.
c. Inspection – Your approval of an in-depth
evaluation of the property by an inspector of your
choice.
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Close Date:
You and the seller agree on this date in the
contract. A typical close date is about 30 days
after the contract date (date of offer) or mutual
acceptance.
Note the Following
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Viewings:
During your tour you may want to wear shoes that are
easy to slip on and off; most homes require that you
take off shoes during viewings.
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Multiple Offers:
Bidding wars are still occurring in many pockets of
Seattle, so the asking price is not always the sales
price.
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