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BUYERS GUIDE
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CAROL TANNER Team member writeup... Carol Tanner is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
JOHN ROSA Team member writeup... John Rosa is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
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KYLIE SPARROW Team member writeup... Kylie Sparrow is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
MIKE CONE Team member writeup... Mike Cone is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
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CAROL TANNER Team member writeup... Carol Tanner is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
JOHN ROSA Team member writeup... John Rosa is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
our support
KYLIE SPARROW Team member writeup... Kylie Sparrow is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
MIKE CONE Team member writeup... Mike Cone is an integral part of our team’s success. As an experienced REALTOR, Carol understands the ins and outs of the industry, which has helped her excel and be known as one of the top agents on the top teams in all of....
THE BUYING PROCESS You’ve found the home you can see yourself living in, now what? There are several steps to the buying process you will go through before you can officially call it your own. PURCHASE AND SALE AGREEMENT Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document. INSPECTION Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. An inspector will check items, such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterwards, buyers will have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions. NEGOTIATION Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. Windermere Real Estate agents are expert negotiators whose job it is to represent your interests during the give and take of a real estate transaction. FINANCING You may already be pre-approved, but now that you’re closer to the actual purchase price, you’ll be working more in-depth with your lender on your final loan approval. To learn more about this process, pay a visit to our Mortgage Center . TITLE INSURANCE You will receive a full report detailing the property history for you and your lender to ensure there are no legal encumbrances between a new owner and the property being purchased. CLOSING At closing, all the paperwork is signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you’ll receive a settlement statement outlining any fees which may apply to you. After closing is finalized and recorded, the home is yours!
GETTING READY TO BUY? You’re ready to buy - or maybe you’re just ready to start seriously thinking about buying. There’s a lot you can do to prepare. With so much information available at your fingertips, you may already be doing a lot of your own research. Here are a few things to keep in mind while you get started. DETERMINE YOUR PRICE RANGE The best place to start when buying a home is to find out how much house you can afford. Your Windermere agent can refer you to a loan officer who can assist you with determining how much of a down payment you can afford, along with a monthly payment you are comfortable with, and the type of loan that fits your needs best. Serious buyers who are highly motivated should go through the effort of getting pre-approved; not only will this allow you to focus your home search, but it will also position you as a serious buyer in the eyes of sellers when the time comes to make an offer. MAKE A LIST AND PRIORITIZE Imagine your ideal home and community. Now make a list of everything you envisioned. Then take that list and break it down from high to low priority. High-priority items are the things you cannot live without in your new home. Lower-priority items are those that are an added bonus, but not necessary. Your list can include things such as: number of bedrooms, need for a yard, style of home, and access to schools and shopping. TOUR HOMES IN PERSON AND ONLINE Some people look at several homes before finding just the right one. And others find “the one” immediately. Thanks to the internet, you can streamline your search process significantly by checking out homes for sale online. You can visit open houses and preview everything that’s for sale in your market on Windermere.com.
12 STEP BUYING PROCESS 1. We will help you determine the price range of the home based on the mortgage payment amount you can comfortably afford. It is strongly recommended that you obtain a pre-approval for a mortgage. Furthermore, we will arrange this for you and work with our mortgage specialists to get you the best rates available; for your situation. 2. We will review all the amenities and features you want in a home and help you find the perfect house. 3. We will help you identify the most desirable properties based on your price range and features, and will set up an automatic search to send you properties that fit your criteria. We also search For Sale By Owner properties and our list of foreclosures to help you find the right house. 4. We will help you estimate your closing costs. 5. We will discuss the process of negotiating, educate you on the contracts and explain the different condition options. 6. We are then ready to go out and look at homes. It is very important to give us feedback and your thoughts on the homes we look at. Remember its ok to say you dislike a home. Tell us why, so we can eliminate these features from your search the next time we go out. “Knowing what you don’t want is just as important as knowing what you do want.”
12 STEP BUYING PROCESS 7. When you select a home that you want to purchase we will first do all the proper research and find comparables in the market. Once we know an initial purchase price we will write up the Real Estate Purchase Contract and proceed to send the offer to the other REALTORŽ 8. In most cases we will be negotiating to get you the best price. This process can take many hours and it requires patience. We are working our hardest to get it done as soon as possible for you and for the best price. 9. When the purchase contract is accepted by both parties the property is now “conditionally sold�. Conditionally Sold means that there has been an offer on the property and it has been accepted depending on certain conditions. Some of the conditions could be: financing, home inspection and condo document review. At this time we will be waiting for the conditions to be approved and/or waived before becoming a firm sale. 10. We will then help guide you in choosing a lawyer. He is also part of Greater Seattle Group family. 11. Copies of the purchase contract go to all selling parties and buying parties. 12. When the contract becomes a binding agreement the lawyer searches the title to determine: A) Encumbrances, liens, easements and restrictions. B) Make sure you contact your lawyer to set up an appointment to sign mortgage documents and title transfer a minimum of 10 days before possession.
INTRO TO MORTGAGES GETTING STARTED You’ve decided you want a piece of the American Dream. Now what? The first – and most important – step to the home buying process is financing because you can’t do anything until you know how much you can afford. To get started, you need to understand what lenders are looking for from a borrower. There are three main factors that help determine if you qualify for home financing: income, assets, and credit history. DIFFERENT TYPES OF MORTGAGES: Conventional Mortgages: Mortgages that don’t exceed 80% of the value of the home being purchased. High Ratio Mortgages: Mortgages that can exceed 80% of the value of the home being purchased. This mortgage must be insured through a bank or trust company. INCOME Most loan programs require the lender to verify all of your income sources. Typically you will need to provide paystubs, your W-2, and copies of your tax returns. ASSETS A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs, and assets, as well as documenting income and debts. CREDIT HISTORY All lenders review a borrower’s credit history to determine the type of credit used, the amount owed, and the borrower’s history of repaying debt.
HOME LOAN PROCESS APPLYING FOR A LOAN This is when your lender takes your application and reviews your credit history. He or she will also discuss your short- and long-term goals and reasons for wanting to become a homeowner. This information is very helpful when evaluating which loan fits your needs best. CHOOSING THE BEST LOAN With so many loan programs to choose from, it can be difficult deciding which loan is best for your individual situation. During the application process, your lender will walk you through all the options in order to match your needs with the best loan program. LOCKING YOUR LOAN RATE If you have a Purchase and Sale Agreement, you can lock-in your interest rate. In most instances, you have the choice to either lock your loan at a set rate and fee for up to 30, 45, or 60 days, depending on the lock-in period you’ve selected, or you can let the loan float. Your lender can help you with this decision, but the ultimate choice is left up to the individual borrower. UNDERWRITING For certain loan programs, your loan file is sent to an underwriter for review. Your underwriter may request more specific details about the property or your financial information before approving a loan. PREPARATION FOR CLOSING After your loan package is complete, the file is prepared for closing and sent to your closing agent. SIGNING Your closing agent will call you to set up an appointment to sign the final papers. At that time, you will be asked to bring a certified check for the closing costs and down payment. After you sign, the closer will prepare the final loan papers so that they can be legally recorded.
HOME INSPECTION TIPS HERE ARE A FEW HOME INSPECTION TIPS: • Ensure the home inspector checks for visible issues with plumbing, electrical systems, roof, insulation, walls, ceilings, floors and windows, and the condition of the foundation. • • Ensure your home inspector gives you a close and personal look at your new home. It takes about three hours to go through all the systems, and if there are any problems, you will see them with your own eyes. They will also give you maintenance tips and easy fixups, if necessary. • Ensure that in the end, you receive a detailed report that summarizes the condition of your home.
MOVING CHECKLIST IMPORTANT INFORMATION It is important that you use this checklist in order to be well-prepared when buying a home. The last thing you would want to happen is to move into a home without the necessities in life such as electricity, gas, water, or work/school related services such as internet/phone, etc. Be sure everything is in order to keep things running smoothly during the buying process. If you need assistance, we are always here to lend a helping hand. It`s what we do! UTILITY PROVIDERS • Electricity Providers • Telephone Providers • Water & Sewage • Cable & Internet Providers • Gas Providers GOVERNMENT INSTITUTIONS • CRA • Post Office • Schools • Provincial Licensing • Library • Veterans Administration INSURANCE COMPANIES • Accidental Insurance • Auto Insurance • Health Insurance • Benefits Provider • Home Insurance • Life Insurance PROFESSIONAL SERVICES • Broker • Accountant • Doctor • Dentist • Lawyer
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CONTACT HEADQUARTERS Windermere Services Company 5424 Sand Point Way NE Seattle, WA 98105 206.527.3801 wsc@windermere.com
587.432.8253
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