Everyone deserves the extraordinary, because luxury is not about price point – rather, it is about an experience. And when it comes to real estate, experience matters.
Her commitment is to you.
BUYERS GUIDE
A N I N V E S T M E N T IN YOUR F U T U R E
INVITING. DISCREET. SAVVY. REFINED.
DEDICATED TO PROVIDING A PEERLESS LEVEL OF SERVICE ANASTASIA’S COMMITMENT IS TO YOU
Buying a home is often the most significant purchase a person will make in their lifetime. Anastasia understands the importance of this decision, not only from a financial perspective but also as an investment in your future. Anastasia is an expert in her field possessing deep market knowledge and keen insights into area communities. Anastasia will guide you throughout each step of the home buying process acting as your trusted advisor. Anastasia will ensure you have the information you need to make informed decisions that are aligned with your own individual goals and needs, resulting in a seamless experience and a successful transaction. Anastasia will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.
Managing Broker | REALTORÂŽ | Certified Global Luxury Real Estate Agent LOCALLY CONNECTED. WORLDWIDE EXPOSURE Coldwell Banker Bain Global Luxury m.425.260.5881 e.amiles@signaturehomesnw.com w amilesrealestate.com
THINGS TO CONSIDER WHEN BUYING A HOME
REASONS TO BUY A HOME Determining if the time is right to buy a home is your first step in the home buying process. Here are some reasons to consider buying now rather than waiting for a future date.
1.Home Prices Will Continue to Rise The Northwest Multiple Listing (NWMLS) has reported that an increase in the average price per square foot of 16% for the Eastside and 12.2% for Seattle in the second quarter. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year.
2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors all project that rates will be up almost a full percentage point by this time next year. An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. There are Substantial Tax Benefits Homeowners are able to deduct mortgage interest and property taxes from income. Talk to your CPA or tax professional to understand your particular situation.
4. Equity Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
5. It’s the Right Time in Your Life Other factors to consider when deciding if now is the right time to buy can include life events and/or stages. Stability Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity. Budgeting Fixed mortgage rates, unlike rents, do not fluctuate allowing you to have more predictable yearly costs which can prove beneficial for budgeting purposes. Other costs of homeownership may be subject to increases however, like property taxes and insurance, which you will want to factor into your budget. Freedom Ownership allows you to have the freedom of choice to decorate and/or do renovations based upon your own tastes and desires. The latest National Housing Pulse Survey from NAR reveals that 80% of consumers believe that purchasing a home is a good financial decision.
WHY USE A REALTOR®?
REASONS TO WORK WITH A PROFESSIONAL With all of the information available to consumers today it is tempting to consider representing yourself when buying a home. Here are reasons why working with a professional is the best choice.
1.Expert Guidance in a Complex Market The real estate market is exceedingly complex and factors affecting the market change daily. Anastasia with her experience and professional approach will be your guide using her in-depth knowledge of area communities, current and past market conditions and indicators to assist you in numerous ways. Anastasia can help expedite your search, identify the neighborhoods and communities that best fit your lifestyle and meet your needs, negotiate the best possible deal, and avoid delays or costly mistakes.
2. Negotiation Prowess There are many factors to be considered when making an offer on a house in today’s swiftly moving market; Anastasia can help prepare you so that you are able to make decisions in a timely manner. As a trusted professional, Anastasia will pay attention to the details of an agreement to ensure that your best interests are protected before you are bound to complete the purchase.
CHOOSING THE BEST REALTOR® FOR YOU
TIPS FOR SELECTING A REALTOR® Your Real Estate Professional should be: • A Realtor®: Members of the National Association of Realtors adhere to a higher level of standards in managing your transaction. Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. The first obligation is to you, the client. • Knowledgeable about the communities of interest to you. • An effective communicator dedicated to keeping you educated and informed throughout the entire buying process. • Aware of the complicated local and state requirements affecting your transaction. • Able to direct you to helpful lenders that assist you with getting the financing you need. • An expert negotiator effective in multi-party, written, and face-to-face negotiations. • Respected by other agents in the real estate community. • Highly-trained, with access to programs for continued learning and additional certifications. • Technology-focused, able to respond to you in a timely fashion and use current technology to expedite your purchase. • Supported by professional legal counsel.
Anastasia is an experienced professional backed by exceptional leadership and support teams, all dedicated to providing you with a peerless level of service.
ABOUT ANASTASIA
Anastasia's emphasis in client care and tasteful marketing is rooted in her background and in her "I love what I do" attitude. Anastasia Miles has worked with a variety of clientele, from inexperienced firsttime homebuyers to highly experienced C-suite executives. In all cases she works diligently to understand client needs and expectations, and provides superior five-star service through an approach built upon an extensive network of business relationships, market knowledge, experience and placing client needs first. As a Pacific Northwest native, Anastasia works with her discerning clientele not only through the transaction process but also showcasing her knowledge about the nuances of each neighborhood, from schools and shopping to restaurants and recreation, which results in an artful pairing of client and home.
REALTOR®, Global Luxury Certified Real Estate Agent, Coldwell Banker Bain Bellevue
Anastasia has personal knowledge with the challenges of downsizing, thus has made her a specialist in that arena. Anastasia also enjoys offering second home options throughout the United States and Globally. Anastasia provides top-tier service to homebuyers and home sellers. Anastasia provides concierge-style service to her clients with a stellar reputation for excellence and success, elevated by her affiliation with Coldwell Banker Bain on a local and global platform.
Anastasia is active in the Puget Sound community through her volunteer and philanthropic activities in support of the Bellevue Boys & Girls Club, SAMS (Seattle Art Museum Supporters), The Tateuchi Center, Smilow Rainier Vista Boys & Girls Club, Bellevue LifeSpring, and the Seattle Repertory Theatre. Anastasia is currently on the Board of Directors for the Tateuchi Center, and previously served as a board member for Women's Enterprise International and the Village Theatre in Issaquah. Her accreditations include Certified Negotiation Expert (CNE), Senior Real Estate Specialist (SRES) and Certified Relocation Specialist (CRS).
Do what you love...love what you do. m.425.260.5881 e.amiles@signaturehomesnw.com w amilesrealestate.com
TESTIMONIALS
Represented the Buyers “We cannot say enough great things about Anastasia! We have been working with her for about 3 months and it has been such a pleasure. Other REALTORS that we have worked with in the past have been hard to get a hold of, slow at email response, and just slow to get us answers needed when purchasing a home. Anastasia consistently responds to emails immediately, answers calls and returns calls quickly. On top of being a great REALTOR, her personality just adds to the package of being an all around great person. We highly recommend working with her, she truly is one of the best in Bellevue!” — Dina B.
Represented the Buyers “We couldn’t be happier with our decision to work with Anastasia in the purchase of our new home. Anastasia provided lightningquick responses to any questions or requests. She communicated exceptionally well and kept us in the loop every step of the way. Her professionalism, follow thru and attention to detail are exactly what we were hoping for in an agent. We’ve worked with numerous agents over the years and the experience with Anastasia was by far the most enjoyable and stress -free we’ve had. We’ll wholeheartedly recommend Anastasia to family and friends.” — The Hensleys
Represented the Sellers “Saying that we’re pleased with the performance of Anastasia Miles would be an understatement. Anastasia went out of her way and over the top for us, starting months before we actually listed our home – which incidentally resulted in a bullet proof contract within 3 days of listing that was almo st 10% over our asking price, a price that many other brokers thought was already too aggressive. Please note that some may say that our sale was fast because the market was hot and any agent could have done so well. Two words come to mind beginning with “B” and “S”. As marketing and sales professionals ourselves, with many years of experience with Microsoft and other top tier organizations, my wife Theresa and I know talent and effective planning and execution when we see it. Also, the market wasn’t that hot when we started this process. In fact, just weeks before we listed, it was nothing liked we’d hoped and we were highly concerned we would not get the price we needed. In many ways, the success that Anastasia had with our home actually established a new value level and ignited the Capitol Hill market. If you have any questions, please call my wife Theresa and I. We give Anastasia our highest recommendation and stand by every word we have written.” –– George & Theresa Norris
Represented the Sellers “I listed my condo with Anastasia and she worked diligently with the buyer’s agent and the escrow company to close the sale in spit of challenges beyond our control. Her professional and patient approach while dealing with a variety of personalities is greatly appreciated. Anastasia also worked tirelessly with me to find the absolutely perfect condo for me to purchase. Since it was a short sale, Anastasia once again exercised a patient, professional approach to all the details. I would highly recommend Anastasia to family and friends who are looking to pur chase or sell their real estate. Thanks Anastasia!” — The Schulzs
Represented the Buyers “We’ve just closed our second home purchase with Anastasia and once again, she exceeded every expectation! We’d been searching for the perfect second home for a number of years and finally located just the right one. Anastasia spent countless hours in the car with me, searching for ‘the one’ and gave sage advice about different properties. She was incredibly good natured and tireless in her willingness and desire to help us find just the right home. When we did find our home, there were a number of questions to which the sellers and their agent couldn’t find answers. Anastasia was quick to do her homework, pick up the phone, and track down the needed information herself. The sale could have easily gone sideways if Anastasia hadn’t been so proactive in answering our questions and helping resolve our concerns. I’ve purchased numerous homes throughout my lifetime and in all those purchases I’ve never worked with a more responsive or professional agent. As we worked towards closing, Anastasia was, at all times, up to speed on the status of our loan, working closely with the lender to avoid any possible delays. She stayed in close contact with the seller’s agent, oftentimes gently prompting the other agent to take care of their business as well. By the time I’d get to read an email requesting something of me, Anastasia had already responded to it, providing them with everything they needed. It’s so refreshing to work with someone who works with purchasing a home so effortless. We’ll be lifelong clients and wouldn’t dream of using anyone else for any real estate needs. Both times I’ve worked with Anastasia the purchases have gone smoothly and quickly, due largely to Anastasia’s responsiveness and attention to detail. She’s a true professional who obviously has a great passion for her profession. Thanks Anastasia!” — The Hensleys
RENTING VS. BUYING
RENTING VS.BUYING Jonathan Smoke, Chief Economist at realtor.com recently reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”
The Joint Center for Housing Studies at Harvard University’s 2015 Report on Rental Housing reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing.
HOMEOWNER’S NET WORTH GREATER THAN A RENTER: 45x in 2016
Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
The graph above from Keeping Current Matters demonstrates the results of the last two Federal Reserve studies and the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun’s prediction that in 2016 the net worth gap will widen even further to 45 times greater.
THE BUYING PROCESS
FINANCING Most homes are purchased with financing, and with the historically low interest rates today, even buyers with cash may be better served by financing their home. Anastasia can recommend you to a lender that provides a wide variety of options that can assist you in financing your home purchase. Working with a lender will help you: • Determine the price range that you can afford. • Understand the different types of loans available and the types of programs you may qualify for (particularly if you are a first-time home buyer). • Determine what your monthly housing payment will be. • Estimate the down payment and closing costs on a house you are interested in. • Get prequalified so that your offer is more attractive to sellers and you are able to move quickly.
OBTAINING A LOAN The Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-Lending disclosure statement (TIL), itemizing the rates and associated costs for the loan. You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner. Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval. Loan Approval (Underwriting) - Loan approval, or underwriting, requires that all documents have been submitted and generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close. Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.
MAKING AN OFFER Once you have found the home that you wish to purchase, Anastasia will apply her professional training and do all the necessary research to help you structure an effective offer. This is where Anastasia’s negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. Anastasia will negotiate the best possible terms for you. In the case of multiple bids, Anastasia will work with you to structure the best offer you are comfortable with.
Anastasia will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although Anastasia will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.
MANAGING THE ESCROW When the purchase agreement is accepted and signed by all parties, Anastasia will open escrow for you and your earnest money will be deposited. The escrow company is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.
INSPECTIONS AND DISCLOSURES
Anastasia can assist you in finding resources for inspections of all types as well as a company that can provide you with Natural Hazard Inspection Reports. The findings and reports can be reviewed by you as well as any disclosures or documents provided by the sellers or recommended for the transaction based on current real estate practices.
REMOVING CONTINGENCIES
Prior to closing escrow, all contingencies of a Purchase Agreement must be met. Anastasia will help you understand each contingency and will help coordinate this process.
CLOSING ESCROW When all conditions of the purchase agreement have been met, loan documents and closing papers can be signed. You will deposit the balance of down payments and closing costs to escrow and your lender will deposit the balance of the purchase price. Once these steps are complete, the deed can be released for recording. In the state of Washington, an escrow is considered “closed” on the date that the Grant Deed, transferring title from seller to buyer, is recorded at the County Hall of Records. When the deed is date-stamped and recorded and you will take ownership of the home.
MOVING IN Anastasia is a valuable resource. She can connect you with her network of service providers and can provide tips for planning and coordinating your move.
Initial Consultation • Determine your priorities and needs • Discuss financing options
THE HOMEBUYING
PROCESS Finding the Right Home • Anastasia will show your properties based on your criteria • Evaluate each property with Anastasia • Choose the right home
Preparing an Offer • Review seller’s property disclosures • Review preliminary title report • Anastasia will contact listing agent with any buyer questions or disclosures • Review comparable sales to determine offer price • Review process of loan pre-approval; decide on financing • Decide on other terms (inspections, possession date, personal property, etc.) • Prepare earnest money deposit
Reaching Seller Agreement • Presentyouroffer • Negotiation of terms and possible counter offers • Agreed-upon sales contract with seller
Completing Settlement Process • Deposit of earnest money • Roof, termite and other inspections • Review seller’s disclosures again • • • • •
Remove any remaining contingencies Arrange for homeowners insurance Arrange for home warranty Arrange for movers Final walk-through of property with Anastasia
• Provide balance of down payment and closing costs • Sign documents • Loan funding • Recording of title • Receive keys from Anastasia • Move in!
Obtaining Financing • Find a mortgage company • Consult with a loan officer • Pre-qualification • Complete loan application • Obtain loan pre-approval • Provide requested documentation • Property appraisal • Loan Processing • Final loan approval


THE ESCROW PROCESS PREPARE AND PRESENT YOUR PROPERTY In a real estate transaction, escrow is an independent third party that holds important documents and funds. When opening escrow, the buyer and seller determine the terms and conditions for the transfer of ownership of the property via the purchase contract. Escrow ensures that all mutually agreed upon terms and conditions are met prior to the transfer of ownership and distribution of funds. Escrow protects you and the seller by managing the following tasks: • Holding buyer’s good-faith deposit (typically 3% of the purchase price). • Disclosing escrow and title fees to the buyer’s lender. • Calculating prorated taxes and HOA fees. • Providing a title report and title insurance. • Ensuring that state and local transaction laws and rules are followed. • Obtaining all necessary and notarized signatures from all parties. • Ensuring the paperwork is legal and binding. • Recording the transfer documents and insuring their accuracy. • Receiving the down payment from the buyer. • Receiving funds from the buyer’s lender. • Pay liens, overdue tax, and HOA dues. • Distributing proceeds to the seller.
ESCROW FAQs When do we need to open escrow? We will open escrow on your behalf after the contract has been signed by both you and the seller. After escrow is opened, you have three days to wire your 3% deposit money into escrow.
What does an escrow officer do? Your escrow officer will oversee all aspects of your real estate transaction, such as signing paperwork, completing a title search, and obtaining hazard and title insurance.
Why do properties fall out of escrow? Often, there is a problem with the loan where the appraisal comes back lower than the offer price, or a structural problem is discovered during an inspection.
How long does escrow take? The length of escrow is determined by the purchase agreement. Depending on the terms, it can last a few or even 90 days? A typical escrow in the Northwest area is 21-30 days.
WHO PAYS WHAT? BUYER AND SELLER FEES Many fees are negotiable; however, there are some fees that you and the seller are required to pay.
Buyer typically pays: • Inspections • Escrow fee from the title company • Loan fees required by your lender • Title insurance premium • Fire and hazard insurance premium
Seller typically pays: • Real estate commissions • Any judgements or tax liens • Any unpaid homeowner’s due • Transfer taxes • Delinquent property taxes
CLOSING COSTS WHAT YOU NEED TO KNOW Closing costs are fees paid by the buyer and the seller at the close of your home. During the escrow process you will have received a Good Faith Estimate, which includes your closing costs and settlement charges. Typically, closing costs are 1-2% of the purchase price of your home. A few days prior to closing, your lender will give you a detailed breakdown in the Closing Disclosure Statement.
What’s included? Closing costs include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees, initial deposit for your escrow account, home owners insurance, and credit report charges. In addition, there are nonrecurring costs and prepaid costs. Nonrecurring costs are one-time fees associated with buying a property or getting a loan. Prepaid costs are those that recur over time, such as property taxes and homeowners insurance.
BUYERS GUIDE AN INVESTMENT IN YOUR FUTURE
425.260.5881 www.amilesrealestate.com 150 Bellevue Way SE Bellevue, WA 98004