The Complete Guide to Buying
Robyn Kimura Hsu
206.295.2247
Robyn@RobynandRachel.com
Rachel Schindler
206.250.5622
Rachel@RobynandRachel.com
RobynandRachel.com
Local Power, Global Reach
Expertly guiding our clients’ real estate journeys to extraordinary results around the corner or around
the globe.
As the Pacific Northwest’s largest affiliate within the global real estate network, Realogics Sotheby’s International Realty (RSIR) has branch offices in Downtown Seattle, Madison Park, Bainbridge Island, Kirkland, Mercer Island, and Downtown Bellevue. The brokerage’s global real estate advisors proudly serve all property types and price points throughout the Puget Sound region and beyond.
Backed by the international network and brand recognition of Sotheby’s International Realty, Realogics Sotheby’s International Realty represents the best of both worlds through local expertise and a global referral network. From the latest market report data and hottest neighborhoods in every town to exceptional opportunities to buy or rent, our team of local experts offers specialized market knowledge as you purchase a home and make one of the most important financial transactions of your life.
This handbook has been prepared to help familiarize you with some of the more common terms you’re likely to encounter, as well as provide you with an overview of both the process and components of a successful transaction. Before starting the home search, you and your real estate advisor can discuss your timeline, price range, needs, preferences, and other parameters for a property that will suit you, your lifestyle, and your goals. Rest assured that you will receive the utmost care, attention, hard work, and professionalism throughout your real estate journey.
Why You Should Partner With A Buyer’s Agent
As your dedicated guide, RSIR advisors will help you find exactly what you are looking for, ensure you pay the right price for it, take care of all paperwork, guide you through the inspection and repair process, and successfully get you to closing. Your advisor will perform in-depth research on your desired neighborhood’s market, previewing listings to ensure they meet your qualifications and gathering market data to guarantee you’re getting the most out of your budget.
Buying a home is a major endeavor, and your advisor will not expect you to be an expert—that’s their job. They’ll guide you through the entire process, from the initial goalsetting conversations to providing comparative market analysis to negotiations to inspections to carrying you through the closing day, they handle the entire process with the utmost care and attention.
The Home-Buying Process
CONSIDERATIONS
1
Needs, Wants, and Priorities
Purchase Timeline
Financial Parameters and Costs
Buyer Service Agreement
Create Timeline of Events
Open Escrow Account
Buyer Earnest Money Deposit
Preliminary Title Report
3
Financing Pre-Approval
4
Assess Market Conditions and Values
Learn Property Types
Contract Forms Review PREPARATION
6
2 DUE DILIGENCE
Lender Appraisal
Property Inspection and Investigation
Review of Disclosures and Reports
Removal of Contingencies of Sale
WEEK BEFORE CLOSING
Set Up Parameters
Explore Neighborhoods
Tour Homes/Open Houses
Find Your Home SEARCH
Review Property Documents
Comparative Market Value Analysis
Negotiation of Best Terms and Price
Offer Acceptance
8
Final Walk-Through
Review and Sign Closing Documents
Buyer’s Funds to Close Deposited
Funding of Loan
Settlement of Funds
Deed Released and Recorded
Escrow Closes
Keys Delivered DAY OF CLOSING
Understanding Costs
Who pays the closing costs?
Your contract and any applicable government regulations determine who pays which closing costs. Your real estate advisor can explain these costs to you.
THE BUYER GENERALLY WILL PAY THE SELLER GENERALLY WILL PAY
Lender’s title policy premium, if new loan; Owner's title insurance premium;
Escrow fee, one half;
Document preparation, if applicable;
Notary fees, if applicable;
Recording charges for all documents in buyer’s name;
Homeowner's Association transfer fee, one half;
All new loan charges (except those required by lender for seller to pay);
Interest on new loan from date of funding to 30 days prior to first payment date;
Assumption/change of records fees for takeover of existing loan;
Beneficiary statement fee for assumption of existing loan;
Home warranty premium per contract;
Hazard insurance premium for first year; and
All pre-paid items, such as interest, or funds for an escrow account.
Real estate agent's commission; *pending Buyer Service Agreement;
Escrow fee, one half;
Any loan fees required by buyer's lender per contract;
All loans in seller's name (unless existing loan balance is being assumed by buyer);
Interest accrued on loan being paid off, statement fees, reconveyance fees and any prepayment penalties;
Termite inspection and any termite repairs per contract;
Home warranty premium per contract;
Homeowner's Association transfer fee, one half;
Any judgments, tax liens, etc., against the seller;
Recording charges to clear all documents of record against seller;
Property taxes & utilities: pro-rated to date title is transferred plus any delinquent taxes;
Any unpaid Homeowner's Association dues; and
Buyer to pay transaction processing fees. Any bonds or assessments per contract.
The Buyer & Their Broker
Identifies buyer agent and signs Buyer Service Agreement.
Obtain a fully underwritten pre-approval letter and provide it to your real estate agent.
Makes offer to purchase. Upon acceptance, opens escrow and deposits earnest money.
Finalizes loan application with lender. Receives a Loan Estimate from lender.
Completes and returns opening package from title company.
Open Escrow and facilitate delivery of earnest money and provide receipt to all parties and lender.
Schedules inspections and evaluates findings. Reviews title commitment/preliminary report.
Provides all requested paperwork to lender (bank statements, tax returns, etc). All invoices and final approvals should be to the lender no later than 10 days prior to loan consummation.
Escrow officer or real estate agent contacts the buyer to schedule signing appointment.
Buyer consummates loan, executes settlement documents, and deposits funds via wire transfer.
Documents are recorded and the keys are delivered!
Escrow
Lifecycle
The Seller & Their Broker
Chooses a real estate agent to represent their property and signs an Exclusive Listing Agreement.
Determines the value of the home with insight from the agent and a comparative market analysis.
Open title and request a legal description.
Prepares the home for sale by cleaning, decluttering, and making any necessary repairs, before staging or virtually staging the home.
Markets and show the home both online with photos, video, and 3D tours and in person.
Activates listing on the MLS and includes or provides proper documentation for prospective buyers including copy of legal description from Title and a Seller Disclosure.
Receive purchase offers and negotiate.
If applicable facilitate and provide Resale Certificate (condominiums).
Prepares for a home inspection with an inspection checklist.
Completes and returns opening package from title company, including information such as entitlements, easements and liens.
Orders any work for inspections and/or repairs to be done as required by the purchase agreement.
Escrow officer or real estate agent contacts the seller to schedule signing appointment.
Documents are recorded and all proceeds from sale are received.
Facilitate key’s to buyer upon confirmation of recording numbers.
The Escrow Officer The Lender
Upon receipt of order and earnest money deposit, orders title examinations.
Requests necessary information from buyer and seller via opening packages.
Reviews title commitment/preliminary report.
Upon receipt of opening packages, orders demands for payoffs. Contacts buyer or seller when additional information is required for the title commitment/preliminary report.
All demands, invoices, and fees must be collected and sent to lender at least 10 days prior to loan consummation.
Coordinates with lender on the preparation of the CD.
Reviews all documents, demands, instructions and prepares settlement statements and any other required documents.
Schedules signing appointment and informs buyer of funds due at settlement.
Once loan is consummated, sends funding package to lender for review.
Prepares recording instructions and submits documents for recording.
Documents are recorded and funds are disbursed. Issues final settlement statement.
Accepts buyer’s application and begins the qualification process. Provides buyer with Loan Estimate.
Orders and reviews title commitment/ preliminary report, property appraisal, credit report, employment and funds verification.
Collects information such as title commitment/ preliminary report, appraisal, credit report, employment and funds verification. Reviews and requests additional information for final loan approval.
Underwriting reviews loan package for approval.
Coordinates with escrow officer on the preparation of the Closing Disclosure, which is delivered to buyer at least 3 days prior to loan consummation.
Delivers loan documents to escrow.
Upon review of signed loan documents, authorizes loan funding.
Reviews all documents, demands, and instructions. Prepares settlement statements and other required documents.
Portfolio of Proven Results
Undisclosed | Seller Representation | Mercer Island
| Seller Representation | Mercer
$5,250,000 | Seller Representation | Mercer Island
$5,200,000 | Seller Representation | Mercer Island
Undisclosed | Seller Representation | Mercer Island
Undisclosed
Island
$3,850,000 | Seller Representation | Mercer Island $3,800,000 | Seller Representation |
$4,675,000 | Buyer Representation | Clyde Hill
$4,114,705 | Seller Representation | Mercer Island
$4,260,000 | Seller Representation | Mercer Island
Mercer Island
$3,800,000 | Seller Representation | Woodinville
$3,775,000 | Seller Representation | Bellevue
$3,750,000 | Buyer Representation | Bellevue
$3,625,000 | Seller Representation | Mercer Island
$3,498,000 | Seller Representation | Mercer Island
Portfolio of Proven Results
Our expertise extends to helping buyers purchase homes across all price ranges, not just luxury real estate. We are here for all our Buyers and Sellers in Seattle and the Greater Eastside.
$1,850,000 | Buyer Representation | Sammamish
$1,925,000 | Buyer Representation | Woodinville $1,850,000 | Buyer Representation | Sammamish
$1,762,500 | Buyer Representation | Seattle
$1,611,000 | Buyer Representation | Seattle
$1,399,950 | Buyer Representation | Redmond
| Buyer Representation |
$1,315,000 | Seller Representation | Bellevue $1,193,980 | Buyer Representation |
$1,353,494
Bothell
$1,299,950 | Buyer Representation | Kirkland
Monroe
$1,059,995 | Buyer Representation | Black Diamond
$1,000,000 | Buyer Representation | Seattle
$999,950 | Buyer Representation | Bothell
$975,000 | Buyer Representation | Issaquah
$925,000 | Buyer Representation | Seattle
$644,000 | Seller Representation | Kirkland
“The Robyn and Rachel Team has helped us buy two houses, sell one house, and they have bought and sold a number of our friends’homes.They are a truly professional team and bring a wealth of knowledge to help buyers make an informed decision about a new property.They each have their own skill set that helps balance out the group. We enjoyed working with this powerhouse team and would highly recommend them to others.”
– Natasha G.
“Inahighlycompetitive,ever-changinghousingmarket,RobynandRachelmakethingsHAPPEN for their clients.They listened to our unique requirements and wishes,were transparent about any challenges they anticipated along the way and assured us that we would find the house of our dreams. (We did!) They have high standards, deep networks, and strategic minds. If you want brokers you can trust, go with Robyn and Rachel.”
-Amy L.
“The Robyn and Rachel team were such a pleasure to work with.They helped us both buy our new house and sell our old one.They were incredibly responsive and knowledgeable about the area. The team went above and beyond to ensure that our needs were met and were diligent in helping us get set up in our new home, even after the keys were handed over. Everyone on their team is an absolute professional and I would highly recommend them to anyone.”
-Sarah G.
World-Class Team
ROBYN KIMURA HSU
Partner & Principal Broker
With over two decades of experience as a real estate broker, Robyn Kimura Hsu has established herself as an expert in the Seattle and Eastside markets. Her extensive knowledge and candid advisement have helped a diverse range of clients, from first-time buyers to c-suite executives, achieve success in their real estate transactions. Robyn’s acute eye for design, inspired by her undergraduate studies in Art History at UCLA, has also proven to be an asset in interior design and staging.
206.295.2247
Robyn@RobynandRachel.com
RACHEL SCHINDLER
Partner & Managing Broker
With over 20 years of industry expertise, Rachel Schindler has established herself as a trusted advisor and expert in the luxury real estate market. Rachel’s success is built upon her unwavering integrity, keen business acumen, and unparalleled sound advisement. Her intuitive approach to real estate is matched by her analytical mind, allowing her to skillfully navigate the complexities of luxury real estate transactions.
206.250.5622
Rachel@RobynandRachel.com
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