Step-by-Step First Time Home Buyers Guide in Kirkland

This is the most important step if you are going to be buying with a mortgage - it should probably be step one! 

When you walk to a lender, you'll want to be very open with them about what monies are available to you - gift funds, retirement accounts, cash accounts, etc. - even if you don't have plans to use those funds for your purchase. The Seattle market can be very competitive, and in the throws of negotiating with multiple offers on the table, you likely will not have time to figure out where to come up with and extra $10K or $20K to complete the transaction on your dream house. Explore all of your options with your lender. In the end, it will be entirely up to you how much you want your down payment and monthly payment to be, but it's important to have a firm grasp on all of your options before you start looking at homes. 

If you don't have a lender, I have many I can refer you to - it's important to someone local if possible and to use a company who will give you one "point person" to work with. Be very careful with online offers of low rates - most loans are sold to the same second market banks, and offers of lower rates are often just a marketing lure. 

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but it's complicated. Are you paying for broker representation as a buyer? Yes you are! Many buyer brokers will tell you their services are "free to the buyer"... but consider this:  Even though the fee for a buyer broker is typically paid from the sellers proceeds at the end of the transaction, you - the buyer, is bringing all the money to the transaction and you can be sure that the seller has accommodated that fee into the purchase price. So - choose your buyer broker wisely - every time you make a mortgage payment or put money into escrow for a cash purchase, you will be paying your buyer broker!

What can you expect if you hire me to represent you as a buyer broker? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge about home values, neighborhoods and general homeownership issues come into play. Let me show you around some homes that meet your dream home criteria so we can find the one that's right for you in every possible way!

When we have found a home you think you want to buy, we will talk about what the home is worth not just in the current market, but, more importantly, what it's worth to you! Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will go over some offer strategies based on how the property is positioned in the market. How long has it been for sale? Will there be multiple offers to compete with? Will we need to include an escalator addendum? What are your requirements for financing, etc.? Is there any opportunity to negotiate on the price? If your submitted offer is accepted by the seller, the sale will move onto escrow. 

It's possible by this point that you already have made an actual loan application - but now is when it gets real! The lender will need specific documentation right up until closing for your final approval. Be sure to cooperate as accurately and as quickly as you can to avoid having to request closing extensions from the seller. Also, this is a time to refrain from making any job changes or any large purchases. Buy your new furniture after the house closes! 

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.