BuYING A HOUSE IN WASHINGTON STATE
A Guide To The Home Buying Process
BUYER READY DAY ONE
Buying a house in Washington State in today’s market requires planning and preparation. The Madrona Group works to get you, the buyer, Buyer Ready Day One.
What does Buyer Ready Day One Mean?
Each buying market is a little different. And each buyers market is going to bring on it’s own advantages and challenge.
It is important to us that our clients know as much about the market as we know. That they understand exactly what the current market brings. That they are prepared for the experience and go into the transaction with their eyes wide open when buying a house.
TABLE OF CONTENTS
10 Steps To Home Buying Transaction
Home Buyers Checklist
1. Figure Out How Much You Afford
2. Shop For a Loan
3. Hire A Broker
4. Start your Home Search
5. Make an Offer
6. Get a Home Inspection
7. Homeowner’s Insurance
8. Sign Papers
Are you ready to start looking at homes for sale?
OUR AGREEMENT TO YOU:
We work as a team during the entire process. You receive uncompromising representation. You hold us accountable to our obligations. Together we are Committing to the Partnership.
The Madrona Group is on your team
We know that buying a house in Washington state has become even more complex over the past few years for Home Buyers. And since buying a home is one of the greatest emotional and financial investments anyone can make, having the right real estate broker, mortgage, escrow, transaction coordinator and title team who can get the job done is crucial.
WE WILL BE YOUR PARTNER THROUGH THE 10 STEPS OF BUYING A HOUSE IN WASHINGTON STATE
Working with you find the right home.
2. NEGOTIATING THE CONTRACT
Working to get you the right conditions.
3. PURCHASE AND SALE AGREEMENT
Working to ensure all paperwork is correct.
4. THE HOME INSPECTION
Working to protect your investment.
5. THE TRANSACTION PROCESS
Working to manage and simplify a complex process.
6. LOAN COMMITMENT
Working to ensure your completed transaction.
7. THE APPRAISAL
Working to insure your your investment.
8. TITLE AND ESCROW
Working to prepare and legitimize documents.
9. FINAL WEEK OF CLOSING
Working to organize, and finalize your process.
10. POST CLOSING SERVICES
Working after the sale to give you peace of mind.
HOW TO BUY A HOME CHECKLIST
1. HOW MUCH HOME CAN YOU AFFORD?
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate.
HOME OWNERSHIP ASSISTANCE PROGRAMS
2. SHOP FOR A LOAN
Senior Loan Officer
Priority Home Lending
19221 36th Avenue W. Suite 106
Lynnwood, WA 98036
HOME LOAN TYPES
3. HIRE A SUPERSTAR REAL ESTATE TEAM
We hope that is us, TEAM TMG.
Jason Fox and Joe Kiser.
4. START YOUR HOME SEARCH
– what features do you want?
START YOUR HOME SEARCH
Search the entire NW MLS using our search tool.SEARCH NOW
BUYER’S GUIDE TO SHORT SALE OR BANK OWNED PURCHASES
5. MAKE AN OFFER
The art of the offer.
Often times when we list a home for sale we receive offers from real estate agents that have never called to ask us what it would take to make their offer more sellable to our client. It comes in via email and we have even had a couple get stuck in our spam folder and never knew we received their offer.
The Madrona Group creates a relationship with the selling agent and works diligently to learn as much about the seller and what motivates them, the agent and what motivates them and our competition.
Then use that data to craft a winning offer that results in our client getting the home of their dreams without paying a penny more than is needed.
THE MADRONA GROUP HOME BUYING STRATEGY
- Meet with our clients to formulate the Team strategy.
- Discuss the state of the current real estate market.
- Complete a Wants and Needs analysis.
- Discuss the steps to home buying.
- Discuss the importance of being Buyer Ready Day One.
- Discuss the importance of being Mortgage Ready Day One.
- Provide access to a real estate team.
- Buyers Agent:
- Specializes in finding the perfect house.
- Team Leader:
- Specializes in negotiating real estate transactions.
- Oversees the transaction.
- Mortgage Broker:
- Works with our clients to put them in the strongest loan possible.
- Works to get clients fully underwritten to put you in the strongest negotiation position possible.
- Works with the team to build a relationship with listing broker to ensure them that the transaction will close and close on time.
- Transaction Coordinator:
- Keeps track of deadlines and dates.
- Communicates with our client to keep them informed through the entire process.
- Manages the transaction double checking for accuracy.
- Buyers Agent:
- Once you have found a home you want to make yours.
- Call the listing agent to get the lay of the land and start building a positive relationship.
- Ask the agent besides price, what else is important to your seller in this transaction.
- Formulate our winning bid.
- There are multiple strategies we can employ depending on what is important to the seller, the home price and location, the amount of interest in the home, etc.
- Continue talking to the selling agent through the process to strengthen the relationship and build up our clients status from just another bid to a real person that loves this house.
- Write up a clean strong offer.
- Call the listing agent to tell them that you are sending the offer and continue building the relationship.
- Send the offer via email with a nice email that tells our clients story and how much they love the house and summarize the highlights of the offer.
- The Mortgage Broker then calls the listing agent to reinforce the strength of the financing and strong likelihood to close and close on time.
- Continue to follow up with the listing agent to reinforce the strength of our offer.
- If needed, reformulate the offer and re-submit.
- SECURE THE HOME OF YOUR DREAMS!
6. GET A HOME INSPECTION
If you negotiate a home inspection into your purchase you will have a negotiable # (generally between 5-10) of days to hire a licensed, bonded and insured Home Inspector of your choice. The fee for this service varies between companies and also whether the property is a condo or house and how large the property is. (generally between $300-$800)
The inspector will do a thorough inspection of the property and provide you with a full report including any problems they see.
10 QUESTIONS TO ASK YOUR HOME INSPECTOR:
7. SHOP FOR HOMEOWNERS INSURANCE
Call a few of your favorite insurance providers and secure your home insurance. Chances are you will get a bundle discount with your current provider.
12 WAYS TO SAVE ON HOME OWNERS INSURANCE
8. SIGN PAPERS
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!
You are a home owner.That is how to buy a house in Washington State.
CONNECT WITH THE MADRONA GROUP
About buying a house in Washington state or anything else real estate related.