Buying a Bellingham Home: The Process

Select a Real Estate Professional

If you are thinking of buying a Bellingham home, you should first select an agent who you are comfortable communicating with; you should be able to speak freely regarding your wants and feelings. Professionalism is important, however, so is making your home buying process fun. While you look for your Bellingham home, you will be spending a lot of time with your agent, make sure you can enjoy your time together.

Identify your home buying wants and needs

Make a list of your wants and needs. Keep in mind that these are two different lists. Your wants are what you desire; a house on acreage with a beautiful rose garden may sound appealing but consider whether you will have the time for upkeep. Needs are necessities; do you need three bedrooms? Is a master bath necessary due to the size of your family? Is a fence required for larger animals? Will someone be working from home and need a separate office space? Be sure to examine your wants and needs list carefully to distinguish the two. Your agent will assist in determining the difference in a want and need.

Pre-approval with a lender

This is a very important step; no-one wants to spend hours pre-viewing homes that are out of their price range. It is a waste of both your time and your agent time. Most real estate agents are paid by commission only when the sale of a property closes; this makes their time valuable in the sense that an agent must put forward their time searching and viewing homes before getting paid. Apply now

Preview homes that meet your criteria

Your agent will review all homes that available in your price range and that meet your needs list. It is then time to preview homes and determine what works and doesn't work for you.

Write a purchase and sales agreement

Once a home is found it is time to prepare an offer to purchase. All offers in Washington must be writing. Once an offer is submitted to a seller it is in a period of negotiation. This is the hardest part of the home buying process; it will require some anxious waiting,be patient: all good things come to those who wait.
An earnest money deposit is to show good faith in the buyer. Be prepared to put up an earnest money deposit at time of mutual acceptance of an offer. There is no "standard" amount; however the deposit should be enough to compensate the seller for taking the home off the market should the buyer breach the contract.
Contingencies are used to protect the buyer from unaware circumstances and as a chance to rescind an offer. Your agent will discuss these further at the time of preparing a purchase and sales agreement.

Once the offer is accepted

After all parties have agreed and signed a purchase and sales agreement the offer is now binding, it is time to continue the purchase process.

Continue with the lender approval process

The lender will require a copy of the signed purchase and sales agreement to finish the approval process. An appraisal will be ordered to determine the lenders value on the property.

Set up an inspection of the property

A property inspection is for the buyer¡¦s protection. A professional inspector will determine any defects in a property that may be of concern or need repairing prior to closing. Your agent can give you a list of licensed inspectors in your area. This fee will be an out of pocket expense directed to the buyer.

Schedule an appointment with the Escrow Company

An escrow and title company will handle the closing of the transaction as well as recording of the deed at closing. The escrow company you chose will set up an appointment to review all loan and title documents prior to closing.

Set up change in utilities

This should be done a few days before closing to insure the home has power, water and all utilities necessary to move into the home.

Closing date

This is the date the funding is approved and the title/deed is recorded from the sellers name to the buyer's name.

Pick up the keys from your agent and begin moving.

This process can take as little as 2 weeks or up to 4-6 weeks depending on the circumstances, so be prepared for the unexpected to occur. Your agent will keep in contact with you as things progress so you know what is happening every step of the way.

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