Each buyer is unique.
Everyone is at a different stage in their life and their criteria for the perfect home is unique. Aaron works diligently to customize the home search process for each client. He has helped clients purchase homes throughout the Seattle area, from luxury homes in West Bellevue to starter condos in Seattle to suburban homes in Kirkland.
Because the process can be daunting, Aaron prepares his buyers for the changing dynamics of each market. Here are some of the things he walks through with clients, to explain the process of home buying.
Real Estate Agency
- Pre-Approval vs. Pre-Qualification
- Down payment
- Closing costs
- Earnest money
- Loan application
- Lender timelines/disclosures
- Purchase and sale agreement
- Earnest money
- Computation of time
- Financing Addendum
- Electronic Signatures
- Escrow and Title Insurance
- Market overview and how to be more competitive.
- Home Search Criteria
- Online searching
- Q & A
Certain neighborhoods and price points in Metro Seattle can make for an extremely competitive home buying environment. Aaron works hard to educate each buyer, giving them tips and proven strategies that have worked with previous clients.
Home Buying Glossary: (Real Estate Lingo)
Escalation Clause is a real estate contract, that lets a home buyer say “I will pay $x for this home, but if the seller receives another offer that’s higher than mine, I’m willing to increase my offer to $y price.” If the buyer’s offer gets escalated and is the winning offer, the listing agent needs to show the competing offer to buyer without blurring anything out.
Resale Certificate: (for a condo sale)
It is a set of documents and disclosures that is prepared by a condo homeowners association. The resale certificate is provided by the seller to prospective buyers. In Washington State, a resale certificate is required by law.
Resale certificates contain a variety of information about a condo complex. It contains legal documents that describe the formation of the condominium and how it operates, known as its CC&Rs. It also includes detailed financial reports on how the condo association collects and spends its money. A resale certificate will also outline the rules & regulations for a particular condo, along with meeting minutes from recent condo association meetings. (The minutes are not required in a Resale Certificate)
When purchasing a condominium, it is critical to review the resale certificate to understand the structure, rules and operation of the condo association. It is also a source of information for determining if the association has legal, financial or maintenance issues that need to be addressed.
CC&Rs: (Covenants, Conditions, and Restrictions)
The CC&Rs are the rules of your neighborhood. They describe the requirements and limitations about what you can and can’t do with your property. The goal of the CC&Rs is to protect, preserve, and enhance property values in the community. Most of the time, the rules make sense and are easy to accept.
Preliminary Title (Commitment):
The preliminary title report will show if anyone other than the seller has a legal claim on the property.
A title officer/company will be able to provide guidance on your specific report, but in summary, here are some key points to look for:
Liens: Also known as an encumbrance, a lien is a legal claim of ownership listed on the title of a home. When you get a mortgage, your lender will have a substantial lien on your home, and will continue to have a lien on your home until your mortgage is paid off. In fact, anyone owed money by a homeowner can file a lien on a home, including utility companies, city tax departments, or contractors.
Easements: Easements are a right to use another person’s land for a specific purpose. Common examples are easements granted for the placement of utility poles, water lines and sewer lines. An easement will not necessarily prevent a home from being sold, but it may give the buyer a reason to back out of the purchase, since it can restrict what a buyer is allowed to do with his new property.
Encroachments: Fences or other parts of neighboring lots that cross property lines.
BUYERS SERVICE GUARANTEE
- Offer Preparation – We will prepare a written offer on the property you choose to purchase, with terms approved by you.
- Negotiation Strategy – If requested, we will prepare a Competitive Market Analysis for you. This may assist you in structuring your offer to purchase.
- Offer Presentation – We will present your offer to the seller or their designated representative.
- Building inspection Remedies – If applicable, we will work with you to request the seller to remedy the items you specify after your review of the building inspection reports as your Offer to Purchase specifies.
- Walk Through – We will accompany you, if requested, on a walk through of the property (if one is provided for in the sales contract) before closing, and we will assist you in dealing with any problems discovered during the walk through.
- Closing the Sale – We will monitor and inform you of the progress of the purchase agreement, including the satisfaction of all contingencies and conditions during the entire transaction.