Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Guiding your purchase

DECIDING TO BUY A HOME IS A BIG STEP. HERE ARE SOME OF THE SERVICES I PROVIDE:

  • Share actionable market intelligence
  • Focus your home search
  • Explain contracts and documents
  • Refer you to a respected lender
  • Provide resources for a bridge loan or making a cash offer
  • Preview and tour homes
  • Refer you to an inspector and attend inspections
  • Write an intelligent offer that can win
  • Negotiate purchase terms and timetables
  • Coordinate the many moving parts of the transaction
  • All the way through closing
  • Answer all of your real estate questions
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Getting to know you

Before I can help you buy a home, I need to know a few things about you. We’ll start with a consultation, during which you’ll explain what you’re looking for in your new home. We’ll discuss different ways to get there, based on both your specific situation and the current state of the market. This initial conversation is about more than learning which floor plans you prefer or what your budget might be—it’s also a chance for us to get to know each other as people. My practice is built on relationships, so it’s important for us to build a foundation of trust and transparency as we move forward.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home

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Figuring out financing

To make your home search process as smooth as possible, it’s crucial that you have your finances and budget in order before you start seriously looking at homes. In a competitive region and real estate market such as ours, having financing pre-approval is key to your success (unless you plan to pay cash). To get pre-approved for a loan, you’ll need to connect with a mortgage lender. Who you work with on the financial side is entirely your choice, but I’m always happy to recommend some trusted and knowledgeable lenders who have been integral to my clients’ success. Some lenders even offer a certified buyer program, which serves as a type of performance guarantee to a seller who is considering multiple competing offers. About 30% of successful buyers in our region are cash buyers. If you intend to purchase with all cash, it’s important to know that there is likely to be competition from other cash buyers. As a result, it’s crucial that your funds be available in liquid form—this could propel you ahead of a buyer who hasn’t yet converted other holdings to cash.

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Determining your maximum price

Understanding how much you can afford is crucial before you start searching for a home. You’ll likely work with a lender or financial advisor to calculate your max budget, but before you do, consider taking these steps:

  • CHECK YOUR CREDIT REPORT: It’s best to check your credit report before your lender does so you can correct any mistakes you find before your lender sees them. It also gives you an opportunity to explain any blemishes that show up on your report.
  • Know Your Credit Score: When you check your credit report, you can also check your credit score. (This is known as a “soft credit check” and will not affect your overall credit.) Your score can impact how much lenders are willing to loan you as well as the interest rate you qualify for.

DETERMINE YOUR DOWN PAYMENT: The decision about how much of a down payment you’re prepared to make is entirely up to you. The size of your down payment may impact the financing terms your lender gives you. Also, it’s typical that a down payment of less than 20% will require you to purchase Private Mortgage Insurance (PMI).

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Start Touring

Once you’ve determined your budget and we have an idea of what you’re looking for, we’ll start touring listings. This process will help you get a sense of what you can expect from different types of homes, your price point and the vibe of various neighborhoods. It will also help me get a better sense of your wants and needs in order to continue refining our search. While the market may be more competitive at certain times, I want you to feel comfortable with every decision you make. There is no right or wrong number of listings to view, nor is there a specific timeline you have to stick to during the search. To help you be confident in your selection, I’ll lay out the pros and cons of each contending property. My advice will always be honest and backed up by relevant data.

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Putting together your offer

Before writing your first offer on a home, I’ll guide you through its various components, including the Purchase and Sale Agreement, state-required forms, all contingencies, and what you’ll need to prepare to back up an offer financially.

  • PREPARING THE OFFER
  • PRESENTING YOUR OFFER TO THE SELLER
  • SECURING YOUR INTEREST WITH A DEPOSIT

 

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Purchase and Sale Agreement

THE PURCHASE AND SALE AGREEMENT USUALLY CONSISTS OF THE FOLLOWING:

    • Earnest money declaration
    • Financing addendum
    • Inspection addendum
    • Optional Clauses addendum (Form 22D)
    • Lead-based paint notification, when appropriate
    • FIRPTA (Form 22E)
    • Agency disclosure form
    • Seller disclosure statement (Form 17)
    • Title review
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Settlement and Closing

The Buyer Pays For: 

  • Down payment on the home
  • Buyer’s escrow fee (according to the contract)
  • Lender’s extended title insurance premium (ALTA)
  • Document preparation (if applicable)
  • Prorated property taxes (from date of acquisition)
  • Prorated Homeowners Association dues (from date of acquisition) if applicable
  • Recording fees for all documents in buyer’s name
  • Notary fees, if applicable
  • Homeowner’s hazard insurance premium for first year
  • Inspection fees (according to contract)
  • Loan fees as agreed with lender
  • Interim interest on new loan, prorated from date of funding to first payment date
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Settlement and Closing

The Seller Pays for: 

    • Seller’s escrow fee (according to contract)
    • Owner’s title insurance premium
    • Real estate service fees (according to contract)
    • Payoff of all encumbrances (loans) in seller’s name
    • Prorated property taxes (prior to date of sale)
    • Any judgments, tax liens, assessments or encumbrances placed against property title
    • Any unpaid Homeowners Association dues
    • Recording charges to clear all documents of record against the seller
    • Excise tax, if applicable, determined by county and based on sale price

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

Testimonials

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THUBTEN J.

You are trustworthy and professional. I am fully satisfied with working with you. Rating : Excellent.
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LARRY & DIANE S.

I've worked with Brook Rowe as both buyer's agent and seller's agent, and she excels at both roles. As buyer's agent, she understood our quirky requirements and found potential properties. Then she sorted out problems in negoti...
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GREG J.

GREG J.

Working with Brook to sell my house was an absolute blast! I feel Brook genuinely loves her job, making the process as seamless and painless as possible, and worked hard to get us the best deal possible!
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Work With Brook

Whether you are looking to buy or sell a home, Brook brings her own special brand of care and commitment to every transaction. Her calm presence and can-do attitude make the entire experience as stress-free as possible.

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Contact Details

Brook Rowe

Phone

(425) 999-0096

Email

[email protected]

Address

9152 130th Ave NE Bothell, WA 98011

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