Steps to Buying a Home

Thinking about buying a house but just not sure where to start? There are 10 major steps to get through before you close on your new home. 

Mortgage Preapproval It's always best to know what you can afford prior to going shopping. We work with some of the best loan officers in the county, and they can walk you through the process of getting your financial documents in order, working on credit, and planning for your financial future.

Buyer Consultation This is when you sit down with one of our premier Real Estate Consultants and go over a tailor-made strategy for finding the right home. 

Showings Time to go shopping! We'll tour homes with you and help you find the best fit for your needs and wants. It’s more than just looking for the right number of bedrooms and baths - we’re looking at the age and condition of the home, whether it’s on city sewer or a septic tank, any conditions that might be red flags for the inspection and appraisal, and more.

Making the Offer Once you’ve found the right house, it’s time to craft a strong offer, including the preapproval letter from your loan officer. It's more than just paperwork to sign; this contract sets up the terms and timeline of the entire transaction, and determines what you'll pay up front and what you're asking for from the seller.

Mutual Acceptance  The offer is accepted! This is the date that kicks off all the timelines and due dates. Our transaction coordinator manages the dozens of details and signatures that happen from here on out. 

Inspection The first few days are busy - you’ll be depositing an earnest money check with escrow, finalizing your loan application, and booking a home inspection. The inspector will go through the house from top to bottom and check for deferred maintenance, needed repairs, or major issues with the home. This will inform your inspection response, where you accept the house as is, ask for repairs, or ask for changes to the contract. Our team works with a reputable inspector that we’re happy to refer you to!

*a note about new construction: Even though the house is brand new, we still believe it's worth having a licensed inspector walk through the house from crawl space to attic, just to check over everything before closing. 

Appraisal Along the way, you and the loan officer have been working on the loan application, and now the lender hires a licensed appraiser check the market value of the house against the sales of similar homes in the area.  (The appraisal is paid for by the buyer).

Loan Approval When the finances are all set, we have final loan approval!  The lender will put together a set of documents called Closing Disclosures (CD), and by law you have to sign the CD a full 3 days prior to closing. 

Final Walk-Through You’ll have the opportunity to do a walk-through of the property in the last few days before closing. If you're moving from out of town, we can do a virtual walk through via Skype or video chat. *For new construction homes, this is called a blue-tape walk-through, where you mark any deficiencies or mistakes that may have been missed in the construction finishes - door handles, paint drips, or anything like that. Signing & Closing When the CD is signed, final loan documents will go out to the escrow company. You'll meet with a closing officer to sign deeds and paperwork, and they will handle filing all of it with the County, usually a day or two later (or as stated in the contract).

Once the funds are in and the docs are signed and recorded with the County, you own your home! Per the language in a standard contract, possession is at 9pm the day of closing. If the sellers have already moved out, usually buyers can receive their house keys soon after we hear from the escrow company that the deed has been recorded. 

*a note on new construction: the builders have to receive a Certificate of Occupancy prior to closing. This is a document from the municipality stating that the home is able to be lived in.

And congratulations! You're now ready to move into your new home!

Questions? Email our Concierge at tiffany@cohengroupnw.com and she'll be sure to get them answered!