So you want someone to break down the process for you, huh?
From the first time we text/talk/meet or, if we already know each other, from the first time we start the conversation about the buying process to closing time.
I've got you covered!
1. Initial Conversation
The first time we talk about you starting the process usually entails me asking you about your timeline, what you are looking for, and if you've spoken to a lender. This conversation is usually not too in depth, and is used to guide our conversations going forward. If you are already working with a lender, meaning you are in the process of getting pre-approved or have already been pre-approved, then you are already a step ahead. If not, see step 2 below for what comes next.:D
2. Connecting you with a lender
This is usually the scariest part for buyers; the part of the process where most become unresponsive if they are not serious about the process. In a way, this step separates those who are motivated from those who aren't.
At this stage, I refer 2-3 lenders to you to get the ball rolling on your pre-approval, or at least to get a snapshot of your current financial picture. I like to give you more than one option so you can pick which person you'd like to work with. After all, this person will see a lot of your financial information and will work with and alongside you for a minimym of 30 days. It is important that you two trust each other and at least get along.
Generally, lenders ask for the following documents at this stage:
- Last 30 days of paystubs
- Last 2 years of W2’s
- Last 2 years of tax returns. (This is only if you are self-employed or have any type of rental income.)
- Last 60 days of bank statements
- Last 2 years of address & employment history.
3. Searching for Your Home
At this stage, you and I have decided to work together on this process, and you are now pre-approved with a lender you chose and trust. This is the exciting part of the process!!
I set up a search for the type of home you are looking for the the NWMLS (Northwest Multiple Listing Service), so that any new homes that match your criteria are emailed to you as soon as they hit the market.
We go together to see the homes you are most interested in and that fit your financial situation until we find the one(s) you would like to submit an offer on.
Please do keep in mind that this is a seller's market right now, and it may take seeing 5-10 homes before it makes sense to write an offer, and even then, it is possible that we write multipe offers before our offer is chosen by a seller. Do not let this discourage you! It is the experience of a lot of buyers right now, and as long as stay optimistic and don't give up, I will stick by your side until we find the right home, and we will find the right home for you.
4. Your offer gets chosen!
You have fallen in love with a home, submitted an offer, and the seller chose your offer! Congratulations! First, you get to celebrate a little (just a little!).
Then it is back to work, because at this stage, we start going through the components of a transaction...Inspection, Negotiations, Appraisal. (I can make additional posts about these individual parts of the process if you'd like, or just message me if you want to know more.)
Once we are through the inspection and appraisal, all that's left to do is sign your closing documents at the escrow office!
5. CLOSING DAY
Typically, by closing day, you have already signed the closing documents or are signing the closing documents that day. The escrow office then sends those documents to your lender for a final review. Once the lender gives escrow the green light, escrow "releases to record," meaning they submit to the County all necessary information to record you as the new owner of the home.
In Pierce County, this process has been streamlined to work pretty quickly online. In King County, it can take a bit longer to process that information. So, depending on which County your new home is in, escrow will receive the recording numbers either within hours, or by the next day sometime. Once escrow has these recording numbers, the transaction will officially be closed, and YOU GET YOUR KEYS! HOORAY!
See the process from accepted contract (mutual acceptance) to closing below.