BUYING

YOUR

HOME

EMILY WYSS

360.421.4322
[email protected]
www.dwellingham.com
RE/MAX Whatcom County, Inc
Step-by-Step Buying Process

1. Choose an Agent

2. Get Loan Pre-Approval

3. Find a Home you Love

4. Make an Offer

5. Complete Inspections

6. Title & Closing

7. Move In!
 1. Choose an Agent

As a client you will have the benefit of my over 7

years experience in the real estate industry to help
you find and purchase your home, as well as protect
the investment you've made for the long term.

Buying a home can be more than just a financial

decision, it can be an emotional one as well. That's
why you need someone on your side who isn't a
salesperson and instead acts as your: ould
out h es itation, I w
With to
re co m m end Emily
Property Specialist highly y,
ti n g a trustworth
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Transaction Coordinator , a nd h a rdworkin
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With me on your side the entire home buying process is beginnin of
d b e y o n d the call
streamlined. I will show you homes for sale, including listings above an
from any real estate company, for sale by owner properties duty.
and even off-market homes. My tools and hard work will help
avis
you find any type of home, including foreclosure and short sale -Kim & Tr
properties.

It's never too early to get good information & knowledgeable guidance.
I'm available to help with all aspects of the home buying process, from beginning
to end. My work as your Buyer's Agent is at no charge to you. Give yourself an
advantage in this market by starting your home search with me by your side.
Choose a Lender
2. Get Loan Pre-Approval

You can get a home loan (mortgage) from a lender

at a bank, credit union, online lending institution, or
mortgage broker. What you really want out of your
lender is fast communication during the process
and for them to look at all of the loan options and
help you choose the best one for your situation.
They should help you save money, and make sure
your home purchase stays on track by responding
quickly to you and your Realtor.

Out of Pocket Costs

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and the property meet the requirements.

Earnest Money Deposit: once you've made a written offer to

the seller, it will be accompanied with an EMD (money
intended to show your good faith in following through with the
purchase). Your EMD will be applied to your down payment at
closing. The amount of your EMD can vary, but generally it is
around 1% of the purchase price; the larger the deposit, the
stronger your offer will be. Your EMD will be deposited in the
escrow account at the title company within two days of your
offer being accepted.
 2. Get Loan Pre-Approval cont.

Home Inspection: The cost of a home inspection

will vary, but should be between $300 and $500.
The fee is not refundable, and is paid directly to the
inspector you choose. Given the potential financial
risk, not getting an inspection can cost you greatly
later. More info on the inspection process, including
recommended inspectors, can be found in
the "Complete Inspections" section.

Appraisal: When you get a mortgage your Your Lender Will Need
lender will require an appraisal be done before
they loan you funds to purchase your new
W2's for past 2 years
house. The lender does this to make sure that
the home you are buying is worth what you
Paystubs for the past 3 months
are paying for it. Generally an appraisal costs
$500-$600 and is paid to your lender, either
up-front or out of your closing costs. Tax returns for past 2 years

Closing Costs and Pre-Paid Items: Bank statements past 3 months

Closing on your home also involves additional
costs, such as lender fees, owner’s and lender’s Other asset statements (bonds,
title insurance fees, credit report fees, and stocks, retirement accounts)
recording fees, for example. You will also have pre-
paid expenses, such as your first year premium on
Current mortgage statements,
your home owner’s insurance policy, pre-paid
or contact info for your landlord
interest charges, and real estate taxes. Generally
your closing costs will be ~2% of the purchase
price (not including your down payment). Your
closing costs and pre-paid items, plus the rest of
your down payment, must be paid on the day you
sign closing documents at the title company.

Don't have a lot of money in the bank? We can negotiate

to have the seller pay part or all of your Closing Costs!
Find out how much home you can afford;

use this mortgage calculator!

3. Find a Home you Love

Knowing What You Want

In today's housing market having a clear idea of

your needs and wants is important so you can
make smart decisions when you start seeing
homes in person. Competition between buyers
for the best homes means that when you find that
perfect house you'll want to act fast!
Knowing what qualities are "must haves" and
where to compromise will help when making
quick decisions.
During the search process you and I will be
I need a home with...
working together to search for and find the right
home for you. My job is to listen to you, learn
about what is most important in your new home, Bedrooms:               
and provide you with guidance and information.
Your job is to make the decisions with that
information. I will guide you with my Baths:           

experience, but ultimately leave the type,

location, and price of the home up to you.
Price:                         

When we are at a showing you'll be checking

out the property, making sure it meets your
Location:                                 
needs and feels like "home". Showings usually
last 30 minutes or less, so you won't be able to                    

learn everything about the house while you're School District:          

there. When you write a purchase contract
(offer) on a home, you'll have time during your
inspection contingency to learn the answers to Commute length:

all the questions that you have.

There are protections built into a purchase
Fixer OK?:
contract so that you'll feel comfortable taking
the leap when making an offer on a home.
Grab the opportunity to buy your dream Parking:
home before someone else does!
Components of a Purchase Contract
4. Make an Offer

When you make an offer you'll be signing a lot of

paperwork! Here's a brief description of some of the
standard forms you'll encounter.

Purchase and Sale Agreement

The purchase and sale agreement (PSA) is where

we'll identify:
the property that will be purchased
the purchase price
the closing and possession date
the identity of the buyers and sellers
the included appliances and items
the earnest money amount
the title company and closing agent
I m ade a
hink e! "
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The PSA also includes explanations and definitions
of the terms of the contract, such as "computation of ibl
terr - every home buy
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The PSA is the base of your purchase contract, but you will som get w "
p o rarily m orse. a
also have a set of contingencies attached to the PSA. You tem
u y e r's re
r e tf u l, take
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can think of contingencies as hurtles that need to be r e f e eling k e s ure th
a a ad
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jumped in order for the sale to continue. Examples of step
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m e ets th d lo oking
common contingencies are: home arte his
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wh o u t
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financing contingency Chan
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ti ll m d j u
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well and septic inspection contingencies breat

feasibility contingency
title contingency
Contingencies are a combination of requirements coupled
with a time frame for those requirements to be completed.
Generally your earnest money is protected until the
contingency's time frame expires, preserving your
ability to cancel the sale without losing your EM deposit.
 5. Complete Inspections

Home Inspection

A home inspection is one of the most important

components of the home buying process. Your
licensed home inspector will look at all visible aspects
of the home and report on their condition, making
recommendations for items that need repair or should
be monitored for future maintenance. The written
In sp ec to rs
inspection report you receive will cover:

roof lot drainage Brian Fish    

crawlspace/foundation attic Win Home Inspecti
on

electrical panel & outlets plumbing 360.398.8710

appliances heating/cooling [email protected]

When reviewing the inspection report look for any

items that, if not addressed, would cause you to cancel Jefferson Livingston 
Inspectors
your purchase. This is usually the last time to negotiate Pillar to Post Home

with the sellers. Your options for responding to the 360.392.8731

sellers after inspection are: PugetOffice@pilla

rtopost.com

Continue with the sale as-is

Curtis C. Brown
Request a price change to cover the cost of repairs Curtis C Home Ins
pection Service

Ask the sellers to make the needed repairs 360.296.4020

hoo.com
curtiscservices@ya
Cancel the sale

Other Inspections

If your new home has it's own well or septic system those inspections will take
place during the purchase process as well. Septic tanks will be inspected and
pumped at the seller's expense. You may choose to have the well-water tested
for bacteriological contaminants, this is generally a buyer-paid expense.

Savvy Buyer's Tip: when competing with offers from other

buyers, consider shortening your inspection period from 10 days

to 5 days. You'll have to hustle a bit, but it could convince the

seller to choose your offer over another while maintaining the

protection of your inspection contingency.                                

What is Title Insurance & Who Pays?
6. Title & Closing

The "title" is what gives you ownership of a property.

It's important that the title to your new home is free
and clear, meaning that nothing that happened in
the past will affect your ownership and rights to the
property. The title company will research the public
records and provide you with a title report outlining
the condition of the title including any liens,
judgments, easements, or existing loans on the
property. Title insurance provides protection for
the policy holder against losses incurred from
defects in the title. Unlike other types of insurance,
title insurance provides protection for pasts events
instead of unforeseen future events. There are two
What to Bring to the Signing
title insurance policies issued for each sale; one
protecting the homeowner (buyer) and another Valid driver's license
protecting the buyer's lender. Typically the seller
pays for the homeowner's policy and the buyer Cashier's Check covering your
closing costs, payable to the title
pays for the lender's policy.
company
-or-
Bank receipt showing that the
Signing & Closing
funds were wired to the title
company
Once all of your inspections, contingencies and loan
requirements have been satisfied the title/escrow company All the people who are on the
will schedule your signing appointment, which usually takes purchase contract or will hold title
to the property must attend
place a few days before the closing date set forth in the
purchase agreement. The day before your signing
appointment you'll be given the exact figure for the
amount of money to bring to closing. You'll be signing a lot
of paperwork including your loan and title transfer
documents. These documents will be recorded at the local
courthouse on the closing date, officially transferring the
property to you.

Where are the Keys!?

You'll get the keys to your new home & be able to start

moving in at 9pm on the closing date.  

Yes, that's 9 in the evening...

Make sure that your movers/family & friends are ready for

a late night, or schedule your move for the following day.

 7. Move In!

Congratulations

It's finally moving day! Unless you've made a different

agreement with the sellers, you'll be getting the keys and
moving in on the evening of the closing day.
During the chaos, don't forget to:

Submit your change of address with the Post Office.

USPS Online
Change of
Address

Let your family and friends know that you moved.

Create a free custom e-card using this online tool!

Make & send

your moving
announcement
Utility provider info on next page
Start or transfer your utility services.

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highly recomm
estate transactions.

- Karen & Larry

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sredivorP ytilitU
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Whatcom
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 EMILY WYSS

360.421.4322
[email protected]
www.dwellingham.com
RE/MAX Whatcom County, Inc