The Buying Process

Are you ready to turn the dream of home ownership into reality?

Below you will find eleven steps to help you understand the process and what you will need to do throughout the buying process.

1. Determine How Much Home You Can Afford.

Before you begin home shopping, you will need to know how expensive a home you can purchase. This will depend on a number of things including your income, available cash, credit rating, expenses and debts and the type of loan you will use for financing. The only sure way to answer this question accurately is to get pre-qualified. If you would like to start this process now, simply click the Free Mortgage Pre-Approval line below. It's fast and free with no obligations. Yes, I would like to begin my free Mortgage Pre-Approval now! Getting pre-qualified provides another benefit besides helping determine the upper boundary of what you feel comfortable buying, it demonstrates your purchasing ability to potential Sellers. This will give you an advantage when it's time for your ibodeo agent to present your offer because the Seller will know you can afford their home and have financing already in place. If you would like to get a rough idea of what you may be able to afford, Ginnie Mae offers a quick online mortgage calculator that may help. Ginnie Mae is US Government organizations that insures or guarantees home loans. Take me to the Ginnie Mae mortgage calculator.

2. Determine Your Home Buying Criteria.

ibodeo.com gives you access to every home listed in Western Washington. Using ibodeo.som's powerful search tools by determining specific requirements for your new home will help sort through thousands of homes on the market and narrow your search down to only those homes that meet your needs. Here are a few important tips:

Determine the most important factors to consider in buying your next home. Make a list of pros and cons of your current living environment and highlight things you would like to change and reasons you have decided to make a move.
Determine your specific minimum requirements. What area or areas are you willing to move too? What style(s) of home is required? What are the least number of bedrooms, baths, etc. you require? There are many more characteristics you can use to help find you perfect home.
Determine your specific maximum requirements. Unlike your minimum requirements, your maximum requirements will filter homes that will include features you may not need but would like. This may include more bedrooms and baths, larger lot size, views and waterfront and the highest end of your price range. This will help set the upper range of what you would like to buy and still qualify for.

3. Begin Your ibodeo Online Home Search.

Search using ibodeo's powerful online search tools to immediately get a list of every home that fits your criteria.
Save your search or searches using ibodeo's Search Saver tools (ibodeo lets you save as many different searches with different criteria as you would like) and receive daily updates automatically with new home listings that match them.
Contact one of ibodeo's real estate professionals who would be happy to set up a custom search for you.

4. Request Showings for any Homes You Would Like to Visit.

Your ibodeo licensed Realtor® will arrange access to meet your schedule, often in as little as three hours from your request.
Showings need to be scheduled with the homeowners and may need to be made several days in advanced.
All home showings for properties listed on the NWMLS must be accompanied by a real estate agent licensed in the State of Washington.
Homes listed "For Sale By Owner" (FISBO) require permission from the seller for agent assisted showings. FISBO's represents very few homes on the market but, to insure your best interests, it is best to have an ibodeo professional represent you to every Seller.

5. Negotiate a Real Estate Sales Contract with the Seller.

You, with the help of your ibodeo professional, will determine an appropriate earnest money offer that incorporates several protective contingencies allowing you to arrange Title Insurance, Financing, and a Home Inspection.
You will have to give an appropriate earnest money deposit that will be held in an escrow account until closing or other legal termination of the transaction. An earnest money provides security to the Seller that you are an able and willing Buyer and is required by law.
Your ibodeo professional will represent you to the Seller during the negotiations to insure the strongest sales agreement while protecting your Earnest Money Deposit.

6. Order an Appraisal.

An appraisal of the home you are buying will be required by you lender to insure that the purchase price is consistent with the true value of the property.

7. Get the Home Inspected and Resolve any Material Issues.

A home inspection may reveal issues about the property that both you and the Seller may not be aware of. These may be required to be resolved prior to closing by you, the seller and/or your lending institution.

8. Order a Preliminary Title Search.

A title search will reveal any issue regarding the title and is the first step in acquiring title insurance which will be required by your lender.

9. Shop and Secure Financing.

Because you will be pre-qualified for your mortgage loan, getting final financing approval for is a much simpler process. Your lender will verify your financial information, approve the appraisal and title insurance and provide you with a final good faith estimate based on the latest interest rates and projected closing dates.

10. Shop and Obtain Homeowners Insurance.

You will be requred by your lender to obtain homeowners insurance prior to closing.

11. Attend Closing - Sign Documents.

The escrow company will notify you that all documents are ready for signing and set up an appointment with you.

12. Closing and Possession - Move In.

Closing is officially the date that funds are available for the Seller. This is usually 3-4 days after final documents are signed by all parties. Typically, closing is also when you, the buyer, may take possession of the home.