The Buying Process

• Your lender is a crucial part of the home purchase process. Their ability to process your transaction can make or break your purchase. Your lender should be able to:
  • Understand your current financial position.
  • Communicate with you comfortably.
  • Know the real estate market.
  • Know the financial market and the products available (including all WSHFC products).
  • Have prior extensive experience in real estate financing.
  • Have the loan resources to provide you options to your financing that meet your needs.
  • Has the team and support to meet the demands of the transaction process on time or ahead of schedule.
• While the decision must be yours as to who you choose as your lender, The Marks Home Team can provide referrals to various lenders for your selection.

• There is a huge difference between getting pre-approved and getting pre-qualified. Understanding this will impact your ability to negotiate a home purchase. Simply put:
  • A pre-qualification is solely based upon information you communicate to the lender. This is often done on the initial phone call.
  • A pre-approval is provided after all documents have been submitted to the lender, processed, and underwriting has reviewed the file.
  • Some lenders will offer the seller a financial guarantee of approval on a pre-approval letter. Be sure to ask.
• The stronger the financial package, the more likely the seller will be to accept the offer. In a competitive market, the strength of your financing can be key to the success of your offer.

• With the pre-approval letter, it is time to discuss what will be the financial terms of your offer. You will need to discuss:
  • Loan type
  • Down Payment
  • Interest rate
  • Payment plan
  • Closing Costs
  • Time to close
  • First payment due date
  • Mortgage Insurance
• Discussing this information is important because it will be a part of the terms of your offer, and something that the seller will consider closely.

• The Marks Home Team has all the latest tools, resources, and strategies to initiate a robust search for your home. It is important to discuss the approach to finding a home and how best to facilitate it around the demands of your work and your lifestyle.
• We will also discuss search and purchase strategies with you to help us find the home you desire and to make a successful offer on it.
• We will also discuss specifics regarding the criteria for the type and style of home you want. These could include any or all of the following:
  • Home type and style
  • Preferred locations
  • Proximity to the workplace
  • School districts and Shopping locations
  • Bedrooms and bathrooms, including sizes
  • Parking and Yard size
  • Access to transportation
  • Condition of home
  • Other important features
• Touring homes takes time and energy so the better we tailor your search to what you actually want, the more efficient our search will be, and the quicker you will find your next home.

• As soon as we have determined the basic criteria, we will begin making recommendation for properties that closely meet those criteria. We will let you know of qualified homes as soon as they come on the market.
  • We will provide you with a connection to the NWMLS Portal, which is the best connection to homes listed on the NWMLS. No other website is ‘real time’ and so your information is up to date and accurate.
  • We will also provide you with phone and tablet apps with the same ‘real time’ connection. These apps use a GPS system to give you information on homes near your location that you can use when you are out, driving around and looking at homes.
  • When you receive your recommended home list, choose the homes that might be of interest. With that list, preview the homes as soon as possible.
  • You also can do a ‘drive-by’ preview to ascertain the neighborhood and the exterior of a home on the list. As you do this with each home you will be able to let us know what neighborhoods you prefer and which ones you do not care for.
  • In previewing you can also get a peek at the exterior of the home and yard. This may eliminate some homes or may result in a tour of the home.
    We are constantly previewing homes in the market through brokers opens and preview showings as well.

• Once you have done your search and preview, let us know of the homes you wish to tour.
  • We will review it as well and advise the best way to see the home and coordinate a day/time to meet at the home and take a tour.
  • We will provide you with details on the homes you are touring, including sales history, neighborhood, schools, comparable homes, and other important information.
  • Tours can often consist of several homes to see at one time. That is never a problem but does require coordination with the sellers and listing agents.
  • As we tour the home, we will note the features and concerns with each home. We will point out risks and values of the homes we tour.
• OPEN HOUSES: Some of the homes that you may be interested in seeing may be available to tour through an open house. We can provide you lists of open houses that meet your criteria every weekend. Be sure to advise the hosting agent that you are working with The Marks Home Team.
• VIRTUAL OPEN HOUSES: Some homes have virtual open houses that you can access online. If touring the home is inconvenient or there is a conflict, we can host a virtual open house or video call for you as well.
• As we view the homes, we will look closely at a number of items important in rendering a decision.
  • Does the home meet your needs?
  • Does the home have any of your wants?
  • What is the general condition of the home?
  • Are there repairs that are needed? (major or minor)
  • How is the location?
  • What is the neighborhood like?
  • What do you like about the home?
  • What do you dislike about the home?
• Once you have selected a home that meets your needs and criteria, it is then time to discuss making an offer on the home. In a competitive market, this needs to be done quickly.

• Often, this part of the home purchase process can be the most daunting. It involves making a commitment to purchase one of the largest investments of your life. Our goal is to make this process comfortable and successful for you. We will:
  • Evaluate the market value of the home
  • Discuss the pros and cons
  • Ascertain the best purchase price
  • Develop an effective strategy for acceptance of the offer
  • Prepare the purchase and sale agreement.
• During this process there are several items that we will discuss in order to create the most competitive offer we can. These items include:
  • Price
  • Closing Date / Move in Date
  • Earnest Money
  • Appliances included
  • Closing Costs
  • Financial Terms
  • Inspection Contingencies
  • Other Contingencies
  • Title Review
  • Utility Contingencies (Wells, Septics, HVAC, etc.)
  • Warranties
  • Other Terms, Addendums, Options, etc.
• Once completed, all parties to the purchase (buyer’s side) will sign the purchase and sale agreement.
  • The agreement is then sent to the listing agent and the two agencies.
• Negotiating the offer. This can consist of offers and counter offers regarding the various terms of the offer.
  • We will be following through on negotiated terms on all items required for mutual acceptance.

Once the offer has been negotiated and accepted (mutual acceptance) the transaction or purchase process begins.

• Documents are sent to all parties (lender, escrow, title, all agencies, etc.).
• Earnest money is collected and submitted to escrow.
• Title search begins.
• Inspection is scheduled by the buyer.
  • The Marks Home Team can help you in the selection and scheduling of the inspection.
• Loan approval process begins.

The inspection is critical to the purchase of a home. In a competitive market, many brokers will recommend waiving the inspection. We will not. However, there are other strategies that will make you just as competitive. We will discuss these when the offer is being submitted.

• If possible, arrange to attend the inspection. You will learn a lot about the condition of the home.
  • Meet the inspector and the agent at the home at the scheduled time.
  • Accompany the agent and the inspector during the inspection.
  • We will discuss any issues with the home and possible remedies.
  • We will decide on what items need to be fixed by the Seller.
• The remedies for the seller to fix will be drawn up on an inspection response form and given to you to review and sign.
• The seller will respond in one of three ways.
  • Seller accepts response.
  • Seller rejects the response.
  • Seller proposes a different remedy.
• When the seller has responded, we will discuss with you the options at hand for moving on to the next step in the process.

As the inspection process is taking place, the other areas of the transaction are also moving forward.

• Lender orders appraisal after inspection agreement signed.
  • Appraisal is report received.
• Lender completes and submits loan documents to underwriting.
• Underwriting reviews and approves loan.
• Buyer prepares for moving.
  • Notify utility companies.
  • Notify insurance companies.
  • Contact moving companies.
  • Prepare address changes to post office, magazines, employer, etc.
• Loan documents are sent to escrow.
  • Buyer reviews closing disclosure.
  • Lender will assist with any questions.
• Escrow prepares all final documents and schedules signing. Settlement statements are sent to both Buyer and Seller.
  • Buyer reviews estimated Settlement Statement.
  • We will assist with any questions you have or changes that need to be made.
• Lender funds the loan.

The closing process begins approximately one week or less before the negotiated closing date. This is the time when all the final documents for the purchase are finalized and signed.

• Final walk-through of the home by the buyer takes place 3-7 days prior to the closing date.
  • Ascertain if the agreed upon repairs are completed.
  • Is the home in the negotiated condition and all seller items are removed?
• Escrow prepares all final documents and schedules signing.
  • Signing is usually done at the Title and Escrow office, but can be arranged to be at your home, office, or another location.
  • Translation services are available as well.
• Buyer and seller receive settlement statements for review. This shows all the money transfers, costs in the transaction, and amount needed to be brought to the signing.
• Buyer and seller sign documents and pay any closing costs.
  • Confirm with escrow as to how the payment can be made (wire transfer, cashier’s check, etc.)
  • READ ALL WARNINGS ABOUT WIRE TRANSFERS. FOLLOW THE INSTRUCTIONS AND RECOMMENDATIONS.
• Title change submitted to County Recorder.
  • When title has been successfully transferred, county advises escrow.
  • Escrow advises all other parties.
• Agents arrange key exchange.
• We present the keys to you. Congratulations. You are now a homeowner.

Congratulations. We love presenting you with the keys to your new home. We will also assist you with any final documents, changes, or arrangements you might need to complete the change.

The Marks Home Team will represent you throughout the transaction process and even beyond that. That is our commitment to you.

Often there are still some tasks to complete when the transaction is completed. We will help you by providing referrals, resources, and following up on information and documents. We do not end our relationship with you at the end of the transaction. We are available to you anytime.

• You will also be receiving documents from escrow including the final settlement statement.
  • If you have any questions about anything you receive, please contact us.

• Sometimes there are tasks that need to be completed after the purchase, things such as painting, flooring, window coverings, cabinet repairs, roofing, trash removal, etc. We have lists of resources to help you complete these tasks. Just let us know what you need, and we will jump in and help.
• We have been in the home remodeling/restoration and ‘flipping’ business and have experience that can help you with design ideas and recommendations.
• We can also refer you to contractors and other professionals who can help you with your home tasks.
• We hope and pray that you are happy with our services. If you are, we would ask of you two quick items.
  • Testimony: We would love to have you comment on the service we provide you. This can be as easy as a two- or three-line comment sent to us via email or text. We also ask if you would make testimonial comments on Google, Yelp, Facebook, Instagram, and other media sites.
  • Referrals: If you know of someone who is considering purchasing or selling a home, we would certainly appreciate being referred. For us, it is the best thank you that you could give us.

• We like staying in touch with our clients. We value all our relationships.
  • We have a newsletter that keeps you up to date on information related to homeownership and the housing market.
  • We also provide you with regular market updates which help you to ascertain market timing in the event you wish to sell your home or purchase an investment property.
  • We will provide you with a comparative market analysis (CMA) to help you track the changing value of your home.