Vital Steps for First Time Buyers

First Time Home Buyer?first time home buyers in Tri Cities

As we seem to always say in the real estate world, "now is a great time to buy a home". But there are better times than others when it comes to buying real estate, especially your first home. While there are currently no major government incentives for buying a home in Tri-Cities, there are benefits to buying over renting. Depending on the current market, current rates and inventory you can set yourself up for a great deal on a super house.

How does all this work? Just like finding the right coupon to coincide with the right deal for the best price possible, buying a home is similar. It works best when you have all your ducks in a row.

It all starts in the planning stage. If you don't get set up correctly first you may end up spending more initially and in the long run. Getting set up first starts with an evaluation of your finances. This can be done personally or with a lender but if you go with a lender first, they can tell you the steps you need to take to get into a better position if you're not already in one.

Many good lenders will give you a plan to get your credit in order and get your funds pulled together before you apply for a home loan. Once you are ready to apply, the lender will find the best option for your situation. You can use a bank, credit union or mortgage broker and there are benefits to each. A bank or credit union will typically go with their current rates and closing costs may be less overall. A mortgage broker can find the right loan among hundreds of options, programs and rates but may charge more upfront at closing. Either way, it's a good idea to shop around until you feel comfortable.

Once you have your loan set up and you feel good about your financial situation, then comes the fun part of finding the home. The Tri-Cities real estate market has many options when it comes to homes. You can choose a move-in ready home listed by a seller or a great deal on a short sale or foreclosure owned by a bank. Each listing is specific to requirements, deeds, finance options and sellers so having the right agent along the way to decipher all the real estate lingo certainly helps.

Once you have a great agent assisting you in your search, a great rate on a home loan and you find a good deal on a house the next step is making an offer. You are free to offer anything you choose but with expert counsel from your buyers agent you can make a solid offer that has a better chance at being accepted.

Once the offer is accepted by both parties, the earnest money will be deposited and the transaction moves onto pending and inspection. We highly recommend a home inspection since this is the best way to find out everything about your new investment. You are free to ask for repairs, funds, lower cost on the home or walk away completely if you are not satisfied with the inspection results.

Once the inspection contingency is satisfied, the transaction moves onto closing. The escrow or title company will call you in for final signing once all the documents are in place and funds are ready to be processed. This is where all parties involved come together to make sure your deal is handled properly and in the right time frames.

Once you and the sellers have signed there is a 1-3 day waiting period for final closing. As your buyers agent we cannot hand over the keys to your new house until we get the final closing from escrow. This is to ensure funds have been processed and the deed has been recorded.

At this point, the home is yours!! Welcome to your new Tri-Cities home. Feel free to contact us anytime to get started in this exciting process.

Andrew Payne

Office Phone: 509-430-8373
Cell Phone: 509-430-8373
Fax: 509-967-9496

5736 Gray St
West Richland, WA 99353