Tri-Cities Buyer's Checklist

Your Tri-Cities Home Buyer's Checklist!

Steps in entering a real estate contract in Richland, Pasco, Kennewick, WA 

The Following is a list of steps a typical buyer in the Tri-Cities, WA would take when purchasing a home. We hope that this will make the process smoother expecially for our first time home buyers in Richland, WA Kennewick, WA & Pasco, WA.

Knowledge is power and just having the path to take to home ownership down, can make a world of difference on your stress level through the process.

Steps in a typical real estate transaction for a buyer:

  • Find a Lender & Get Pre-Approved

Get in touch with a lender; this could be a bank, mortgage broker, credit union or similar, work out a budget for your home. You will need to divulge any income and liabilities so the lender can determine from your debt to income ratio how much you can reasonably afford to pay for a home. The lender will then give you a letter of pre-approval to present to sellers when submitting an offer to prove you are a serious buyer. NorthWest Property Consortium is able to recomend several very qualified lenders that we have worked well with in past transactions for an even smoother experience.

  • Search  My Website Homes For Sale In The Tri-Cities, WA

With a price range in mind, it doesn't mean you have to max out that amount on a home. This is a maximum amount you should spend on a home and anything lower than that will only make your finances easier. You can start looking right here for Richland, WA, Kennewick, WA or Pasco, WA real estate and contact, me, Kuo-Ying Frenzel, for private showings or let me do the searching for you!

  • Submit an offer.

Once you have found a home you like, Kuo-Ying Frenzel will write up all the necessary paperwork needed to submit a strong offer. You will need to tell her how much you want to put down, how much earnest money up front you are willing to offer the seller and when you would like to close on the home. Kuo-Ying Frenzel's 21 years of realestate experience will make sure you submit up a strong offer and explain any issues or details you need.

  •       Wait for a response.

This is sometimes the most anxious part as you don't know what the seller is going to say. If they accept your offer, then it is usually off to inspection time. If they don't, they will probably counter-offer with something else. If you agree, then once signed, and the contract is mutually accepted then the earnest money can be deposited and onto inspection. If no agreement can be made, the transaction is terminated and money is returned to you.

  • Have an Inspection

You will want to hire a professional inspector for this because this is probably one of the biggest investments you are going to make and you want to be sure what you are getting.  Northwest Property Consortium has access to some of the best home inspectors in the market.  Once the home is yours there is very little a buyer can do after the fact. This inspector will tell you all about your home and any repairs needed immediately and any needed in the future. Once you have had the inspection you can either request repairs to be made, money for repairs, money off the home cost, terminate the deal, or go forward with no repairs.

  • Get Insurance

After all contingencies are resolved, you will need to obtain home owners insurance. Get several quotes and bids and make sure they know what and where you are moving to. This is also a time where the sellers are moving out, lenders are finalizing loan documents, escrow is compiling papers and monies, and agents are keeping the peace between all parties. IT maybe a quiet time for you but also a good time to let everyone do their jobs and you concentrate on your new home.

  • Signing and Closing

Once all the documents and paperwork are at escrow, you will go in separately from the sellers and sign all the paperwork necessary to complete the transaction. After the signing (which can take a couple hours), there is approximately 24-72 hours before the "closing" happens. This is where all monies are distributed and the deed is recorded with the county. On a typical purchase contract you can negotiate to move in upon closing or three days later if the sellers needed time to move out.

Once that is satisfied, the keys are yours to your new Richland, WA, Pasco, WA or Kennewick, WA HOME!!!