Buyer Tips

Buying Tips for Washington Real Estate

So you are thinking about buying? Now is a great time to be buying as rates are still low and inventory is up. There are some tips to prepare you for this market though.

Have a pre-approval letter in hand when submitting offers

This is a great way to show the seller you are a serious buyer and not one that didn't do their homework ahead of time. It also tells the seller you probably really can afford this home.

Limit contingencies for a tighter offer.

Some sellers don't like offers with a lot of contingencies and the biggest being the need to sell your own home first before closing on the new one. If this can be avoided it is recommended so but sometimes there is no other choice. Inspection and finance contingencies are usually a given and highly recommended.

Have a professional inspection done.

In Washington it is not required to have a professional inspection but it is well worth the hassle and cost to get one. Having an unbiased expert thoroughly go over every nook and cranny of your home will not only allow you to negotiate for repairs or funds with the seller but also will help you prepare for future replacements or costs that can be pricey when not planned for. [our connection in St George homes and real estate has more on the home inspection]

Shop for and obtain homeowners insurance

If you are financing a home the lender will require you have homeowners insurance to protect their asset while you owe on it. If you already own a home and are selling it to buy another, make sure your homeowner insurance knows of this. It may also be a good idea to shop around for the best deal. [Our Bellingham Homes professional has an excellent article on homeowners insurance]

Have some out of pocket funds available.

You will need liquid funds for earnest money and inspection. Many other things can be built into the cost of the loan but these are items that require a check on the spot. Its a good rule of thumb to have about 1-3% of the purchase price as earnest money for your home but it can be as little as $500. The more earnest money you put down, the better it looks to the seller and this money is credited to you at closing. Inspection costs will also need to be paid on location. This is typically $300-500 and can vary from inspector to inspector or the depth of the inspection. If the inspector finds something worth a closer look, they may recommend a specific professional to assess any issues which can also cost more.

With these tips in mind, you can set out to find your perfect Clark County real estate or home. We have agents that specialize in all areas around the Vancouver Washington real estate area. Call us today for more tips and referrals to any of the above resources.

ADDITIONAL REAL ESTATE CONNECTIONS: Valley Realty is your source for all listings in the Eastern Oregon real estate area. We help buyers and seller come together for all Union County homes and La Grande real estate. Cameron Harter is your source for all Fairbanks homes, real estate and Fairbanks homes for sale in the Alaska area. Serving from Nenana to Salcha including Ft. Wainwright and Eielson AFB. Contact me for all your Fairbanks real estate needs.