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Olympia WA Real Estate - Buyer Tips

Buying Olympia WA Real Estate

Buying a home is an exciting time, whether you are ready to settle in to your first home, buying an investment propery, or you're moving up to that waterfront estate you've always dreamed about. Unfortunately, it can also turn stressful for many homebuyers. Purchase and sale agreements, earnest money, mortgage shopping, and home inspections can make you want to pull your hair out. But, when you get a professional real estate broker working in your corner the process can run smoothly and you can focus on what matters most: being excited about your new home.

In these pages we'll try to shed light on the homebuying process and help you educate yourself about some of the important aspects of purchasing a home. Here are some of the topics you can read about:

Reviewing Your Finances

Before you fall in love with your dream home it is a good idea to take a detailed look at your finances to see how much money you can truly afford to spend on a home. Before you meet with a loan officer or mortgage broker you would be wise to lay out your budget and see how much money you are comfortable spending on a monthly mortgage payment. Most lenders will allow for a maximum debt to income ratio (DTI) of somewhere between 40-50%. So, once you determine your total monthly liabilities, figure out how much room you have left before you reach that 40-50% DTI and that can be your estimated allowable house payment. Keep in mind you will need to figure in property taxes and home insurance as well as any monthly homeowner association dues.  Read more

Hiring a Real Estate Agent

Many homebuyers will start by browsing homes for sale online. It is an easy and anonymous way for you to shop around and see if there are homes that interest you available within your budget. But once you find some homes that interest you, what do you do next? As a homebuyer, hiring a real estate agent requires no up front fee and no out of pocket cost at the closing of your purchase. Real estate agents hold the keys to get you inside the homes that interest you most, plus they can provide you with detailed market statistics for whatever neighborhood you are shopping in. However, showing you homes and providing market data is just the very beginning of a real estate agent's job. Perhaps the biggest reason you will want to seek the help of a real estate agent is to help you navigate and negotiate the terms of a legally binding purchase and sale agreement. A good real estate agent will help you build in plenty of contingencies to protect your investment and allow you to walk from the agreement should you come across unexpected problems with the home.  Read more

Making an Offer

Once you've found the perfect home you'll want to ask your agent to help you make an offer to the seller. Make sure you put all offers on paper, as a verbal agreement can be very flimsy. Your real estate agent will help you put the terms of your offer on proper purchase and sale forms. The biggest piece of your offer is the purchase price, but it is far from the only thing you'll want to negotiate. Other considerations are what items are included in the sale? What date do you want to close the sale? How much earnest money are you willing to deposit? How much time will you need for a home inspection? These terms and many others can, and should be, worked right into your offer. Your real estate agent will present your offer to the agent representing the seller and the negotiations begin.  Read more