How do I begin the process of buying a home?

Start by analyzing your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space and what room arrangement feels right? What areas of town do you like and are most convenient for commuting and your activities? After you’ve answered these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods.

How do I select the right real estate agent?

Start by asking family and friends if they can recommend an agent. Compile a list of several agents and meet with each one before making a decision. Look for an agent who listens well, understands your needs, and whose judgment you trust and feel comfortable with. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that you like, trust and can provide all the knowledge and services you need. A Realtor is a member of the National Association of Realtors and abides by a code of ethics. Not all real estate agents are Realtors.

How can I find out about local schools?

The Seattle Times has put together a great guide to schools in our area. Just visit http://community.seattletimes.nwsource.com/schoolguide/. The Seattle Times School Guide is the most comprehensive report available on public and private schools in the greater Seattle area. The Times collects and analyzes information from a variety of sources to help you select a school, or to see how your school stacks up.

How can I find out about local Eastside communities?

I found a great link on the Seattle Times site that gives a wonderful flavor to all the Eastside communities and has a map to show where they are located. http://marketplace.nwsource.com/neighborhoods/index.cfm?cnty=Eastside%20%26%20Eastside%20Plateau

Is an older home a better value than a new one?

There isn't a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambience and have lower property tax rates. The lots are usually larger, there are more trees and you’ll have more privacy. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs. They like the idea of walking into a turnkey home and not need to do a thing. I counsel my buyers that an older home is usually a much better value because you pay more for a brand new home. An older home can be updated to make it your own. It’s a personal preference.

What should I look for when walking though a home?

* Is there enough room for now and the future?

* Are there enough bedrooms and bathrooms?

* Is the house structurally sound? If not, am I prepared to deal with that?

* Do the major mechanical systems (plumbing, heating, electrical) and appliances work?

* Is the yard big enough?

* Do you like the floor plan and is it functional?

* Does it have the spaces you want?

* Will my furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)

* Does anything need to repaired or replaced? Will the seller repair or replace these items?

Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round? Does it get good light in our sometimes rainy climate?

Take your time and think carefully about each house you see. I have a form that you can use to take notes and compare all the homes you have seen. I encourage my buyers to talk to me about what they like and dislike about every house as we walk through it. This helps me better understand what they are looking for and helps my buyers better understand for themselves what they really want.

What questions should I ask when looking at homes?

Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, furnace, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or real estate agent's answers are clear and complete. Ask questions until you understand all of the information they've given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive.

What does a house inspector do and how does it work in the purchase process of my new home?

A house inspector checks the safety of your potential new home. They focus especially on the structure, construction, and mechanical systems of the house and will make you aware of repairs that are needed and future maintenance items to consider.

The inspector does not evaluate whether or not you're getting good value for your money. Generally, an inspector checks the integrity of the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, the heating system, the potential presence of pests, the foundation, possible water issues, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced. I can refer you to several good inspectors.

You’ll want to include an inspection addendum in the offer. An inspection addendum lets you ask the seller for repairs to be made and also give you the option of walking away. Often times these issues are handled by the seller giving you a credit at closing.

Do I need to be there for the inspection?

It's not required, but I always encourage my buyers to be there. I sure will be. Following the inspection, the home inspector will be able to answer questions about the report and any problems he’s found. This is also an opportunity to hear an objective opinion on the home you'd I like to purchase and it is a good time to ask general maintenance questions. A full written report with photos is usually emailed to us within 24 hours of the inspection.

How do I make an offer?

Your Realtor will assist you in making an offer, which will include the following information:

* The price you are offering

* Amount of earnest money

* Down payment and financing details

* Proposed closing date and occupancy date (which could be different)

* A complete legal description of the property

* Length of time the offer is valid

* Other details of the offer

How do I determine the offering price?

Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms, and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price. Remember that the listing agent represents the seller so it’s in your interest to have a buyer’s agent on your side.

What is Earnest Money and how much should I set aside?

Earnest money is money put down to demonstrate your good faith. It must be substantial enough to demonstrate you’re serious and is usually between 2 - 5% of the purchase price. If your offer is accepted, the earnest money becomes part of your down payment and is held by the selling office or escrow until closing. If the deal falls apart due to an issue with one of the contingencies, the earnest money is refunded. If you back out without good reason, you may forfeit the entire amount.

What are Home Warranties and should I consider them?

Home warranties offer you protection for a specific period of time (e.g., one year) against potentially costly problems, like unexpected repairs on appliances or home systems, which are not covered by homeowner's insurance. Warranties are becoming more popular because they offer protection during the time immediately following the purchase of a home, a time when many people find themselves cash-strapped. They are very reasonably priced and often times the seller will buy you one.

What makes up closing costs?

Closing cost are usually made up of the following:

* Attorney's or escrow fees (Yours and your lender's if applicable)

* Property taxes (to cover tax period to date)

* Interest (paid from date of closing to 30 days before first monthly payment)

* Loan Origination fee (covers lenders administrative cost)

* Recording fees

* Survey fee

* First premium of mortgage Insurance (if applicable)

* Title Insurance (yours and lender's)

* Loan discount points

* First payment to escrow account for future real estate taxes and insurance

* Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)

* Any documentation preparation fees

What can I expect to happen on closing day?

Some of the things you think happen on closing day actually happen days ahead. After your final loan approval, the lender will prepare and then deliver the loan documents to escrow. Sometimes we have some anxious moments waiting for the documents to get there. This should happen a few days prior to the agreed upon closing day. Then you and the seller will have separate appointments to sign your respective documents. Don’t forget to bring your funds to close in a certified check and the escrow agent will want identification so your signature can be notarized.

Once you're sure you understand all the documentation, you'll sign the mortgage, agreeing that if you don't make payments, the lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses. You'll also sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed.

Once the lender gives their final approval to close, the deed and mortgage will then be recorded in the King County Recorder’s Office. After receiving the recording numbers, the funds are available to the seller and you are a new homeowner.

Congratulations!