Time to Start Moving In!
Some celebrate with champagne and some are just thankful to finish the deal! Either way, you’ll want to do a few housekeeping things at this point in the process.
Final Walk-Through Inspection
The final walk-through is the last time you will inspect the house before purchasing. At this point, the contingencies in the Purchase Agreement should be met and all of the seller’s belongings removed from the home. Usually, the final inspection takes place the day before or the day of closing.
Closing
When you are satisfied with the inspection, then, it is time to close. You, the seller, and the closing agent will sign the settlement agreement, which details the financial transactions enacted through the process to certify its accuracy. You will sign your loan documents and deposit the balance of your down payments and closing costs to escrow. If you are bringing funds to the transaction, then you can choose to either bring a certified bank check to the closing in the amount specified in the settlement statement, or you can have the funds electronically wired to the escrow account. Once everything has been completed, the deed will be recorded at the County Recorder’s office and you will officially take ownership of your property.
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Tips For Buying The Perfect Property
Don’t Max Out Your Budget
Just because you’ve been approved for a large amount, doesn't mean you should spend it all on the property’s sale price. You will want to set some funds aside for closing costs, taxes and potential repairs or improvements.
Get To Know The Area
Make sure the neighborhood fits your target audience - are grocery stores, public transportation, and everyday conveniences easily accessible?
Don’t Skip The Inspection
Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make informed decisions about your purchase.
Get Pre-Approved
Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a property and you are not just window shopping.
Make a List of Deal Breakers
Know what you can live with or without. Some items can be taken care of with a simple remodel or renovation. Keep your total budget in mind to ensure the purchase is financially viable long term.
Look At The Age Of Infrastructure, Appliances & Other Systems
Some of the most expensive features of a property are utility lines, appliances, HVAC, hot water heater, septic/well, and roof(s). You should pay attention to their age and if they have been serviced regularly. You may even be able to get the seller to add a warranty.
Check For HOA Requirements
Neighborhoods tend to have HOAs governing what you can and can't do - be sure you know what the rules are for the neighborhood, and fees associated with having an HOA.
What Price Range Can I Afford?
Resources For Vancouver and Pacific Northwest Buyers
The journey to ownership starts by understanding how much you can afford. One major thing to consider is your down payment. For Commercial Property it is recommended to have at least 20 to 30 percent down. For Single Family Homes and smaller investments it is recommended to have at least 20 percent down. Thanks to various government-sponsored programs, many individuals can now buy a primary residence with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.
Finding a knowledgeable Mortgage Loan Officer is key to receiving the most up-to-date information on available lending options. If you want to run some quick rough numbers, check out our free mortgage calculator.
Areas We Serve
Proudly managing properties across the Pacific Northwest
Washington
- Vancouver
- Seattle
- Tacoma
- Olympia
- Puyallup
- Tri-Cities
- Everett
- Spokane
- Yakima
- Bellingham
Oregon
- Portland
- Salem
- Bend
- Medford
- Klamath Falls
- Roseburg
- Newport
- LaGrande
- Florence
- Astoria