Buying a home in Seattle

F.A.Q's

How does my offer get presented to the seller?

In today’s electronic world, offers are sent via email to the seller’s agent. I will call the agent to let them know that it is coming and tell them a little bit about you and the details of your offer. Then I will follow up to confirm receipt.

Does it cost me money to make an offer?

When you write an offer to buy a home in Seattle you will be expected to include an earnest money deposit. This deposit is a sign of good faith that you are seriously interested in purchasing the home.

Where does my earnest money go?

Once the buyer and seller have a mutually accepted purchase and sale agreement, the earnest money is deposited into a trust account. This deposit becomes a credit to the buyer at closing and becomes part of the purchase expense.

What other costs are there?

Some lenders require the cost of the appraisal and credit report at the time of the loan application.

Can I lose my earnest money?

Real estate contracts are complicated legal transactions. This is another area where having a knowledgeable and professional agent is a necessity. Rarely does a buyer lose earnest money. Most often, if the transaction falls apart, there are circumstances beyond the control of the buyer that cause it to happen. If the buyer willfully decides, however, that they no longer want to buy the house and has no legal reason to rescind their offer, then the seller has the right to the earnest money.

What happens if I offer less than asking price?

If you offer less money, the seller has three options. They can accept your lower offer, counter the offer or reject it completely. Remember that there could be another buyer who is also interested in the home that you have chosen. If they happen to write an offer at the same time you do, the seller will have two offers to compare. There are usually many aspects in an offer to consider, but ultimately the seller will want to accept the best and most complete offer. In active real estate markets, homes often sell for their listed price. In hot markets, there may be multiple buyers vying for the same house, which sometimes drives the final sales price above ask.

As your realtor I can help you plan your strategy, based on the current market conditions.

What if I have to sell my home before I buy a new one?

To put yourself in the best negotiating position before you find the new home you want, hire a qualified real estate professional to help you put your current home on the market. Once you write an offer on the home your interested in, your offer will be “contingent” upon the sale of your current home. A buyer in this position may not have the same negotiating power as one whose home as already sold. The seller may be hesitant to accept your offer because there are too many things that have to happen for a successful transaction.