About The Process

The Five Things You Need To Know

1. Don't Get "Pre-Qualified!

If you want to get the best home in Olympia WA you can, for the least amount of money, then make sure you are in the strongest negotiating position, possible.

Price is not necessarily the most important bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer, or the length of escrow, are super important to a seller.

In years past, we suggested that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified", and issues a certificate that you can show to a seller.

Sellers are aware that such certificates are NOT WORTH THE PAPER THEY'RE WRITTEN ON, and here's why!

None of the information has been verified! A lot of times, unknown problems surface! Some of the problems I've seen include child support payments due, recorded judgments, glitches on the credit report, due to any number of reasons, both accurately, and inaccurately, down payments that have not been in the clients' bank account long enough, etc.

The way to make a strong offer today is to get "pre-approved". This only happens AFTER all information has been checked, and verified. You are actually APPROVED for the loan, and the only loose end is the appraisal on the property.

This process takes anywhere from a few minutes, to a few days, depending on your situation. It's EXTREMELY POWERFUL, and a weapon we recommend all our clients have in their negotiating arsenal.

2. Sell First, Then Buy

If you have a home to sell, you should sell it before selecting a house to buy in the Olympia WA area! We haven't seen many contingent sales work in the last 3 years, unless it's with a new home builder who has other homes to sell, and can afford to put one on a contingency.

Let's pretend that you find the perfect house, and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price, and wait until you sell your home.

The seller figures that's a risky deal, since he might pass up a buyer, who DOESN'T have to sell a house, while he's waiting for you. So he says OK, he'll do the contingency, but it has to be a full price offer!

So you see, you paid more for the home than you could have because of the contingency.

Now you have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that's for less than if you had more time. The bottom line is that buying, before selling, might cost you TENS OF THOUSANDS of dollars.

We always recommend that you sell first, then buy.

If you're concerned that there is not a home on the market for you, then go on a window-shopping trip. You can identify possible houses, and locations, without falling for a specific house. If you feel confident, after that, then put your house on the market.

3. Play the Game of Nines

Before house hunting, make a list of nine things you want in the new place. Then make a list of the nine things you don't want. I call this "NINE OF THIS AND NONE OF THAT". You can use this list as a scorecard to rate each property that you see. The one with the largest score wins! This helps avoid confusion, and keeps things in perspective when you're comparing dozens of homes.

When house hunting, keep in mind the difference between "SKIN AND BONES". The BONES are things that cannot be changed, such as the location, view, size of lot, noise in the area, school district, and floor plan. The SKIN represents easily changed surface finishes, like carpet, wallpaper, color, and window coverings. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. We always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller's decorating skills.

4. Don't Be Pushed Into Any House

You should ask your agent to show you everything available that meets your requirements. Don't make a decision on a house until you feel that you've seen enough to pick the best one.

Ask your agent to go to the Northwest Multiple Listing Service computer system home search, with you, to make sure that you are getting a COMPLETE list of homes for sale, and not just the home that the agent "wants" to show you.

In the late 1980's, up to about 2 years ago, in most markets homes were selling quickly, usually a few days after listing.

In that kind of market, agents advised their clients to make an offer ON THE SPOT, if they liked the house. That was good advice at the time. Today there isn't always this urgency, unless a home is drastically under priced, and you'll know if it is. But keep in mind, if you wait too long there is always a chance of the house selling before you get your offer to the seller. If you really like a house, get an offer written, and, also, make sure your agent writes in the proper clauses to get you out of the offer.

Also, check into the SCHOOL DISTRICTS of the area you're considering. Information is available on every school; such as class sizes, SAT scores, % of students that go on to college, etc. You can get this information directly from the school, your agent, or even on this site.

5. Stop Calling Ads!

A word of caution - agents create ads solely to make the phone ring!

Many of the homes, and properties, have some drawback that is not talked about in the ad, such as traffic noise, power lines, or litigation in the community. Remember what's not mentioned in the ad is maybe more important than what is.

We want you to be very cautious when reading ads. The person writing the ad is representing the seller, and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will assess the property with an eye towards how well it will meet your needs, and will point out any drawbacks you should know about.

Whether you decide to work with us, or not, pick an agent you feel comfortable with. Enlist the services of that agent as a buyer's broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper.

Did you know that many homes are sold WITHOUT AN AD EVER BEING PUT IN THE PAPER, OR A SIGN EVER GOING UP?

These "great deals" go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think they are going to call?  His client, who he has a legal obligation to work hard for you, or someone who just called on the phone, and said "keep your eyes open"?

So, to get the best buy on a property, we always recommend that you hire your own agent, and stick with him, or her.

Buying Real Estate Can Be Very Emotionally Draining

Buying real estate can be very exciting and rewarding, both monetarily, and emotionally. However, it can, at times, be very emotionally draining, and, also, scary.

Burger Professionals are here to take away the fear, and anxiety, of buying Olympia WA property, and turn it into a totally rewarding, experience.

This is, most likely, the largest purchase you will make in your lifetime. Therefore, we take it very seriously. This is what we do for a living. We help people, every day to realize their dream of owning their own home. We are here for you, through the ups and downs, of the process.

We will guide you, negotiate for you, and advise you throughout the entire experience. And, when you have moved into your new house, we will still be here for you.

Should you ever need use of our moving van, need to have something notarized, or simply have questions about something to do with your home, or real estate in general, we will be here for you.

Buying real estate can be very exciting, and rewarding, both financially, and emotionally. On the other hand, it can, sometimes, be very emotionally draining, and a bit scary. Burger Professionals are here to take away the fear, and anxiety, of purchasing Olympia WA real estate, and turn it into a totally exciting, and rewarding, experience.

This is, probably, the largest purchase you will make in your lifetime. As such, we take it very seriously. This is what we do for a living. We help people, just like you, on a daily basis, realize their dream of homeownership. We are here for you, step by step, through the ins, and outs, of the process. We will guide you, negotiate for you, and advise you throughout the entire experience. And, when you've moved into your new home, we are still here for you. Should you ever need use of our moving van, need to have something notarized, or simply have questions about something to do with your home, or real estate in general, we are here for you.

Nine Steps To Follow For Purchasing A Home

Step - 1 - Make the Decision to Buy

It seems obvious, but it's good to note that the first step to purchasing a home is making the decision to buy. Consider the reasons you want a new home, and write them down. Determine how long you want to live in the new house - does purchasing still make good monetary sense? Can you afford a home that will meet your list of wants and needs? A good rule of thumb is your loan payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

We'd like to schedule a time to meet with you to hear the reasons you want to buy a house, and your plans for the future. Your real estate agent will talk about neighborhoods , schools, economic factors, liable to affect the Olympia WA market today, and tomorrow, as well as how you would like your house, and neighborhood, to grow with you.

At this time, your exclusive buyer specialist will, also, help you get pre-approved for a mortgage loan. Pre-approval will help your agent when they are negotiating the transaction.

Step 3 - Start the Hunt

After your initial meeting, your real estate buyer's agent will search all of their resources for houses, on the market, that fit your wants and needs. They will preview these to eliminate the duds. Then, they'll schedule appointments to tour the houses at times convenient to you.

As you tour the homes, they will point out positive features and negative features. They'll ask you to tell them what you like, and what you don't like. You'll probably change your "wish list". Some things will become more important, and others less important. With this new information, your agent will refine the search criteria to narrow in on the home of your dreams.

Step 4 - Know the Market

Their knowledge of the local Olympia WA real estate market is an important factor in the home search. Your agent will let you know when the market, in a particular neighborhood, is "hot", and requires immediate action, or when the market is "cool", and allows for thoughtful consideration.

As you tour homes, your real estate agent will let you know when the asking price has negotiating room, and when the home is "priced to sell." Their unique market knowledge will keep you a step ahead of your "house hunting competition."

In a "seller's market", it is not unusual to see several offers on a property, full price offers, and even above full price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives you more negotiating room as houses are taking longer to sell.

Step 5 - Find Your Dream House

We are confident you will find your dream home in the Olympia WA area. When you do, your agent will put together the purchase offer tailored for your needs, including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to the home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your loan financing).

Step 6 - Negotiate the Deal

It is not out of the ordinary to get a counter offer when the initial purchase offer is submitted. Don't let this discourage you. Your agent will discuss the counter, and help you decide whether, or not, to accept the counter offer, submit your own counter offer, or reject the counter offer, and move on. Market conditions will play a role in how aggressively you negotiate the transaction. Your real estate agent will, also, work within your limits. Emotions can lead to buyer's remorse. It is better to set limits before negotiating an offer, and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to close the loan. Since you were pre-approved for the loan before starting your home search, you will be that much closer to the end. Your exclusive buyers agent will gather the necessary property information your lender will need to close the loan.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience, and may not include all the closing costs. Your agent will be glad to look over the "Good Faith Estimate, " answering questions, and highlighting missing costs, and estimates they believe to be low.

Step 9 - Move In

Congratulations!

It is time to move into your new Olympia WA house, and make it your home. Enjoy this exciting time. Your agent will give you a checklist to help you remember the numerous details that will make your moving day a pleasure.

Buying Your Next Home Can Be Overwhelming

Let's face it. Beginning the task of purchasing your next Olympia WA home can be overwhelming. I mean, there's so much to think about. How much house can I afford, and how can I find the best loan? Where will I come up with a down payment, and how much is needed? Should I buy a new, or resale, home, and which will appreciate more? Should I use a real estate professional, or look at homes on our own?

And, these questions are just the beginning. Purchasing a home is one of the largest financial transactions, in your lifetime, yet we don't learn about it in school. You are just supposed to figure it out along the way. Well, as you start down this path, let me give you a little advice. Here are the two most critical things to remember, no matter where you are on the path to owning a home.

1. You can, and should, understand all that is happening in the home buying process. There is nothing, and we mean nothing, that is so complex that it can't be easily explained to anyone with average intelligence, and you've got more than that. Just because you don't apply for a mortgage loan once a month doesn't mean you have to grab the first one that comes along. You will need to apply some new concepts, learn some new terms, and take the time to understand what you're getting into. If anything occurs, at any point, in the Olympia WA home purchasing process, that doesn't make sense to you, simply demand a full, and complete, explanation. If it still doesn't make sense, seek help from someone you trust like your CPA, your banker, or maybe your friendly online real estate columnist.

2. In the arena of real estate sales, YOU are the most important person in the entire process. It is easy to think that everyone else has more clout than you. The seller owns the house, and has all the money. The lender may turn down your loan request, and on, and on. But the truth is that you, the purchaser, are the one person in this deal that makes it all happen. If you decide not to buy, the entire process comes to a grinding halt. So take charge of this home buying process, and flex your consumer muscle. Surround yourself with a team of professionals that you have confidence in, and make them work for you.

But, for right now, remember points one, and two. If you plan, from the beginning, to approach the Olympia WA home buying process intelligently, and with confidence, you are much more likely to emerge at the end of the day with a house you'll be proud to call home, and the knowledge that you made the right decision.

Buyers_Blues

Your real estate professional calls with great news! Your offer has just been accepted. Congratulations--you are about to become an Olympia WA homeowner!

Your initial euphoria may be short-lived, however, as you start to have second thoughts about the purchase.

First, it's the mortgage loan. It seems like so much money, and it will take thirty years to pay for it. You look over the cash you have to have for the closing, and feel like you will not be able to afford to dine out again!

Finally, you stare at the inspector's report, and convince yourself that the roof will blow off, and every major system will fail the day after you move in. You are in a panic. You ask yourself, "What have I gotten into?" The best approach, if you start having "second" thoughts, is just relax!

These thoughts are so common that they have even been given a name--"Buyer's Remorse." "Buyer's Remorse" is almost always a temporary condition, but call your agent, if you are having an extreme attack. We have experience in assisting our clients through the home-buying jitters.