Buying a home in Vancouver WA
Thinking of buying a home in Vancouver WA? When you are considering purchasing a home there are many factors you need to take into account before deciding on the home that is right for you. You need to evaluate the location, price and amenities and make sure you have a home inspection to know if there are any repairs that are required.
Joe and I work hard to help our clients find the best home in Vancouver that meets their needs and negotiate the best house for the lowest amount of money. We don't try to "Sell" you a home, we want you to purchase the home that is right for you and we use all the tools at our disposal to make that happen.
Here are some suggestions of how to start your home buying process. Be sure you have thought of all the reasons why you should buy vs rent.
1. Make a list of what you need vs what you want in a home
When you have a needs vs wants list you are less likely to get caught up in the excitement of the moment and more prepared to objectively evaluate the homes you see.
2. Visit a local Mortgage broker and get a letter of loan pre-approval
Before you consider making an offer on a home you need to talk to a local mortgage broker, get pre-qualified and make sure you have a pre-approval letter from the mortgage broker. No matter what the market conditions are, a seller will not seriously consider an offer from a buyer who doesn't have a pre-approved letter.
Decide on the locations that appeal to you, check out the schools in the area. Even if you don't have children the reputation and desirability of a good school district has a direct impact on resale value in the future.
What Kind of Home?
This home sets on its own lot, there is space from neighboring homes and the street.
Planned Unit Development
Homes in a planned unit development, or PUD, often are grouped into clusters to provide open common areas.
Townhomes are attached, but each unit has outdoor access to the outside. There are one story townhomes but most have two or three stories.
Units in these developments are stacked above one another into a low- to high-rise building. Everything except the interior space of the units is owned in common and governed by the by-laws of the condominium.
These homes have been lived in by a previous owner. These homes may be less expensive than comparable newly-built homes.
These homes are often called "Spec" homes. The builder took out his own loan to build a home for sale.
With a Custom home, you decide on the design, features, colors, and quality of materials and workmanship.
Lovely older homes, generally built before the 1920's can be but not always are considered to be historical homes.Typically they have an old world charm and design much different than the newer homes built today.
Contemporary designs generally use various architectural devices, such as atriums and large expanses of glass, to give the homes a modern look.
Once you have decided on the home you want to purchase your agent will prepare a Purchase and Sale agreement to make an offer on the property.
Be sure to get a Home inspection. Home inspectors give you an opinion of the condition of a home and recommend any necessary repairs. They will check for water damage, mold and mildew, make sure that the structure of the home is sound as well as the mechanics and appliances. Home inspectors in Washington also do a pest and dry rot inspection.
Once your offer has been accepted the agreed upon Title and Escrow company will send you a Preliminary title insurance policy. The title company insures that the property you are purchasing has clear title, and at closing you will be issued a Standard title insurance policy. The title insurance policy protects you and the lender against certain losses or damages suffered as a result of unknown liens, mortgage or any other defects in the title to real estate. The title insurance company usually acts as an Escrow agent, and handles preparation of the Deed of Trust and disperses funds to the seller and any lienholders.
The closing of Escrow usually takes place at the office of the Title company, the purchasers and sellers set up appointments (at different times) to sign the necessary documents to transfer the property title from the seller to the buyer. The actual closing is considered to have taken place once the documents have been recorded at the courthouse by the Title company. The keys to the property are not ususally given to the purchaser until after the documents are recorded.