Appreciation 2017

Buyer's Resources

How we work for you

To help you navigate the real estate process along the way to purchasing the home of your dreams, we will:

Explain Basic Real Estate Principles

  • The process of buying a home
  • Discuss agency relationships
  • Walk you through the purchase and sale agreement

Select & Research Qualified Properties

  • Help you determine the types of homes and neighborhoods that most fit your needs
  • Provide detailed information on those homes
  • Arrange access to the homes meeting your criteria

Negotiate The Purchase

  • Assist in determining the market value of the homes you are interested in
  • Provide you with the necessary legal documents and disclosures on the home
  • Assist you in structuring, writing and negotiating a mutually accepted purchase and sale agreement

Coordinate Inspection Procedures

  • Accompany you to the inspection
  • Coordinate necessary steps after inspection

Help Close The Transaction

  • Assist in the required time lines stated in the purchase and sale agreement
  • Work closely with the escrow company to make certain all documents needed are in order and completed in a timely manner, to your satisfaction

The first step in buying a home

Determining how much you can afford before you begin your home search is important in this competitive market

Prequalification vs. Preapproval

  • Prequalifying for a mortgage generally helps you determine how much house you can afford and is strongly recommended
  • Most lenders require that your monthly mortgage payment, including principal, interest taxes and insurance, range between 25 and 28 percent of your gross monthly income
  • Becoming prequalified does not necessarily mean that you will be approved for a loan of that amount
  • Preapproval from your lender means you have provided them with the necessary paperwork, and they have approved your actual loan amount
  • Having preapproval for a home loan will put you in a much better negotiating position because the seller knows you are able to obtain a loan to purchase their home

Down Payment

  • Most lenders require a 5 to 20 percent down payment; a 25 percent or higher down payment may qualify you for a lower interest rate
  • We can help you locate lenders who will assist you in finding a financing package that best meets your needs

Steps in the buying process

Our team is knowledgeable and professional, serving as trusted navigators throughout the entire home-buying process

Financing

Before you start your home search, it is important to assess your financial situation and, when possible, get preapproval from a lender. We can refer you to numerous financial institutions that will help you review a plan fitting your needs.

The Purchase & Sale Agreement

Once you’ve found a house that fits your needs, we’ll compile the appropriate legal forms, contracts and addendums to make a solid offer on the property.

Negotiations

We’ll help you put together an attractive offer package taking into account the market value and condition of the home, your financing terms and earnest money.

Escrow

Once the offer is accepted and a closing date is agreed upon, we’ll assist in coordinating the completion of the purchase and submission of all necessary forms to your selected escrow company. We will monitor the escrow process until the transaction is complete

Buying process terminology

Loan Amount

The amount of mortgage based on the final purchase price of the home, minus the down payment.

Down Payment

Money that the buyer provides to the lender as their portion of the purchase price. This is considered the buyer’s equity, or cash investment, in their home.

Points

Fees charged by the lender to offset the interest rate if below the prevailing market rate. One point equals one percentage point. For example, one point on a $100,000 loan would be $1,000.

Appraisal Fee

The amount paid for the lender’s appraisal of a property.

Credit Report Fee

A fee charged by the lender to obtain a credit report on the buyer.

Title Insurance fFee

A one-time premium the buyer pays for protection against loss or damage in the event of an incorrect search of public records or misinterpretation of title. The title insurance policy also shows if the property is subject to taxes, liens, deed restrictions, encumbrances, or easements.

Escrow Fee

The amount the buyer pays to the escrow company or closing agent for preparing paperwork, accounting for all funds, and coordinating information between all parties involved in the sale of the property.

Closing Costs

A general term for all of the estimated charges and fees associated with the transfer of property ownership.

Prepaid Interest

The amount of interest due on the loan during the time period between escrow closing and the first mortgage payment. This is due at the time of closing.

PITI

An acronym for principal, interest, taxes, and insurance. This is the estimated monthly house payment.

Principal & Interest

Principal is the amount to be applied toward the balance of the loan; interest is the amount charged to finance the loan.

Total Cash Required

The total amount of cash the buyer needs, including down payment and closing costs.

Premium Mortgage Insurance (PMI)

Insurance for the lender to cover potential losses if the borrower defaults on the loan.

Relocating and how we can help

At Team Moghaddas Realty, we recognize the challenges a new employee can face when moving from out of the area.

As the local experts in the Greater Seattle area, we can effectively share all of the wonderful things about living in the Pacific Northwest. From our high-ranking schools, breath-taking outdoors and recreation to shopping and more, we know everything about these communities because we live, work and play here.

We will work along side your new hire to guide them through the difficulties of getting settled in a new community. We have educational resources from online research and ranking to assisting with school visit coordination to connections with school placement consultants.

Resources

  • School searches
  • Educational resources & coordination
  • Online ratings & research
  • School visits
  • Educational counseling & Consultant referrals

Contact Us

Phone: 425.830.1316

Email: mike@moghaddasrealty.com

305 108th Ave NE, Suite #200, Bellevue, WA