Home Buying Guide: From Pre-Approval to Keys
Buying a home in Snohomish County, on the Eastside or in North Seattle goes smoothest when you know what's coming. Here's the process I walk every buyer through, step by step.
The 8 Steps to Buying a Home
- Get pre-approved. Talk to a lender before you tour. A pre-approval tells you what you can borrow, what your payment will be and what you'll need for a down payment and closing costs. Sellers take pre-approved buyers more seriously.
- Set your budget and must-haves. Decide on a comfortable monthly payment, not just a maximum price. Then list your must-haves (bedrooms, commute, schools, yard) separately from your nice-to-haves.
- Choose your agent. Washington requires a written buyer agency agreement, so we'll go over yours at the start: what I'll do for you, how I'm paid and how long it lasts.
- Search and tour. Create a free account on this site to get new NWMLS listings the moment they hit the market. Tour your top picks in person and drive the neighborhood at different times of day.
- Write a strong offer. We'll use recent comparable sales to set your price, then choose your terms: earnest money, closing date and contingencies such as inspection and financing. In a competitive market, clean terms can matter as much as price.
- Inspect the home. A licensed home inspector checks the structure, roof, systems and more. Based on what they find, you can ask for repairs or a credit, or walk away within your inspection period.
- Finish your loan and appraisal. Your lender orders an appraisal and finalizes your loan. Avoid new debt, big purchases or job changes until you close.
- Close and get your keys. In Washington, an escrow company handles the signing and funds. Do a final walk-through, sign your documents, and once the deed records, the home is yours.
Home Buying Questions
How much do I need for a down payment?
It depends on the loan. Some conventional loans allow as little as 3 percent down and FHA loans 3.5 percent, while VA and some USDA loans allow zero down for eligible buyers. Plan for closing costs on top of your down payment. Your lender can give you exact numbers.
How long does it take to buy a home?
The search can take days or months. Once your offer is accepted, closing usually takes about 30 to 45 days, depending on your loan and the terms we negotiate.
Should I get pre-approved before I start looking?
Yes. It keeps your search focused on homes you can afford, and sellers expect to see a pre-approval letter with your offer.
What does earnest money do?
Earnest money shows the seller you're serious. It's held by escrow and goes toward your purchase at closing. If you back out within a contingency allowed by your contract, it's normally returned to you.
Ready to Start Your Search?
Call or text Matt at (206) 607-2575, or search homes for sale. Ashley Fox, our buyer's agent, specializes in first-time buyers.
More for buyers: Top ten home search tips | First-time home buying pitfalls | How we help buyers