The population in Washington is growing, but it’s more apparent in the main areas. In Tri-City, for example, the number of residents jumped by almost 2 percent from 2016 to 2017. The growth rate over the last five years is already more than 8 percent.
For those looking for a Kennewick WA real estate, Retter & Company Sotheby’s International Realty notes that buying a house may be challenging, especially since migration is the leading reason for the growth. With a guideline, though, it will be more smooth-sailing.
Check out the government programs
The Washington State government is proactive in helping people buy a property, particularly if they are a first-time home buyer. They conduct free educational seminars and provide assistance programs. These aids are normally intended for middle- to low-income home buyers.
Get yourself pre-qualified for a loan
The loan process is not as simple as it may seem. It can be tedious and stressful. However, it is the most important for people who cannot buy a home in cash. Almost all home experts would suggest going through a pre-qualification process before securing a Washington property.
What it means is you let the lender go through your requirements and provide you with how much loan they can extend. There’s no obligation to take up the mortgage at this point, but it gives you an idea the maximum home price you must consider.
Look for a home and make an offer
Searching for a house is time-consuming, but it’s not the most difficult. It’s making an offer since it already involves legalities and a lot of steps. These include putting down earnest money and going into escrow.
The state also strongly encourages performing an inspection and an appraisal. The latter may be a requirement from the lender. This is to ensure the value of the home is not less than the loan itself.
An important aspect of this process is the loan contingency. It is a stipulation in the contract that gives the buyer the option to cancel the agreement with the seller in case he or she doesn’t get financing. In Washington, it doesn’t really have an actual end date.
The buyer may give a timeline, but he or she has the option to extend it for as long as he or she wants. The buyer is also the only person who can waive it, although the seller can request it. One of the advantages of this clause is the chance to get back the earnest deposit.
The whole home-buying process can take a lot of weeks, and it can be confusing. Those who intend to settle in the state in a house can benefit from working with professionals.