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Westcott Homes

Archive for the ‘Buying Process’ Category

How Saying Yes When Shopping For Your New Home Will Help You!

Thursday, September 2nd, 2010

If you are thinking about purchasing a home, be it for the first time or not, knowing what to say yes to along the way can help you tremendously.  The first and most important step is to say yes and commit to the process of buying a home.  Once you’ve decided that buying a home is the right choice for you, follow these tips for when to say yes and you will find that buying a home isn’t all that troublesome at all.

Where Do I Start?

At this point, you have already weighed the pros and cons and decided that home ownership is the best decision for you.  That’s huge.  You’ve probably already done dozens of searches online, browsed through virtual listings, and probably have a list of requirements for your new home.

Now What?

Now that you have defined your goals and have a good idea of what you are looking for, you should consider saying yes to hiring a buyer’s agent.  Real Estate Agents can help during this process as they have the education and knowledge to help you make the best decisions when purchasing your home and choosing the best upgradable features.  They should also listen to your wants and needs to help you find that perfect fit.

The Big Decision

You’re almost there, you’ve made the decision to buy, you’ve said yes to an Agent and now you’re looking to find that perfect home for your needs and desires.  Many buyers make the mistake of becoming the perpetual shopper but never the buyer.  Have you found the right home?  I’m willing to bet, you have; it’s the right fit, has the amenities that you are looking for, and believe it or not, it’s priced right.  So now I ask, why haven’t you made an offer?  At this point, stop shopping, you’ve found the gem that you’ve been looking for, say yes!  Often times, prospective buyers find themselves continuously shopping until they’ve realized that they found their home long ago.  Your search does not have to drag on and on, when you find the perfect home, buy it.

New Construction

This next step comes into play with new construction.  You’ve found your dream home, you’ve decided to say yes but, now you have to decide what options you want to upgrade in your new home.  It’s important once again to consider what you want in your new home.  Is it important for you to have air conditioning in the midst of summer?  Would you feel safer with a security system installed in your home?  These are the types of questions that you need to ask when deciding what to add to your purchase.  By saying yes you are avoiding the hassles of these issues rearing their head down the road.  My advice is, if it’s important to you, say yes.

Say Yes!

By following these simple guidelines, my hope is that you will find the home buying process simple and fun.  Saying yes at these 4 stages in the process, will ensure that you have a more pleasant and less stressful time purchasing your dream home.

Visit a Westcott Home today at:

Mountain Ridge in Monroe, WA
Langley Meadows in Renton, WA
May’s Ridge in Renton, WA

Your Home Your Options

Tuesday, August 17th, 2010

As discussed in previous blog articles such as Our Standards Are Their Upgrades, Westcott Homes provides many of the amenities that other home builders consider upgrades as our standards.  What we didn’t mention was that not only do our homes come standard with items like granite slab countertops and hardwood entries; we give our buyers options to choose from when it comes to finish colors and fixtures.

Granite Color Selections

At each of our current communities, we give our buyers four different options of granite slab colors.

Hardwood, Cabinet and Carpet Color

For hardwoods, cabinets and carpet, you can choose from our Darker Finish Package or our Lighter Finish Package, which ever suits you best.

Come See for Yourself!

You can see all of our standard options in our Sales Offices at each of our communities.  When it comes to your home, we want to give you the opportunity to make it truly your own without the multitude of choices that can be overwhelming and difficult to choose from.  Our Agents are standing by to assist you.  See the list below for an idea of the choices you will need to make.  You can find more information about these choices and our available upgrades at our current communities including Mountain Ridge in Monroe and Langley Meadows and May’s Ridge in Renton. As always, you can Contact Us with any questions along the way.

Hardwood/Carpet/Cabinet Color Selection:

  • Dark
  • Light

Granite Color:

  • Uba Tuba Slab
  • New Venetian Gold
  • Baltic Brown Slab
  • Absolute Black Slab

Bathroom Color:

  • Dark
  • Light

Fixture Package:

  • Oil Rubbed Bronze
  • Satin Nickel

Builder – Buyer FAQ’s

Tuesday, July 27th, 2010

We have compiled a list of our most frequently asked questions.  Find our answers to them here:

Q:  How will I be involved in the construction process of my new home?

A:  We have several Orientations and On-Site walks designed to involve you in our processes.  You will have:

A Homeowner Orientation that occurs within 1-2 weeks after Mutual Acceptance (30-45 min). This meeting covers:

  • The Purchasing Process
  • The Construction Process
  • Verification of your Home Personalization Selections
  • Your Warranty Information and Procedures
  • Who to Contact
  • And more

A Primary Walk, approximately 1 week before Close of Escrow (2 hr). This walk covers:

  • A full orientation of your finished home
  • A chance to inspect all finished surfaces before move-in
  • Homeowner maintenance orientation

Closing Walk, the day of or before closing (30 min). This walk provides you with a chance to inspect and sign-off on any punch-items from the Primary Walk.  It is our policy to not close homes with open items.

Q: What input do I have on the construction of my new home?

A:  We are a production home builder.  This means we have streamlined our processes and material orders well in advance, so that we can provide you a higher value product.  We have also planned for certain options to be available to you, but we are not capable of allowing variations beyond these predetermined options.

Q:  How does the Home Personalization Process work?

A:    For those homes that have options available for selection we ask that all options/selections are decided upon within 5-days of mutual agreement.  Your Westcott Homes Representative will go over your final selections at the time of your Home Owner Orientation.  Once the trusses are set on your home, some of the available options/selections will no longer be available for upgrading or changing, this list includes cabinetry, electrical, and mechanical upgrades. We must establish and adhere to cut-off dates for options to remain consistent with our homebuyers, vendors and trade partners, so options need to be confirmed as soon as possible.

Q:  Why don’t I have any options available to me?

A:  Please note that some houses will not have options available to select, depending on what stage of the build process the house is in at mutual acceptance.  Shortly after mutual agreement, you should receive a Buyer’s Resources Email which includes a spreadsheet indicating the stage of production your home is in on that particular date.  Also included are links to our website where you can find tons of helpful resources, tools and tidbits for you to utilize. Once the trusses are set on your home, some of the available options/selections will no longer be available for upgrading or changing, this list includes cabinetry, electrical, and mechanical upgrades. We must establish and adhere to cut-off dates for options to remain consistent with our homebuyers, vendors and trade partners, so options need to be confirmed as soon as possible.

Q.  I see that my foundation is complete.  I still have all options available to me, right?

A. Many options are still available, however, we must be made aware of any framing changes and/or exterior door upgrades immediately at mutual acceptance.  These changes may incur an option cost as well as a change order fee.

Q.  Why are cut-off times so early in the process for some items?

A. Please keep in mind that many of our options require a lead time of 6 to 8 weeks, therefore some cut-offs are quite early in the construction of your home.

Q.  May I hire someone to do work in my home while it is under construction for options that you don’t offer?

A. No. Due to insurance and warranty requirements, all work on the home must be completed by our trade partners.

Q.  There is something I’d like to add to my options, but I don’t see it listed on my options worksheet.  Can you provide the option?

A.  We always welcome suggestions, and our options offerings are updated two to three times annually.  Many times, these are based on our buyers’ suggestions, however typically only those options shown on our option selection lists are available.

Q.  What are the window sizes?  I want to purchase my widow coverings from someone other than your recommended supplier.

A.  Window dimensions can vary slightly, and we suggest that you arrange to measure each window or have your window treatment installer measure after sheetrock and millwork are completed.

Q.  What are the dimensions of the refrigerator opening?

A. The dimensions of this opening can vary slightly due to framing variations.  For an accurate measurement, we suggest you arrange an appointment with someone on the Site Sales Team to measure the opening after all hard surfaces and millwork is installed.

Q.  I have a “buyer bonus” as part of my contract.  May I apply this bonus to option purchases?

A.  If your contract states that you have seller provided financial assistance, you may apply all or part of these funds to your option purchases.  However, the 50% non-refundable deposit is still required if you choose to use bonus funds for option purchases and must be collected at the conclusion of your Homeowner Orientation.

Q.  If my options are added into my contract, my payment will go up.  May I pay cash instead?

A. The Excise Tax Division of the Washington State Sales Tax Department regulations prohibits the builder from collecting sales tax from the buyer, which in turn, disallows a cash payment option.  You may, however, pay down your options costs at closing to reduce the amount of your mortgage and payments. We suggest you discuss the various mortgage amounts and scenarios with your loan officer.

Q:  What will happen if I miss a walk?

A:  The Primary Walk can be rescheduled. However, this can delay the closing of your home. We need to give our construction team ample time to tend to the items you point out during this walk. You may wave the Primary walk which waves your right to generate a punch list on your home.

The Closing Walk cannot be rescheduled. This takes place on the closing date of your home and, if missed, can delay the closing of your home. Westcott Homes’ policy is to deliver a complete home to our buyers. A complete home cannot be verified by the buyer if this walk is missed.

Q:  Can someone attend a walk in my place?

A:  No. The only people that can attend a walk are those that are on the title. This is because there are documents that will need to be signed and only the buyer’s signatures are permitted. It is also encouraged that only the buyers attend these meetings to avoid any distractions to the buyers and those conducting the walk. This will allow the most information to be administered in the shortest amount of time.

Q: Am I allowed to visit my home during construction?

A:  Absolutely, but your future home is our place of business; unsupervised visits are a serious safety concern and are not allowed at any time.  We do hope you visit your future home during production but you must adhere to the following conditions:

  • Site visits times are by appointment only.  Please schedule with the Site Sales Team.
  • Must wear a hard hat at all times.
  • Must wear closed toe shoes.

Q:  Who is my primary point of contact?

A:  The Sales and Marketing Coordinator will be your primary point of contact for Home Personalization matters and all other concerns until Close of Escrow, at which point your Warranty Manager will become your primary point of contact.

Q:  What do I need to do if I decide to change my lender?

A:  You must inform us within 24 hours of any lender change.  We require this so that we can help you steer clear of any complications with the financing and closing processes.

Q:  If I call the builder with a question, how long will it take them to get back to me?

A:  It is the builder’s policy to return all email or phone communications within 1 business day.

Q:  When will I know if my house will receive a patio or deck in back, or a wooden front porch or aggregate concrete one?

A:  The builder makes this determination immediately prior to the rough grading.  This is necessary because this determination is based off of the finish height of the lot.

Q:  When will I know the closing date?

A:  The builder will provide you with a closing date approximately 30 days prior to closing.

Q:  When will I get the keys to my home?

A:  Keys will be released when the builder receives confirmation that your loan has funded and recorded.  This should happen on your closing date.

Have a question that is not on this blog entry?  Contact Us and tell us what questions you would like to have answered.

New Homeowner Orientation

Thursday, July 22nd, 2010

We recently decided that it was time to implement a new Homeowner Orientation program.  This new and exciting program has been developed to be a valuable asset to buyers going through the process of purchasing their home.  We know that buying a home is one of the most important milestones that you may undertake and want to make your experience as smooth and stress free as possible.

What Is the Homeowner Orientation?

The Homeowner Orientation is meant to take place within one week after mutual agreement on the purchase of a new home.  Home buyers will be contacted by our Sales and Marketing Coordinator to set up a 30 minute appointment to meet and discuss the sales and construction process with a Westcott Homes Representative.

At this meeting our representative will review many different items pertaining to the road map of building your new home.

  • Buyer’s Resources – helpful resources, tools and tidbits for home buyers to utilize throughout the purchasing and construction process of their home
  • FAQ’s Sheet – answers to many of the common questions asked by home buyers
  • Selections and Upgrades – Review
  • The Purchasing Process – lender information, closing procedures, buyer responsibilities
  • The Construction Process – timeline and construction updates, quality inspections, walks, etc.
  • Site Visits and Safety Regulations
  • Contacts – clarifying the buyer’s point of reference during each stage of the process
  • 2-10 Warranty information – quick overview

Our Goal

The intent of the Homeowner Orientation is to provide our buyers with the highest level of customer service and reliability as possible.  We understand that the home buying process can sometimes be overwhelming and confusing and that’s why we have created this new program.  Your Westcott Homes Representative will remain your point of reference throughout the entire sales and construction process of your new home.  This meeting will give you the opportunity to ask questions, discuss concerns and become informed about the Westcott way!

If you have any questions or would like to set up your Homeowner Orientation, please contact our Sales and Marketing Coordinator.

1st Time Home Buyer Highlights

Friday, June 4th, 2010

Buying a home for the first time or any time for that matter can be one of the most exciting yet most difficult decisions in a person’s lifetime.  At Westcott Homes, our hope is that you can come into the buying process with little anxiety and lots of excitement.  We would like to share with you our 1st Time Home Buyer Highlights to give you an idea of what to expect when you are buying your first home.

Can I Really Buy A Home?

Mortgage rates are at an all time low so now, really is the time to make your dream of purchasing a new home a reality.  No one can truly predict when the market will hit bottom but, experts are saying that now is the time to get serious about purchasing a home before home prices and mortgage rates rise.  Learn More about Why Now is the Right Time to Buy.

With that said, it’s important for you to find out how much house you can afford before you write an offer.  Our Preferred Lenders at Rainier Mortgage can help you determine how much house you can buy and how much you can expect to pay per month.  Learn more about Why Buyers Are Using Our Preferred Lender.

Buyer Representation

Now that you’ve determined how much house you can afford, you can begin the exciting process of choosing your dream home.  Using a real estate agent is a very good idea; if you do not already have representation, we encourage you to enlist the help of one of our on-site agents who can assist you throughout the entire process.

What Can I Expect?

Once you’ve signed the Purchase and Sale Agreement on your new home, there are a few things to anticipate along the way.

  • If you haven’t already, now is the time to make sure that you go through the loan application process (see above).
  • A check for your earnest money and a deposit for your upgrades will be due at the time of mutual agreement.  Earnest Money by definition is a deposit towards the purchase of real estate made by a buyer to demonstrate that they are serious about wanting to complete the purchase.
  • In the following weeks, you should receive a preliminary title report in the mail along with a copy of your community’s Declaration of Covenants, Conditions, and Restrictions.  If you would like a copy of your community’s CC&Rs sooner you may enlist in the help of your agent.
  • Upon Mutual Agreement you will receive an email from Westcott Homes which will help to further clarify the sales and construction processes.  In order to simplify the process and answer questions we have compiled a number of tools on our website that will help you along the way.

What Else Should I Know?

  • During the construction process our buyers are always curious about progress of their home.  Now you can check our live feed from Twitter to know what’s going on with your home.
  • You will have two opportunities to walk through your home before closing.  We will call you a few weeks before closing to schedule your final walk-thru. Primary and Final Walk-Thru
  • Some buyers like to have their home inspected by an independent inspector at their own cost.  Although this isn’t necessary as Westcott Homes goes through 21 separate inspections by the local municipalities, you are welcome to have one performed at your cost.  We will then review the inspector’s report and will address any items at your walk-thru appointments.  Learn more about our Quality Inspections

Always Here

At Westcott Homes we are dedicated to making sure the sales and construction process of your new home are as pleasant as the many memories that you will make once you move into your dream home.  Our attention to detail and to our customer’s needs is what sets us apart, please feel free to contact us with any questions and we promise to get back to you within 1 business day.

Why Buyers Are Using Our Preferred Lender

Tuesday, June 1st, 2010

Buyers who use Westcott Homes’ Preferred Lender enjoy extra perks and peace of mind throughout the buying process.  Benefits include the security of locked in rates, experienced new construction lending experts, a discount on your Upgrades Deposit and more.  That’s why we encourage you to meet with a Home Mortgage Consultant at Rainier Mortgage.

What’s In It for You?

Buyers receive a 50% discount on their Upgrades Deposit, just for using Rainier Mortgage.  Other perks include below market interest rates, free long term rate locks and a free onetime float down.  Rainier Mortgage also has flexible underwriting guidelines which gives our buyers more loan options when purchasing their home.

Rainier Mortgage

Rainier Mortgage understands that your home is one of your biggest investments and that it’s important to ensure that your mortgage fits you.  With 20 years experience, they specialize in helping you find mortgage solutions that meet your current situation while taking into consideration your long-term financial goals.  Rainier Mortgage also has bragging rights with 100% customer satisfaction in 2009.

What Does This All Add Up To?

This all adds up to the fact that buyers who use our preferred lender can count on the expertise of a company who has a strong standing relationship with Westcott Homes, our construction staff, and Chicago Title.  Don’t run the risk of additional expenses at closing time or worse not being able to close when expected.  Our lender knows our business and knows what to expect when it comes to your loan.  With another lender you could get stuck with not being able to move on time, expenses for moving trucks, storage, thousands of dollars in lost rate lock fees and in some cases two weeks’ worth of $150/day late fees.

With Rainier Mortgage, the process is predictable, goes as smoothly as possible, and gives our buyers peace of mind.  Additionally, rates are often lower than what you will pay elsewhere.  In short, we have a preferred lender because we know we can rely on them, we care about the process going smoothly for you, our buyers, and we know Rainier Mortgage’s Consultants are experts when it comes to new home loans.  Give them a call to find out how you can personally benefit by using Rainier Mortgage to purchase your Westcott Home.

Who Do I Contact?

Rainier Mortgage
18323 Bothell Everett Highway, Suite 375
Mill Creek, WA 98012
Office: 425-489-3685
Fax: 425-483-5055

Jay A. Solverson
Branch Manager
Office: 206-264-5063
Fax: 866-359-6834
Mobile: 206-264-5063

Preparation for Close of Escrow

Monday, May 24th, 2010

There are many important details to manage in order to prepare for an orderly closing. Many of these details will be handled by Westcott Homes and many others will require your involvement.  To assist you in preparing for close of escrow, we have assembled a list of matters that will require your attention.

  • You will be required either personally or through your lender at close of escrow to produce an ORIGINAL COPY of your new Homeowner’s Insurance Policy, effective as of the date of close of escrow, in an amount at least equal to the amount of the mortgage.
  • You will be required to make final payment of all closing costs or any additional down payment monies at close of escrow. Escrow will notify you of the amount of money you will need to bring to the close of escrow. A CERTIFIED CHECK will be required to make payment.
  • All borrowers must be present at close of escrow unless power of attorney has been arranged for any absent party.
  • If you are closing on a previous home (the proceeds of which are needed for our closing or in which proof of pay-off is required), you need to bring your executed copy of the HUD-1 form (close of escrow sheet) from that close of escrow.
  • It is recommended that you bring a blank personal check to the close of escrow to be used in the event that the closing costs as estimated do not precisely match the final amount on the close of escrow sheet.

Mortgage Application Process

Thursday, May 20th, 2010

One of the most important processes related to your new home purchase is that of securing mortgage financing. We have provided a checklist of the typical information which is required by a mortgage lender in making an assessment of a borrower’s qualification for a new mortgage loan.

Additional information may be requested later depending on your particular situation. There are several vital steps you will need to take in order to ensure a smooth, well-organized mortgage application and processing.

  • According to the Residential Real Estate Purchase and Sale Agreement, typically you are required to apply for mortgage financing within five (5) days of mutual acceptance of the Agreement.
  • During your mortgage application, the loan officer will use the information you have provided and will explain to you the mortgage choices available, how the application process works and the costs you are likely to incur to process the application and to cover escrow expenses. There may be some upfront expenses such as application, credit reports or appraisal fees (also known as prepaids) due at this time.
  • Following your mortgage application, you may receive inquiries from credit verification companies enlisted by the lending institution to research your application. This is a routine procedure.
  • Within a few days of your mortgage application, your lender will be able to give a preliminary evaluation and a preliminary approval based upon the information which you have provided.

When the lender has received job verifications from your employers, deposit verifications from your banks, credit reports, appraisal verification and any other exhibits needed, they will submit your completed file for final approval.

  • Normally within 15-20 days after your mortgage application is complete and all necessary information is gathered, the lender will issue a loan approval in the form of a “commitment,” a document which expresses the lender’s willingness to lend you money under a specific set of circumstances and conditions. Please note that the timeframe set forth above is an approximation only and the timing may vary significantly based upon your particular situation.
    • Your lender will provide “truth-in-lending” and estimated closing cost statements in writing. These are “good faith” estimates of the charges. Your costs at close of escrow may be somewhat different, but these estimates will give you a guide for planning for the dollar amount you will need at close of escrow.
    • If loan approval is subject to certain conditions (sale of another home, etc.), you will have to provide evidence of satisfying those conditions prior to closing on your new home.

Once again, remember that your Westcott Homes community sales manager is on hand to guide you through the very important and sometimes complicated mortgage application process. Please call on them at any time if you have questions or concerns.

Mortgage Application Checklist

Thursday, May 13th, 2010

In order to avoid delays and to speed up your loan application, the following is a hypothetical checklist of the required documents and information you will need for your application. As mentioned in the Mortgage Application Process posting, your lender may require additional information.

Documents for Lender

  • New Home Purchase Agreement
  • Sales contract, if selling present home

Personal Data

  • Social Security number for each borrower
  • Date of birth of each borrower
  • Address of residence(s) for past 24 months
  • If self employed or commissioned, Federal tax return for last two years
  • Divorce decree (if applicable)
  • Bankruptcy papers (if applicable)

Income/Employment

  • Employment history of each borrower for a minimum of 24 months
  • Other permanent sources of income
    • Interest/dividends, pensions, disability, child support or rental income

Credit History

  • Deposit Accounts: checking, savings, credit union, IRA’s, CD’s, etc.
    • Name, address, zip code of each bank or credit union
    • Account number of each account & current balances
  • Outstanding Loan Accounts: furniture, auto, present mortgage, etc.
    • Name, address, zip code of each lender
    • Account number for each debt account & monthly payments
    • Current unpaid balance
  • Credit Cards
    • Monthly payments & current unpaid balances
  • Previous Credit References
    • Name, address, zip code of each bank or lending institution
    • Account number, highest credit & date paid off
  • Miscellaneous
    • Cash value of life insurance & amount in force; monthly premiums paid
    • Household and personal property value
    • Auto(s) year, make and model; value
    • Other assets; boats, motorcycles, jewelry, savings bonds, etc.

Home Buyer Responsibilities

Thursday, May 13th, 2010

To ensure a smooth transaction of your new home, you will need to initiate, follow-up & manage numerous meetings & tasks throughout the entire process. Here’s a summary of what some of those things will be:

Point of Purchase

  • At this time, you have selected the home & homesite that best fits your needs, completed your purchase & sale and have or are in the process of securing your financing. You should have also set-up an appointment to select your options.

Prior-To & During Construction Process

  • Options & Color Selections (if available)

Selections to customize your home will be finalized & you will be responsible to pay for these at this time (save by using our Preferred Lender).  It is your responsibility to make timely decisions and payments as option availability is extremely time sensitive. A delay in receiving the deposit could jeopardize one or more of your selections.

  • Loan Processing

Verify that all paperwork is complete & your loan is being processed. Also communicate your closing date & expectations to the loan officer as soon as possible.

  • Walk-Through’s

You will have two scheduled walk-through’s with a Westcott Homes Representative. The Community Sales Manager will contact your agent to schedule your walk-through appointments. It is your responsibility to attend these walk-through’s & come prepared by reading through the documentation that you have been given.

Close of Escrow

  • We are now at the final steps of the purchase process & you will be responsible for submitting any additional closing documents, signing the escrow documents prior to the closing date & submitting your final funds. When Westcott Homes has received confirmation from Escrow that the above items have been completed and the loan has funded and recorded, we will release the keys to your new home! You can now start moving.

Warranty Period

  • You are now living in your new home & the warranty period has begun. Similar to a car needing oil changes & tune-ups, a home will need maintenance as well. There are certain items that the warranty will cover which are detailed in your homeowner maintenance manual. It is your responsibility to read this manual and understand the warranty, monitor your warranty expiration dates and submit service requests when needed.