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Posts Tagged ‘Buying Process’

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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

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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

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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.

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Meet Our Sales and Marketing Coordinator

Wednesday, July 7th, 2010

Meet Our Sales and Marketing Coordinator, Danielle Wallace.  Danielle joined Westcott Homes in March 2010 to facilitate the administrative and managerial duties associated with sales and marketing.  Danielle is responsible for reviewing and processing all of the Purchase and Sale Agreements that come through our door and will be your key contact for any inquiries you may have about our sales and construction processes.

Along with keeping track of sales information, Danielle is also responsible for the marketing of Westcott Homes and our individual plats; making sure that we have a strong and consistent message going forward.  You will see pieces of Danielle’s work at each of our communities, as well as on our blog and on different social networks including Twitter and Facebook.

Contact Danielle at dwallace@westcotthomes.com
LinkedIn | Facebook | Twitter

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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

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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.

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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.

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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.

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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.

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The Construction Process

Thursday, May 13th, 2010

At Westcott Homes, we are totally committed to quality. Our company, our systems and procedures are all organized around the principles of participating with our customers in achieving our mutual objectives. From the time you purchase your home, through the construction process, to the close of escrow and beyond to the expiration of the various limited warranties, our personnel are here to use their best efforts to assure our relationship is of the highest quality possible.

At Westcott Homes we continually strive to build a zero-defect home. Because we are dealing with a handmade product, we know perfection is not possible. Nonetheless, all of our processes and procedures are focused on continuous improvement toward that zero-defect goal. Westcott Homes is about more than just building a quality home; it’s building a quality relationship with you, our customer. We trust that your satisfaction will ensure your return to us for your future housing needs, and we hope that we have earned your recommendation as your builder of choice to your family, friends and others.

QUALITY INSPECTIONS

With respect to construction quality, your home is going through a series of strict building code inspections to assure you of a fine, quality constructed home. Your home has been built to industry standards from the footings to the finished product. Here are just a few of the dozens of inspections your home will go through:

Preliminary Survey (pre-construction)

The Plot Plan is created to position your home on your homesite and demonstrated to municipal officials that the home’s configuration conforms to all requirements.

Foundation Inspection – The foundation inspection ensures the proper placement of the steel support posts as well as the support straps.

Plumbing Inspection – All piping and drainage are inspected.

Electrical Inspection – This inspection will verify that all electrical elements are in place and functioning properly.

Framing Inspection – Inspects the actual structure of the home to ensure the compliance to strict building codes & specifications.

Sheetrock/Nail Inspection – Verifies the proper installation of the interior walls (sheetrock) and nail placements.

Certificate of Occupancy – It’s official – after passing the various inspections throughout the construction process, your home is now complete and ready for move-in!

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