Why Work with Gene and Mylo
Gene and Mylo believe that a comfortable home makes the best home. The house you buy today will play a hugely important role in your life for 2, 5, 10 or even 50 years to come – fostering memories and stories that cannot be replicated. Finding the “right” home – the one that makes you feel comfortable – is emotional. And while Gene and Mylo understand that not everyone is looking for the same number of bedrooms, bathrooms and square footage, they recognize that the common denominator for buyers is comfort and a sense of well-being.
That is why go out of their way to eliminate anxiety felt by the buying process by making it both efficient and fun, and have the testaments to support their mission. With their extensive background and clout in Eastside real estate, an experienced team of professionals to provide unparalleled client support and the power of Windermere behind them, Gene and Mylo have positioned themselves as two of Bellevue’s top real estate agents.
Interested in learning more? Contact Gene and Mylo for a personal, one-on-one conversation or continue reading to learn the Steps to Homeownership.
Steps to Home Ownership
Step 1 – One-on-One Consultation: The Interview
This is a chance for you to get to know Gene and Mylo and vice versa. Ask as many questions as you need and be prepared for Gene and Mylo to do the same. The goal is to provide you with all of the information necessary regarding Gene and Mylo’s long list of qualifications and answer any questions you have about the buying process in general. For Gene and Mylo, this is an opportunity to learn as much about you, your family, and your ideal home as possible.
Step 2 – Determining Your Buying Power: The Pre-Approval
Finding out how much house you can buy is an important first step in purchasing a home and should be done before going house hunting. Gene and Mylo can refer you to a loan officer who can assist you with determining how much of a down payment you can make, along with a monthly payment you can handle made up of principal, interest, taxes and insurance (PITI). Interest rates and your personal finances will influence the amount of house you can afford.
Step 3 – Establishing Your Search Criteria: The Must Have vs. Nice to Have
Make a list of everything you want in a home. Is a master suite important? How many bathrooms? What about closet space? Do you need a yard for the kids and pets to play in? How about a fireplace or a bay window? Do you prefer a rambler or a multiple-story house? Are schools or access to public transportation important? Separate the essentials from the items you could do without and put them on the “A” list. Prioritize the rest of the items into a second and third list in order of importance and share with Gene and Mylo.
Step 4 – Beginning the Home Search: The Fun Part
Once Gene and Mylo have your search criteria in place, they will keep you updated with new listings and also alert you when there are price drops on homes that may meet your needs. You are also encouraged to send them any properties that you come across in your own online search or neighborhood drive-by. Gene and Mylo will help you keep notes regarding the properties you’ve previewed so you can easily remember which features belong to which home. When selecting a home, look beyond cosmetics. Make sure the home is in good physical condition and that you understand the cost of repairs. Look at additional homes, even if you love the first one you see. Many times, it takes looking at several homes before you find the one that is really right for you.
Step 5 – I Found the Perfect Home: The Offer
Once you’ve found the home you want to buy, Gene and Mylo will work with you to complete a purchase and sale agreement. This is the contract in which you and the seller outline the details of the property transfer. The purchase and sale agreement usually consists of the following pages:
- Earnest money receipt
- Financing addendum
- Inspection addendum
- Conditions/disclosure addendum
- Contingency addendum, when appropriate
- Addendum outlining special conditions
- Lead-based paint notification, when appropriate
- Agency disclosure form
- Property disclosure form completed by the property seller
- Local area disclosures
Now that the paperwork is complete Gene and Mylo negotiate the transaction. They have extensive experience in the art of negotiations, ranging from transactions involving an inexpensive condo to multi-million dollar properties. To ensure you get the best value, they work closely with Listing Agents, many of whom know and respect Gene and Mylo, to better understand the Seller’s motivations and craft a winning strategy.
Step 6 – My Offer Was Accepted: The Inspection Period
When you’re ready to complete a purchase and sale agreement on a home, your offer will generally be contingent on a professional inspection of the entire property—including improvements. The home inspector looks beyond the cosmetics to make sure that the home’s general systems operate properly. The inspector will also look for large repairs that are needed and report on the condition of the home.
The standard home inspector’s report will review the conditions of the home’s heating and cooling systems; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; foundation, basement and visible structure. The inspector will also look for cracks in cement walls, water stains that indicate leakage and any indication of wood rot.
A home inspection also points out the positive aspects of a home, as well as the maintenance that will be necessary to keep it in good shape. Gene and Mylo are familiar with home-inspection services and can provide you with a list of names from which to choose.
Remember, no home is perfect. If problems are found, Gene and Mylo will help you negotiate through the process.
Step 7 – Who Pays What: The Settlement
During the negotiation stage of the transaction, a mutually agreed-upon date for closing is determined. “Closing” is when you and the seller sign all the paperwork and pay your share of the settlement fees, and the documents are recorded. Settlement obligations vary widely due to specific contract language, local laws and customs. Prior to closing, the closing agent will complete a detailed settlement statement for both buyer and seller. Gene and Mylo will help you understand which of the following typical settlement fees apply to you.
The buyer will receive:
- Credit toward buyer closing costs or the purchase price for any earnest money deposited.
The buyer pays:
- Document preparation fees, if applicable
- Recording and notary fees, if applicable
- Title search and title insurance (paid by either the seller or the buyer)
- Local transfer taxes (paid by either the seller or the buyer)
- Loan fees
- Appraisal fees
- Credit report fees
- Home Owners Association fees, if applicable (paid by either the seller or the buyer)
Step 8 – Keeping You in the Know: The Importance of Communication
With the flurry of activity surrounding a real estate transaction, Gene and Mylo take extra care to make sure that you have detailed insight into the happenings. From earnest money to your final walk through, you can expect to have an open line of communication with Gene and Mylo throughout the entire buying process.
Step 9 – My Transaction Closed: The Last Step
Once you’ve received the call on your closing date from Gene and Mylo congratulating you on the purchase of your home, you will take possession of the property on the date and time noted in your sales contract. Then, it’s time to celebrate a successful transaction and the start of a new chapter of memories!
If you have any questions about the selling process, please don’t hesitate to contact us.
