For most people, buying or selling a home in Port Angeles Washington is the largest transaction they will ever make. However, few people ever do all the research necessary to enjoy a smooth real estate transaction. The purchase or sale of Port Angeles real estate can be confusing at times but with a little bit of homework, and some advice from a good Port Angeles real estate agent, who has been through the process many times before, can make this a lot easier.  There is no substitute for taking the time to educate your self before you buy or sell a home in Port Angeles.  You can help prevent common mistakes from happening by simply reading the article below.

Looking for a Port Angeles home for sale before Mortgage Pre-Approval

Don't confuse pre-approval with pre-qualification. During the pre-qualification process, a Port Angeles loan officer will ask you a few questions and then hands you a pre-qualification letter. The pre-approval process is much more complete as the Port Angeles mortgage lender does almost all the same work as a full and definite approval.  Most Port Angeles Realtors will not show you homes for sale until you are pre-approved because they don't want to waste your time, their time, and the seller's time. Getting pre-approved should always be the first action you take before you move forward with the home buying process.

Trusting Verbal Agreements

If a Port Angeles real estate agent tries to make you sign a purchase and sales contract that does not include any verbal commitments, don't do it!  For example, if the agent says that the appliances will come with the Port Angeles house, but the contract says that it will not (or doesn't include any mention of them) - the written contract will most always override a verbal contract.

Good Faith Estimate - Get it in Writing!

While interest rates are important, you have to look at the overall cost of your loan package. This includes looking at the APR, the loan fees, as well as the discount and origination points. Some Port Angeles lenders include origination points in their quoted points, while other lenders may add an origination point in addition to their quoted points. So, when one lender says 2 points they mean 2 points, whereas another lender may mean 2 points as well 1 origination point.  The cost of the mortgage, however, cannot be your only criteria. There is no substitute for asking family, friends and your Port Angeles Realtor for referrals for the purpose of interviewing prospective Port Angeles mortgage companies. You deserve to feel comfortable knowing that the loan officer you're dealing with is committed to your best interests and will deliver what he/she promises. Often, the Port Angeles mortgage company that has the absolute lowest quoted rates may not be the best company for you to do business with.

Blindly hiring a friends or family member's recommended Port Angeles Mortgage Company

I recommend shopping for a loan with at least 2 or more Port Angeles mortgage companies before you make a decision. There are countless stories of consumers who wind up paying higher rates or getting a loan program that was not right for them because they blindly followed a friend or family member's advice.

Not Asking for a Rate Lock in Writing from your Port Angeles Lender

When a mortgage company tells you they have locked your rate, get a written statement which details the interest rate, the length of the rate lock, and details about the program. Please don't forget to do this, as it could cost you a bundle.

Using a dual agent

Both buyers and sellers have opposing interests. I have found that 99% of the time, dual agents can not be fair to both the buyer and seller, and they will more than likely represent the seller's interest over the buyers. If you're a buyer, it's much better to have your own Port Angeles real estate agent, one who will be on your side. The ONLY time you should even consider a dual agent is when you get a BIG price break from using one. If that's the case, then please proceed carefully and with much caution.

Buying a Port Angeles home without a professional inspection

Unless you're buying a new house complete with warranties, I highly recommend that you get a property inspection, a roof inspection and an insect / pest inspection. This way, you'll know what you're getting yourself into; as well you'll know the true condition of the Port Angeles home you want to buy.  Home Inspection reports are a great negotiating tool when it comes to asking the seller to make repairs. If a professional home inspector states that certain repairs need to be addressed, the seller will more than likely agree to do them.  If the seller agrees to do the repairs, have your inspector return to the home to verify that all repairs have been completed to his satisfaction.  Make sure this is done prior to close of escrow. Don't assume that everything has been completed based on the seller's word alone.

Forgetting to shop for Home Insurance until you are ready to close the transaction

Make sure you start shopping for insurance as soon as you have an accepted offer. Many Port Angeles home buyers wait until the last minute to get insurance, by then they will more than likely have no time left to shop around.

Signing documents without thoroughly reading them

Please, Do NOT sign documents in a hurry. Whenever possible, try to get a copy of the documents that you'll be signing ahead of time so you will have ample time to review them. It's advisable to ask for a copy of all loan papers you'll be signing a few days ahead of your closing date.  This will provide you an opportunity to review them and receive answers to any question you may have.  With as much paperwork as you'll be signing on closing day, it's not likely you'll have an opportunity or time to read them then.

Not allowing enough notice or time in scheduling your moving plans

Make sure to provide notice to your Port Angeles landlord to end your lease at least 5 days after the anticipated closing date.  If your closing gets delayed it will surely save you on any mover's penalties or hotel charges you may have to incur. 

In Closing...

Taking care to do your homework and prepare in advance for all the above, typical mistakes will save you big time headaches as well having to dip into you're treasured savings.

There is a lot of free information available to you about buying, selling or investing in Port Angeles real estate. For complete information about the Port Angeles real estate market including current homes for sale, property values, relocating information and details on everything Port Angeles Washington Real Estate   visit our website at:  http://port-angeles-real-estate.com

Please feel free to contact me with any of your questions or concerns and I will be more than happy to quickly answer them. Call me on my cell at 360-809-3064 or email me at steveedwards@olypen.com or simply fill out the short form below and I'll reply back to you very soon.  As always, your privacy is 100% guaranteed.

Thank you!