As a new agent and first time home buyer, I am learning so much about the real estate process. I had no idea there was so much involved in     purchasing a home or property. I had already gotten my real estate license when my husband and I began looking for our first home, and even  with the amount of knowledge needed to get my license, I had a lot to learn. I have decided to document our journey and blog along the way to offer some behind the scenes looks at what exactly is involved in buying your first home.

Step 2: Making an Offer

After months of searching for the right home, we finally found what we thought was the perfect property. On close to 7 acres, this property would allow us to remodel the existing home and eventually build another home a few acres away, giving us a great investment opportunity. After taking a week to think it over and making sure this was what we wanted to do, we decided to make an offer.

Making an offer involves lots of paperwork and very specific timelines. Did we want an inspection? How long would we give them to accept our offer? When could we close? Was the property on a septic tank or city sewer? Would we need inspections on the septic? Buying land out in the county is different from buying in the city limits. You need to look into the quality of the land and whether or not it’s in a flood zone, if there are any wetlands on the property, how it is zoned and if it’s on a well or city water. Working with an agent makes this process much easier. They will prepare the paperwork, do research on the land, and help you put together a great offer. My mentor went through all the details with me until I was familiar with the information and Purchase and Sale Agreements. After they were all signed and ready to go, I called the listing agent to let him know I had an offer to submit. This is where our problems began.  He informed me that the sellers had gotten an offer the week before. Our excitement about our first offer immediately went down the drain- after all those months of searching and preparing, we would have to compete with another buyer for the most appealing offer. After reviewing our options and with lots of advice from my mentor, we decided to increase our offer and hope that ours would be more appealing than the other prospective buyer. When making an offer, there are other things to take into consideration other than just the price. Our offering price was higher, but the other buyer offered a much quicker closing date, which appealed to the sellers because they wanted to sell ASAP.  We were planning on getting an FHA Rehab loan, and the process required for that kind of financing would not allow for a quicker closing. In the end, we decided to start searching again to see what else was available.

We started from scratch, re-evaluating our goals and expectations, and started searching for houses that needed less work and were closer to town.  After looking at some more houses, we finally found one that fit our criteria. It was ready to move in, had beautiful upgrades, and was close to the freeway, making my husband’s commute about 5 minutes shorter. However, instead of the 7 acres we had found and loved at the previous house, this had a tiny yard and was in the middle of a very populated neighborhood. We had to compromise and decided that the yard would be large enough for our 2 small dogs and we liked the house enough to put in an offer. I wrote up the offer the next day and sent it along to the listing agent. He informed me that another agent potentially had a cash offer to bring in, but there was nothing submitted yet. This made us nervous and brought back nightmares from the other offer that didn’t work out, but we got down to business, got our lender in order and closed on our new house in 3 weeks. It was a long and emotional process full of excitement, disappointment and a lot of compromise, but in the end, we got a house that we can start a family in and can make our own.

Watch for next week’s blog: Step 3:  Closing. If you have any questions about real estate, the buying or selling process, or would like to see how eXp is changing the real estate world, please contact me

Mikki Flaherty -Realtor

Direct: ( 360)402-8968

mikki.flaherty@exprealty.com

homesweetbellingham.com

exprealty.com

As a new agent and first time home buyer, I am learning so much about the real estate process. I had no idea there was so much involved in purchasing a home or property. I had already gotten my real estate license when my husband and I began looking for our first home, and even with the amount of knowledge needed to get my license, I had a lot to learn. I have decided to document our journey and blog along the way to offer some behind the scenes looks at what exactly is involved in buying your first home.

Step 1: Searching for Your Dream Home

Whether you are just browsing the market to see what’s out there or if you are actively searching for your new home, looking for houses is easier today than ever before. With resources like the internet, you can shop for homes from the comfort of your couch. That’s how we started our search for our first house.  We would get online and Google the night away looking for homes in Bellingham. With no specific criteria in mind, we were quickly overwhelmed by the amount of properties available. After signing on with eXp Realty, I was able to access all sorts of resources that made our home search significantly easier, more in-depth and relatively stress free. With the Northwest Multiple Listing Service, agents are able to search with broad or specific search criteria, see property history, photos, and do market analyses to get ideas on property values. I have had an amazing mentor to help me learn how to access this information and how to present it to client- the average first time home buyer won’t have access to these kinds of resources. Having an agent to help with your search is an invaluable resource, and I highly recommend working with one if you are seriously looking for property.

There are a lot of things we needed to consider when searching for our first home. Did we want acreage? How many bedrooms? What was our price range? After sitting down to go over our goals and resources we had available, we had decided to look at houses in poor condition with acreage and plan to rehabilitate the existing home. With those criteria in mind, it was time to go out and view some properties! This was another huge learning experience for me. The photos that are posted with the listings are a great way to get an idea of what the home looks like, but you really need to see it in person to get the whole story. Those photos are taken to show the home in its best perspective, so as a potential buyer, you need to go look at the bad things too. We looked at quite a few homes that were much different in person than they appeared in the photos.  This is another reason that working with an agent is so important- get together a list of homes that you might like and go out and VIEW, VIEW, VIEW!! Keep your options open and plan some time to go look at any that you may potentially like, because just like buying a car, you never know how you’ll like it until you get in it.

Watch for next week’s blog: Step 2:  Making an Offer. If you have any questions about real estate, the buying or selling process, or would like to see how eXp is changing the real estate world, please contact me

Mikki Flaherty -Realtor

Direct: ( 360)402-8968

mikki.flaherty@exprealty.com

homesweetbellingham.com

exprealty.com

Purchasing a home can seem daunting whether you are a first time home buyer or have purchased a home before.  It is something we all dream about and desire, but don’t always know where to begin .  The purchase process includes many stages and phases from the actual viewing of homes and finding the right one to making an offer to closing the transaction.  It is so much more involved than this and it takes being informed and educated about the process and hiring a good Realtor to represent you.

This series is designed to help inform and educate you about the  â€œ the Purchase Process” and this  first segment is about Financing because this really isthe first step towards your home purchase.  Unless you have $200,0000-$300,000 to plop down on a home or property, you will need to get financed.  By financed I mean apply for and get approved for a loan.  Once you are pre-approved for your loan you will then know what your price range is and are ready to begin the search for your home.  Having a pre-approval letter will help strengthen your offer when you do find the right home for yourself .  Once you find that home your Realtor will write up an offer for you which will include a Financing Contingency Addendum.  This tells the seller what type of financing you are using as well as protects you should your financing fall through.

Where do you start looking for a loan?  You can apply for a loan from your own bank, from a local credit union, or from mortgage brokers.  Your bank would be a good start since they usually have your financial history on file, but the key is to shop around .  Getting a loan is just like any other service or product, you want to find  the best program for you with the best rates for the best price. Yes, there is a charge for a loan amongst other fees (that’s another discussion) and usually this is paid at closing as closing costs.  Upon being pre-approved for your loan, you will be required to submit numerous financial documents to the lender, i.e. pay stubs, tax records, bank statements, investment info.  The lender reviews all of this information to determine how much of a risk you are.  The higher your debt to income ratio, the more risk you pose as a lendee and thus the higher your interest rate will be.  If you prove to have low risk, you will have a lower rate.  That is how you earn your interest rate.

The entire process for getting the loan approved and ready for you to sign takes apprx. 30-45 days.  Most of this time is taken with compiling your file, appraisal and organizing the financial records in preparation for submission to the underwriters of this loan.  Underwriting is  the process of assessing the buyer, and determining the buyer’s eligibility and then either approving or denying the loan.

Once you have been approved you can move forward to “closing” on the  purchase of your home.  The loan documents are signed by you, and then sent back to the underwriter once more for final approval.  Once the underwriter has given that last final review of the documents and approved, the funds are collected for the purchase, the deed is transferred into your name,  recorded by the county then you are the official homeowner.

Feel free to contact me directly at 360-303-3898 or roberta.soares@exprealty.com for more information on financing, if you need a lender referral or if you have questions about Bellingham Homes for Sale.

Suffice it to say, this is one of the toughest markets to be in if you are a home seller.

Imagine having to negotiate all this by yourself with no one to guide you, to counsel you, to be objective for you, to fight for you, to negotiate these offers on your behalf and with your best interest at heart.

If you have questions regarding Bellingham Homes for Sale,  are a homeowner considering selling your home or a buyer in need of Buyer Representation, and want qualified and dedicated representation,  feel free to call me direct at 360-303-3898 or via email at roberta.soares@exprealty.com.
and remember, it”pays” to hire a Realtor!

Blaine High

Sehome High

In the event you are  considering a move to Bellingham or know that this will be your next destination and are wondering about the quality of education offered in our public schools,  you can put your worries to rest, Newsweek named three Whatcom County high schools amongst some of the top in the nation.

Bellingham High

Blaine High is the highest ranking school in the county and made it on the list for its fourth year in a row.  Go Borderites!!

Sehome High made it to the list for the first time.   Way to go Mariners! and Bellingham High made it to the list a  second consecutive year.   Woohoo Red Raiders!!!

All three have an average class size of apprx. 22 students and have programs that gear the student for post-secondary education and long term success not only as a student but also in their lives.

I think we can all agree that with every  career there are good and bad aspects  that come with the territory of each job  we do.  For me, one of the “bad” aspects of being a Realtor is the rejection.   I did not realize until I entered this field of work how much rejection there is and how much I would be influenced by it. These days with 87% of consumers shopping online and advertising changing dramatically from door to door, cold-calling and paper to online (Internet),  a lot of my work is done through email and Internet advertising and Social Media such as Facebook and Localism

.   So when I send an email to a new client or am keeping in touch with old clients or my list of contacts, the normal thought process(expectation!) is that I will get a response back. Many times though, I do not get a reply or response. Rejection. Nothing, not even my email being returned.  I guess it’s no different from door to door or cold calls, say if no one answers the door or no answer on the phone and you leave message after message.  Some kind of reply, even a negative reply is attention and communication and one can then formulate the next step or plan of action or not.  Getting a reply let’s me know that my emails are 1) getting to their destination, 2) being opened, 3) even being read.  I can wish can’t I ?

One of the best vehicles for prospects that do not respond and for that matter, all of one’s database is the theory and practice of drip campaigns.  Drip campaigns , also known as email marketing, are equivalent to the monthly newsletter.  It is the best vehicle for staying in front of your clients or your sphere of influence when they do not respond.  The key is Staying on their radar.

Think back many moons ago (?) say 10-15 years wow, even 5 years ago, when paper advertising was the best form of advertising, before Social Media and Internet and ecorrespondence.  The monthly newsletter that came in the mail, the monthly door hangers, calendar magnets, whatever it was, it was continuous and consistent.  Methodical.  So if and when we needed an insurance agent, oil change, Realtor, we went to our faithful pile of resources that we had been compiling  ( throwing in the junk drawer) or had stuck to the refrigerator.  Times have changed as we all know it and advertising has changed, and whatever avenue of advertising we choose, the end result has remained the same,  to get those calls from prospective clients/leads.

I send out a weekly blog on my website, SellingBellingham.net, to all of my clients/leads/past clients/sphere of influence.  I send out a Monthly market report to this same list of contacts.  I have them set up on autosearches with our local MLS so that it sends listings to various clients that have communicated their wants and needs.  I send out as much information as I can regarding the market  and lending changes.  I continue this march even when I don’t get a reply because I’m confident that someone is reading my information and tracking it or at best, keeping my information on hand.   They will contact me when they are ready and in need.  And they will contact who first comes to mind.  That Realtor who kept sending emails, that realtor who sent all the blogs, that realtor who sent us listings, that realtor who left all the phone messages. That Realtor who remained on their radar.      

And so it is this past week that I received communication from two clients.  One I’ve been working with for 8 months and hadn’t heard from in awhile.  She replied to one of my monthly emails last week, and yes she is still in the market. The other client came to me as an online consumer apprx. four months ago and up to this point we had not made contact with each other. Zero. Zilch. Nada.  No replies to my initial emails.  No replies to my reports and no reply to my phone calls.  But, he did reply today, and thus my advertising routine is reinforced.
So I will continue this campaign of ecorrespondence with blogs, photos, reports, listings, keeping in touch emails because I do get a reply……eventually.

If you are considering relocating to Bellingham or looking to sell or buy locally, feel free to contact me @ 360-303-3898 or http://sellingbellingham.net.

Or if you are interested in learning more about our company and how it can improve your business and income, feel free to contact me @ 360-303-3898

I just wanted to take a moment and share  some of Bellingham’s beauty with you.

Although Spring is just about to end and  Summer is on its way, the flora here in  Bellingham has exploded, as you will see from  this photo essay.

I started taking a few shots back in early Spring and took my latest one today, and it’s raining here today.  Don’t believe what they tell you on the Today show weather reports, it is not always raining here.  In fact, we’ve had a bit of a dry spell here, so this precipitation is more welcome than normal.  The flowers, trees, and my vegetable garden are thirsty for some water.

Enjoy the views~~~~~~~~~~~