How Do i choose a broker?

Three of the primary factors to consider when choosing your broker are (1) Knowledge, (2) Client Satisfaction, and (3) Communication & Compatibility.

Laura’s knowledge of real estate goes beyond the traditional real estate broker’s licensing test, as she also has a law degree and practice experience in the fields of real estate, business, and estate planning. She enjoys demystifying contracts, and writing clean documents other parties will love to accept!

Laura’s reviews speak for themselves. With all five star reviews from both buyers and sellers across all platforms, you’ll see why Laura loves creating evangelist clients!

Communication and compatibility are key components to any good client/broker relationship. When you work with Laura, you will actually work with LAURA, not a virtual assistant halfway across the world. Not all styles mesh, which is why Laura starts all her transactions with a simple client meeting. Send a message, call, or text to see if she might be a good fit for your needs and goals.

By focusing on these three aspects, you can choose a broker who is well-suited to help you navigate the complexities of buying or selling a home.

What is a broker representation agreement?

As of Jan. 1, 2024, Washington state’s agency law requires brokers to have a written agreement with buyers (written agreements with sellers have long been required) to spell out the exact scope of the services provided by the broker, as well as the compensation the client has agreed to pay them in return. The law advises brokers to have the agreement signed “as soon as practical” and before engaging in real estate brokerage activities, such as showing homes or recommending properties.

While the broker is required to ask for clients to sign as soon as practical, the client is not required to sign until purchasing.

What is a Broker vs an Agent vs a Realtor?

You will hear all three terms used interchangeably, although they are technically different. In Washington, what used to be known as real estate agents are all now real estate brokers. We all hold “Broker” licenses through Washington State. Brokers act in their capacity as your agent.

Realtors are brokers who are members of the National Association of Realtors, which is an optional (broker pays extra) business association they may join.

When do i need to get a lender involved?

You may have cash for your purchase, in which case you will be in good shape to make an offer provided you have proof of funds available to back up your statements.

If (like most buyers) you plan to get a loan to make your home purchase, sellers will want to see a pre-approval or pre-qualification letter showing proof from your lender that you have been approved to make a purchase at the price you have offered.

Getting pre-approved may feel like a hassle; your lender is going to want SO MANY documents from you, ranging from pay stubs to tax returns. They may ask you to write a letter of explanation about certain things that come up. They will pull your credit. All of this is necessary before you make your purchase, so going through these steps NOW will ensure you are organized and ready to move quickly when it is time to buy AND confirm you are able to purchase the price of home you are considering.

When is the right time to look at homes?

Once you have found a broker you are comfortable working with, and gotten your financial ducks in a row, it’s a great time to look at some homes. Laura will work with you to develop a customized search. Considering factors like family size, commute, lifestyle, price range, preferred neighborhoods, and more, we will start to zero in on your ideal home.

Laura believes that the process of looking at homes is necessary to understand what you truly want, and recommends setting up an initial Dry Run, where we pick several homes and go look with absolutely no intention of buying. This is an education process and will help you understand what you like and do not like, what your dollar buys you where, and will help you start to see through the pictures online.

What happens when it’s time to make an offer?

When you finally find a home you love, it’s time to write an offer. Laura will walk you through the type of offer you would like to make, discussing details like price, earnest money, closing date, contingencies, and more. It’s always a good idea to go over the purchase and sale documents BEFORE you find the home you want to buy so if there is a time crunch to get your offer in, you are already familiar with the documents.

No two offers are the same, and having great communication with your broker is KEY to structuring a competitive offer that you would be happy to find yourself fulfilling when under contract.

what are contingencies?

Contingencies are parts of your purchase and sale agreement that outline what things must occur in order for you to be legally required to follow through with your purchase of the home. Some common contingencies include:

1. Inspection. The inspection contingency is likely the most important and highly recommended of all the contingencies. It allows the buyer to have the property professional inspected within a specified time period. If the inspection shows any issues with which the buyer is dissatisfied, the buyer can get out of the contract and get his or her earnest money back. Alternatively, the buyer can negotiate for repairs or price reduction or accept the condition as it is.

2. Financing Contingency. This condition ensures the buyer has the ability to secure financing for the purchase. If the buyer cannot obtain a mortgage within the agreed timeframe and terms, they can withdraw from the deal and get earnest money returned.

3. Appraisal Contingency. This requires that the property appraise for at least the purchase price. If the appraisal comes in lower than the agreed-upon price, the buyer can renegotiate the price, make up the difference in cash, or cancel the contract.

4. Title Contingency. This ensures the property has a clear title, free of liens or legal claims. If a title search reveals issues, the buyer can request that they be resolved before closing or opt to cancel the transaction.

5. Home Sale Contingency. This is for buyers who need to sell their current home before purchasing a new one. It allows them to cancel the contract if they cannot sell their existing property within a specified period. This is highly desirable by many buyers BUT largely hated by most sellers, as it creates tremendous uncertainty around whether the deal will close.

6. Condo/HOA Contingency. For properties governed by a homeowners’ association (HOA) or a condominium association, this contingency allows the buyer to review the association’s rules, fees, and financial health. If the buyer finds the terms unacceptable, they can cancel the contract.

Contingencies are critical in protecting the interests of both buyers and sellers, providing a structured way to address potential issues that may arise during the transaction process.

what happens at closing and how do i get the keys?

Close to the closing date on your contract, generally your escrow officer will reach out to you to schedule to an appointment to sign your purchase documents. These will need to be notarized, so they will invite you to their office, or offer to send a mobile notary to you at your convenience and cost. You will be guided through the documents and where to sign, but the notary will not be able to interpret or offer advice or opinions regarding their contents. These documents are then verified, and on closing day are recorded at the county recorders office. Your broker will then coordinate with you directly to arrange to get you your keys!