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Writer's pictureNick Briggs

The Ultimate Guide to Buying Your First Home in Spokane

Updated: Jun 12


buying your first home in spokane

So, you're ready to take the plunge and begin buying your first home in Spokane. Exciting, right? But, where do you start? Don’t worry, we’ve got you covered. This guide will walk you through each step of the home-buying process, ensuring you're well-prepared to find your dream home. From getting pre-approved to moving in, here's everything you need to know.

 

1) Pre-Approval

Before you start dreaming about your perfect house, you need to get pre-approved for a mortgage. Buying a home in Spokane often requires a pre-approval, this involves a lender checking your financial background to determine how much you can borrow. Pre-approval helps you understand your budget and shows sellers that you’re serious.

Why is it important?

  • Helps you determine your budget.

  • Shows commitment to sellers.

  • Streamlines the home-buying process by clarifying your price range.

How do you get pre-approved? Contact a lender, provide your financial details, and they'll guide you through the rest. Some recommended lenders in Spokane include:

 

2) Initial Consultation

Once pre-approved, it’s time for the initial consultation with your real estate agent. This meeting is crucial to set your home search criteria and understand the buying process.

What happens during the initial consultation?

  • Discuss your preferences and budget.

  • Sign and review key forms.

  • Get an overview of the home-buying process and the stages involved.

Your agent will help you establish a search based on your lender-approved price range and specific criteria. You'll also review important forms like the Buyer Brokerage Services Agreement and disclosures about lead-based paint and mold.

 

3) House Hunting

With your budget and criteria in mind, your agent will set up an MLS (Multiple Listing Service) search. You can then start viewing homes that meet your needs.

Why is house hunting important?

  • Online images may not reflect actual conditions.

  • Identifies potential issues not visible online.

When viewing homes, pay attention to the age and condition of the roof, heating systems, windows, doors, electrical wiring, appliances, and structural integrity.

 

4) Making an Offer

Found a home you love? It’s time to make an offer. This involves more than just stating a price. Offers include contingencies to protect you legally if the purchase doesn’t proceed.

Common contingencies include:

  • Inspection

  • Title

  • Home sale

  • Financing

  • Homeowners insurance

Your agent will help draft the offer, including necessary forms like the Residential Purchase & Sale Agreement and various addendums for financing, inspection, and title contingencies.

 

5) Delivering Earnest Money

After your offer is accepted, you'll need to deliver earnest money, a deposit showing your serious intent to buy the property. This money is held in escrow until closing and is protected by the contingencies in your offer.

How to ensure you don’t lose your earnest money? Stick to the contract terms and utilize the contingencies if any issues arise.

 

6) Reviewing Information

This period allows you to review all the information about the home. This is your chance to uncover any potential issues not visible during initial viewings.

Key areas to review:

  • Home inspection reports

  • Title reports

  • Seller disclosures

  • HOA documents (if applicable)

Contingencies will enable you to withdraw from the deal if any information is unsatisfactory within the agreed timelines.

 

7) Working with Lender & Escrow

After your offer is accepted, you’ll coordinate with your lender and escrow to facilitate the funds transfer and secure possession of the home by closing day.

Why is this step crucial?

  • The lender provides the funds needed for purchase.

  • Escrow acts as a neutral party managing the transaction.

 

8) Homeowners Insurance

Before closing, you’ll need to obtain homeowners insurance to cover potential damage to the home and liability for accidents on your property.

How to obtain insurance? Contact your current insurance provider for a potential discount when bundling with auto insurance. Shop around for the best rates and ensure you have coverage before the deadline.

 

9) Inspection

A home inspection is vital to identify any potential issues with the property before you finalize the purchase.

What does an inspection involve?

  • A professional inspector reviews the home’s condition.

  • Based on findings, you can request repairs, adjust contract terms, or withdraw.

Recommended inspectors in Spokane:

 

10) Appraisal

An appraisal determines the home’s market value, ensuring it aligns with the loan amount. This step is essential for securing your mortgage.

Potential issues: For FHA and VA loans, appraisal issues are common. Address potential issues proactively with the seller to avoid delays.

 

11) Final Walkthrough

Before closing, conduct a final walkthrough to ensure all requested repairs are made and the home is in the agreed condition.

When is the final walkthrough? Typically within a week of closing or after all requested repairs are completed.

 

12) Signing Day

On signing day, you’ll visit the escrow office to sign all the necessary documents. The notary will explain each document before you sign.

Why is signing day important? It’s the day property ownership is officially transferred from the seller to you.

 

13) Closing Day

Closing day is when the county records the change of ownership, allowing you to officially take possession of your new home.

When can you move in? Typically, you can move in right after the county records the change of ownership.

 

14) Moving Day

Once the ownership change is recorded, it’s time to move in. Don’t forget to transfer utilities, obtain keys, and update your address.

 

Wrapping Up

Buying your first home in Spokane is an exciting journey, filled with many steps and decisions. By following this guide, you'll be well-prepared to navigate the process and find your dream home. Happy house hunting! If you are looking for a Spokane Real Estate Agent who really cares about you having the best experience you can, click the button below top contact Nick Briggs today!




Questions About Buying Your First Home In Spokane

How long does the home-buying process take?

It varies but typically takes about 30-45 days from offer acceptance to closing.

 

Can I buy a home without an agent?

Yes, but an agent provides valuable expertise and can help navigate the complex process.

 

What is the average cost of closing in Spokane?

Closing costs typically range from 3-4% of the loan amount.

 

What should I look for during a home viewing?

Pay attention to the age and condition of the roof, heating systems, windows, doors, electrical wiring, appliances, and structural integrity.

 

What happens if my offer is rejected?

You can revise your offer based on the seller’s feedback or continue searching for other properties.

 

How much earnest money should I offer?

Typically, earnest money ranges from 1-3% of the purchase price. Your agent can provide guidance based on local market conditions.

 

What is the difference between pre-qualification and pre-approval?

Pre-qualification gives an estimate of what you can afford, while pre-approval involves a detailed financial review by a lender and is a more concrete commitment.

 

What is included in closing costs?

Closing costs can include loan origination fees, appraisal fees, title insurance, escrow fees, and prorated property taxes, among others.

 

Can I negotiate closing costs?

Yes, you can negotiate with the seller to cover some or all closing costs, or you can compare lender fees to find the best deal.

 

What should I do if issues are found during the inspection?

You can request repairs, negotiate a price reduction, or withdraw your offer if the issues are significant and cannot be resolved.


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