The Buyers Process

Goldenrod Realty brings you the world of real estate with complete focus on your individual needs. We do so by providing superior service and working hard on your behalf. Our associates are trained in the art of negotiation and can assist you in completing your real estate transaction from the moment you begin your search to the time of closing. We are experts in working with first-time buyers as well as seasoned investors. We provide educated, honest, and professional advice to help you make the right decision.

Our professional, connected, and experienced agents provide thorough, personalized service in all aspects of the residential real estate process.

Join the many satisfied buyers that have used Goldenrod Realty to help them locate their ideal condominium, single-family house, loft, luxury residence, or investment property in the Greater Seattle area.


Frequently Asked Questions - Buyers

What are the benefits of owning real estate?

Some major benefits include:

  • An incredible return on investment

  • Lowered taxation

  • Equity preservation

  • Security of owning your own piece of the world

  • The ability to pass along property to future generations.

For first-time buyers, buying a home means paying rent to yourself while preserving your initial investment. For investors, buying real estate is a form of retirement planning or a diversified investment plan.

At Goldenrod Realty, we work to understand your needs and tailor a purchase strategy that meets your short or long-term goals.

What is mortgage pre-approval and why is it important?

Before you know how much you can afford to spend on a new home, you need to consult with a mortgage broker. We have provided a list of preferred lenders in our Transaction Services page. Then next critical step is meeting with your mortgage broker to discuss your income and debt amounts to help you determine an affordable price range and a monthly mortgage payment. We recommend that you determine how much you can manage to spend before you consider purchasing a new home.

Pre-approved buyers are more appealing to sellers—it means you are ready to place an offer.

What is the typical process to buying real estate?

Below is the typical 5-step home buying process:

  1. After your mortgage loan pre-approval, you’ll meet with your agent of choice to establish a relationship and assess your needs.

  2. Search and locate the right property.

  3. Make an offer. Sign the Purchase and Sale agreement and review the documents.

  4. This is followed by the property inspection and other contingencies.

  5. Final walk-through and closing.

Your Goldenrod Realty Agent will support and guide you throughout the entire process. Your agent will also handle most of the paperwork and scheduling all of the appointments.

Why do I need a real estate agent and how do I go about choosing one?

It is estimated that 95% of listings sold in Greater Seattle are sold via real estate brokers and offices. You should choose your real estate agent the same way you would choose your doctor, attorney or mechanic. You should base your decision on the agent’s skill level, knowledge, reputation, ability to negotiate with the seller's agent, and his or her level of professionalism. We highly recommend that you work with only one agent at a time. With good planning, your agent can be a valuable guide through the maze of paperwork and challenges involved in home buying.

What is the difference between the listing agent and the selling agent?

The listing agent generally represents the seller and is responsible for marketing and showing the sellers property. A listing agent is also responsible for direct communication with the seller. A selling agent works with both buyers and sellers as a sub-agent of the listing agent in most transactions. Unless otherwise agreed in writing, both listing and selling agents are considered seller's agents by default. When meeting with your agent for the first time, discuss the advantages of buyer brokerage representation. The law requires that you sign a Mandatory Agency disclosure form indicating the type of agency you wish to engage in when working with a Goldenrod Realty agent.

Can a Goldenrod Realty Agent help me buy a property listed by another agent?

Yes. Goldenrod Realty is a member of the NWMLS network. It is important that you work with an agent that you feel is trustworthy and reliable regardless of his or her company affiliation. The NWMLS network has revolutionized the real estate industry because all agents and brokers have access to the same listings. Due to the flexibility and openness of the NWMLS system, you can now choose to work with any agent or broker you feel comfortable with.

What Are Property Tax Allowances?

Property Tax Allowances provide an opportunity for property owners to reduce their taxable income. There are a number of property tax allowances available to property owners, investors, and developers. We highly suggest you consult with a knowledgeable accountant who can better advise you in this matter.

What Are My Property Financing Options? 

Over the past few years the mortgage industry has undergone enormous change. Banks are now more apt to lend to first-time buyers at lower percentages. There are many options to financing including fixed-term loans and adjustable rate loans. Discuss these options with your agent and your mortgage specialist. If you are putting down less the 20% for your initial down payment, most banks will charge you PMI (Primary Mortgage Insurance) since the lender's lending risk is considered higher. There are programs that allow you finance a portion of your down payment to avoid paying PMI. Again, consult with your agent or mortgage broker.

Who do real estate agents represent?

When choosing an agent, it is important to decide how to work together upon your first meeting. Below are some types of common agency representations:

  1. Seller Agency – Real estate agent represents seller on client basis and treats buyer as customer.

  2. Property.

  3. Buyer Agency – Real estate agent represents buyer in real estate transaction.

  4. Exclusive Agency – Real estate agent represents client for a specified time period; i.e. Exclusive Buyer Agency: same as above and buyer may work directly with seller to the exclusion of buyer agent.

  5. Exclusive Right to Represent – Agreement between client and broker granting broker exclusive right to represent client. Agent is entitled to compensation regardless of who completes transaction during the period of agreement.

  6. Dual Agency – A real estate broker who represents both the seller and buyer in the transaction is a disclosed dual agent with written informed consent of both the buyer and the seller. Undisclosed dual agency is illegal.

  7. Sub-agency – Where seller expressly or implicitly authorizes broker to use other agents to market.

What are the agent’s obligations to his or her client?

A client may be either a buyer or a seller depending on the type of agency. Below are the agent's obligations to his or her client:

  1. Obedience – agent must carry out all lawful instructions of the client.

  2. Loyalty – agent must act in best interest of client.

  3. Disclosure – of all information that is relevant to client.

  4. Confidentiality – agent must keep the client's information or discussion private.

  5. Accountability – agent must account for all money, documents, or other personal property given to him or her by the client.

  6. Reasonable Care and Due Diligence – agent must be competent and capable of performing duties with scope of license requirements.

Where do I find information about first time home buying?

Before you start shopping for a new home please visit the U.S. Department of Housing and Urban Development website which contains valuable information for first time buyers.