Buyer FAQs

1-Should I rent or buy?
2-Why buy now?
3-When is the best time to buy?
4-What do I need to know before I buy?
5- What is a pre-approval letter?
6-What is the difference between a pre-approval letter and a pre-qualification letter?
7-What is an Earnest Money Deposit and How does it work?
8-How much Earnest Money do I need to put down? When is my EM check cashed?
9-How much do I need to put as a down payment?
10-What is PMI (Private Mortgage Insurance)?
11-How long does it take to close?
12-How do I make an offer? What should I expect?
13-How does a “Multiple Offer Situation” work?
14-How do you win in a “Multiple Offer Situation”?
15-What is an “Escalation Clause” and how does it work?
16-What is a Home Inspection? Why is a Home Inspection important?
17-What is a “Short Sale”? What do I need to know about “Short Sales”?
18-What is a “REO”? What do I need to know about “REO’s”?
19-What is a “Foreclosure”? Should I buy a “Foreclosure”?
20-Where do I find information on good schools?
21-What do I need to know about “New Construction”?
22-What do I need to know about “Manufactured Homes”?
23-What is a Septic System? What do I need to know about Septic Systems?
24-What do I need to know about Lead Based Paint?
25-What are the MLS Listing Report Abbreviations?
26-Who pays for the Home Inspection? How long does a Home Inspection take?
27-Who pays for the Appraisal?

Buying Land
Buying land takes a lot of homework. The sites below can help you determine if the land you are looking to purchase will work for your needs.
Land Resources:
King County iMap– (website)
King County Parcel Viewer– (website)
Realist – (access this through Matrix on NWMLS website)
King County Maps– (website)
King County Recorder– (website)
King County Assessor– (website)
King County Department of Permitting & Environmental Review– (website)

Washington Federal– (lender for land)
-This is one lender you can send clients to if they are interested in financing land. John L. Scott and The RK Team do not endorse any lender. Clients can choose any lender they like. This link is for informational purposes only.