Spokane HOME Buyers

Before taking a look at houses, it’s important to understand what you can afford. Speaking to a local lender who understands the Spokane housing market can help you identify a budget and build a financial plan so we can put our best offer on the table.

The Spokane housing market changes from month to month, even day to day. I will say this. Every seller is different and every negotiation is different, so it’s important for your Realtor to deep dive into the seller’s situation.

A homeowner is responsible for the sewer line that runs from the house to the main line. Depending on what year your home was built will depend on the type of material your sewer line was made of. When you perform your home inspection, it is crucial to also get a sewer scope to see the condition of your sewer line.

Spokane is a place where radon levels could be at higher levels. For your safety, getting a radon level test of your home is not a bad idea.

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Earnest Money is an “in good faith” deposit you give escrow to show the seller that you have money in the game. Think of it as a mini down payment that goes towards your final down payment at closing. As long as you have your inspection contingency active, you can use that to walk away from the transaction and still get your earnest money back.

Roof, roof, and roof. By far, the biggest expense of a home is the roof, which can cost upwards of $7k-$30k depending on the size of your house. Roofs usually last around 25-30 years, so when you get an inspection done, make sure the inspector does a thorough check on the roof, and if needed, get a roofing specialist to come out to take a look. Other big ticket items are the sewer line, furnace, hot water tank, plumbing and electrical system and flooring.

Closing costs are divided somewhat equally between the buyer and seller and run about 2-5% of the purchase price. As a buyer, your closing costs will include lender, escrow, and title fees. However, closing costs are negotiable, so make sure that you explore having the seller cover some or all of these costs for you.

There are many options when it comes to obtaining homeowners insurance. If you currently are renting and have renters insurance, you can reach out and see if that vendor offers homeowners insurance as well. Or, if you have a car, reaching out to your auto insurance carrier might result in a bundle discount.

Reading a Title Report is almost next to impossible, but it is important to have it reviewed by a Title Representative to make sure there are no liens on the property.