Buying in Port Townsend
People are drawn here for many reasons, and then decide to return over and over, and sometimes move here. Our real esate market is steadily climbing, although our prices are still low compared to urban areas - especially areas that offer the dramatically beautiful scenery as ours. We are not dependent on the rise and fall of Seattle's Boeing or Microsoft Corporation, since commuting to Seattle is not common. A cute 1940's bungalow, 3 bedroom/ 1 bath of 1500 sf may be priced in the mid to high $200k's within city limits of Port Townsend, yet can be in the high $300k's and up when in the Uptown historic area. "Tract" homes are not a common sight here, and on average, parcel size in the city is about 5000 sf. City sewer and water services are available in the city limits.

Jefferson County parcels are usually larger than 1 acre with 5 acres now being the minimum. Septic systems are typical with some areas being serviced by Public Utility District Water, instead of an individually owned well. Drilling for wells can be a touchy subject with our shorline regulations. Access to our shores can be found easily, and although there are many homes with views of water and/or mountains (Olympics or Cascades Mtn ranges), there are fewer on the market these days. Perhaps better said, a buyer's wish list, pocketbook or search time sometimes needs to be re-evaluated.

Our county is vast with Port Townsend at the north, the Ho Rainforest to the extreme west, Marrowstone Island across PT Bay to the east, with towns to the south being Port Hadlock, Chimacum, Port Ludlow, Quilcene and finally Brinnon at one hour away. As a member of the Northwest Multiple Listing Service I have access to the many counties the western part of Washington. My car covers many miles, but I prefer to sell what I know. So I can offer you the name of a qualified, reliable agent when you are looking to buy or sell outside of Jefferson County.

As a John L. Scott agent located in Port Townsend, on the Olympic Peninsula, I can assist you in ALL your real estate needs. Whether buying or selling a home or land, selecting an investment property, or finding vacant land on which to build your dream home, I believe I can make this sometimes daunting process easier, if not more enjoyable.

Using the Internet can streamline your search as a buyer, and familiarize you with the housing market. I can send you listings with property specifics, and obtain more in-depth information from county records and listing agents. I typically "tour" each home as they come on the market, but returning to view and take digitals for you can be helpful. There is no substitute for seeing first hand and experiencing a house and its surroundings. Distance shopping has its limitations. Maybe it's time to hop on a plane and visit Port Townsend, and experience the beauty of the great northwest with its small-town charm.

Overview of the Buying & Selling Process

Buyer	Seller
1 Considers purchasing a home	1 Decides to sell property
2 Selects a real estate agent	2 Selects a real estate agent
3 Determines needs & wants	3 Determines needs
4 Discusses financial issues	4 Prepares home for market
5 Views & researches target homes	5 Agent markets the home
6 Makes an offer to buy	6 Accepts, rejects or counters offer

8 Loan Application

9 Inspections

10 Title Search

11 Appraisal

12 Loan Approval

13 Closing Papers Signed (not usuallythe same day as closing)

14 Documents Recorded

15 Funds Available To Seller

16 Seller Moves Out	16 Buyer Moves In

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Home Inspections
What is an inspection?
There are numerous types of inspections. An inspection is meant to evaluate, at minimum, structural and mechanical condition of a property. It is not the same as an appraisal which evaluates the market value of a property. Persons involved in real estate transactions need unbiased information about the physical condition of property they plan to buy or sell and your contract should include a contingency that you obtain a satisfactory inspection report. Talk with your agent about the types of inspections available.

Finding a qualified Inspector

• Referrals from satisfied customers
• Referral from a local real estate agent or mortgage company
• Local consumer affairs office
• Yellow Pages under "Building Inspection Services"

FAQ's
What is the difference between "pre-qualified" & "pre-approved"?
If you are "pre-qualified" you have determined, with a loan officer, what price you can afford based on the down payment, your debt and the amount the mortgage company will approve for your mortgage. Being "pre-qualified" is only a determination of your probable credit. If you are "pre-approved", your credit, employment and funds have been approved by the lender.

What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually about 4-6% of the total sales price of a property. Some of the closing costs you might encounter are: application fees, appraisal fee. county taxes, redit report, discount points, documentation fee, escrow fees, homeowners' association fees, loan fees, mortgage insurance, origination fees, tax registration and title insurance premium.

What is a point?
One point is equal to 1% of the new loan amount. Whenever government regulation, state usury law and/or competitive practices prohibit the lender from charging a rate of interest that would make the real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging "points", the lender can bring the real estate loan to those other investments.

What is earnest money?
When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home or property. That deposit becomes a part of the purchase price and held in a trust account (usually with the chosen escrow company) once there is full acceptance of the offer. Typically, an earnet money is 2-5% of the offer amount.

What is title insurance?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.

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