With a little planning ahead of time, purchasing a home isn't that difficult, but the event is stressful for many people.
I like to give buyers a road map of the entire deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
Before you start looking for a home, there are several things you'll want to take into account.
It's likely that you'll want to assemble a checklist of features you need to have, get an idea of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good rule of thumb to follow.
Step 2 – Get in touch with a real estate agent
This is where Rose & Womble Realty comes in.
I'd be more than happy to book a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Virginia Beach area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also assist you in getting started on your loan.
There are some very good mortgage professionals in Virginia Beach, and I partner with a lot of them, so you're in great hands.
They will assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
Following our first meeting, I'll start finding available houses on the market that are good for you.
I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll book appointments to tour the homes when it's convenient for you.
When we tour houses, I'll point out positive features, as well as negative ones. I'll also ask you about things you like and dislike.
It's widely common for buyers to update their list of must-haves as we view homes and some things become far more essential than others.
If that's the case, I'll go back through all the listings another time and trim it down to the home you've been dreaming about.
Step 4 – Understand the market
My awareness of the Virginia Beach market is a valuable resource in your house search. I am conscious of all the neighborhoods and schools, and I will alert you to what areas are "hot" and call for immediate action and some that are "cool" and allow for thoughtful analysis.
When we view homes, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as any REALTOR® in Virginia Beach will tell you they truly know the market.
If it doesn't seem like they know everything, just call me at 757-754-2442 or e-mail me at anna@toadallyawesomeagent.com, and I'll be happy to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We'll find your dream home in the Virginia Beach area, and when we do, I'll meticulously develop your home purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is most often applied to the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer – it's very common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Obtain your loan
Once we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-qualified, this won't take much time at all. But you need to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and stress-free affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 757-754-2442 or send me an e-mail.
