Are you purchasing a home in Virginia Beach?
Purchasing a home is stressful for most people. However, with some up-front planning, it's not too complicated.
I like to furnish buyers with an overview of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
If you have questions about this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy
There are many things you need to do prior to commencing your home search.
When you begin your search, you'll probably want to make a checklist of items you need, plan for what school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent in Virginia Beach
That's where I can help.
I'd like to arrange 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 discuss neighborhoods, schools in the Virginia Beach area, the mortgage industry, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you get started on your loan.
Rose & Womble Realty partners with some of the best mortgage professionals in Virginia Beach, so you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After we meet, I'll begin finding houses on the market that are a great fit for you.
I'll preview many of the houses and remove the bad ones, and then we'll set up appointments to tour the homes when it's most convenient for you.
As we tour the homes, I'll point out good features, as well as negative ones. I'll also ask you what things you like and don't like.
It's widely common for buyers to amend their must-have list as we view homes and some things become far more important than others.
If that's the situation, I'll look through the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Virginia Beach market is a crucial element in your home search. And I assure you I'm conscious of all the neighborhoods and school districts, and I'll alert you to certain neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for careful examination.
As we view houses, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Every real estate agent in Virginia Beach will claim to know the housing market.
If things don't add up, contact me at 757-671-3343 or e-mail me at , and I'll be more than happy to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream house in the Virginia Beach area. When we do, I'll meticulously develop your purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, finishing the home inspection, and a clear title.
When presenting your offer, you'll probably need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is most often applied to the closing costs. If the seller accepts the offer, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer. It's pretty common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Get financing
Once the contract is finalized, you'll start working with your mortgage lender to close the loan.
It shouldn't take long at all if you've been pre-qualified, but you need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application.
This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if everything looks all right.
Then we'll close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 757-671-3343 or e-mail me at .