Today we’re featuring this property for sale at River Towers in Alexandria Virginia. We highlight properties that are interesting, unique or just good deals. This 1 bedroom property is listed for $168,000. We like to keep our eyes open for home buying opportunities for our clients.
It’s a waste of time and energy to look at homes that are outside of the budget, so prequalification is the first step for any home buyer. If you choose to work with Nesbitt Realty here are many of the steps that we’ll be taking on the road to home ownership.
- Tour properties — We’ll take a top level tour of some of the properties that are in your budget. This gives the client something concrete and real to think about so that you can decide whether this home ownership thing is for you or not. It also gives us a chance to see which properties most interest you so that we can rely upon our experience to identify communities and properties you may have overlooked.
- Revisiting — We’ll revisit those communities that hold the greatest interest and look at everything available in those communities.
- A few more choices — If none of these really feel right, we’ll find a few more to consider and continue with the search.
- Make an offer — When we’ve found the property that stirs the soul, fits the budget and feels right, your agent will prepare an offer. At that time we’ll collect earnest money.
- The earnest money is evidence that the seller is serious about the purchase and is held in escrow until the sale is completed. We’ll submit a preapproval letter, a copy of the earnest money deposit and the signed offer for the seller to consider.
- Negotiations — Sometimes there is a difference between the asking price and the selling price. The selling price is determined by negotiation. We’ll pass drafts of the contract back and forth until the buyer and seller have agreed on all terms.
- Loan processing — Your loan officer will then collect additional documentation from the you and from your agent. This documentation will serve the purpose of proving the representations made in the loan application process. The buyer will produce pay stubs, bank statements etc. The loan office and agent will also order an appraisal as required by all lenders.
- Settlement — Settlement is the word used to describe the actual transfer of ownership. We’ll settle on the property in a timely fashion on an agreed upon date. Settlement will occur at a title company’s office and a settlement agent will ensure that funds are present as is marketable title.
- Ownership — Here’s where the fun begins … as does the responsibility of home ownership.
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Buying? Talk to a Realtor™.
To assist you with finding the perfect home, you should enlist the services of a reputable Realtor. When you meet with your agent, you will go over how much you are willing to spend, and what type of home you are looking for. You’re agent will know where ideal properties are, and help you find the home that is best for you. Nesbitt Realty is a home-grown, hometown family-run brokerage. We appreciate your business.
Your agent can provide you with a list of potential properties that meet your budget and your features. Once you get the list, you should drive by the homes and check out both the home and the neighborhood. You should consider the appearance and location of the home, safety, access to the freeway, schools nearby, commute time to work, local shopping, and even recreational activities.
Our Realtors charge the buyer nothing and we even rebate a portion of our commission to you the buyer. Talk to us to find out how you can save thousands.
Nesbitt Realty is a family-run brokerage. We appreciate every client and we’d love to help you achieve your real estate goals. Contact us today to learn more about what we can do for you or to get a free assessment of your property’s value. Nesbitt Realty has received numerous awards and recognitions for client satisfaction because we get results that make our clients happy.
We’d love the opportunity to show you about why our clients rave about our service.
Nesbitt Realty usually charges a percentage of the rents collected. Most landlords find that our fees are lower than other property management firms in Northern Virginia. Every aspect of Nesbitt Realty property manager’s responsibilities will be outlined in a contract signed by both Nesbitt Realty and the landlord. Our property management agreement was written by the Northern Virginia Association of Realtors staff attorneys. This standardized agreement details financial responsibilities and specifies the types of financial reports the landlord can expect.
Our promise to you
Your Nesbitt Realty property manager will stay current on new laws and condo regulations which may be relevant to your situation. Nesbitt Realty Property Management takes a lot of the burden off of owning rental real estate. Call us at (703)765-0300 to discuss.
If you’d prefer to work with a family-run business, contact Nesbitt Realty.
We serve renters with immediate and specific rental needs.
Our renter’s resource page will answer common questions like:
- What is a rental agent?
- How much do you charge?
- What areas do you serve?
- Where can I search for homes?
703 765 0300
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of home ownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.For more information or to set up an appointment call Julie at (703)765-0300.
Budgeting isn’t easy, but the fact is, if home buyers don’t set a budget for what they can afford for a house, things can go terribly wrong. The recent subprime mortgage crisis is a perfect example. Banks may say home-buying hopefuls can afford an amount they actually cannot afford. Budgeting is one way to ensure you don’t get trapped by knowing what you can and cannot afford to remain financially comfortable.
Create a budget that includes your major expenses. Examples of major expenses could be student loan payments, transportation costs (gas, car payments, etc.), credit card bills, cable bills and telephone bills. Also be sure to include expenses that come only once a year, like holiday bills or taxes. Add all this together and subtract it from what your earnings — the result is what you can afford on a house.Home buyers who skip this step could end up either badly wanting something they can’t afford and/or putting themselves at risk financially.
Mistake 2: Skipping Mortgage Qualifications.