Will Nesbitt in the consultation room
I'm going to buy a home, what's the process?
Go to your bank or lending institution to obtain pre-approval. As part of this you will discover what amount it is willing to lend. This is important both to know your budget and to ensure that your offers are accepted. Failure to pre-approve can ruin your chances for success later.
Sit down with a Realtor to see what's available, what meets your needs, and to discover the hidden dangers in home buying.
Once you have found a property you wish to buy you can proceed with an offer. Your Realtor will provide invaluable assistance by performing a competitive market analysis, a snapshot of recent home sales and their amounts, to determine what will make an offer that gets you the best possible price, without having the seller walk away.
The seller reviews the offer; if it is rejected, the seller may make a counteroffer. This process can continue back and forth until both parties ratify and accept the offer making the offer a ratified contract.
A ratified contract then puts into motion a host of background tasks that proceed invisibly to ensure your new home is in good order:
Home inspected for condition, damage and hidden surprises
Appraisal to ensure the banks investment is covered by the value of the home
Loan approval to secure funds for the purchase of your home
Title Search to ensure the seller really has full right to sell your home
Walk-through inspection to ensure nothing changes at the last minute with the property
At settlement the lender's money and the title transfer come together to deliver you ownership of your new home.
Now it's time to move in!
For more information or to set up an appointment call Julie at (703)765-0300.
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Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.
2. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing. Is walkability important to you? How about proximity to the Metro? Perhaps you want your new home to be in ? Whether you want a condo in Arlington or a single family home in Kingstowne, a townhouse in Cameron Station or a studio in Crystal City, Nesbitt Realty probably has a search tailored to your needs. If you have trouble finding the search that you need call us and we'll be glad to help you out.
3. Be realistic.
Seminary Hill is in Alexandria 22304
Once you've zeroed in on a list of homes that fit your budget and criteria, then it's time to start viewing property. It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property. We still have a buyers' market, but that doesn't mean people are giving real estate away. Although homes have dropped in price 10% to 20% from the high-water mark a few years back, prices in Northern Virginia have tightened up and I'm not seeing further erosion in prices.
4. Don't ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own. Your home is a personal choice. In the end you're the one who will pay the mortgage and you're the one who will live there, so make sure you're pleasing yourself, not your advisers.
5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.
Bob Murphy is a home inspector
7. Consider a home inspection.
A home inspection is an option for every home buyer. A home inspector is a professional whose job it is to check the home out for defects. Whether you purchase a condo, townhouse or single family residence, a home inspection is an important option to consider.
8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Here's the best part about employing a Realtor to represent you: buyer's reps are usually paid out of the seller's commission payment, so there is no expense to you the buyer.
For more information or to set up an appointment call Julie at (703)765-0300.
Contact Nesbitt Realty to buy or sell real estate in Northern VA
Obtaining pre-approval from a bank is a daunting process. It is time consuming both due to the delay and because of the amount of paperwork required to satisfy a lender of your credit status.
It is, without a doubt, the most pressing matter before beginning your home search. Proceeding without this step can lead to angst and lost time, energy and opportunities. Without pre-approval you'll be facing the following pitfalls very quickly:
Offers will be rejected in favor of lower offers by pre-approved buyers.
Delays can result as you await approval by your bank.
Too late you may find the home you are looking at is beyond your budget
or
A better home could have been yours if you'd known what you could afford
Time can disappear into looking at homes that disappear from the market before you're ready to make an offer and
Effort invested into your search can be wasted as you await pre-approval to have an effective offer.
Buying your new house or condo involves a multitude of steps. Having a real estate agent ensures that these steps go smoothly for you. Having said that, one of the most important aspects of your new home purchase is getting a loan secured. Doing so in advance ensures benefits you in three ways:
You are searching for properties that will be within budget
Your offer carries extra weight because of your ready to buy status
The home buying process will go smoother and quicker through its final stages.
The value of these three together is quite great, and can make the difference between getting the home of your dreams and that one that "just got away".
It's a good idea to checking your credit score before you actually decide to purchase a home, townhome or condo. Even if you think your credit scores are good, you will want to see what the bank will be considering and the scores they will be examining.
If you check your credit history now, you can find out about errors while there is still time to make a correction. You don't want to find out about credit reporting errors at the last minute. Equifax, Trans Union and Experian (the major credit reporting bureaus) are ponderous and slow to react to problems. It takes time to correct errors. The time to get the record clean is now.
On the other hand, if there are negative items on your credit report, you will want to know what will block you from home ownership and what are you options. A good loan officer can also give you an idea of how much home you can afford. If you would like a free pre-approval or would like to discuss your options call Julie at Condominium Mortgage at 703 765 0300.
Before you place an offer on a house, obtain a pre-approved loan. This way, you won’t agree to something before knowing you will be able to pay for it. Also, understand that even after you’ve been pre-approved, the loan can still fall through if you do something to dramatically alter your credit score, like buying a car.
Therefore, when buying a house, it’s important to not only receive a pre-approved loan, but to also hold off on other large expenses for a while. If you really can’t wait to get that new car, perhaps you should hold the home purchasing process until later. After all, only you can determine what’s most important for yourself and your family.
