You’ve been prequalified … what now?

I met with a first-time buyer over the weekend. She was prequalified by her lender. Prequalifying helped frame her choices. 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. Here are the steps that we’ll be taking on the road to home ownership.3D Realty Handshake

  1. Tour properties — We took a top level tour of some of the properties that are in her
    budget. This gives the client something concrete and real to think about so that she can decide whether this home ownership thing is for her or not. In addition to the units we saw, I can think of a number of places that would also fall within this client’s budget and still offer a very reasonable commute to Ft. Belvoir. But I wanted to get her impressions of these places before going on a bit deeper.
  2. Revisiting — We’ll revisit those communities that hold the greatest interest and look at everything available in those communities.  (So far we just did a top level search.)
    • A few more choices — If none of these really feel right, we’ll find a few more to consider and continue with the search.
  3. Make an offer — When we’ve found the property that stirs the soul, fits the budget and feels right, I’ll write up an offer. At that time I’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.
  4. 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.
  5. Loan processing — Julie at Condominium Mortgage will then collect documentation from the client. 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. Julie will also order an appraisal as required by all lenders.
  6. 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.
  7. Ownership — Here’s where the fun begins … as does the responsibility of home ownership.

Properties in Fort Hunt

2200 Kilt Ct

FANTASTIC LARGE HOME ON SPACIOUS LOT ! [Kirk - $599,000]

2302 Wilkinson Pl

Move-in Ready. Over 2500 sf. 4 BR 2.5 BA. 2 Car Garage. Meticulously maintained. New roof. Renv eat-in Kit/skylight. Spacious. Light filled. Master Bath w/dual vanities. Fam Rm w/wood burning Fpl. Sep Dining Room. Sun room. All sys. replaced w/in last 6 yrs. Vinyl tilt-in Windows. Plenty of storage. Great outdoor space, landscaped & fenced yard.Greenhouse. Shed! Cls to 95. OPEN SUN 2-4 1/21 [Kirkside - $655,000]

2401 Wittington Blvd

Stratford Landing is a charming neighborhood 7.2 miles south of Old Town Alexandria and 3.5 miles north of George Washington's Mt Vernon. Close to the Potomac River, this sought after neighborhood is a welcome haven from the hustle and bustle of DC. Remodeled open concept kitchen. New HVAC ! New hot water heater ! Backyard pool w/ sundeck. Updated bathrooms. Two master suites. Don't miss this one. [Stratford Landing - $614,900]

2004 Cool Spring Dr

WONDERFUL Home in SUPER Location * UPGRADES from Top to Bottom * OPEN CUSTOM Design is Great for Entertaining * REMODELED Kitchen has Granite, Stainless & HUGE Island * RENOVATED Baths w/Stone Tile * Gas FPL, Built-ins, Hardwoods & MORE * UPDATED Roof, Windows & Siding * Plenty of Attic Storage * FABULOUS Rear Oasis boasts In-Ground Pool, Hot Tub, Slate Patio & Custom Shed w/Covered Grilling Area [Collingwood Springs - $574,900]

8214 Clifton Farm Ct

Great Rehab Potential. *** Need a CASH or Renovation Loan ** Home has great potential and need total renovation of the Kitchen, baths, carpet, and all flooring, **"Employees and family members residing with employees of JPMorgan Chase Bank, N.A, its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by JPMorgan Chase Bank, N.A." [Huntington At Mt Vernon - $343,200]

2218 Harbor Ter

Beautifully renovated split foyer just steps from little Hunting Creek and the GW Parkway. Stunning open floorplan boasts chefs kitchen with white cabinets, granite counters and stainless appliances. Reconfigured master bathroom has larger master bath with custom tile and vanity. Gleaming hardwoods throughout the main level. Lower level has 2 bedrooms and full bath. So close to the pool/school. [Stratford Landing - $709,900]

1117 Arcturus Ln

1 of 2 Brand New To-Be-Built 5BR 4.5BA Craftsman near the GW Parkway in Waynewood School District. Chefs eat-in kitchen with lg island, butlers pantry, & separate breakfast rm. Master suite with free standing tub, separate shower, & extra lg walk in closet. Full walk out basement with rec room and an additional full bed and bath. 1 car garage and entrance to the mudroom. *SELECT YOUR FINISHES* [Collingwood Manor - $935,000]

1115 Arcturus Ln

1 of 2 Brand New To-Be-Built 5BR 4.5BA Craftsman near the GW Parkway in Waynewood School District. Chefs eat-in kitchen with lg island, butlers pantry, & separate breakfast rm. Master suite with free standing tub, separate shower, & extra lg walk in closet. Full walk out basement with rec room and an additional full bed and bath. 1 car garage and entrance to the mudroom. *SELECT YOUR FINISHES* [Collingwood Manor - $935,000]

7533 Hollindale Ct

Welcome Home! Expanded & renovated 3000 sq/ft split-level on quiet cul-de-sac backing to protected park land. Beautiful addition added 1800 sq/ft of entertaining space, to include a gourmet kitchen w/center island, dining and family room combo, 1/2 bath, lower level guest suite & office. Other features include new baths, a large 2 bay garage, two tiered deck, parkland & stream. [Hollindale - $715,000]

8807 Vernon View Dr

Lovely 4BR, 2BA, 4 level home in Ft. Hunt on beautiful lot w/ large welcoming front porch. Bedroom & full bath on main level as well as Family Rm w/raised hearth & gas fireplace. Freshly painted interior & refinished hardwood floors. Spacious, open Living & Dining Rooms. Large Rec Rm in bsmt. Sizeable backyard, flat & fenced. Fabulous location just blocks to Potomac River & GW Pkwy. [Potomac Valley - $562,000]

For more information or to set up an appointment call Stuart at (703)765-0300.