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

2335 Creek Dr

Rare, Reasonably Priced Waterfront Property! 5 Bedrooms, 3.5 Baths recently updated. Prime Frontage, 165' Dock and Sweeping Waterviews, 13,000 lb Boat Lift - Supports 35-40 ft Boat, 5 ft draft, Spacious 3 Level Colonial, hardwood floorsReplacement Andersen Thermal Windows and Glass Doors. Expanded Gourmet Kitchen with Island/cherry cabinets.Garage Storage System. Spectacular water views [Stratford Landing - $1,145,000]

8446 Porter Ln

TREED LOT WITH CUSTOM FLAGSTONE WALKWAY ,REMODELED DECK DOWN TO LARGE PATIO--REMODELED BATHROOMS,REMODELED KITCHEN WITH CERAMIC FLOOR, CABINETS, GRANITE COUNTERS AND SS APPLIANCES--REFINISHED HARDWOOD FLOORS IN LIVING RM AND DINING RM--NEW CARPETS IN BR AND LOWER LEVEL--FRESH PAINT IN AND OUT---OPEN AND BRIGHT HOME WITH CATHEDRAL CEILING IN LIVING ROOM AND MANY LARGE WINDOWS [Stratford On the Potomac - $599,950]

2702 Sherwood Hall Ln

Spacious townhouse in the quiet Mount Woodley Manor community. Main level is perfect for entertaining, open kitchen with separate dining area and large living room. New carpet. Family room on the lower level adjacent to separate room & laundry room. Nice size patio in the rear. Easy to show. Two assigned parking spaces right in front. [Mt Woodley Manor - $399,900]

2002 Prices Ln

Beautiful Cape Cod located in Stratford Landing with glass enclosed porch, situated on level lot. New Master-bath with walk-in shower, stunning new powder room. Updated kitchen, One year new 8-foot privacy fence with two gates enclose the rear yard. 2016 new storage shed, 4 Bedrooms, 2 1/2 baths. Freshly painted, new roof 2012, New Hot water heater 2016, Full basement. [Stratford Landing - $645,000]

7900 Kent Rd

Gorgeous NEW CONSTRUCTION! All brick col w/6100+sqft built by NVP. 1 block from River Farm, a 25AC George Washington Farm great for walking & jogging. Sumptuous accents, trim work, coffered ceil, wood & more! Massive twin staircase, 2-story great rm w/frpl & wind wall, bright sun rm off chef's kit w/large isl & SS appls, authors lib, formal LR & DR. Luxurious master ste on UL & full fin walk-up LL [Wellington - $1,535,000]

8804 Camden St

Move in ready, immaculate home in coveted Stratford Landing! Dutch colonial floor plan offers 4 upstairs bdrms & formal living & dining rms. Large, bright kitchen opens to cozy family rm, screened porch & newly stained deck in generous backyard. Partially finished, walk-out bsmt w/ full bath. Freshly painted, with hard wood floors and plantation shutters throughout. 2-car garage! Close to water. [Stratford Landing - $639,000]

1705 Courtland Rd

Beautifully located Colonial on quiet street. Large open kitchen with fireplace overlooks deck & spacious park-like yard. Updated stainless appliances & granite counters. Inviting living room with fireplace & built-ins. New vanities with granite in baths. Large bedrooms upstairs with ample closets. Lower level bright bedroom, family room & large workspace/utility. New furnace, HVAC & sump pump. [Hollindale - $725,000]

2410 Sherwood Hall Ln

Beautiful,huge and elegant home.Close to everything...G.W. Pkwy and Mt.Vernon Hospital.Crown molding,hardwood floors and ceramic tile. Huge kitchen and breakfast area. Family room with fireplace. Formal living room. Luxurious master suite w/ sitting-room and elegant bath and huge walk-in closet.Walk-out finished basement. Oversize side loaded garage. [Sherwood Hall Estates - $999,000]

8317 Fort Hunt Rd

There is so much to love about this spacious split foyer, which offers wood floors throughout the main level, fresh paint and new carpet on the lower level, plus a sun room overlooking the large level backyard. Just blocks from Waynewood Elementary School, close to the Mt Vernon Bike/Jogging Trail along the Potomac, minutes to shopping and Old Town Alexandria - you won't find a better location. [Collingwood Estates - $600,000]

1600 Shenandoah Rd

Incredible 3 bed, 1 bath home located in the heart of Hollin Hall.! Home has been recently remodeled w/ SS kitchen appliances, gleaming hardwood! Large windows provide tons of natural sunlight. The rear patio is perfect for summertime grillings & large fenced backyard allows for ample privacy! Close to Huntington Metro, shopping & dining near by. Fort Hunt Park, bike trail just a short distance [Hollin Hall Village - $499,000]

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