Home Buyers

The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. Buying a home can be one of your most significant investments in life. Not only are you choosing your home, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture.

Step 1 - Commit to making a purchase.

Determine how long you want to live in the new house - does buying still make good financial sense? It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. If your a first time buyer or a savvy investor consider the reasons you want a new house and write them down. Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Find an agent.

I'd like to schedule a time to meet with you to hear the reasons you want and discuss your decision and my assistance and ablity to meet your goals. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.

At this time, I will also help you get pre-qualified for a mortgage loan. Pre qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. I will put you in touch
with several top lenders in Northern Virginia. They will go over the different loan programs and down payment options available to you. The fact that you are pre-qualified will help us when we are negotiating the deal.

Step 3 - Drive the area you want to live.

After our initial meeting, I'll conduct an exhaustive search all my resources for homes on the market that fit your criteria. I'll preview these houses to eliminate the those that fall outside your desires. Then, I'll schedule appointments to tour the houses at times convenient to you.

As we tour houses, I'll point out the positive and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses; some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.

Step 4 - Understand the real estate market.

My knowledge of the local market is an essential factor in the house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour houses and you take notes, I'll let you know when the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

Step 5 - Find a home.

I'm confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, the purchase of a home warranty, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).

Step 6 - Make an offer.

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Arrange financing.

During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan.

Step 8 - Go to closing.

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs.

Step 9 - Enjoy your home.

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure. Start enjoying the biggest investment of you life.