BUYERS: GET OFF THE FENCE--IT'S A PERFECT TIME TO BUY!
Dear Buyers:
IT'S A PERFECT TIME TO PURCHASE PROPERTY. Prices in northern Virginia are still down but they are beginning to rise. Inventory is low and homes are beginning to sell within just a few days with multiple offers. Don't keep waiting because you THINK prices will continue to fall. The market is turning. Don't miss out.
Recently I posted SELLERS: LET'S GET YOUR HOME SOLD, with a list for SELLERS to help get their home SOLD. Though this post is all about BUYING, you may find something of interest in my prior post, or perhaps you know someone who would benefit from it. Please feel free to pass it along.
That said; Let's get down to the PURCHASE process. BUYING A HOME is one of the most exciting things you'll ever do....and one the most expensive purchases you'll ever make. You NEED to be armed with as much information on this process as possible. Don't hesitate to call or e-mail me with additional questions or concerns. Remember, there are NO dumb questions.
Here's my list:
FINDING THE RIGHT REALTOR. It's extremely important that you feel comfortable and trust your Realtor. Do not take this step lightly. The right Realtor can make the difference between a good or bad buying experience. Check out my profile while you're doing your homework.
THE BASICS OF BUYING: Okay, you've chosen your Realtor (Me, I hope), now we get down to the basics. I'll explain the Agency Relationship, Residential Purchase Agreement, Financing, Earnest Money Deposit, making an Offer and the Settlement process. (See term explanations below).
FINANCING; YOU need to speak with a lender NOW and find out exactly what you can or can NOT afford. You don't want to go previewing homes and find one you absolutely love, only to find out you canNOT afford it. I'll give you several names of professionals I know. The process takes about 20 minutes on the phone. Once this is accomplished, he/she will fax me a Pre-Qualification or Pre-Approval letter to go with the offer we'll submit once you find "The Right Home."
TELL ME YOUR CRITERIA: Share with me your wants and needs. You've probably already been surfing the Net and possibly have a good idea of what's out there. Tell me your favorite neighborhood. What style home you like? Do you want new construction or re-sale? Do you have children who will be attending school ? Give me details!
PREPARING OUR SEARCH FOR HOMES: I'll pull up listings from my local METROPOLITON REGIONAL INFORMATION SERVICEULTIPLE (MRIS) of homes you'd like to preview. We'll scale down your list to approximately eight (if possible). Anymore than eight homes in a day can be confusing. With our list of homes in hand, we'll head out on a house-hunting adventure.
KEEPING NOTES ON PROPERTIES YOU SEE: I'll give you a printout of each home we'll preview, so you can make remarks on each one. THIS IS IMPORTANT and this will also help you eliminate homes you are not interested in. YOU are narrowing down your list and getting closer to finding THE RIGHT HOME.
MAKING YOUR CHOICE: Okay, you've found a home you love! We sit down and discuss making an offer: Price? Earnest Money Deposit amount? Conditions? Time for closing? I fill out the Purchase Agreement, you sign and initial and I contact the Listing Agent and I begin negotiating for you. And...we wait for a response from the sellers.
OFFER HAS FINALLY BEEN ACCEPTED: Once your offer has been accepted and all terms are agreed upon by all parties involved, we are under contract! You are now getting closer to owning a home!!!
Kim
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