First Time Buyer's Guide Prince William County VA - Introduction

outlines the 6 steps in the home buying process that will be explained in detail in this and subsequent posts.  They are required of all home purchasers, not just first time buyers

"STEP ONE OF SIX"

SELECTING A REALTOR AND INITIAL MEETING WITH YOUR REALTOR

WHY USE A REALTOR®?

Not all real estate agents are REALTORS®. Only a real estate professional who belongs to the National Association of REALTORS® can be called a REALTOR®. We subscribe to the NAR’s strict Code of Ethics. It is designed to ensure fair and equal treatment as well as professional handling of all real estate matters.

UNDERSTAND AGENCY RELATIONSHIPS

Until about ten years ago all real estate agents represented the seller and not the buyer. Even the agent who drove you from home to home was not working on your behalf. By law, the agent was required to work for the seller’s side – to get the highest price for the seller.

ALL THAT HAS CHANGED!!!!

Wide-sweeping changes in Multiple Listing Service regulations as well as revisions in legislation and real estate regulations have opened a whole new era in real estate transactions – THE AGE OF BUYER AGENCY.

BUYER AGENCY

Today, many REALTORS® are offering to represent the buyer in the real estate transaction. From the initial property search all the way through contract negotiations and settlement, you can now have an agent specifically committed to represent your best interests when purchasing a home.

This does not mean you pay a fee to your REALTOR® for representation. In my case, my brokerage fee is deducted from the seller’s proceeds at settlement – I do not charge my clients for this service. Consumer advocacy groups have endorsed buyer agency representation and Virginia law has been changed to permit it. The Real Estate Buyer’s Agent Council, the nation’s oldest and largest association of REALTOR® practitioners addressing all aspects of consumer representation in the real estate transaction has established a criterion for excellence in buyer representation.

THE “ACCREDITED BUYER REPRESENTATIVE” DESIGNATION

To attain this designation a REALTOR® must complete comprehensive classroom training, pass a written examination and submit evidence of practical experience as a buyer’s representative. Look for the REALTOR® who displays this symbol

INITIAL INTERVIEW WITH A REALTOR®

Today, owning a home involves more than the price of a home. During our initial interview we will consider and prioritize such items as:

• Schools (complete school reports are available on my website). This is an important resale consideration even if you do not have children.
• Transportation to and from work – this will include travel time considerations as well as public transportation availability.
• Shopping facilities.
• Features of a home that are a requirement.
• Features of a home that are on your ”wish list”.
• Proximity of recreational facilities.
• Child care facilities.
• As a Prince William County resident for the past 26 years I am intimately familiar with almost any aspect of life here.  If not, I know where to get accurate answers

Your income and funds available for down payment plus closing costs impact on the purchase price of a home and the negotiating process with the seller – either positively or negatively. In order to maximize your negotiating position and to determine which price and loan amount will work comfortably for you, we will have several mortgage loan officers contact you to help you make that determination. This will be discussed in greater detail in STEP #2.

In Virginia, all real estate transactions must be in writing to be enforceable. Additionally, there are state and federal requirements that come into play depending on the type of financing and/or age of the home. The required documents are revised frequently. I will review the most current contract and required forms with you. 

Recognizing that you are a first time home buyer, I understand that many of the terms and requirements are new to you, I am prepared to take as much time as necessary to make certain you understand the home buying process thoroughly

I will be performing an in-depth Prince William County home search, but in the interim you may try our

NO REGISTRATION PRINCE WILLIAM COUNTY HOME FINDER

and then contact Karen and Art by Email or call us at 703-690-6569. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.