Question: once we hire you as our buyer broker, what it the first step to buying our new home?
Answer: before I can help you decide on a location, I have to know how much you want to spend and where the funds will be coming from.
Not too many people can sit down and write a check for the purchase price of a DC area home. Normally, buyers use some combination of:
- A mortgage they get from a lender
- A loan from the Bank of Mom and Dad
- Proceeds from the sale of another property
- Money from savings
Assuming you are getting a mortgage, I will have you talk to a loan officer from a local bank so you can get pre-approved. They will verify your income, assets and debts, check your credit score, and put you through their underwriters who will give you a the magic number - how much you can spend for your new home. They will also give you a letter that we can show to the sellers when you find the perfect place.
Often, the bank is willing to lend you a lot more money than you will think it's prudent for you to spend. In that case, we will work with your lower number as we begin the search.
Throughout the Washington, DC Metro area, there are homes in all sizes, shapes and prices. And the amount you will want to spend will help to narrow down your choices.
If you start by falling in love with neighborhoods or homes that are way above your ability to buy, the places I show you that you can actually afford might send you into a state of clinical depression! But no matter how much or how little you want to spend, I'm pretty good at finding the best choices for homes that meet your needs.