Down thru the years, people have asked me, "What steps should I follow when purchasing a property?" I've responded that while some home purchases can be complicated the majority only need a few simple but yet important things to be in place. When the important things are in place the process will generally run smooth. On the other hand, if you fail to have the various steps ready to go your purchase will in all probability be a nail biting experience. Here are the steps:
Shop for and secure Mortgage Approval
In order to have Mortgage Approval you will need to work with a Mortgage Professional. It pays to speak with more than one Mortgage Company because interest and actual mortgage cost can vary. Once you've chosen the company, your Loan Officer will determine an amount you can safely afford in a house, pre-approve you and prepare a letter that tells the seller you are approved and ready to buy.
Determine what you are looking for in a property
What is your timeframe? Are you two months, three months, six months or two years away from purchase? Are you planning to purchase a New Home, something that is older in a Single Family, or perhaps a condo or townhouse? Do you want a country setting or perhaps you may want to live by the Metro. Do you want to look at Fairfax Homes For Sale or consider all of the Northern Virginia Real Estate market? Determine what you are looking for in purchasing a home.
Find A Realtor®
Whatever you do, don't go it alone. I will say it again as I've written in the past. I am a Realtor® that refuses to represent himself. I believe I am good at what I do. In fact, I've managed large volume Real Estate offices that have many agents, but I so much believe in representation that I look for someone to represent me in every part of the process of a home purchase. This means, even YOU will need a Realtor®
You Will Need To Tour A Variety Of Properties In Your Price Range
Remember, you are not bothering your agent when you ask him/her to show you homes. Any agent should be willing to show you several - helping to fine tune your search as you go along. Take notes about the homes you see. When you think you've found a house that might be the one, ask your Realtor to slow down and let you spend additional time in the home. Perhaps a second, even a third walk thru would even be in order.
When Ready Make an Offer
When you've found the right home, your agent will guide you in putting together an offer. This consists of how much you want to offer the seller, your earnest money deposit, previewing any disclosures and any contingencies that are involved such as inspections, possession, etc. Once the offer is sent to the seller's agent they will have a specific time frame to respond. Often there will be a counter offer and your agent will guide you through any negotiating that needs to occur, if indeed you want to counter. When both you and the seller have come to an agreement and all signatures are complete you will have a contract but perhaps with some contingencies.
Keep All Of Your Contingency Deadlines
Once your offer is accepted several items (generally included on this list is the Home Inspection) are on strict timetables. You will need to act quickly to meet all of the contingencies within the given time frames. You will need to set up the inspection to be completed within the time period stated in your contract. Whatever contingency is in the contract must be met on time - NO EXCEPTIONS!
Finally, welcome to Home Ownership. Let me know if I can serve you in this process.
David L. Burrows, Realtor®
Envirian of Warrenton
Warrenton, Virginia 20186
Phone: 703.391.9200 x9119
A Burrows' Thought For The Moment: Before making a phone call to secure a loan for a new house, check your Credit Score Online so that you will have NO surprises.
Interested in Some Great Reading on selling your home? Take a look at these reports on my website: BurrowsProperties.Com Seller Reports
Seller Guidance: I would encourage you to employ a Realtor®® to help you sell your home. When your agent or another agent is showing your house, go away and let them do your work for you. I also urge you to utilize my FREE SELLERS TOOLKIT before selling your house.
Buyer Guidance: I would encourage you to really check out anything and everything you are told by a well meaning seller. Employ the services of a Buyer's Agent to help you discern what you read and listen to about the area you are thinking of calling home. I would also urge you to get my FREE BUYERS TOOLKIT before heading out on the journey to find your new house.
Try this powerful link to help you find your next home: Fairfax Homes For Sale
The search engine on my site will allow you to find a house by Mapping, County, Subdivision, Zip Code, Address or City. I encourage you to try the Fairfax MLS and in fact, search the entire Northern VA Real Estate area.
Northern Virginia Information - Here you will find answers to your questions about schools, auto registration, taxes, things to do this weekend, popular destinations. It only takes a moment to look and it is free with no registration required!
Click on the following link for your Complimentary eCalendar & Daily Planner. This is a Free Gift from David. There is absolutely NO sign-up, registration, tricks, or gimmicks. It really is free for you to enjoy! This is a great tool for keeping track of your schedule for all of your Real Estate needs. There is NO obligation.
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