This
part of my website will be constantly updating as I develop
more Information that I feel will be helpful to my readers
and clients. Check back often to view my helpful
information pages.
Selecting a buyer's agent
Getting pre-qualified
Touring homes in the selected
area and price range
Negotiating the Contract of Sale
Making loan application
The Home Inspection
The Termite Inspection
Arranging for Title services
Attending the closing, paying
for the home and getting the
keys to your newly purchased
home.
Home buyers who have purchased a
home understand that most of the
process is managed by the
buyer's agent in cooperation
with the lender, inspectors, the
title company and anything that
happens is usually routine.
However, first time home buyers
in Virginia are not familiar
with the procedures and are
often a bit frightened at the
prospect of having everything go
smoothly.
As Your
Buyer Agent:
I will be with you every step of
the way, from search to
settlement.
I will gladly work diligently
for out of town buyers. Will
take photo's and find out
information on any properties
they may be interested in.
So,
relax and let me help.
Finding Your First or New Home
in Virginia.
Let's take a tour. I will
always ready to take home buyers
on a tour of homes to help you
understand what your money will
buy.
What Will Your Money Buy??
The
first step in any home search is
to determine the price range.
As your buyer agent, I will
gladly pre-qualify you for a
price range based on your
income, assets and liabilities,
regular monthly debt payments.
Home buyers are qualified to
spend a percentage of their
gross monthly income for
mortgage payments including
principal, interest, taxes and
insurance "P.I.T.I.
Once we have determined your
qualifying price range, As your
buyer agent I will schedule a
tour of homes. This is a very
important step in the home
buying process because it will
help first time home buyers
really understand what the homes
in their price range are. Often
our Virginia home buyers are
from out of town, relocating for
a job transfer, and don't
understand that the Smith
Mountain Lake real estate market
is quite expensive compared to
some other parts of the
country.
To help my home buyers
understand what their money will
buy, the first home tour is
critical. We often meet home
buyers who are qualified for a
particular price range, but want
to keep their payments much
lower than that for which they
are qualified. Seeing homes in
their selected price is
important. As your buyer agent
I will gladly show my buyers
homes in a selected price range
as long as my buyers are happy
with the homes they see.
You Are Ready To Buy.
Once you have toured homes and
are satisfied with homes in your
price range and location of
choice, it's time to get
prepared with a "LENDER'S
LETTER". It's important to be
ready with a Lender's Letter in
case you see a home on which you
wish to make an offer. Real
estate sales in Virginia is a
very sophisticated market and
sellers do not seriously
consider home buyers who have
not been "CREDIT APPROVED" by a
recognized lender. It's
important that home buyers be
prepared to buy. Without a
Lender's Letter, you are not
ready to buy. If you already
have a lender of choice, contact
them and request a Lender's
Letter. If you are not already
working with a lender, as your
buyer agent I will gladly refer
you to experienced local lenders
who will prepare a letter for
you following a review of your
credit report and considering
your cash, income factors.
Once you have (1) found your
home of choice (2) obtained the
Lender's Letter, you are ready
for your buyer agent to prepare
a WRITTEN CONTRACT OF SALE
OFFER. All offers to buy real
estate in Virginia are in
writing. Nothing else will be
taken seriously and your buyer
agent will want to make sure
that your offer is given a
serious review. The seller, with
the listing agent will review
all offers. They have the
option of (1) accepting the
offer as written, (2) making a
counter-offer, or (3) rejecting
the offer.
Let's jump ahead and assume that
the contract was negotiated and
accepted and you now have a
Contract of Sale. Time to make
a formal loan application. Some
of the documents that will be
needed are:
Copy of Contract of Sale
2 years W-2 Forms
2 months bank statements
3 months earnings statements
Landlord name, address and phone
VA Certificate of Eligibility
for VA buyers
Relax And Wait For Settlement!
