Deciding to purchase a home is a very personal decision some buyers will decide to purchase overnight but chances are that you have been talking to your family, friends and significant other to discussing if purchasing a home is a good idea for you. Once you made the decision to purchase a home you need to know what’s next.Are you ready to purchase a home? What should you do. Even if you are not 100 percent sure if you would like to purchase speak to a local Real Estate Agent. The agent can help you with so many things.
How to start buying a house in Woodbridge VA
Choose a qualified Woodbridge VA Real Estate Agent
You want to be sure to find a qualified local Woodbridge VA Real Estate agent that can help you find your new home. There are a lot of different Real Estate Agent in and around Woodbridge VA. You want to make sure you higher a Real Estate Agent that can help you, one that you can trust, one that is knowledgeable and one that you can get along with. You be surprised what it could cost you not choosing the right Real Estate Agent. Working with an award winning, knowledgeable and hard working agent will make it very easy for you to find your next home. Claudia S. Nelson with Keller Williams Realty specializes in Real Estate in and around Woodbridge VA and it would be our pleasure to assisting you.
Get to know me
Apply for a loan – Get Pre-Qualified by a lender
Browse for Woodbridge VA Homes for Sale online
So by now you should have your Real Estate Agent, You should be qualified for a loan and have determined your purchasing power with the lender. Now you can seriously look at homes online and select homes that you want to take a closer look at. Most buyers will look at homes online well before that but now that you are pre-qualified you can seriously look at home online and from there contact your agent to actually schedule a home tour. Narrow it down to what you like and what neighborhoods you want to purchase in. You might want to look at schools, you might want to look at anything else that is important to you. Browse for homes for sale in Woodbridge VA
Tour Woodbridge VA Homes for Sale with your Woodbridge VA Realtor®
When you are ready and selected some homes online you can start scheduling homes. Select a couple of homes and tour them with your agent. Your agent will be able to point out pros and cons for certain homes but in the end the ultimate decion is always yours. You need to decide which home fits your needs best. Which home fits best into your budget.There are many things to take into consideration when you pick a home. You might be looking at only a couple of homes and you might be making a decision in one day or one weekend or it might take you a while to narrow it down. No matter what your time frame is and how long it takes be sure you satisfied wth your pick but also don’t wait too long to let anoher buyer make an offer on your home.
Make an offer
Now that you selected a home you and your agent will come up with an offer strategy and pressent the offer to the seller. The seller can either accept the offer as it is, make a counter or outright recject it. In the event there are multiple offers the seller normally askes for the highest and best offer. There are several ways you can win in an multiple offer situation. I normally strategize with my buyers on what is the best approach in any situation.
Submit all loan Documents
Now that you have a ratified contract, your lender will be asking you for lots and lots of documents to submit. You might have already submitted some of the paperwork during the pre-qualification process, but they will ask for updated documents now. You will also have to sign the lender disclosures and lock in an interest rate.
Home Inspection & Radon Inspection
After your contract is ratified your agent will co-ordinate a home inspection with the inspector of your choice. The home inspection is your chance to properly inspect your new home and get to know your home and yes you should always have a home inspection and you should always try to attend your home inspection. This is the time to find any serious issues and asking the seller to remedy such deficiencies or provide a credit.
Your lender will schedule the appraisal. An appraiser will come out to determine the appraised value of the home. If the appraisal comes in above or at the contract price we can move on without any issues. Should the appraisal come in lower than the agreed upon price we will have to go back to the seller to renegotiate.
During the contract process your agent or the listing agent will be ordering a termite inspection. You do not have to be present during a termite inspection. The inspection company will send a termite report. If there is any presents of termites the seller will have to pay for a treatment.
Your lender will require that you have home owners insurance and even if you purchase cash you should always carry home owners insurance. If you are in a flood zone you might also need flood insurance.
Title & Title Insurance
The title company or settlement company will reach out to you to inquire about title insurance. The lender always requires that you have lenders title insurance and you should always get owners title insurance as well. Chances are your home will be your biggest investment so why not protect it. Title insurance is a one time cost and you might never need it but you would be very upset if you do need it and didn’t get it.
When you complete the paperwork for the title company they will ask you if you want a property survey. A property survey will tell you where your property lines and more.
It is important to know that your home owners insurance only covers certain events, they will not cover if your AC, furnace or any appliances stop working. You can protect yourself by purchasing a Home Warranty. Your agent can provide you options that fit your needs.
Closing on your New Home
Congratulations you have made it to the finish line. You will be meeting with the settlement company to review all your documents, sign and to receive the keys to your new home. This is the fun part and then the moving process starts.
