First Steps on the Way Home
We are here to help each step of the way, to be a reliable source of information, whether you are a first time buyer, new to our area or a seasoned home purchaser. Remember, Virginia Law requires you to choose the Agency Relationship you want with your Realtor®.
Virginia is a 'CAVEAT EMPTOR' or Buyer Beware State.
Determine Your timing Goal:
- Are you just starting to look?
- Do you have a clear vision of your new home?
- How soon must you move?
Who Else Involved in Your Purchase?
- Review your plans together.
- Make sure everyone is committed.
WHEN YOU ARE READY - CALL: (540) 656-3326
Down Payment & Closing Costs
There are programs and solutions to help reduce these expenses!
Potential Financing Options A sample of some of the available options include:
- Fixed or Adjustable Rate Mortgages
- 1st Time Buyer Programs
- VA & FHA Loans
Now you have your mortgage pre-approval & down payment money, you are ready to narrow down the market areas of interest, neighborhoods, school systems, etc. Decide the features you must have, #of bedrooms and # of bathrooms etc. Have your wish list in mind too: fireplace, deck, pool etc.
You think you have found HOME! It is an exciting time, but it is also a time to research answers to questions as you prepare to make an 'Offer to Buy'.
We will be there to help you negotiate the back and forth of offer and counter offer and all the next steps between offer and closing.
From Contract to Closing
There are 3 types of lender letters. The wording of their captions may differ, but the information provided is essentially the same.
“ 1. The Affordability Letter:
a. This letter is intended to give the customer an idea of what they MAY be able to afford.
b. Credit has not been checked.
c. Timeframe to purchase: 6-12 months.
d. Think of this as the mortgagee’s (the lender) way of telling their customer what price range they should be looking at for their online searches.
e. This type of letter is NOT ACCEPTED with a contract.
2. Pre-Qualification Letter:
a. Customer’s Credit has been reviewed.
b. Sales price, Loan type, Interest rate, Loan Officer, etc. visible on the letter.
c. Timeframe to purchase is customarily 90 days.
d. Customer still has to submit proof of income, assets, and liability information to mortgage company.
3. Pre-Approval Letter:
a. Customer has satisfied all document requirements.
b. Customer has no credit related conditions.
c. Subject to property appraisal, final underwriting, and standard settlement conditions.
d. Generally valid for a designated timeframe.
When seeking a mortgage lender, it is important to familiarize yourself with these lender letters.
Contact us for additional information. “
“Effective July 1, 2017, it is unlawful for any individual who does not possess a license as a home inspector to perform a home inspection for compensation on a residential building. Additionally, it is unlawful for any individual who does not possess a home inspector license with the new residential structure endorsement to conduct a home inspection for compensation on any new residential structure.
Pay for a detailed home inspection so a quality inspector can find the things you won’t see on the surface to ensure your home is move-in-ready. Don’t know a trusted and licensed home inspector? BRG can help. “
“Focus on making your house a home and not on inevitable household breakdowns. We suggest that you consider a home protection plan with a full year of coverage on specific major systems and appliances in your new home. Like to look over the Coldwell Banker Home Protection Plan issued by American Home Shield? Contact BRG and we’ll send you a free copy. “
“ What is a property title search? When you buy or sell a home, a property title is essentially a fancy way of saying who has the right to own the property—and thus, to sell it.
While it may seem straightforward that a home seller owns his house, there could be hidden claims or liens on the property the homeowners themselves may be unaware of, making a title search essential for both buyers and sellers.
The property title search is generally done after an offer to purchase real estate has been accepted.
Title Insurance offers policy holders limited protection against title defects or encumbrances that are discovered after real estate transfers. It reimburses the policy holder for any undiscovered and competing claims or interests in title. Title insurance us usually required by the mortgage company.”
“Your goal of home ownership is in sight. You did your walk-through to confirm the negotiated findings of the home inspection report have been satisfied. You selected your settlement company. This is the point in time when the seller tenders title to the buyer or a neutral third-party person in exchange for the buyer’s payment of the purchased price “
Equip yourself with tools to help you in this process.
1. New Home Check List
2. 5 Rookie Mistakes for the first-time home buyers
3. Home Buyer’s Toolkit
4. Common Appraisal Repair and Inspection Items
See Resource Section for more details.