The Process of Buying a Home

You’re excited and maybe even a little apprehensive. It’s time to purchase a home—maybe for the first time or maybe for the fourth time. You need information, and lots of it: Information on market conditions, financing , schools, neighborhoods an home inspections. Where does the process begin?

It starts with the people who advise you. The choice of realty firm and an agent determines the quality of the information and strength of support you receive. You can also check out and click on podcasts.  Go to Real Estate Matters where you can listen to an archive of shows pertaining to the buying and selling of real estate and the trends that impact the housing market.  You can also Follow the show on


Since 1927, Roy Wheeler Realty Co. has been trusted as the firm of choice for thousands of homebuyers throughout Central Virginia. Whether buying a farm or distinguished estate or you are moving up or buying your 1st home, the high caliber of a Roy Wheeler Agent increases the certainty that you’ve made the right choice. Once you choose your agent than you can proceed with the steps that follow.


Discuss Financial Aspects And Needs
The first thing you will want to do is make sure you have representation and if not, what are your options. Once the agency has been established you and your agent should determine the price range of homes that meet your needs. In many cases your agent can recommend local lending institutions which offer “pre-qualification” letters. This means that through a review of your particular financial goals the mortgage company will issue a letter indicating the approximate loan amount that you qualify for. A pre-qualification letter lets a seller know that you are serious. Armed with this documentation you and your agent can negotiate the best offer on your “dream house.” Often, prospective buyers disqualify themselves from considering home ownership because of financial considerations. Your agent can help. Take advantage of their resources. They know the lending institutions and what they have to offer. We can help you with buying investment or commercial property as well. If you own an investment property and want to sell or buy something else, using a Starker 1031 exchange can help you defer taxes.

Visit Homes That Meet Your Needs
You may know exactly the home or neighborhood you’re looking for, but many prospective buyers want to examine market conditions in several communities.
Your agent can provide you with up-to-the-minute information and review wide range of properties with you even before you “hit the road.” Most importantly, your Roy Wheeler Agent can advise you wisely, providing subtle distinctions that only come from experience.


Select the Home
Your agent found the perfect home, the right location—everything! It’s time start the paperwork. Your Roy Wheeler Agent writes the offer along with any contingencies involved (such as a home inspection or water test, if necessary).
The agent now presents the offer through the selling real estate agent. There may or may not be further negotiating until your offer is accepted. Your agent is there with you throughout the entire process.


Satisfy Contingencies
Your agent works for you as the home inspection is completed. Water, septic and termite certifications are obtained and any other contingencies are satisfied. While all this information can become confusing, your agent is there to give you all necessary explanations and follow through with the required paperwork. Once your inspections are done, consider buying a home warranty on your home to keep from having major expenses at least for the 1st year of ownership.


Complete the Mortgage Application
It is at this stage of the transaction that the purchaser makes their mortgage application. The lender orders a credit report. Your agent arranges for the lender’s appraiser to gain access to the property. Upon receipt of the appraisal the lender makes their final determination on the loan application and issues a letter of commitment for the mortgage.


Title Search And Survey
You’re coming down the home stretch. The buyer’s attorney or title company orders a title search and a survey of the property. Upon receipt of the title report and survey a closing is arranged with you, the mortgage company and your attorney or title company.  Please don’t also forget that you need homeowners insurance.


Final Walk-Through
Your agent arranges a final walk-through of your new home just prior to the closing. The buyer makes sure the property is being delivered in the condition that was promised by the seller.


Closing time
You’ll sign many documents and write several checks. Your agent makes sure that you are aware of all the final costs prior to closing and understand these final steps in the purchase of your new home. And, finally, you get the keys to your new home.


Follow-Up Afterwards
Feel free to contact your Roy Wheeler Agent with any questions or problems that arise after the closing. They will be in touch with you in the months that follow just to check in. And when the need arises they’ll consult with you on the sale and purchase of your next new home.
Have questions?  Need more information? Call us at 434-951-5155 or email us at