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In the Charlottesville/Central Virginia area like in many other parts of the country the housing market is beginning to gain momentum. As a result, the number of homes on the market, more commonly known as listing inventory, has begun to decrease. When this happens, buyers have a harder time finding the right home. Therefore, if you are thinking about buying a home, you want to understand the process so when you find the right home, you will be able to act as quickly as possible. Although, the internet is a great way to start getting to know what is on the market, I would recommend finding a Realtor who knows the market and has your best interest in mind. Once you find that person who you can trust, they will be able to help you fine tune your search for a home with the features you want, in the right location, and in a price range that you can afford.
Most of us buying a home need to procur a mortgage. The age old adage, “a house is worth what someone is willing to pay for it” should be changed to “a house is worth how much money the lender is willing to lend”. Therefore, once you have chosen your Realtor, ask them to refer you to one or two mortgage professionals who they trust and with whom they do business. Once you decide on the lender of your choice, meet with them as soon as possible to get pre-qualified for the loan amount you will need to purchase the home. The size of the loan will be determined by the price of the home and how much cash you will have for down payment and closing costs (I always say to estimate 3% for closing costs). When you meet with your lender, they should give you a Good Faith Estimate of what these costs are and what you can anticipate will be the total cost. Once the lender has qualified you, get as strong a letter as possible from them so that when you find a home and write a contract the seller will see that you can but their home.
I am sure you will look at a bunch of homes before finding the right one. Share with your Realtor what you like and don’t like about the properties you see. That way, if they listen to your feedback, they will narrow down your search to homes that meet your criteria until you finally find the one for which you have been looking. How your agent writes the contract can make all the difference in the successful negotiating of your purchase. Have them do their very best to know exactly what the sellers are looking for in a contract. You don’t want your contract leaving the seller with questions or doubting in any way that you can buy their property. Try to find out whether they desire a large earnest money deposit, when they want to close on the property, or whether the price is important so you can increase what you offer so they will be willing to pay some or all of your closing costs. The more you can write your offer according to their terms, the easier it will be to get your contract ratified. Try to keep your contingencies to a minimum but I recommend never waiving the Home Inspection Contingency. Even if the inspection goes well, I recommend getting Home Warranty coverage on the home. Ask your Realtor about which Home Warranty company is best for the home in which you will live.
Once you and the seller have agreed to terms, be excited but know that your work is not yet done. Choosing the right attorney or Settlement company will help guide you from the contract to where you sign all the paperwork to purchase the home. Make sure to ask about owners title insurance which is needed to protect your investment . You will also need to find an insurance agent so that you can have the proper hazard insurance for the type of property you have purchased. The more informed and prepared you are, the smoother the process will feel to you. Don’t get me wrong. It can be quite stressful but having the knowledge and choosing the right people to help will get you through what many say is the biggest financial decision you will ever make. Happy House Hunting.
Start your search by visiting https://mainsite.searchcharlottesville.com |
