 |
|
|
|
 |
In Northern Virginia without half-killing yourself financially or physically
|
|
|
The largest and most up-to-date inventory of homes for sale is
the Realtor® Multiple Listing Service (MLS); it is not the published
print media of ads, it is not even the Internet. Only Realtors® have direct, instant, daily access to the MLS. If you're serious
about finding a home:
sign up with a Realtor® as your personal representative. At any given moment there are 2,500-20,000 properties on the market in Northern Virginia in the MLS; your Realtor® can quickly find what meets your criteria and, as your representative, search out any of the few properties not formally listed (and which may not be advertised or have a sign). Since a Realtor® is subject to a strongly enforced national Code of Ethics, you can rely on your Realtor®. There are a chosen few agents who, like me, Teddy Goodson, have earned the national designation of Accredited Buyer Representative (ABR), and are specially trained to represent Buyer's interests. You are well-advised to chose an ABR as your Buyer's Agent.
|
|
| HOW TO FIGURE OUT WHAT YOU WANT - AND CAN AFFORD |
First, concentrate your mind: what are your "must have," "nice
to have," and "hoped for" items or features? What is your true
income and credit picture? Be brutally frank with yourself and
your Realtor®, who can pre-qualify you and give you basic guidance,
and:
follow your Realtor's® advice: get pre-approved for a mortgage loan This one step can save enormous hassle and disappointment; it enables you to discover and resolve in a timely manner any problems (even tell you how to resolve them), and puts you in a much stronger bargaining position with the seller when you do find your dream home.
|
|
|
OF YOUR TIME |
Once you've selected your Buyer's Agent, stick with that individual,
let them do the legwork research; trying to "use" several agents,
calling around on your own, means re-educating every agent (and,
what's everybody's business is nobody's business), undermines
your relationship with your chosen Buyer's Agent, and ruins your
mutual education and search process. In other words:
Be loyal to your Buyer's Agent And they'll be loyal to you, putting your interests and requirements ahead of everything else. All too often your agent may be trying to reach you about a newly marketed property and you'll miss it while you're out on your own.
|
|
|
|
Not all areas, floor plans, school districts, etc., are always
available, so the key word that applies is:
Flexible Firmness, knowing just what you want, is one thing but rigidity is another. It's usually possible, with the help of a good Realtor®, to find a home very, very close to what you want and can afford, even if it isn't quite what you had in mind in the first place. Which brings up the last piece of advice: be Flexible And, as you go along your desires and situation may change, however subtly, so talk it over with your Realtor, and: Re-evaluate Good luck,
|
|
 |
||
|
Time Line For Buying A Home
|
||
|
|
Meet with your chosen Realtor®, set priorities, decide what you
want to buy, sign Buyer Broker contract, fill out financial statement;
begin loan application simultaneously in order to be pre-approved
for a loan; begin looking at homes with your agent.
|
|
|
THROUGH FIVE |
View homes with your agent; follow directions of your lender,
providing any documentation lender may require; refine your requirements
with your agent.
|
|
|
|
With the advice and help of your agent, prepare an offer on your
chosen property; respond through your agent to any counter offers;
finalize contract, your earnest money is placed in an escrow account.
|
|
|
|
Meet with your lender to finalize loan application; your agent
forwards title order to settlement office, forwards ratifies contract
to lender, and begin processing transaction.
|
|
|
THROUGH FIFTEEN |
You provide any additional documentation or information requested
by your lender; during this period any inspections are completed,
the removal of contingencies is negotiated, and lender accomplish
appraisal.
|
|
|
THROUGH TWENTY |
Mortgage commitment arrives, you review with your agent and loan
officer, sign and return it; you order and pay for home owner
hazard insurance policy required by lender, you also arrange for
the transfer of utilities to your name.
|
|
|
TWENTY-ONE |
Go to settlement, sign document and settlement papers, pay remainder
due on closing cost and down payment (with certified or cashier's
check), receive the keys - and move into your new home.
Of course you can compress the time by doing as much preparation in advance as possible and shorten the looking time because you have narrowed your choices and made an earlier informed decision, and by providing the lender with everything needed quickly - it is possible to settle in a week to ten days with the right financing. And, of course, you can stretch out the time if you cannot meet this schedule, by spreading out the looking time, taking time off from the project, and postponing arranging financing until the time is right for you.
|
|
|
E.Mail Copyright©, 1999 Teddy Goodson |