Buying or selling a home?

Purchasing a home is a stressful event for many people, but it isn't very difficult with a little planning ahead of time. So you understand exactly what to expect, we like to give our buyers a road map of the entire deal. These are our nine steps to buying a home.

When you're ready to get started, simply contact us here or send us e-mail. We're glad to address any questions you have regarding this information.

Step 1 – Prepare to buy
Before you start your home search, there are plenty of things you should take into account. When you begin your search, you'll want to make a list of items you need to have, get a feeling for what school districts and neighborhoods you want to live in, and begin planning around your budget. Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good rule of thumb to go by.

Step 2 – Get with a real estate agent in Virginia
This is where we come in. We'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the Virginia area, the mortgage industry, and any additional economic factors that could affect your purchase today or in the future.

We'll also assist you with getting started on your loan. There are some great mortgage professionals in Virginia, and we work with a lot of them, so you'll be in great hands. They will help you figure out which type of loan is best for you, as well as help you get qualified.

Step 3 – Start looking for a house
After our initial meeting, we'll start searching for houses on the market that are a great fit for you. We'll preview most of the homes and eliminate the duds, and then we'll book appointments to tour the houses when it's most convenient for you.

As we view the homes, we'll show you the positive features and bad ones. we'll also ask you to tell us about things you like and dislike. It's widely common for buyers to revise their wish list as we view homes and some things become far more substantial than others. If that's the case, we'll look through the listings once more and narrow it down to the house of your dreams.

Step 4 – Understand the housing market
Your agent's awareness of the Virginia home market is a leading component in your home search. And we can assure you we're in touch with all the schools and neighborhoods, and we'll communicate some districts are "hot" and require prompt action and the rest that are "cold" and allow for thoughtful examination.

As we view homes, we'll let you know when the seller's asking price has room for bargaining and also when we believe the home is "priced to sell." Every real estate agent will claim to truly understand the housing market, but take notice, and be sure to ask a lot of questions. If things don't add up, contact us at 703-314-7374 or e-mail us at Tom@TheTomTeam.com, and we'll be happy to answer any questions you might have. Our market expertise will help you stay a step above the rest throughout the entire deal.

Step 5 – Find your dream house
We know we'll find the home of your dreams in Virginia. When that happens, we'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as getting financing, carrying out the inspection, and a clean title.

Let The Tom Team guide you through finding your dream home in Virginia Upon presenting your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's very common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and go on.

Market circumstances will play a vital role in how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a deal that works well for you.

Step 7 – Secure financing
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan. It shouldn't take very long at all if you're already pre-approved, but you'll want to stay in close contact with your mortgage lender. And we'll deal with all the property information your mortgage lender needs to close the loan.>

Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a narrow range of accuracy. we'll examine the estimate and let you know if it all looks good.

Then we'll close on your house. This will likely happen at a title company or escrow office and will probably be a smooth and hassle-free occurrence.

Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact us at 703-314-7374 or send us an e-mail.

Looking to Buy?

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