Overwhelmed about buying a new home?
Use our checklist to help guide you through the process and remember, that we are available to help you at any time!
- Analyze your needs.
- Why do you want a new home?
- When do you want to move into your new home?
- What does your ideal home look like and what features do you want included? Which of these features are "negotiable" and which ones aren't?
- Do you need to be Preapproved or Prequalified for a loan?
- Being Prequalified is better. It means that you have a financial
institution that will honor a mortgage up to a certain amount.
Preaapproval means that you may qualify for a specified loan
amount but there is no guarantee that you will get the amount
specified. Prequalified buyers are looked upon more favorably
by sellers.
- Most financial planners suggest that your monthly mortgage
payment should not exceed 28% of your monthly gross income.
Every one has different financial situations and we encourage
you to visit your lending institution to become prequalified
in order to avoid potential problems and disaapointments later.
- Gathering neighborhood information.
Before looking at properties, think about the features you desire
in your new neighborhood. What amenities does the neighborhood
offer? How long would your commute to work be? What school district
will your children be in? How far away is the nearest hospital,
grocery store and other places of interest? Use CentralVaProperties'
community information
pages to help you determine your needs or feel free to
contact us for any help!
- Conducting your home search.
Now armed with the necessary
information, you are ready to start your home search. You know
what you want in a home, in a neighborhood and the price range
that will work for you. Now take advantage of CentralVaProperties'
Listings and
begin your search for your ideal home or property!
- Making an Offer.
When making an offer on a property,
make sure everything is in writing in the purchase contract. Verbal
agreements are very difficult to enforce. Any contingencies you
want in order to close the transaction must be writing. If either
party is expected to perform any action, this must be stated in
the contract. A contract should always include the following:
(This list is not conclusive.)
- The full name of the seller.
- The full name of the buyer.
- The legal description of the property.
- The price being offered.
- The down payment.
- The financial arrangements.
- The amount of the earnest deposit.
- A list of fees involved in the transaction and who will be responsible for their payment.
- If there will be a home inspection.
- Any repairs that need to be made.
- Any items that will be transferred with the home or property.
- Any contingencies.
- The date of settlement.
- How the title will be transferred.
- Where closing will take place.
- Anything else that needs to be explicitly stated relating to the transaction.
- Negotiating to buy.
Most real estate transactions
involve some negotiating. Remember that once you make an offer,
if it is turn down by the seller, that offer becomes void. The
seller may make a counter-offer. Once the counter-offer is made,
your original offer is void.
- Fulfilling contract obligations.
Once the purchase contract
has been signed, you may need to have various inspections performed
prior to closing. CentralVaProperties' can help you to locate
the necessary specialists. Remember that if you are financing
your new home, you will need home-owners insurance in force prior
to closing.
- Prior to Closing.
A few days before closing, you need
to make sure that the closing company or the closing attorney
has all of the necessary documents to perform the closing. At
this time you should find out the exact amount of money and what
type of payment is needed for the closing date.
- Closing.
At the closing you will receive a HUD-1 form,
which outlines all of the cost and receipts incurred by both the
seller and the buyer. At this point there should be no surprises
and closing should go smoothly.
- Post Closing.
After the closing you will need to make
arrangements for any necessary services, such as electric, telephone
and cable service to be started. You should know about any service
and/or Property Owner's Association dues that will need to be
paid.
Enjoy your new home and remember that CentralVaProperties is always available to help you through each and every step of the process!
Gayle Harvey Real Estate, Inc.
154 Hansen Rd.
Charlottesville, Va 22911
434.589.5340
1.888.8Va.Land
E-mail
us
Licensed to sell real estate in Virginia
