WHERE DO I BEGIN IF I WANT TO BUY A HOME?

Purchasing a home is one of the largest business transactions people make. The Old Dominion Realty team is ready to assist with your needs to make your purchase successful.

TEN HELPFUL TIPS TO HELP PREPARE YOU FOR YOUR NEW HOME PURCHASE:

       1.  Choose Your REALTOR

Look for an agent whose judgment you trust, who knows the area well and who understands your needs.

       2.  Choose Your Lender

Select a lender and get pre-approved. Your lender will help you determine the mortgage amount you can afford and then give you a pre-approval letter.

            The first time you meet with a lender you will need:

·        W-2s for the past 2 years

·        Pay stubs for the past 2 months

·        Tax returns for the past 2 years

·        Recent bank statement

·        Proof of any financial assets

·        Your source(s) of income (include verification)

·        Detailed info on all bank assets, loans, & other debts

You will receive a good faith estimate from your lender. Remember this is an estimate, and will outline all closing costs, escrow costs & fees paid prior to closing. Your lender should be able to provide you with information on the many types of loans available and 1st time homebuyer programs.

      3.  Choose an Area Where You Want to Live 

"Location, location, location"! Many buyers choose their new home based on schools. Other considerations may be access to work, shopping, and transportation. It is important to do research on a particular area prior to viewing lots of homes there or before making an offer on a property. One way to get an idea of what an area is like is to simply tour the area on different days and at different times. You can always make changes to your house but not to your neighborhood.

According to NAR, 84% of home buyers use the Internet to begin their search. We invite you to search using our website.  Please be sure to register so your REALTOR may notify you of new listings which meet your criteria.

     4.  Choose What You Want in Your Home

Your home should have space and features that appeal to your family as well as fit your lifestyle. Important considerations may be the amount of storage and yard space and if your furniture will fit nicely in your new home. Make a "wish list" of amenities and features you most desire. Then give this info to your REALTOR to use in searching for your home.

Your REALTOR will provide you MLS information on homes that match your criteria. Review these and let your agent know which of them you want to see. Take notes on the MLS sheets provided to you as you view each of the homes.

You will want to consider writing an offer when you find a house that is consistent with your top few priorities.....Remember, there is no perfect house and seldom does a property have more than 85% of what you want/need.

     5. Make an Offer

As your buyers' agent, your REALTOR will develop a Comparable Market Analysis (CMA), providing at what price similar properties in the area have listed and sold for. Offer a realistic price for the property and include other terms, conditions & contingencies you really want or need.

Three steps in purchasing a home are: Accept the seller's asking price and have your agent write a contract; reject the seller's asking price and have your agent make a counter offer; or agree to different terms and have your agent write an offer.

     6. Home Inspection and Other Inspections

The purchase of a home is most likely the largest single investment you will make. You will want to learn as much as possible about the property condition and any necessary repairs that may be needed before you purchase. A home inspection, although optional, will also provide the positive aspects of a home as well as useful information for maintenance that will be necessary to keep it in good condition. The inspection is generally done right after the contract to purchase has been signed and is typically the buyers' expense.

From the roof to the foundation.....a home inspection entails an objective visual exam of the physical structure of a home. This includes an evaluation of the ppliances, heating system, central air conditioning system, electrical systems, interior plumbing, visible insulation, walls, ceiling, floors, windows & doors, as well as the foundation and visible structure.

You will want to attend your home inspection. Take time to ask questions as you follow the home inspector during the inspection so you can learn as much as possible. You will be provided a full detailed written report by the home inspector which will be available to you the next working day.

An additional inspection is a termite inspection, which is generally done so you as the buyer will be well informed about the property condition. Some loan programs may require a completion notice from the termite company indicating that the property is free of any damage or active infestation.

  7. Insurance

Homeowners insurance protects you and your family from someone or something taking away the home you have worked so hard to acquire. Consider insuring your home as an investment in your future. This insurance will protect your home from theft, fire and other liable coverage.

You will need to contact an insurance company as soon as you purchase your home, as this process takes time and you do not want to delay your closing. Your lender will require a paid receipt for the first year of coverage.

Flood insurance is an additional insurance that will cover your home from flood damage.

     8. Closing

Closing usually takes 30-60 days to complete and is the process of transferring title of the property to the seller from the buyer. The seller receives payment for the property and the buyer receives title and deed to the property. Closing time depends on successful home inspection completion, buyers' financing ability, and lender conditions such as appraisals, surveys, termite inspections, title search and title insurance.

     9. Transferring Utilities

After closing and upon possession of the property, you will need to begin transferring all utilities into your name. As your REALTOR, we are glad to provide you with a list of the utility companies. Click here for a complete list. 

    10. Moving Day / Keys

Your REALTOR will coordinate with you to get the keys to your new home. Moving will require a lot of preparation and any tasks and arrangements that can be made ahead of time will make moving day much more pleasant.

It is a good idea to pack one room at a time, labeling each box on the side and top as to the contents and which room the box belongs in. You may want to keep a detailed list of items that are packed in each box. Be sure to label boxes containing your sentimental or breakable items with FRAGILE.  

  WELCOME TO YOUR NEW HOME--ENJOY!!