Mary Burgess – RE/MAX Realtor – Richmond, VA and Chesapeake Bay

The Home Buying Process

There are a lot of details to be handled when purchasing a home.

This overview is designed to summarize the various steps along the path of qualifying, finding and buying a home. It is my job to streamline the steps for you, ensuring everything is completed according to plan.

In addition to this summary, I have included additional information and worksheets to make sure we find the right home, negotiate the best price and terms, and take care of all the details:

Consultation

In our initial consultation I will analyze your specific needs and wishes.  These worksheets will help me help you:

Funding

Why get  pre-approved?
I recommend my buyers get pre-approved before beginning their home search. Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means.

  1. Financial pre-qualification or pre-approval including the application & interview.  You will need to be prepared to provide specific documentation pertinent to the financial application including verification of employment, a current credit report and an appraisal of your current home if you own one.
  2. Once all pertinent data is collected the loan package is submitted to underwriter for approval.
  3. After your loan has been approved all parties will be notified of approval and loan documents are completed and sent to title company or attorney.
  4. And now for the signatures…..the attorney will prepare for the closing inclusive of a title exam, insurance and title survey, and all borrower’s final signatures.
  5. The lender will review the loan package and funds will be transferred via wire for the purchase transaction.

View Properties (aka The Fun part)

After evaluating your lifestyle preferences, home wish list and dream neighborhood, I will help you to select available properties to tour.  I have the systems in place to streamline the home selection process for you.  As part of my service, I will commit to helping you with your home search by:

  • Setting appointments to see homes
  • Personally touring homes and neighborhoods with you
  • Keeping you informed of new homes on the market
  • Helping you preview homes on the Internet
  • Advising you of other homes that have sold and for how much
  • Working with you until we find the home of your dreams

The Purchase

Once we have found the property you want, we will write a purchase agreement. While much of the agreement is standard, there are a few areas that we can negotiate:

The Price

What you offer on a property depends on a number of factors, including its condition, length of
time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a
very low offer, just to see if the seller will accept, this often isn’t a smart choice, because the seller
may be insulted and decide not to negotiate at all.

The Move-in Date

If you can be flexible on the possession date, the seller will be more apt to choose your offers over others.

Additional Property

Often the seller plans on leaving major appliances in the home, however, which items stay or go is
often a matter of negotiation.

Typically you will not be present at the offer presentation; we will present it to the listing agent and/or seller.  The seller will then do one of the following:

• Accept the offer
• Reject the offer
• Counter the offer with changes

By far the most common is the counter offer. In these cases, my experience and negotiating skills become powerful in representing your best interests.

When a counter offer is presented, you and I will work together to review each specific area of the counter offer, making sure that we move forward with your goals in mind and ensuring that we negotiate the best possible price and terms on your behalf.

The Closing

After the price has been agreed upon we will finalize your mortgage application.  An underwriter will review your loan, approve it and a title company will be appointed.

Prepare for closing
Closing day marks the end of your home buying process and the beginning of your new life! To make sure your closing goes smoothly, you should bring the following:

• A certified check for closing costs and down payment. Make the check payable to your closing attorney’s office
• Photo IDs
• Social security numbers

Own your new home
Transfer of title moves ownership of the property from the seller to you. The two events that make this happen are:

Delivery of the buyers funds
This is the check or wire funds provided by your lender in the amount of the loan

Delivery of the deed
A deed is the document that transfers ownership of real estate. The deed names the seller and buyer, gives a legal description of the property, and contains the notarized signatures of the seller and witnesses.

At the end of closing, the deed will be taken and recorded at the county clerk’s office.  It will be sent to you after processing.

Moving In!

Download a Moving In Checklist.

Mary Burgess – RE/MAX Realtor – Richmond, VA and Chesapeake Bay