Sharon Henderson
Realtor® ABR, GRI, QCS, SFR
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Call: 540-448-2960
Your Dreams are My Priority
Getting Started
Figure Out How Much You Can Afford
What you can afford depends on your income,
credit rating, monthly expenses, down payment, and the current interest rate. Your agent can help
you find a lender or mortgage broker to determine how much you can afford.
Now that You are Pre-Approved
Once you know how much you can afford,
it's time to start shopping. Make a wish list of things you would like in a home.
Start with the things that are most important to you, i.e. location, number of bedrooms,
baths, etc. Let your agent know about the non-essential things that you would like to have.
Keep your list handy for when you begin to tour your homes. Your
agent will use his/her resources to narrow the search and find you the best matches possible.
Feel free to bring a camera when you view homes on the market to remind you of the features
you find appealing in each home.
Making an Offer
Now that you've found your dream home, the next step is negotiating a contract.
This is where it becomes critical to have an experienced agent working for you.
Some factors include escrow deposit, price, financing, terms, date of possession, repairs, and furnishings.
A sales agreement should include a time frame to complete inspections of the property before you are bound to
complete the purchase. Your agent will advise you as to which inspections are recommended and required.
The Ratified Contract
Once the offer to purchase is negotiated and changes are accepted in writing
, the agreement becomes a "ratified contract". Both Buyer and Seller are now obligated to
abide by the terms of the contract and take the necessary steps to satisfy any contingencies.
At this point your "earnest money" is deposited. The earnest money deposit is applied to your
down payment and closing costs.
The first thing you will want to do is to secure your mortgage. You'll want to contact your lender or mortgage broker to notify them that you have found your home of choice and need to begin all of the
necessary paperwork to prepare your loan. Your lender or mortgage broker will walk you through the process.
Part of the process is to have the home appraised to make sure its value equals the purchase price
and satisfies the lender's requirements.
The seller will be responsible for having a pest inspection done as well as having the well and
septic inspected, if applicable.
You will want to contact an insurance company to begin the process of obtaining homeowner's insurance
and choose a settlement service to close the transaction.
You will also want to contact the utility companies to set a date to have the utilities turned on in your name.
Your real estate agent can provide you with the contact information for the various companies.
The settlement service that you choose will collect all of the documents and payments and when everything is
complete, will perform the exchange of money and title.