Buyer’s
Handbook
A guide to buying your first home
OUR MISSION
Your Realtor
®
Jenny
Morgan
With a deep passion for the industry, I am committed to providing clients with a stress-free and enjoyable transaction experience. With years of valuable experience in real estate, I bring a wealth of knowledge and expertise to the table. My ultimate goal is to ensure that clients find homes that perfectly align with their dreams and needs.
jmorgan@757reteam.com
757-560-0669
www.jennymorganva.com
10 steps to home buying
01
define your goals
- Clarify your motivations and goals for buying a home.
- Determine your budget and preferred location.
02
Get pre-Approved for a mortgage
- Contact lenders to get pre-approved for a mortgage.
- Understand the loan amount you qualify for and the associated interest rates.
03
Hire a Realtor
- Choose a qualified Realtor to represent you.
- Discuss your preferences, and let the agent guide you through the process.
10 steps to home buying
04
start the search
- Clarify your motivations and goals for buying a home.
- Determine your budget and preferred location.
05
Make an offer
- When you find a suitable property, work with your agent to make a competitive offer.
- Negotiate terms with the seller, including price, closing date, and potential contingencies
06
inspections and Due diligence
- Conduct any and all inspections to identify any potential issues.
- Perform due diligence on the property, reviewing documents and disclosures.
10 steps to home buying
07
secure financing
- Finalize your mortgage application and secure financing.
- Work with your lender to complete any required paperwork.
08
appraisal and underwriting
- The lender will order an appraisal to asses the property’s value.
- Underwriting will review your financial information and the property’s details for final loan approval
09
closing process
- Schedule a closing date and time with all involved parties that corresponds with your purchase agreement
- Sign the necessary paperwork, including the mortgage documents and property title.
10 steps to home buying
10
move in
- Once the closing is complete, you get the keys to your new home.
- Begin the moving process and settle into your new residence.
Home Buyers Worksheet
Please take a moment to fill out the following worksheet. Fill in all that applies in your home search criteria. In doing so, you will help me understand what kind of home you are looking for.
Must Have | Would like to have | Must Have | Would like to have | ||
Single Family | Living Room | ||||
Townhouse | Dining Room | ||||
Condo | Family Room | ||||
Other | Great Room | ||||
Bedrooms | 1st Floor Primary | ||||
Bathrooms | Large Primary Bath | ||||
Lot Size | Spa/Jacuzzi | ||||
Water Front | Walk In Closet | ||||
Year Built | Eat In Kitchen | ||||
Square Footage | Breakfast Nook | ||||
One Story | Ceiling Fans | ||||
Two Story | Attic | ||||
Colonial | Screened In Porch | ||||
Cape Cod | Sun Room | ||||
Contemporary | In-Law Suite | ||||
Central Heat & AC | Workshop | ||||
Security System | Storage Shed | ||||
Central Vacuum | Deck | ||||
Fenced Yard | Patio | ||||
Fireplace | Pool | ||||
Garage | Garden Area | ||||
Other | Other | ||||
Other | Other | ||||
Other | Other | ||||
Other | Other | ||||
Other | Other | ||||
Other | Other |
Preparing to write the offer
Be informed about local housing prices
- Ask your Buyer’s Agent for pricing analysis.
- Pay Close attention to the prices of recently sold homes that are comparable to the one you are interested in.
Review the contract paperwork carefully, asking your buyer’s agent to explain any areas of concern.
- There are usually 15+ pages in the typical contract, including disclosures and addenda
- It is Important to review everything and ask questions as needed.
closing process
- Schedule a closing date and time with all involved parties that corresponds with your purchase agreement
- Sign the necessary paperwork, including the mortgage documents and property title.
Your Realtor’s role
Buying or selling a house is one of the largest and complex financial investments that most people make. Navigating alone through the contract details, loan application, appraisal reports, inspections and repairs can be adaunting process. Hiring a Buyer's Agent from Creed Realty can save you time and money and reduce your stress.
WHY DO I HAVE TO SIGN A BROKERAGE AGREEMENT?
The short answer is that —in order for an agent to represent your interests in the transaction — Virginia law requires it.
Since July of 2012, the state has required all brokerage agreements to be put in writing before the agent can begin to act on behalf of a consumer. The intent and purpose of “getting it in writing” is to keep consumers fully informed about the real estate services they will receive and the nature of their relationship with the licensee. It removes ambiguity and puts everyone on the same page.
WHAT IS IN THE BROKERAGE AGREEMENT?
The key elements of the written agreement are a description of the duties and services that will be provided by the agent, the time frame for the agreement, and the amount of the brokerage fee and how it is paid.
WHAT YOU CAN EXPECT FROM YOUR BUYER‘S AGENT
- Maintain confidentiality throughout the transaction
- Explain the buying process to you
- Help you determine the most important features of your new home
- Assist you with finding a loan officer to find out how much home you can afford
- Research properties in the MLS or targeted neighborhood
- Provide pricing information on the current market
- Assist you in drafting an offer for your new home
- Advocate for you during the negotiations with the Seller and Listing Agent
- Provide objective information about each property
- Discuss the benefits of inspections and be a resource for an inspector
- Assist you with negotiations for repairs after inspections are completed
- Help coordinate transaction details to effect a smooth closing
- Represent your interests in communications with Sellers and Listing Agents
TIME FRAME FOR THE BROKERAGE AGREEMENT
The agreement might be for a single day, for a month, or several months. It can also be written to apply to a particular property address.
THE BROKERAGE FEE
The brokerage fee charged by Creed Realty can be a percentage of the sales price of the property or a flat fee, and an administrative fee.
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