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How to buy a Home in Woodbridge VA?

Woodbridge VA Buying a Home

Step by Step

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The Home Buying Process

  1. Hire A Real Estate Agent
    The very first step should be to find a Real Estate Agent that can guide you through the entire process from the beginning to closing and beyond. If you are looking to purchase a home in or around Woodbridge VA or anywhere else in Northern Virginia the Claudia S. Nelson team would be happy to assist you. You can call Claudia at 571-446-0002 or contact her online.
  2. Get-Pre-Qualified
    Once you are in touch with a local Real Estate Agent, be sure to square away the financial part. It is very important to get pre-qualified by a lender. Your Real Estate Agent can point you in the right direction when it comes to home lenders. You want to make sure you work with a lender that can get the job done. To apply with a top notch local lender click here. The lender will help you to determine how much house you can afford and what mortgage payment you are comfortable with. You might qualify for a million dollar plus home but you might not be comfortable with the mortgage payment for that home. There are so many different loan programs out there and the lender will assist you to find out which program is best for you.
  3. Shop for Homes
    Now that you have found your Real Estate Agent and have been pre-qualified its a great time to start looking at homes. Chances are that you have been browsing homes for sale online for quite some time, but now is the best time to get out and about to actually look at homes with your Real Estate Agent. While looking at homes your agent can point out pros and cons so you the buyer has all the information to making the best decision for you and your family. Some buyers find a home the very first day they are out looking and others take a little longer to find what they are looking for and to making a decision to moving forward.
  4. Make An Offer
    Once you find that perfect home don’t wait too long make an offer. Your agent will help you to determine the best offer for you to win the bid. Depending on what type of market we are in, buyers market versus sellers market, it always pays off having an experienced local Real Estate Agent in your corner, that guide you through the offer process.
  5. Submit all Loan Documents
    Now that you have a ratified contract, your lender will be asking you for lots and lots of documents to submit. You might have already submitted some of the paperwork during the pre-qualification process, but they will ask for updated documents now. You will also have to sign the lender disclosures and lock in an interest rate.
  6. Home Inspection & Radon Inspection
    After your contract is ratified your agent will co-ordinate a home inspection with the inspector of your choice. The home inspection is your chance to properly inspect your new home and get to know your home and yes you should always have a home inspection and you should always try to attend your home inspection. This is the time to find any serious issues and asking the seller to remedy such deficiencies or provide a credit.
  7. Appraisal
    Your lender will schedule the appraisal. An appraiser will come out to determine the appraised value of the home. If the appraisal comes in above or at the contract price we can move on without any issues. Should the appraisal come in lower than the agreed upon price we will have to go back to the seller to renegotiate.
  8. Termite Inspection
    During the contract process your agent or the listing agent will be ordering a termite inspection. You do not have to be present during a termite inspection. The inspection company will send a termite report. If there is any presents of termites the seller will have to pay for a treatment.
  9. Insurance
    Your lender will require that you have home owners insurance and even if you purchase cash you should always carry home owners insurance. If you are in a flood zone you might also need flood insurance.
  10. Title & Title Insurance
    The title company or settlement company will reach out to you to inquire about title insurance. The lender always requires that you have lenders title insurance and you should always get owners title insurance as well. Chances are your home will be your biggest investment so why not protect it. Title insurance is a one time cost and you might never need it but you would be very upset if you do need it and didn’t get it.
  11. Property Survey
    When you complete the paperwork for the title company they will ask you if you want a property survey. A property survey will tell you where your property lines and more.
  12. Home Warranty
    It is important to know that your home owners insurance only covers certain events, they will not cover if your AC, furnace or any appliances stop working. You can protect yourself by purchasing a Home Warranty. Your agent can provide you options that fit your needs.
  13. Closing on your New Home
    Congratulations you have made it to the finish line. You will be meeting with the settlement company to review all your documents, sign and to receive the keys to your new home. This is the fun part and then the moving process starts.

If you are just starting your home search process, or need advise contact The Claudia S. Nelson Real Estate team with Keller Williams Realty in Woodbridge VA. We can help you with all your Real Estate needs. Whether you are looking to buy your first home or your second or third home we are here to assist. We can help you buy outright or buy and sell at the same time. We have been helping home buyers in and around the Woodbridge VA area for a long time and we would be delighted to assist you as well.

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