Steps to Buying A Home in the Eastern Panhandle of West Virginia

PRE-APPROVAL

Before you start your home search in the Eastern Panhandle of West Virginia, take this important step: Find out how much home you can afford. Knowing how much you can afford helps you focus your home search and saves you time.

It is critical in today’s lending market to speak with alender and get pre-approved for a loan in the early stage of your home buying effort. Monika will help you identify a lender, or you can use one of your own, but it is a good idea to start these relationships as soon as possible. Having a pre-approval letter upfront will help you understand how much you can spend, and submitting the letter with a contract for a home makes your offer look stronger to the seller. Start this process early!

Make an Offer and Negotiate

When you’ve found the home of your dreams and it’s time to make an offer, Monika will advise you on all the details needed to make an offer, guide you through the process, handle the paperwork, carefully review that it reflects the terms you want, and present it on your behalf. The success of an offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.
Once you’ve made an offer, it doesn’t necessarily mean it’s final. The negotiating process is a back and forth communication that requires excellent skills, and a clear understanding of the all the terms is crucial. The seller may accept your offer, reject it or make a counteroffer. Because counteroffers are common (any change in an offer can be considered a “counteroffer”), it’s important for buyers to remain in close contact with Monika during the negotiation process so that any proposed changes can be quickly reviewed. Once you’ve agreed on a price, you’ll make an earnest money deposit, which is money that goes in escrow as a sign of good faith that you intend to purchase the property.

Home Inspection and Final Negotiations

Once the contract is agreed upon by the buyer and seller it is considered “ratified.” The contract will provide timeframe for you to complete inspections of the property before you are buy, typically 10 days. A home inspection safeguards you against unforeseen problems that could pop up down the road. A typical home inspection includes testing electrical and plumbing systems and appliances, and evaluating the home’s roof and exterior structure and foundation.

A similar but separate process is the appraisal. An appraiser will determine how much the house is really worth by comparing it to other similar homes on a number of features like lot size, square footage, etc. Your lender will order an appraisal of the home you intend to buy. You don’t have to be present. The lender will send a copy of the appraisal to the buyer.

Closing

Closing on a home means that the sale is complete, and all the terms and conditions of the purchase agreement have been met. Team Monika will represent you and your best interests through the closing. She will confirm that all contract and amendment conditions have been met or completed and review a closing checklist; assist in scheduling and conducting your final walk-through prior to closing; review closing figures, and closing documents so you will know what to expect during the closing process; and, finally, attend the closing to answer any questions or deal with last-minute issues.