Buying A Home
If you are curious about how to buy a home in West Virginia, Virginia or Maryland, you’ve come to the right place! The process of buying a home should be fun but it is easy to get overwhelmed. What home website do I look at? How do I get a home mortgage? What agent do I call to visit the home? Understanding the steps in home-buying allows you to make informed decisions. Buying a home takes time and a bit of effort on your part. The smoothest home buying transaction occurs when you take the time upfront to get your ducks in a row!
Buying a house doesn’t have to be a stressful, exhausting experience. It can actually be a lot of fun, especially if you’re making smart decisions. The below steps will help guide you through the home buying process.
Step 1: Get PRE-APPROVED
Before you start your home search, 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 important to speak with a lender and get pre-approved for a loan before beginning to look for a home. I will help you identify a lender, or you can use one of your own, but it is a good idea to start building this relationship as soon as possible.
Having a pre-qualification letter upfront will provide you with how much you can spend on a home. A Pre-qualification letter is also necessary when submitting an offer on a home. It makes your offer stronger to the seller. Start this process early!
Step 2: CALL MONIKA
Reach out to the best, the Monika Foster Team has boots on the ground! Having the Monika Foster Team as your Buyer’s Agent when purchasing a home makes sense. First, you pay no fee because we are paid by the seller. We represent YOU and will get the best deal for YOU. The listing agent represents the seller and that agent is obligated to get the best deal for the seller. CONTACT US TO GET REPRESENTATION!
There are many home shopping websites to help get you started but it shouldn’t end there. You can do a lot of research on your own, but reaching out to me can make the process much simpler. As a realtor, I have access to the Multiple Listing Service, you may have heard people refer to this as the MLS. The MLS is the source for all listing data, it is the most current and up-to-date. Have you ever found the home of your dreams on Zillow, Trulia or Realtor.com, only to be told the home is already under contract? It is a big bummer!
Step 3: GO HOME SHOPPING
Once you reach this step, you will have a great idea of what your budget is and what you can afford. We will work with you to create a list of your must haves and nice to haves. Based off of your home needs, we will set you up with a search of all homes in the MLS. Immediately you will begin receiving email notifications, with homes that fit your criteria. When you find a home that you are interested in, then we go shopping! The average home buyer looks at multiple houses before making their final decision. It is important to take your time and make sure the home is the right fit for your needs.
Step 4: WRITE AN OFFER & NEGOTIATE
When you’ve found the home of your dreams and it’s time to make an offer! We will walk you through all the steps to get the offer written and submitted. We will discuss the terms you want, write them up and I will present them 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 submit an offer, it doesn’t mean it’s final. The negotiating process is a back and forth communication until all terms are agreed upon. The seller may accept your offer, reject it or make a counteroffer. Because counteroffers are common (any change in an offer is considered a “counteroffer”), it’s important for buyers to remain in close contact with me 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.
Sometimes agreeing on contract terms is quick and painless, but it can also be one of the most stressful parts of the home buying process.
Home Inspection and Appraisal
Congratulations you are officially under contract on your new home! Once the home contract is agreed upon by the buyer and seller is “ratified.” The contract will provide a timeframe for you to complete the home inspection, typically 14 days. A home inspection safeguards you against issues that could pop up down the road. A typical home inspection includes testing electrical, plumbing systems and appliances. A home inspector also evaluates the home’s roof, exterior structure and foundation.
A similar but separate process is the appraisal. An appraiser determines how much the house is worth by comparing it to similar homes based on lot size, square footage, etc. The lender will order the home appraisal . You don’t have to be present. The lender will send a copy of the appraisal to the buyer.
STEP 6: CLOSE ON YOUR NEW HOME!
Hooray you made it to the finish line! Closing on a home means that the sale is complete, and all the terms and conditions of the purchase agreement have been met. We will represent you and your best interests through the closing. I will confirm that all contract and amendment conditions are met, assist in scheduling and conducting your final walk-through, review closing figures and closing documents and, finally, attend the closing to answer any questions or deal with last-minute issues.
The Foster Home Team would love to help you with the home buying process. Reach out via text/cell at 304-676-2943 or email at fosterhometeam1@gmail.com
Monika Foster Team
SAMSON PROPERTIES