Richmond VA Home Buying Process

Richmond VA Home Buying ProcessSince the Richmond VA real estate market has shown great improvement over the last nine months, buyers have jumped off the fence and into the arena of home ownership. No matter if you are a first time home buyer or just haven't bought a home in awhile, the process can be somewhat confusing and daunting. No worries, that's why you have me as your Richmond VA Realtor! Here is a simplified breakdown of the Richmond VA Home Buying Process to put your mind at ease: Step 1 - Hire a dedicated, knowledgeable Richmond VA real estate agent. Since you landed on this Richmond VA real estate website, you can safely check this step off the list! Step 2 - Select a mortgage lender. While we work with Internet lenders, I believe it is an advantage to work with a LOCAL Richmond VA mortgage professional. Should we find ourselves making an offer on a Saturday evening, I know I can get in touch with our trusted vendors and obtain all the information necessary ASAP. This is especially important when you are faced with a multiple bid situation. Lenders not only provide a pre-qualification letter, they also distribute pertinent information such as how much you need for closing costs and how fast they can turn around your particular loan. Step 3 - Have a buyer's consultation. This is the time we will sit down together to discuss YOUR needs, wants, and particular situation so that we are efficient in finding your dream home in the time frame that is important to you. In addition, this is the time to ask any particular questions and for us to get to know each other a little better. Step 4 - Select properties. During our buyer's consultation, you will have provided me with certain criteria you want in your new Richmond VA area home. I will use this information, such as how many beds and baths, to create a personalized home search in which you will receive daily. Simply select your favorite homes and we are off to the next step! Step 5 - View properties. Once you provide me with your selected homes (and I will often recommend homes you may have missed) we will set out for a day of touring. As a full time Richmond VA Realtor, I work around your schedule so we can tour when it is convenient to you. Don't have time to tour? No problem! I have successfully previewed homes for many clients where they are one and done! Step 6 - Write an offer to purchase. Once we find your new Richmond VA area home, we will sit down and write an offer. No need to stress about this process as I will be there every step of the way to explain the contract, suggest fair market value, and present your offer to the seller in a manner that is attractive and professional. This is the lay-up before you make the basket! Step 7 - Negotiate terms. After we present the offer, the seller may want to negotiate terms such as price, closing cost amount, closing date, etc. Working with a skillful negotiator will ensure you receive the best deal possible on the home of your choice. Step 8 - Accept the contract. The contract is considered accepted once there is a meeting of the minds, meaning all parties are in agreement to the terms. Right after acceptance, you will work closely with your Richmond VA mortgage lender to obtain approval for financing. (Approval is different from pre-qualification) Step 9 - Remove contingencies. This is when we will conduct and negotiate home inspection items, conduct tile searches, obtain title insurance, home insurance, etc. Although the home inspection process may make some nervous, don't be! As your Richmond VA Realtor I work with excellent Richmond VA home inspectors who will work hard on your behalf to find defects and we then request the seller to remedy them. Step 10 - Obtain funds for closing. The title company or attorney of your choice will create what is called a HUD 1. This document outlines all of the charges of the transaction, distinguishing the charges to the buyer and the seller. The HUD 1 will provide the final amount the buyer will need to bring to the table via either cashier's check or a wire transfer. (Such as your down payment and any closing costs) Step 11 - Closing. Closing is when you will meet with the settlement company/attorney and sign all the documents pertaining to the loan and the all important deed to the property you are buying. Typically closing can take anywhere from one to two hours. Step 12 - Possession! This is it! In Virginia, the moment you are finished with closing you are given the key and take immediate possession of your new Richmond VA area home! I hope this outline helps you to mentally prepare for the Richmond VA home buying process. And, remember, you can not mess up with an experienced Richmond VA real estate agent by your side! Ready to get started? Contact me, Shannon Milligan at the RVA Home Team with eXp Realty, today! 804-248-8207 or email me at [email protected]

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