Northern Virginia home buying process…
1. GET PRE-APPROVAL FIRST- Before starting your home search, get pre-approved from a reputable mortgage lender and get a head start on getting fully approved. A copy of the pre-approval will be needed when submitting an offer.
2. HOUSE SHOPPING - Do your homework, drive around neighborhoods, visit open houses. Kevin Love loves this process and treats this search as his own so don’t be surprised if he wants to see more homes with you even after you’ve found something you like. Does your search criteria and budget match the availability of homes for sale? This is an important part of the education process and time to absorb the wealth of information Kevin has to offer having done this thousands of times involving every possible scenario.
3. THE CONTRACT- Ask your agent for a market analysis and strategize for your offer. A good faith deposit and pre-approval along with any additional disclosures will need to be completed when submitting an offer.
4. OFFER ACCEPTED- Congratulations! Inform your lender and select an inspector.
5. HOME INSPECTION - (within 10 days) The home inspection will reveal any maintenance items and defects that will need to be addressed immediately, as well as items that should be budgeted for, and potentially any major defects.
6. FURTHER PURCHASE NEGOTIATIONS- Usually additional purchase and sales negotiation takes place in more detail, typically involving purchase price or credits from seller’s in lieu of repairs as a result on inspections.
7. FINAL MORTGAGE APPLICATION- Once the sales contract has been ratified, a formal mortgage application needs to be submitted with your lender of choice, as per the contract within 7 days.
8. APPRAISAL - The lender will have the property appraised to confirm its value.
9. FINAL MORTGAGE COMMITMENT- The lender will issue a mortgage commitment.
10. FINAL CLOSING DETAILS - Purchase homeowners insurance & schedule utilities transfer and scheduling of final walk-through.
11. CLOSING - (typically 30 to 45 days) from contract ratification to closing.