The Buying Process

I’m here to help you navigate the process of buying a home.

1. Step 1:  Meet with your Realtor for a buyer consultation
2. Step 2:  Get qualified for a loan with your preferred lender.  Your realtor can recommend a few loan officers for you to interview.  (I have a list of questions to ask when interviewing a lender in my Buyer Packet.)
3. Step 3:  Sign a Buyer Agency Agreement with your Realtor.  This is to protect both you and your agent so everyone involved in a transaction knows that you have a working agreement.  Virginia Law requires all buyers and agents to have a signed Agency Agreement before discussing/viewing any homes.
4. Step 4:  Go over your needs and wants with your Realtor.  (I have a great planning sheet to help you think about Needs vs. Wants in my Buyer Packet.)
5. Step 5:  Sort through the listings that your Realtor is sending to you and decide which homes you would like to see.
6. Step 6:  Schedule a time with your Realtor to look at homes.
7. Step 7:  Make an offer on your favorite home.
8. Step 8:  Once you have an offer accepted on a home, you will need to get your Earnest Money Deposit (also known as Good Faith Money in some areas) to your Realtor or Settlement Company.
9. Step 9:  Submit your ratified contract to your lender and make full loan application if you’ve not already done so.
10. Step 10:  Get quotes for Home Owner’s Insurance on the new property which will need to be in place on the day you close on your new home.
11. Step 11:  Schedule all inspections during your inspection period.  Some common inspections in this area are home inspection, radon testing, well inspection, septic inspection and termite inspection (also called a WDO – wood destroying organism – inspection).
12. Step 12:  Your Realtor will help you negotiate any requested repairs that come up in your inspections. 
13. Step 13:  As you move along through this process, be prepared to provide your lender and the settlement company any updated information or documents as requested.
14. Step 14:  A week before closing, begin to transfer the utilities on the new property into your name effective on closing day.
15. Step 15:  Three days prior to closing your lender will deliver your final closing disclosure which you must sign immediately to ensure an on time closing.
16. Step 16:  You and your Realtor will conduct a final walk through before closing to ensure that any negotiated repairs were completed and make sure that the home is in the expected condition for closing.
17. Step 17:  Both you and the sellers will sign all settlement documents at closing (often this is done separately) and you will need to provide any money needed for closing (downpayment and closing costs) just prior to closing.
18. Step 18:  Congratulations! You’ve bought a new home and the keys will be provided to you after you’ve signed all of your documents.  Time to move!!