The home buying process can be tricky and complex in Northern VA, and you certainly don’t want to go at it alone. The journey towards landing your dream home can only be smooth sailing if you have an experienced and talented team of professionals to guide you every step of the way. Even if you’re already an experienced home buyer, working with a team is worth it.
Here are the seven professionals you may want on your team, together with their roles and why you may or may not need their help. These people will make the home buying experience simpler, less stressful, and definitely one of the most exciting moments in your life. The Northern VA real estate is ever changing, on you wnt experts who know how to maneuver the process.
This is simple! You must have a real estate agent on your side, and they should have their own team that supports you through the process.
Your agent will be there to represent your best interests as required by Virginia state law and make sure the home-buying experience is as smooth as possible. This fiduciary responsibility is only required if you have a signed Buyer broker agreement in place.
Your first buyer consultation with your agent, you should be prepared to discuss your goals, priorities, your must-haves and deal-breakers, as well as your financial situation. Your agent will take these into considerations against the current Market conditions in Northern VA and determine a strategy.
The fist step after this meeting, will be to get you pre approved with a reputable local mortgage lender to know your budget. (See Below for details). The next step will be to provide you listings that fit your criteria.
When the time comes, you want to start tour homes in person and your agent will use their experienced eye to point out features and flaws. Once you find the perfect home, your real estate agent will help you on your purchase offer, get involved in the final negotiations, and will be there with you during closing until you are handed the keys, so make sure you choose an agent you can trust and will have your best interest at heart.
It is important that your agent is on a team, so you and the agent has support and you are not relying on one person. Should your agent get sick, go on vacation, or working with multiple clients, he/she has back up so you don’t miss an opportunity.
If you are borrowing funds in the form of a mortgage to buy your home, you will need to carefully choose a lender, especially since there are various loan types and mortgage lenders out there. Aside from your trusted agent and team, your lender will be with you during the home buying process.
Before you start your house-hunt, getting a pre-approval letter is a must, and is a required when you make an offer. Unless of course you are paying cash. A pre-approval will also help you determine how much you will be able to borrow. The pre-approval is the lender’s commitment to lend to you and is assessed by the lender looking at your creditworthiness, income and assets, and other relevant paperwork.
Your lender and mortgage company will work with you and your agent to hire an appraiser, facilitate the escrow process, and finalize the closing costs. Your lender will also handle things like property taxes and insurance payments until the mortgage is paid off. I highly recommend to work with a local lender, as often times, big bank lenders do a horrible job getting to closing on time, so it’s important to thoughtfully choose a reliable lender to work with.
Your agent may have a reliable lender recommendation.
An important step when purchasing your home is the home inspection, which is why having a knowledgeable home inspector on your team is crucial. Your Northern VA property is probably one of your biggest investments so make sure to protect yourself from any future issues or hefty expenses for major repairs.
Once you are ratified and you offer has been accepted, you'll want to hire a home inspector to thoroughly inspect the home’s condition. Unless you did not include the home inspection contingency in your negotiations.
Issues related to structure, electrical, or plumbing will be spotted by your inspectors trained eyes. This way, you and your realtor can negotiate with the seller to make repairs, offer a buyer credit towards the repairs, or simply walk away from the real estate transaction, especially if the home was found to have some serious structural damage.
Depending on the age and condition of the home, you may also want to hire inspectors that will specifically check for mold, lead paint, and other toxic materials like radon. Here is an article on Home inspection, and Radon in Northern VA that may be helpful.
Try not to confuse the home appraiser with the home inspector. The appraiser will determine the value of the property for sale through an unbiased and professional evaluation which is required by lenders before issuing a mortgage. You will not get to choose your appraiser if you have a loan, the mortgage lender will choose the appraiser. If you are purchasing the home with cash, you can choose your appraiser.
An appraiser will consider factors such as the size, conditions, quality of finish, and will compare it to similar sold home in the neighborhood before determining the home’s value. The appraiser will verify that the home you want is worth the money you’re going to pay for it before you get the loan. Keep in mind appraisals can be wrong.
In Northern VA the title company also plays a huge role in your home buying journey. The title officer will do a thorough investigation of public records to ensure the legality of the title of the property. They will confirm that there aren't any outstanding mortgage payments, unpaid taxes, liens on the title, or other issues before ownership is transferred to you. Then they will issue a title insurance policy that will protect you from any outstanding claims over the ownership of the property.
Virginia requires that a real estate lawyer draw up title documents, but this is handled in house at the title company. The title company will gather all lender paperwork and money associated with the purchase, and once signed and closed they will distribute all funds.
Your agent will have a title company they recommend. We prefer Champion Title.
You have the choice to have your own lawyer review any and all real estate documents, at your own expense. They can also help to resolve any disputes that arise during the transaction, especially if you're purchasing a distressed property or inherited estate.
You must have financial protection for one of your biggest purchases and therefore need to purchase home insurance. A standard home insurance policy generally protects your home and personal property if it’s damaged by most natural disasters, water damage, theft, and accidents. This insurance pays to repair or rebuild your property in case it has been damaged, and also covers your personal belongings, additional living expenses, and liability protection. The coverage you’ll need will depend on the location, age, and condition of your home.
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When starting the process of home purchase, make sure you surround yourself with an experienced team. You can lean on your agents years of experience and recommendations if you do not have trusted professionals. It is in the agents best interest to get your deal done, on time and smoothly.
