Our guest blogger today is Richmond Realtor, Nina Newton, who discusses the basics when it comes to home buying.
Congratulations on your upcoming wedding! You have so much to prepare and think about during this exciting time, so if you are considering purchasing a home, it helps to break down the process.
Before you even start to look at homes you should speak to a mortgage lender who will take the time to explain different programs and the best way to structure a loan that suits your finances. There is much more to the financial picture than the mortgage rate and points! Not sure where to find a mortgage lender? Realtors can recommend lenders who will look out for your best interests. Once you have had your mortgage consultation, you will have a better understanding of the price range for your home purchase, your monthly payments, and the amount of money you will need for your down payment and your closing.
Next it is time to meet with a Realtor who should be able to explain the steps to finding a home, negotiating the contract, the inspection process and closing process. Do you know where you want to live? How close to work do you want to live? Do you wish to be adjacent to particular schools, sports or other activities? Your Realtor should take the time to show you homes in several areas, so you can learn about different neighborhoods to decide which one suits your needs best.
Working with a Realtor will streamline the process for you because she can tailor the search for your particular needs and preferences. An experienced Realtor will also know about homes in many neighborhoods and will know if they are the style construction you like too.
You will also want to be familiar with the purchase contract of a home. Why, you may ask? So, you are aware of the conditions of the contract and know what to look for during your visit to various homes. A good Realtor will look for potential problems and benefits of a particular house and will see what types of specialty inspections may be needed if the buyer makes an offer on the house.
The real estate market is strong right now with a limited inventory of homes in many locations. This might result in multiple offers arriving at the same time for the house you love. You need to hold on for the ride! Your Realtor should help you make your best offer. How you feel if it's not accepted will help determine how aggressive you should be. There are several ways to sweeten the deal but remember if the seller accepts your offer, you are obligated to perform on it. Be sure that you will be happy to comply with the terms of your offer too.
How long will it take to finally move into your new home, you wonder? It takes 45-60 days to close on a home from the time the contract is accepted until the day you sign the loan and closing papers and receive the keys to your new home. Welcome home!
Nina Newton has been a realtor for 17 years with Long and Foster Realtors working in Richmond and the surrounding counties. She is a Richmond Association of Realtors Distinguished Achiever and Long and Foster Gold Team member. Nina loves to work with both home buyers and home sellers to make their move as smooth as possible. She can be reached directly at (804)334-6849 or by email at Nina@ninanewton.com or visit her website at www.NinaNewton.com