How To Buy A House In Virginia
If you’re ready to buy your first home, here is the typical home buying process in Virginia.
1. Find An Agent
Before you start looking for homes online, you want to find a qualified real estate agent or REALTOR®. A good agent is crucial during the home buying process and can help you find an affordable home that meets your needs.
Your agent will also negotiate on your behalf with the seller and coordinate the closing. If you’ve never worked with a real estate agent before, you can ask for referrals from friends or family members.
2. Get Preapproved
Next, you’ll want to get preapproved for financing on your home. When you get mortgage preapproval, your lender checks your credit score, job history and bank statements to determine how much home you can afford.
Once the process is complete, you’ll receive a preapproval letter stating the maximum loan amount you’re allowed to borrow to purchase a home. A preapproval letter shows the seller you’re a serious candidate to buy their home, and many sellers won’t consider an offer without one.
3. Start House Hunting
House hunting is one of the best parts of buying a home. Before you begin touring homes, it’s a good idea to take some time to determine what’s important to you in a home. For instance, are you more concerned about the size of the home or is location more important to you?
Knowing what you want in a house will help you prioritize during your home search. That way, you don’t waste time looking at houses that don’t meet your needs.
4. Make An Offer
Once you find the home you want, your real estate agent will submit an offer to the seller. The seller can accept or reject your offer, or they can come back with a counteroffer. Your real estate agent can negotiate with the seller on your behalf and help you secure the best terms on the home.
5. Get An Inspection
Once the seller has accepted your offer, it’s time to get a home inspection. During the home inspection, a third-party inspector will evaluate the property and assess the various features of the home.
For instance, they’ll look at the roof, HVAC systems, interior structures and exterior structures to determine the condition of the home. They’ll take pictures, write notes and use equipment to detect things like moisture or other issues. At the end of the inspection, they’ll fill out a report stating whether the home passed the inspection.
6. Close On Your New Home
Finally, you’re ready to do a final walk-through of the home. This is your last opportunity to check out the property and verify that any issues that came up during the inspection have been addressed.
If you’re happy with the final walk-through, you’ll move on to close on the home. During closing, you’ll pay your closing costs and sign any necessary paperwork.
