You probably have experience buying and selling real estate. However, if it has been a long time since the last real estate transaction, you may need to learn about some of the things that have changed since your last transaction. For example, disclosure laws, buyer representation, and reverse mortgage financing are all relatively new for buyers and sellers. For those of you that may need a refresher, we can provide you with complete information about today’s home buying process. Here is a great home buying guide to help you understand the current home buying process: “The Perfect Fit, Home Buying Guide“. You can also check out our Buyer Reports, Frequently Asked Questions, and Real Estate Glossary. Buyers no longer need to represent themselves during the home search and purchase, while all agents represent the seller. Smart home buyers today can receive undivided confidential representation by choosing a “Buyer’s Agent.” Find out more about Buyer’s Agents and how we can represent you and protect your interests during your home purchasing process.
Financing Your Home
The first step has not changed much. You need to know how much you want to spend. Will you get the money from the resale of your current home? How much can you afford or qualify for? In today’s financing process it is critical to check your credit report to know your credit worthiness. Clear up problems, if any, before going to a lender. A good credit rating will result in you receiving lower interest rates. Your credit rating will also affect the rates for the property insurance on your new home. Read more about the New Reality of Property Insurance.
Get pre-approved for a mortgage from a mortgage broker or lender, with a commitment to fund your mortgage in writing. Ask about the various types of mortgages to find the one that may be right for you. There are many more options than there were even five years ago. Once pre-approved for a loan, you will know your price range to begin shopping for real estate.
Finding the Right Lifestyle, Neighborhood and Home
Check out the various lifestyles that Williamsburg has to offer. Whether you choose an active adult community, a golf course or country club community, waterfront living, urban condominium, suburban single family, or if continuing care is needed, you will find them here.
Determine the type of neighborhood you are looking for. Do you prefer a neighborhood with lots of trees, one in the middle of town or out in the country? Would you like to have easy access to a highway? Do you prefer a community with a Home Owners Association or one without?
Make a wish list of all the specifications you want in your home. Prioritize the list based on your wants and needs. Next, mark out those aspects that you are willing to compromise on, in case you need to. Then start searching for your home. You can search the Williamsburg MLS right from our website, or you can have us do it for you.
Review the property listings that meet your needs. Select properties to see in person and then tour them with us, your Buyer’s Agent. Once you have selected the property that best meets your needs, we will generate a Comparative Market Analysis to determine the market value of the property. We will then write and negotiate an offer to purchase the property.
Closing the Deal
Once the contract is ratified we will continue to represent you and assist you throughout the post-contract procedures. This will include participating in a professional home inspection, selecting your settlement attorney, obtaining property insurance, contacting utility companies, conducting the pre-settlement walk-through, and the Settlement at your attorney’s office.
Rolf Kramer, REALTOR®, ABR, SRES, e-PRO 757-564-4455 Licensed in Virginia with Liz Moore and Associates, 5350 Discovery Park Blvd, Williamsburg, VA 23188 Williamsburg has become a Mecca for retirees over the past dozen years because of its history, charm, vacation amenities, proximity to major cities and airports, and affordable cost of living. Check out www.retiringinwilliamsburg.com for information about the Williamsburg community, lifestyles available, and search for homes for sale.