Thinking of Buying a Home? Linchpin’s First 3 Steps to Home Ownership
You’ve decided to buy a home! Our buyer’s system consists of 10 steps to homeownership. Read below for the first 3 steps.
Step 1: FINDING A BUYER’S AGENT
Find a Real Estate Agent that represents YOU. As of July 2012, Virginia has a new agency law that requires that you enter into a written brokerage relationship agreement with a REALTOR® prior to viewing a home. A Buyer’s Broker Agreement describes the duties and obligations of all parties, a specific start and end date, and how your REALTOR® will be paid (don’t worry…this is usually paid for by the seller).
Remember, this is the law and if an agent shows you a property without have you sign an agreement, they are breaking the law. When a buyer schedules an appointment with the REALTOR® whose sign is the front yard of a home, they are scheduling a showing with the seller’s representative. Not to say that the seller’s REALTOR® will not look out for the buyer and perform ethically, but a buyer deserves a REALTOR® that is 100% on their side to help them make the largest purchase of their life.
A Buyer’s Agent does so much more than just drive around and show you houses.
They will:
Listen to your needs as a buyer
Communicate your needs to other parties
Educate you on the entire process
Negotiate the terms of the contract for you
Adhere to deadlines and contingencies in the contract
Work to find as much information on your behalf during the process
Negotiate inspection items
Coordinate the closing process
Keep your information confidential for life
Ensure that paperwork is maintained
Most importantly, a Buyer’s Agent is your advocate. Your Linchpin Buyer’s agent is regarded as the essential or coordinating element through the home buying process.
Step 2: FINDING A LENDER.
We always tell our buyers that it is not what you can afford but what you want to afford. Linchpin Real Estate Group has a handful of LOCAL lenders with local underwriters. The lenders are familiar with Richmond’s current market and can help determine the price range where you feel most comfortable. There are many mortgage products out there to fit a wide range of borrowers with varying financial situations. Mortgage guidelines are constantly changing. A common mistake that is made by buyers is not finding the right mortgage for their situation. When you use a Linchpin Approved Lender you know that you are receiving the best mortgage and best customer service available. Your lender will discuss the options with you to make sure that you are making the best decision for you.
Unfortunately, buying a house isn’t free and a lender can help determine how much cash you will need to purchase your home, from closing costs to downpayment. Understanding the process helps you to avoid surprises down the road.
This is most important part in the initial steps is the pre-approval Letter. Your lender will issue you a pre-approval letter. This will be sent to the seller along with an offer to prove that you are eligible to purchase the home you find.
Step 3- BUYER’S CONSULTATION
When you are pre-approved to purchase your home it is important to sit down with us and discuss your needs and what you should know. Knowledge is power. The Buyer’s Consultation is designed to help you understand the process. At this time you will:
Determine your motivation and time frame
Determine your criteria for your home search
Gain an understanding of the Richmond Market
Gain an understanding of current inventory
Review the Buyer’s Agency Agreement
Discuss open houses and for sale buy owner properties
Set up your personalized website search
Discuss Purchase Contract
Discuss home inspection
Discuss loan commitment
Discuss the closing process
NEXT STEP: The Home Search…Contact us if you would like more information on our 10 steps to home ownership. linchpin@linchpinrealestate.com or 804.292.0852
