Steps on How to Buy a Home

Real estate information for How to buy a home, Loudoun County, VA is provided by William Eric Cave II of Loudoun County Living LLC.

 Steps on How to Buy A Home

Loudoun County Kitchen

You have completed the first and sometimes most difficult step of buying a home:

  • Finding and agent that knows what they are doing and ACTUALLY CARES.
  • My goal and business model is not to get a check by making a sale off of you. My goal is to help and guide you from where you are to where you want to be; with honesty, fairness, and hard work. I know that if I am successful in those values you will tell all your friends that they would be crazy not to use our team.

Next Step:

  • Speak to a Loan Officer: I recommend Jeff Richards of First Home Mortgage.
  • No cash cost to you to get pre-approved
  • Does not hurt your credit
  • You are free to speak with as many loan officers as you wish and we get no financial benefit from recommending a lender.

While getting Pre-Approved:

Now that you found the perfect home: This is where I really earn my keep

  • A good agent will pull comparables (comps)  for the property to ensure that the home you want to buy is at fair market value and more importantly to make sure that the home will appraise for at least the contract sales price.
  • Based on the comps and your financial situation we will determine our best and highest offer along side with the initial offer you would like to make.
  • I will write the offer and review it with you before you sign it (along with the offer we will provide an Ernest Money Deposit [EMD] to accompany the offer; usually 1%  of the sales price which is normally credited to you at Settlement)
  • Get a home inspection: I will schedule the inspection. Both agent and buyer are  present at the inspection (within 10 day of ratification)
  • Get a home appraisal: Scheduled through the lender (within 21 days of ratification)
  • Review HOA documents (must receive from seller within 10 days and have 3 days to review)
  • Apply for financing (must apply within 7 days of ratification)
  • Order home owner’s insurance. The vast majority of agent fail to inform their clients of this (must be done within 7 days of ratification)
  • Address any issues that have arose (hopefully none)
  • Go to settlement
  • MOVE IN 

How to get out of a contract: Most Common Ways

  • Home Inspection: A home inspection is for your protection and knowledge. The home inspection is paid by the buyer at the time of home inspection. If the home inspector finds any issues they will inform you. At which point you have a few options: Ask the seller to fix the issue, fix the issue yourself once after settlement or you can terminate the contract if you are not satisfied with the results. You have three days after home inspection to make a decision about what you would like to do.
  • HOA/Condo Documents: Once we have received the condo documents we have three days to review them. If an item is found in the documents that you do not want to live with you may terminate the contract based off that issue. For example: If you have your heart set on having a red front door but the documents prohibit red front doors you may terminate the contract.
  • Financing: If you are not approved for financing you can’t buy the house. A delay in getting financing is not an allowable reason to delay settlement unless agreed upon by both buyer and seller.
I hope this was at least a little helpful. If you are thinking of buying a home please contact the Loudoun County Living LLC team or call directly at 703.407.1093