The Homebuying Process

 
young homeowner couple

Transaction Tips


The transaction process is complicated. Let a Northern Virginia Realtor®walk you through it.

Familiarize Yourself with the Homebuying Process.

step 1

GET READY FOR HOME OWNERSHIP

Build good credit history, get mortgage pre-approval and find out what type or mortgages you qualify for. Consider hiring an attorney to review all contracts and agreements associated with the homebuying process. Save up for a down payment and closing costs.

 

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step 2

FIND A REALTOR®

Get a referral from friends, family and work colleagues, or use NVAR's Find a Realtor® resource for a Realtor® who serves your needs. Interview with several Realtors® to find the best match.

 

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step 3

FIND THE RIGHT PROPERTY

Determine what is important for you, such as transportation, schools, neighborhood amenities, monthly payments, etc.

 

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step 4

FIND THE RIGHT FINANCING

Narrow down your search to a few mortgage brokers or lenders. Make sure you understand the financing terms: ask the lender for clarification, if needed, and select the right loan program.

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step 5

Transaction Resources:

MAKE AN OFFER

Ensure the property is inspected by a licensed home inspector and acquire title insurance. Make sure to read all contracts fully before signing anything, and ask questions if you do not understand something. Place a competitive bid and prepare for a counter-offer. Only one offer will get the sale, so be prepared to move on if you do not win the bid.

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step 6

CLOSING & LIFE AFTER THE BIG SALE

The settlement attorney will run a title search ro ensure that there are no clouds on the title. Protect your new asset by obtaining owner's title insurance. Perform maintenance and repairs on your new home. Keep good records of all warranties and documents used in the home-buying transaction. Set up utility bills in your name, and make sure to maintain your files. Hire movers or find a few friends for a moving party! Find a service provider through NVAR's Strategic Partner database.

CONGRATULATIONS ON YOUR NEW HOME!

Quick Links

Consumer Resources


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NVAR'S Re+View Magazine
Re+View Magazine
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