Preparation is the key to success…
Make decisions quickly
All the real estate ads I see these days show people looking at amazing homes with confident looking agents standing in the background. (this is total fantasy)
The reality is that you will need to be prepared to see a house and then make a dozen decisions before 5:00pm.
- Offer price
- Size of your Deposit
- Settlement Date
- What conveys
- Home Warranty
- Home Inspection
- Radon Inspection
- Any other possible contingencies
See the house immediately
You can’t wait until the Sunday Open-House.
Everything is rushed and, if you wait until Sunday, then understand that you are not a serious home buyer.
The Spring Market works on an accelerated pace and there aren’t necessarily ground-rules for when a home seller can look at or accept an offer.
So, if you wait until Sunday, then understand that the seller may already be in negotiations with a buyer who is Spring Market savvy.
Basic understanding of the Sales Contract and Contingencies
We use a standard sales contract created by the local Realtor association (in most cases.)
Review the contract with your buyer agent when you first meet to also make sure he/she understands the contract too. It is written and vetted by real estate attorneys prior to being published to be current with all Virginia real estate laws.
It is the same with our contingencies.
But, these contingencies do require some work adding time periods and buyer protections.
Understand the EMD
The Earnest Money Deposit needs to accompany your offer. The amount is up to you, and you should ask your agent for some guidance especially if a competing offer is likely.
In Virginia, the EMD must be deposited within five business days of the contract “Ratification Date” – discuss that term with your agent too.
Information and Communication
You can always provide information about yourself, but the seller will always be looking at information like who your lender is that will provide financing.
Have you Googled your loan officer or mortgage lender? Is their information building confidence or hurting your cause?
Every Seller’s #1 Concern? That your financing will fall apart.
How about the Title Company? Are they helping your overall strategy? Oh, and don’t get manipulated by a seller “preferring a title company” especially since Virginia law puts that choice into the buyer’s hands.
Communication between all parties is essential. If you have an offer in then remain available
Responsibility (it’s on you)
If you are planning to get a mortgage then you have a number of new responsibilities.
Most of the CFPB’s critical deadlines can be met by logging in and acknowledging your mortgage lender’s secure email, but if you miss a deadline then your Settlement may be delayed since mortgage lenders know CFPB compliance is not optional.
So, the responsibility is on your shoulders!
The Spring Market can be Exhausting
With most home buyers near me tied to the “ping” of a Zillow alert, you may find you are running out to see a place minutes after you get an alert. It’s tough but, if you can’t handle it, then wait until the fall because virtually every year fall seems to offer better times to buy.
Take a look at the Vienna real estate market as new listings are starting to pop up every day.
Maybe I’ll see you out there… make sure to say howdy!