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GUIDE TO BUYING

HOW TO FIND YOUR PERFECT HOME

Below are the most important decisions you and I will take into consideration while looking for your new home.

THE PURCHASING PROCESS

Buying a new home can feel overwhelming whether you are a first-time buyer or have gone through the purchasing process many times before. Here is a brief outline of the steps you can expect on your way to buying your perfect home!

1.

Choose Me As Your Agent and Get Qualified

We will begin with getting you prequalified and ensuring you are financially ready. Then we will create your buyer profile and perform a reality-check analysis.

2.

Find and View Properties

Next, our team will initiate our priority access program! I will present you with homes, both on and off the market, that have the features you are looking for.

3.

Craft the Winning Offer

Once we have found your perfect home, I will guide you through structuring an offer that will be most appealing to sellers, even in a competitive market.

4.

Closing Process

I will be there every step of the way, from ratifying the contract to your move-in date to make sure you are comfortably settled in your new home!

The Purchasing Process

FINANCIAL OBLIGATIONS

Purchasing a new home is a big financial undertaking so it is important to have your finances in order and understand what additional fees you will be responsible for. Below is a list of financial obligations for you to consider when thinking of buying a home.

1.

Earnest Money Deposit

Typically, the EMD amount is determined based on the sale price.

Average: 3% - 5%

2.

Down Payment

The amount you will need for a down payment is determined by the type of loan you qualify for.

VA Financing: 0%
FHA Financing: 3.5%
Conventional Financing: 3% - 20%

3.

Home Inspection

We will evaluate the home and your goals to determine if an inspection is needed.

Average: $350 - $700 depending on home size.
Paid at time of inspection.

4.

Appraisal

Lenders require an appraisal in order to approve your loan. You will need your payment up front.

Average: $400 - $600

5.

Termite Inspection

Depending on the type of home, we may suggest a termite inspection.

Average: $50

6.

Closing Costs

Closing costs are the funds you will need to have in order to settle, unless negotiated otherwise.

Average: 2.5% - 3%

Financial Obligations

LOAN OPTIONS

     One of the most important steps toward home ownership is ensuring you are working with a mortgage lender who is experienced in the type of financing you need and one who has experience working in a fast paced environment. The average time for a home to close in the DMV area after it has gone under contract is around 30 days and it is critical to work with a lender who can efficiently and accurately close your loan on time.

     At the Cokas Group, we have made it one of our top priorities as a company to ensure that we are partnering with the best local mortgage lenders who have years of experience working in the DMV area and with our team. Unlike a big bank, our lender partners make your mortgage experience a personal one and will work closely with you and I to fine-tune a plan that works the best for you, all while ensuring you receive a competitive rate.

Loan Options

DECISIONS TO CONSIDER WHEN CRAFTING THE OFFER

Once you have finally found your perfect home, the final important step will be crafting a winning offer that the seller cannot turn down.

1.

Closing Date

2.

Post-Settlement Occupancy

3.

EMD

4.

Lender/Title Company

5.

Type of Financing

6.

Down Payment

7.

Seller Subsidy

8.

Financing

9.

Appraisal

10.

Home Inspection

11.

Home Sale Contingency

12.

Purchase Price

  • Escalation Up To

  • In Increments Of

Crafting An Offer

CONTACT ME

If you have any questions about buying or selling a home, contact me. I would be happy to explain all of these steps in further detail and evaluate your situation.

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