Looking to buy
The decision to buy a home must be made carefully, and Merlin Realty’s detailed six-point home-buying guide lays out the questions you need to ask yourself and your realtor before making your purchase. We know that owning a home is probably the most significant investment most people will ever make, and our agents will never pressure you into buying anything that isn’t perfect for you.
Whether this is your first time purchasing a home, or you are looking to move into the next phase of your life, our staff will ensure that your needs are met. Click on the sections below to begin making your decision.
- Big Decisions, Big Questions
- Prepare Yourself
- Select An Agent, Select An Ally
- Hands-On Experience
- Legal Issues
- Closing Time
1 - Big Decisions, Big Questions
Why Do You Want To Own Your Home?
Owning your home can be a very wise investment, and is one of the best ways to achieve financial independence. Paying rent to a landlord can be easy in the short term, but owning property can help you build equity over time and the tax benefits of home ownership can be very rewarding.
Increased Income? Changing Family?
Experts say the average American should spend about 33-40% of their income on housing. If your financial outlook has changed recently, or if your family is growing because of a newborn child, you could need a new home that meets your changing needs.
2 - Prepare Yourself
Organize Your Finances
Purchasing a home takes major financial planning, but it’s not an impossible task. Before you begin negotiations, your first have to gather your relevant financial documents so you can secure financing with lenders. This “green file” should contain most of the following:
- Bank Statements
- Tax Returns From The Past Two Years
- Investment Papers
- Auto Loan Information
- Credit Card Statements
- Recent Pay Stubs
Check Your Credit
Banks determine how much they will lend based on your credit rating, and a high rating will likely ensure that your can buy a more luxurious home. Ratings are based on past financial decisions, timely credit card and other payments, as well as other loans you currently hold. A score above 620 is considered good, and a free copy of your credit report can be easily obtained electronically through Equifax (www.equifax.com), Experian (www.experian.com/), or TransUnion (www.transunion.com).
Remain Financially Stable
Based on your credit report, you may want to tie up any loose ends you have financially, such as outstanding debts. We also recommend that prospective buyers refrain from career changes or large purchases before purchasing a home. Banks want buyers who are financially stable, and debts or major income changes could cause them to hesitate.
3 - Select An Agent, Select An Ally
Guidance With Complex Issues
The financial decisions of buying a home can be difficult to understand and require a great deal of paperwork. To make this process as easy as possible, our trained agents will help you take every step and make the process as easy as possible. We can also get a look at upcoming home listings before they even go on the market.
Choosing the Right Representative
Realtors work for you, so choosing an agent is like interviewing a potential employee. Consider these factors when you pick your agent:
- Find an agent with experience with transactions similar to yours and with a history of working in the areas you are interested in
- Ensure the agent’s education and credentials are solid, and ask if they have licensed assistants
- Ask for references or a list of homes sold
- Notice if the agent is attentive to your needs and really listens to your questions and concerns.
- Speak to multiple agents, and pick the agent who makes you feel most comfortable
4 - Hands-On Experience
Welcome To The Neighborhoods
The first step in purchasing a home is deciding on location. Our agents have years of experience in greater Washington, D.C., and we can help match you with the right area for you in Virginia, Maryland, or the District. Armed with our recommendations, you’ll never spend time in neighborhoods that aren’t right for you.
Pick Your Favorites
Narrow your selection to a few homes in a couple of neighborhoods and have your agent make appointments to show them. Prepare a list of questions about each property before visiting each, especially about re-sale value, schools serving the area and other issues.
An Offer They Can't Refuse
Once you’ve found the perfect home for you, our agents will examine the potential repair costs that may be required and ensure that any long-term risks of your purchase are accounted for. We will then work with you to develop a price that both you and the seller can agree on.
5 - Legal Issues
Neutral Third Parties
Our agents can connect you with a trustworthy third party called a Title Company that can act as a middle man between the buyer and seller and ensure that all the proper financials are in order before the sale is finalized. The seller will turn over the deed to the property to the title company, and the buyer will entrust the funds with the company as well. As an independent verification firm, the title company will hold the relevant documents in escrow until any legal issues with the sale have been cleared, and that any potential problems or conflicts have been written into the final contract.
You may also want to consult with your attorney or tax advisor about the best way to approach this part of the sale.
Extensive Inspections
Though your offer has been accepted and you are excited about your new home, you must first have a professional inspect the property to ensure all the major systems are in good, working condition. Our agents will connect you with professionals to examine aspects such as the water and sewer systems, roof, gutters, electrical wiring, and many other areas.
Your lender will send an appraiser to determine the value of the property before confirming your loan. This assessment will be completed by a specialist and will be based on lot size, square footage, and recent sale prices for similar properties in the area, among other criteria. Your lender will notify you if any additional documents are required to approve your loan application, but buyers should check with the lender within weeks of closing to ensure the sale will go through.
Our agents will also complete a final inspection just days before you sign on the property, just to ensure everything is in order.
6 - Closing Time
The Big Day
The title company will eventually provide you with a “closing statement” which outlines the financial conditions of the sale. Our agents will go over these documents a final time to ensure their accuracy, and will be present on the day of the signing. Once the papers have been signed, the title company will record the transaction with the County Assessor and you can move into your new home.
Ready to Begin?
Just fill out your information in the fields below and we will contact you as soon as possible. There is no obligation and your information will remain private.
Visit us at:
7310 Maple Place, Suite 200
Annandale, Virginia
22003
Office: 703-658-3000
Fax: 703-658-3007
Contact email: info@merlinrealestate.com