Unsure about what to do when purchasing a home?  Even seasoned home buyers are uncomfortable with the whole process.  Here's a guide to help you out:

How much can you afford?  Many people are actually qualified for more than they want to pay for a mortgage.  Just make sure to not over leverage yourself.  Be realistic and stick to your plan.  In the Hampton Roads real estate market home prices have fallen about 25% and buyers have the ability to purchase a home today that they couldn't come close to afford 2 years ago.

Contact a lender.  Most sellers want to see a pre-approval letter at the time you submit an offer, so it's a good idea to get this started.  In my opinion, you should go with a strong, local bank and try to avoid mortgage brokers.  Lending guidelines have affected the larger national banks for the most part, however, some smaller local banks do not have to follow these stricter rules.  If you don't have a clue who to talk to, try asking your real estate agent for options.

Obtain a realtor.  Okay, I know there's a lot of them but start doing some research and find one that you get along with the best.  Talk to several agents and choose one who best matches your personality.  Obviously I am an agent but I absolutely know that not everyone who is looking at homes for sale in Virginia Beach, for instance, will get along with me.  As a buyer, you are the important factor and you should be catered to. 

Search for a house.  Nowadays this is easy.  Most people look for their new home via the internet and Google but you can also find homes through the classifieds, real estate magazines, driving through neighborhoods, and by asking your realtor to send you a list.  Have fun and explore!

Visit the properties you're interested in.  Once you've done some searching, give your agent the MLS #'s of the homes you like the most and go see them.  Your agent will line up all the appointments and you never have to speak with the seller.

Write an offer.  This is probably the one area where buyers feel the most uncomfortable.  Your agent will be able to walk you through every clause and contingency.  Talk your time and ask lots of questions.

Negotiate.  More than likely the seller will not accept the initial offer unless they are really motivated and have the ability to accept it.  There's no hurt feelings here and it's all business.  You and your agent should try to get everything you can as a buyer.  Use your agents expertise here.  This is one of the things we do best.

Acceptance.  Once the buyer and the seller have come to an agreement on the contract, you are ratified.  At this point you will start removing any contingencies that you have like full loan approval and home inspections. 

Close on your new home.  When all of the terms of the contract have been completed, it's time to go to closing.  Prepare to spend up to an hour for this and make sure to bring your drivers license.  They will want to know that you are who you say you are.  At this point, the title searches have been done, your loan company has given the closing company all the pertinent information for your loan, and all terms have been met.  Congratulations, you're a homeowner!

Feel free to contact me if you're in the market to purchase.  I specialize in the Hampton Roads real estate market, including homes for sale in Chesapeake, Va. and homes for sale in Norfolk, Va.

Jeff Nelson
The Real Estate Group
757-749-1616
www.homesandfood.com