home buyer's guide

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BUYING A HOME By Jessica Richardson, Realtor Select a Jessica as your Buyer’s Agent If you are not working with a Buyer’s Agent, your interests are not being represented. Unless a realtor is acting exclusively on your behalf, they are legally obligated to represent the seller’s best interests– not yours. Buyers do not pay any broker’s fees or commissions. Working with a Buyer’s Agent is a free service for YOU. 1 Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]

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A guide to purchasing your first home in the Washington DC Metropolitan area - written by Jessica Richardson, Realtor with TTR Sotheby's International Realty

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Page 1: Home Buyer's Guide

BUYING A HOME By Jessica Richardson, Realtor

Select a Jessica as your Buyer’s Agent!

If you are not working with a Buyer’s Agent, your interests are not being represented. Unless a realtor is acting exclusively on your behalf, they are legally obligated to represent the seller’s best interests– not yours.  Buyers do not pay any broker’s fees or commissions. Working with a Buyer’s Agent is a free service for YOU.

�1Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]

Page 2: Home Buyer's Guide

Lender Pre-approval!

We can refer you to reputable local lending institutions. You will speak with a loan officer who will pre-approve you for a loan. All prospective home buyers must be pre-approved by a lender before looking at property.#

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Needs Assessment!

We will sit down and discuss your needs and preferences and search for properties that meet your criteria. Jessica can show you any property on the market listed by any real estate company or individual.#

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#View Properties!

This is the fun part! After looking at the listings let us know which properties you would like to see. It’s best to email Jessica the individual MLS numbers for the properties you like. Our team will

then schedule appointments and Jessica will accompany you on a tour of selected properties. Normal times for viewing properties are between 9am and 7pm daily and on weekends. 

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�2Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]

“If you are not working with a buyer’s agent your interests are not being represented”

Page 3: Home Buyer's Guide

Making an Offer

When you have found your dream home, Jessica will prepare all of the necessary paperwork to make the offer. With real estate, time is of the essence, and Jessica utilizes DocuSign technology so that you have the ability to securely sign the paperwork from any location as long as you have a digital device.

##When making an offer you will

need an earnest money deposit. This can be a personal check and it is usually 1% of the sales price or more. This is legally required. Higher earnest money deposits show the seller how serious the buyer is. Make sure you transfer funds, if necessary, when you begin the search process.

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The Contract

Jessica will present the contract to the seller and negotiate on your behalf. Every offer situation is different and strategy depends on several factors such as timing, price and seller’s motivation.

The seller has several options: to accept your offer as written, write a counter offer or reject your offer. Jessica will guide you through this process.

 #

�3Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]

Page 4: Home Buyer's Guide

#When the Offer is Accepted!

The property is taken off the market and considered under contract.

 Your earnest money check will be deposited into an escrow account until the closing where it will be credited toward your down payment and or closing costs.

As soon as your offer is accepted you must reach out to your loan officer to begin the process of locking in an interest rate. It is important to stay in close communication with your loan officer and submit all requested financial documentation in a timely manner.

#Home Inspection!

If the contract has been written with a home inspection contingency, your Buyer’s Agent will set up an inspection with a licensed inspector. Usually the cost is about $500. An inspector will check systems, appliances and structure of a property looking for damage and potential problems and you will be provided with a written report.  If any major defects are found you may ask the seller in writing to correct them.

#If an agreement cannot be reached between buyer and seller, contract can be voided and the earnest money will be returned.!

##

�4Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]

Page 5: Home Buyer's Guide

##Termite and Appraisal!

Jessica will coordinate a termite inspection and bank appraisal of the property prior to settlement.  The property must appraise for the sales price. Otherwise the price will have to be lowered. If the seller refuses to lower the price, the buyer may add the difference between appraised value and sales price to their down payment or cancel the contract and get their deposit back. #

#Final Walkthrough!

On the day of settlement, your Buyer’s Agent will accompany you on a walkthrough of the property. The purpose is to make sure that everything is in normal working order and in the

�5Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]

Page 6: Home Buyer's Guide

same physical condition it was in at the time of the contract acceptance.  The attorney at the settlement will address any problems or issues that arise.#

##Settlement/Closing#

You, Jessica the seller and the seller’s agent will meet at an attorney’s office to sign paperwork and hand over keys.  The Buyer will need a certified check for any remaining down payment or closing costs.  After settlement is completed the buyer is free to move into their new home.#

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�6Jessica Richardson Realtor | TTR Sotheby’s International Realty | (703) 864-3438 mobile [email protected]