Buyer FAQs

Yes! A seller will not take your offer seriously if it's not accompanied by a pre-approval letter from a trusted lender. Please connect us to the lender you'll be working with ASAP so we can open the lines of communication. That way when you're ready to make an offer, we know how to reach them and can get the adjusted pre-approval letter quickly.

I also would suggest that you consult with one of our recommended lenders. We don't get any kind of referral fee if you choose them, but working with them can potentially make your offer more likely to be accepted, reduces the chances of miscommunication, and makes the overall transaction smoother. Big banks and online lenders have a bad reputation for not qualifying buyers properly up front and for causing issues during the transaction. Based on the volume of transactions they're doing; they often cause delays or issues because the coordinators and appraisers that they work with are swamped.

You might feel that our preferred lenders are asking for more documents up front, but that’s the reason they're trusted by seller's agents - our lenders get ahead of issues before they become issues and they have a panel of appraisers that prioritize purchases.

We will send you properties to choose from, and you can let us know what you want to see, and when. We will book the showings for certain times based on an estimate of the distance between homes and how long we might be at each to the best of our ability. Sometimes our showings may be scheduled close together with other interested parties, so to make things work it's best to understand that if the house isn't the one for you - even if it's the neighborhood or the looks from the outside that makes you not want to live there - let's stop looking at that one and move along to the next house. There might be some moments of waiting for our showing windows too - a good time to get a coffee, stop for a bathroom break, or return some calls Also, some sellers request that we not use their restroom, not unnecessarily touch anything, take our shoes off or that only primary decision makers should enter the home. Every situation is different so we will just need to be flexible!

Homes are usually listed on Thursday/Friday, and get booked up very quickly during the first weekend on the market, so if you want to view homes on Saturday or Sunday, it's important to let us know what homes you want to see ASAP on Thursday or Friday. In general, no matter the day of the week, the

faster we move and get a showing in the better chance we have at making a decision and getting an offer in on time.

1. Watch any video or virtual tours provided in the listing. When we send you properties, any pictures, videos or links for details of the property will be embedded in the listing.

2. Check the house location on Google Maps, and consider driving by if there's something you might want to see/hear in person (like big power lines in front or in back, or if the house backs to a highway or fronts to a busy street).

3. Check out what is in the area to decide if you like what is available in the area (restaurants, cafés, schools, parks, event venues etc).

We recommend knowing who you want to hire ASAP so when you’re under contract, it’s a simple phone call to get them scheduled.

You're welcome to use anyone you'd like, and we are happy to provide you with referrals. Many home inspectors offer several different types of inspections, and which ones are up to you. We simply recommend getting a basic home inspection along with a termite/moisture inspection at the very least.

Yes! In a "normal" market, 20% of contracts fall through. We can write backup offers in a way where you wouldn't have to put up earnest money, do inspections, or be officially committed until the current accepted offer falls through. Until then you're free to keep shopping and can cancel the backup offer

at any time with no penalty. You have nothing to lose, but you could gain a house without competing against other buyers if the first deal falls through!

The main thing to consider with having an offer in the backup position is that you may actually end up with the house! Meaning, if you find another home you are interested in and want to submit an offer, we should formally withdraw the backup offer. You don’t want two live offers out simultaneously, because of the rare scenario where you end up with two accepted offers.

It would be wise to assume the answer is “yes.” There’s Ring Doorbells which activate just by you walking by, security cameras inside homes, and even hidden nanny cams that could be capturing our every word. If you’re interested in a home, it’s best if you only talk positively about it while we’re there and we can discuss negative issues or offer price after the showing and away from the house.

No. We could lose our license.

Don’t worry about “bothering” us, we have a team of agents on board to assist with showings. This is the biggest investment of most people’s lives and it’s our fiduciary responsibility (and honor) to show you homes.

If you’re thinking of looking at new home construction or a For Sale By Owner, please let us know so we can be present to represent your best interest during those meetings as well. We can assist you with homes from any source, not just listings that we provide you. (other agents signs, open houses, internet sources such as google, zillow, trulia, redfin, realtordotcom, facebook, etc)

No.

If you’re paying cash, then a letter from your bank showing you have enough assets to cover the purchase price will suffice.

If you’re getting a loan to purchase a property, your credit will be pulled by the lender and your documents should be sent directly to them. As your agent(s), all we need is confirmation from your lender that you’re good to go (a pre-approval letter). The seller will sometimes ask for a “Proof of Funds” (POF) document to show you have enough money on hand for the down payment as well. All that needs to be on a POF document is a sufficient amount of funds to cover the costs of EMD and/or down payment, but all sensitive information (account numbers, social security numbers, transaction history etc) can and should be excluded.

Imagine it’s late in the summer and you want to go to the mall to see what stores have jackets that you might like. You don’t intend on buying one now because it’s still warm out, so you leave your wallet at home. You walk into a store and you see a jacket you LOVE and there’s only one left at a really amazing price, but you can’t buy it because you don’t have your wallet. That’s like going house shopping without a pre-approval letter. Here are some examples of experiences I’ve had when buyers that I’ve worked with have wanted to wait:

· You might have more buying power than you think based on what you want to pay per month, and you could get a much nicer house for the same amount of money.

· You might have less buying power than you think based on your income sources, credit, assets, and debts, and we might spend time looking at homes that you might not be able to purchase.

· If you want to submit an offer, most sellers won’t even consider an offer without a lender pre-qualification or pre-approval letter. Think about it - would you accept an offer on a home you’re selling if you weren’t sure if the buyer is qualified by a professional?

· Usually, if it’s a “perfect home” for you, it’s also a “perfect home” for someone else. If you’re taking time to get your documents to a lender to get approved and another buyer makes an offer with their approval letter, you’ll likely miss out on that perfect home.

· If a seller is going to clean their home, remove their pets and kids, and leave for hours because we scheduled a showing, then that seller is assuming we are bringing someone over that has been financially qualified to purchase their home.

Most lender approval letters are good for 60 or 90 days, so don’t worry – you don’t have to pull your credit or re-submit documents to the lender every time you want to see a home.

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No, not if they’re represented by an agent. It would be unethical for us to talk to them unless there’s a need and we get permission from their agent. If it is a FSBO, however, we would be more than happy to speak directly to the seller for you.

When a buyer sends earnest money in, they’re saying “Hey, I want this house, and I’m willing to put up $xxxx as good faith. That money will be applied towards my purchase at closing, but, if I find something that concerns me about the house, then the money will be returned to me.” The Standard Purchase Agreement of Virginia is written to the benefit of the buyer because for a seller – all buyers are the same. A buyer wants the house, and they are going to buy it with money. However, not every property is the same and that’s why there’s time (if writing in the contract) for the buyer to do inspections and perform due diligence. There are specific deadlines that a buyer has in which the contract can be terminated and the EMD returned to them.

If the buyer misses deadlines to submit their “Objection” or “Termination” then their earnest money is at risk of being lost to the Seller. In that case, both the Buyer and Seller must sign an earnest money release form. If that’s not done, the title company will release the earnest money back to the buyer or

there will need to be mediation to determine what happens to the earnest money.

In the state of Virginia, a termite and moisture inspection is required by some loans and the seller is expected to contribute a certain amount towards the repairs of any associated damage. This is subject to negotiation with the seller, but lenders often require repairs associated with termite and moisture damage or appraiser required repairs to be completed before they will fund the transaction. Most commonly, the seller is asked to cover 1% of the sale price towards these types of repairs. It is important to note, repairs associated with a home inspection are NOT subject to this ‘require repairs’

clause and are negotiated separately.”

Think of buying a used home like buying a used car. There’s going to be dings, dents, scratches, and hidden surprises. You might agree on a price based on what you see, but then when you take the car to a mechanic and he looks under the hood and at the electrical systems, they might uncover issues and give you an estimate for making repairs. Buying a home is similar in that when you go under contract, it’s based on what you’re willing to pay for what you can see. The purpose of an inspection is to uncover issues or bring things to your attention that you might not be aware of.

You can ask for a home warranty, a credit towards your closing costs, ask the seller to make repairs before closing, or even get creative and ask the seller to buy down the interest rate of your loan in lieu of making repairs. Of course, you can acknowledge that the house is livable but has issues that you are comfortable with addressing once you move into the home.

The goal of requests for repairs is to ensure that the home being bought is in safe, livable condition. While buyers have a right to ask for repairs, sellers also have the right to say “NO.”

Buyers who produce a laundry list of non-critical items run the risk of alienating a seller and ending up with little or nothing. While it’s important to get the best possible terms, there is often a fine line between reasonable and not.

Here are some pro tips on negotiating inspections without having a deal fall through:

1) Use a qualified and recommended inspector. Uncle Joe might be handy and he’ll save you money, but a qualified inspector does this all day every day.

2) Focus on the primary systems. It’s entirely realistic to ask that plumbing, electrical, HVAC, roof, foundation and other primary systems be in safe operating condition.

3) Ask that pest infestation (and any damage they’ve caused) be remedied.

4) Ensure that health and safety items are corrected. Is there an electrical hazard? Mold? Risk of carbon monoxide leaking? It’s completely reasonable to ask for safety related repairs.

5) We advise to avoid asking for system or structural UPGRADES. Homes were built and approved by the local building department at that time, and of course the building codes, materials, and standard practices change over time. Although it’s okay to ask a seller to ensure that the systems are working correctly for the time they were built, it is usually not acceptable to sellers if you request that the systems be UPGRADED based on today’s standards. Examples include electrical systems, materials used for water pipes, an old but operating furnace, an old but operating water tank, insulation, a watertight and properly functioning roof, windows etc. The exception to this is if it is a legitimate safety issue, of course.

6) We advise you to avoid asking for cosmetic changes. On the extreme end, buyers have asked for houses to be repainted to change the color, or to change flooring type, or change the layout, etc. This is not advised and oftentimes is viewed by the seller as unreasonable. When negotiating based on the results of inspections, you want to take into consideration the current market conditions (supply & demand, multiple offers, etc). Whether you are asking for repairs, a credit, or price reduction – we’ve learned from experience that the more realistic you keep the negotiations, the better chances of finding win-win solutions.

Within a day or two of closing. If you’d like a preliminary estimated “Net Sheet” showing the figures, your lender (or a member of our team, if you're not getting a loan) can provide you with one.

Is it possible the closing date will change, or things don't go as planned?

Yes! One common "surprise" is when the seller doesn't finish the repairs that they promised to do before closing. That's why - during inspection negotiations - it's ideal for the seller to give a credit for repairs at closing instead of the seller agreeing to make the repairs. If work is promised but isn't done by closing, options include:

● Push back the closing date until it's complete.

● Seller puts money into an escrow account held by the title company, and the work is promised to be done by a certain time. Some lenders won't allow this.

● Seller offers a credit to the buyer for incomplete work, or

● Seller commits to continuing their repairs after closing - after all, per the Inspection Resolution, any promises made for repairs survives closing and the seller is still obligated to complete the work. Chasing them down to finish it is a different story…

Another couple common scenarios we come across that will delay closing are…

● The buyer needs more time to finalize their financing to close the deal. There is an extension period built in to accommodate this, by default this period is ten days.

● Sometimes it is necessary to extend the closing date due to unforeseen personal issues, moving hang ups, weather events etc. Don’t worry if this happens, an extension of the closing date can be added through an addendum. Most sellers are understanding of these types of issues and an extension usually is not an issue, especially if it is made for a reasonable amount of time.