Here in the Woodbridge Virginia area, this is a question we get a lot. Relocating buyers and first time time buyers always have this question.
In different parts of the country the time it takes to purchase a home from start to finish can vary.
The answer is. Once you have identified a home, the time for negotiations is usually twenty four to forty eight hours. Then when all parties agree ( Ratification) the inspection process and mortgage process can take on average thirty days.
Note: if you are thinking of buying a brand new home. On average the process is four months or longer. However, let us know what you are looking for. Some builders have what we call spec units or homes that are getting ready to fall out of contract. Those homes are first come, first serve and go quick.
So to be successful in the Woodbridge Virginia real estate market you need to keep a few things in mind:
- Make sure you have a pre-approval letter from your preferred lender in hand.
- A pre-approval means you have sent in your personal information such as tax returns, W-2's, checking statements etc.. to the lender. They have reviewed your credit report and have determined you are qualified to buy up to the pre-approved amount on the letter. )
- Pre-qualification letter- these are typically received from online companies. You key in some information on line and no one has reviewed your taxes, and write off's and debt to income or credit history. Most listing agents are fairly savvy and will accept a pre-qualification.
- When you purchase a home you have different types of loans you can choose from
- Conventional Financing- this loan requires a down payment of five, ten and even twenty percent down if you would like to avoid PMI ( private mortgage insurance)
- FHA Financing- this is typically used by first time buyers due to the low down payment option. For only three and a half percent down payment you can buy any home ( as long as it is in good condition not needing a lot of repairs)
VA Financing- this is a loan that is used a lot in the Woodbridge Virginia area. With our close proximity to all the military bases and the Washington DC Area we see a lot of military veterans.
Military veterans and spouses can buy a home ushttp://lakeridgevarealestatenews.com/post/4442962/cool-mobile-app--that-allows-you-to-bypass-talking-with-a-realtoring their VA Eligibility. This loan is so attractive because their is no down payment required! Yes, you read that correctly. So if you served chances are you have VA Eligibility.
Currently we are working with several clients who called us less than a month ago and all are under contract. Many are in various stages of inspections from home inspection, appraisal, well and septic, termite, radon and surveys. The great news is you do not have to worry about all that. As your BUYERS AGENT we handle all the details from start to finish.
Remember when you are thinking of buying a home, the most important thing to do is get pre-approved. Then align yourself with a local Woodbridge Virginia real estate specialist. A REALTOR® who knows the area well, knows the floor-plans, the builders and the neighborhoods. Some that is going to listen intently to what you want in a home, the type of lifestyle that you are seeking and someone that will help you get it.
Real estate is not about selling. A good REALTOR® is all about you the customer. Your goal is our goal.
Start searching local homes for sale right now in the Woodbridge Virginia Area -Start Here
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It would be our pleasure to be handing you the keys to your home next month. So if you are ready to get started simply call us at 1-571-477-1105.