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Cherlynn Fagerheim
Mobile Phone:
(757) 869-5632
cherlynnf@remax.net
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Cherlynn Fagerheim
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Mobile Phone:
(757) 869-5632
cherlynnf@remax.net
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buy Virginia beach home

Define the needs of your new Hampton Roads home
Congratulations on your decision to purchase a new home in Hampton Roads! Your first step
toward buying your new home will be to analyze your needs. I can help you determine exactly
what you want your new home to look like and how it should function for you and your family.

Get approved for a loan
For a small fee, a lender will contact your employer, bank, and others to verify your income, assets,
debts, and credit history. You’ll then get a letter stating that your mortgage is approved for a certain
amount (which will help you determine your price limit!) up until a certain date. This document is
more for the home seller’s benefit to prove that you’re a serious buyer. There's no obligation on
your part to actually get a mortgage.

Home search
At this point you will have a good idea of what you can afford and the type of area in Hampton Roads
you will want to invest in. Taking that information into consideration, you are ready to embark on your
home search.  If you don't know much about the city to which you are moving, you will want to start by
finding areas that meet your criteria and then narrowing your search to particular properties in those
areas.

You can find available homes by reading local real estate publications, contacting local Neighborhood
Associations, visiting the local Chamber of Commerce, looking on the Internet, or driving through
neighborhoods that meet your needs.

Make an offer
Now that you've found your dream home, it's time to make an offer. I will help you determine the offer
price by reviewing recent sales of homes that are similar in size, quality, and conveniences and
amenities. I will advise you on how to create an offer that will have the best chance of being accepted.

Settle on a price
The seller will respond in one of three ways: an acceptance, a counter-bid (giving you a number
somewhere between your offer and the asking price), or declining by sticking to their original asking
price. Find out why the sellers are digging in their heels. If you can agree on a number, you’ll sign a
contract and be asked to put down a “binder” or “earnest money." Make sure the contract specifies
that you can get this money back if you withdraw your offer.

Closing on a home
Closing is where ownership of the home is legally transferred from the seller to the buyer. It is a formal
meeting that most parties involved in the process will attend. Closing procedures are usually held at the
title company's or lawyer's office. Your closing officer coordinates the document signing and the
collection and disbursement of funds.

In order for the closing to go smoothly, each party involved should bring the necessary documentation
and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable
payment for your closing costs so ask the closing officer which form of payment will be required and to
whom it should be paid.

Sellers sometimes pay for a portion or all of the closing costs, depending on local market conditions, terms
the purchase contract, and the seller's cash and timing considerations. Any such concessions should be
acknowledged in writing. Most lenders will allow a credit from the seller to the buyer for the non-recurring
closing costs. However, they usually won't allow a credit that reduces the amount of the buyer's down payment
or any of the buyer's recurring costs, such as expenses for fire insurance premiums, private mortgage
insurance (PMI) or property taxes.