DC real estate buyers should contact three lenders for mortgage pre-approvals and worksheets. You'll need a pre-approval from a local, recognizable lender to get started. You can get a pre-approval over the phone & online. Review DC homebuyer programs for those that may benefit you. You may also qualify for down payment assistance, home buyer tax credits or tax abatement. Don't make a lender commitment until you’ve contracted on a home. Individual DC condos, new condos in DC and DC co-ops qualify differently than single family homes, and lenders offer a variety of programs. You’ll want to match your loan to the property you want to purchase.
DC real estate buyers should interview Realtors to find the professional best suited to their needs. Here are some questions you’ll be asked:
Do you have a pre-approval letter issued within 90 days?
Do you have any credit, tax or other issues that may affect your ability to obtain a mortgage loan? What type of financing will you use?
Do you have liquid funds for an Earnest Money Deposit?
What will be your downpayment amount?
Desired locations, "must-haves" & “wish list?”
What’s your timeline?
Do you have closing costs worked into your budget?
DC real estate buyers can discuss criteria, timeline, financing & goals with their real estate agent and create a plan that will address their needs and goals.
Not all listings on the listing feed an agent creates will meet buyers' exact criteria. Learn how to review listings and read between the lines to create effective tours.
It's time to look at homes! Your agent will guide you through the process to maximize your results
When you find a home you like, it's time to research its value and make offer decisions. Your agent will provide "comps" and guide you through the process.
It's time to make an offer! Your agent will be a key player. Strategies and negotiation factor heavily into this portion of the process.
Once under contract, a different set of actions come into play, depending upon the type of property and the contract terms. DC real estate buyers benefit from having the guidance of an experienced real estate agent in this phase of the process.
At settlement, you'll take legal possession of your new home. Your title company will facilitate the closing, your agent will accompany you in most cases, and you'll sign a ream of paperwork. Fun!
When the settlement process is complete, you'll be handed the keys to your home!
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BUY SMART. SELL SMART. HIRE SMART AGENTS.