INDISPENSABLE CHECKLIST FOR BUYERS IN THE DMV
FROM BUYER’S EDGE IS YOUR PERSONALIZED
STEP-BY-STEP GUIDE TO BUYING A HOUSE OR CONDO

FREE BUYER’S AGENT HOME BUYING GUIDE INCLUDED

1.  INTERVIEW AT LEAST THREE BUYER’S AGENTS

It is critical to understand the different scenarios that “buyer’s agents” work under. Most are affiliated with companies that represent Sellers and Buyers. Many are on Teams that work for those same companies and profess to be able to represent both a buyer and a seller in the same transaction with two agents from their team (or company) without there being a conflict of interest. Rarely, although Buyer’s Edge and some others are the true exceptions, agents work for companies that Only represent buyers. This is a very different scenario, with no possibility that the agent will be intimately involved with the Seller, one of their team, or another in their company who directly represents the Seller.

2.  LOAN PRE-QUALIFICATION
Initially, it makes good sense to work with a loan officer who is very experienced and local. Your buyer’s agent can recommend someone, but be wary of just being pre-approved over the internet. The loan officer is an integral part of the buying process and it is very important to have someone working for you who is able to respond to offers or changes very quickly in this super fast-moving environment. The approval helps to determine purchasing power, debt-to-income-ratio, credit score, closing costs, and defines your price range - other than the amount of cash you may wish to put into the deal beyond your mortgage amount. During a real pre-approval process, they will require you to provide all kinds of financial information and run a credit report. After a contract has been ratified on your new home, you can shop around for the best rate and look into other lenders.

3.  DETERMINE HOME BUYING NEEDS AND WANTS BY YOURSELF AND WITH YOUR BUYERS AGENT
Set priorities for size, location, style, and features. Keeping yourself open to the widest possible group of properties and Then narrowing in on the right home gives you the peace of mind that you didn’t overlook areas or house types because you jumped in too fast or didn’t see/explore enough.

4.  SELECT SEARCH AREAS BY YOURSELF AND WITH YOUR BUYER’S AGENT
Preview information on available homes. Your agent should be providing you with lists of available properties as they come onto the market. Many buyers also have their own “searches” set up on sites like Redfin, Realtor.com, or Zillow. Make sure to Always let your agent know what you’re seeing and never contact a listing agent directly. If you do wander into an Open House - always let the open house agent know that you have your own agent and if you need to sign in, put your agent’s name down along with yours. This will protect you from the Open House agent believing that they are going to be able to claim the Buyer’s Agent commission as well as the Sellers (who they actually work for).

5.  GET EDUCATED ABOUT POTENTIAL ENVIRONMENTAL HAZARDS
Savvy, homebuyers are increasingly concerned about environmental hazards when buying their homes. Learn about lead paint, lead in water, radon, radon in water sources, asbestos, buried oil tanks, mold, and other environmental concerns. In some jurisdictions, the sellers are required to disclose things they know about the condition of the property, but in many cases, it is truly “Caveat Emptor” Let the Buyer Beware! Your agent should be helping you to identify potential problems, but ultimately, you need to do the due diligence to protect yourself.

6. VIEW COMPARABLE HOME SALES AND TAX DATA

Your buyer’s agent should give you information on sales of similar properties and help you determine the most reasonable value of the properties you’re considering. Looking at neighborhood sales, property condition, square footage, lot size, and many other factors to come up with an honest and thoughtful evaluation.

7.  DRIVE-BY TOUR OF DMV NEIGHBORHOODS AND HOMES FOR SALE
This step is so important. It is critical that you know what all of your options are. A broad search covering a wide area and a wide price range will give you the best possible look at the market. Take your time to drive through neighborhoods and cross-reference with commute times, access to shopping, school districts, etc.

8.  TOUR SELECTED HOMES FOR SALE IN THE DMV WITH YOUR AGENT
If you happen to go into an Open House without your Realtor, protect your fiduciary relationship and let the agent on the open house know that you are working with a buyer’s agent. Set up tours with your agent and get as much information as possible about water issues, roofs, windows, the age of appliances, heating, and air conditioning systems. The more you know upfront, the less chance for Big surprises later.

9.  GET EDUCATED ON THE HOME BUYING PROCESS
Take your time, make good decisions, and have your Exclusive Buyer’s Agent keep you updated on new properties as they become available on the market or coming soon.

10. IDENTIFY a Home or Condo for Sale That You Want to Purchase

11.  GOOGLE the Sellers, Neighborhood, Building, Property Address, Public and Private Schools, Crime Statistics, and Sex Offender Registries (DC, MD, & VA.) (Washington, DC, Virginia, and Maryland Public Schools)

12.  WRITING AN OFFER
Market Analysis, Timing, Strategy, Negotiation, Financing, Contingencies, and Inspections. In our area, the contracts are often in excess of 50 pages, so expect to spend some time upfront reviewing the contract forms - best to do this and ask questions before you’re under pressure and writing your first offer.

13.  CONTRACT ACCEPTANCE
Keep your eye on the prize. Keep focused and organized with the help of your buyer’s agent. This is not the time to buy anything that will affect your credit, so no new car :).

14.  HOME INSPECTION
There are times when it makes sense to pay for and complete a home inspection in advance of your offer – generally, when you know there will be competition, and an As-Is offer may be the difference in winning. Before or after the offer and contract signing, be sure to pick a well-vetted inspector who is ASHI certified and follow them throughout the entire inspection. A good inspector will not only identify defects and maintenance issues but will provide helpful tips on how to fix things and what basic maintenance tasks need to be planned for and scheduled.

15.  MORTGAGE APPLICATION
Requires credit check, home appraisal – usually, there is a 7-day window to make the actual application, followed by a 30-day or so window to have the approval completed by the bank, although these time frames can be influenced by the type of loan (VA, FHA, Conventional).

16.  SETTLEMENT SCHEDULE
Deadlines for inspections, approvals, insurance, settlement – you and your agent should talk regularly as you move towards settlement to confirm that all of the timeframes are being adhered to.

17.  OBTAIN HOMEOWNERS HAZARD INSURANCE
Lenders require Homeowner’s Insurance – Shop around, there can be a big difference! This needs to be in place before settlement and paid in advance or arrangements made for it to be paid at settlement

18.  TERMITE- PEST INSPECTION
Not always required. Discuss with your agent.

19.  NOTIFY UTILITIES
You will need to call about 10 days in advance and have the utilities transferred to you beginning on the day of settlement. Gas, Electricity, Cable, (Water & Sewer accounts are set up by the Settlement Company).

20.  FINAL WALK-THROUGH INSPECTION
Generally done on the day of settlement - to confirm that the property is in the same condition as required by contract (same as the date of the home inspection).

21.  SETTLEMENT
CONGRATULATIONS on the Purchase of Your New Home! You bring the money – the seller gives you the Keys!

Buyer's Edge - BuyersAgent.com | Exclusive Buyers Agents Washington, DC, Maryland, Northern Virginia | Informational Video | Keep your joy and optimism when looking for houses for sale in the DMV. We hope you have found our step-by-step guide to buying a home helpful and informative.