What are the steps to buy a home in DC? If you find yourself pondering this question, you may feel overwhelmed, but we’re here to help you through the process whether you would like to buy in Adams Morgan, Petworth, Arlington, Silver Spring, or another neighborhood in the DC area.
One of the first steps to buy a home in DC involves selecting a realtor to guide you in your home search. It’s important to enlist a real estate agent with experience in your market. This person will listen to your needs and desires about number of bedrooms and bathrooms, features, location, timing, budget, and more. Feel free to contact me as you begin your home buying adventure.
After establishing your budget with your lender, it’s time to start looking at homes. Your real estate agent will search for homes that fit your criteria, let you know what’s available now, and keep you informed of new properties that may become available.The next step to buy a home in DC is financing. Sellers want to know that you’re serious when making an offer, so it’s important to get pre-approved to for a loan with your current bank or another local lender recommended by your real estate agent. Consider the various products and rates when researching lenders.
Once you find the property for you, it’s time to make an offer. Your real estate agent will help you by researching comparable properties to determine market value based on location, size, construction quality, condition, and amenities. Your offer may not be immediately accepted by the seller. Instead, the seller may make a counter offer. Your agent will help you negotiate the price and terms in your best interest until the contract is accepted by both parties.
After the contract is ratified, it’s time to work through the contingencies. Common contingencies include items like an appraisal, financing, and a home inspection. These contingencies give you time to ensure the purchase is in your best interest as new information comes to light.
The final step to buy a home in DC is settlement. Get your “John Hancock” ready because you’ll have lots of legal documents to sign. But in the end, you’ll own a new home and can move in!
Please contact me if you have further questions on the steps to buy a home in DC.