Quick overview of the home buying process with occasional links to pertinent information.

1. Home Buying Process What to expect

2. Typical Process Choose and contact a REALTOR Choose and contact a lender (local preferred) Select homes, view homes… repeat (if necessary) Write offer and negotiate (if necessary) Perform inspections and remove contingencies Complete lender paperwork and requirements Schedule movers, transfer utilities Walk through and settlement Refer friends, family and co-workers to agent

3. Choosing Your Team You will “hire” your agent by entering into a required buyer agency agreement, which is very similar to the listing agreement you would sign if you were selling a home. The buyer agent you select will represent you and your best interests. The listing agent represents the seller. It is VERY important for you to contact your buyer agent first to learn more about new homes being built or an existing home for sale. Do not call the listing agent or the new home representative as that could compromise your ability to have professional representation. A buyer agents services are mostly paid for by the sellers through their agreement with the listing agent.

4. Choosing Your Team Your lender: As with your agent, you can choose anyone you feel comfortable with. My suggestions: Choose a local lender, (one you can drive to) Choose a direct lender Current rates are current rates. Don’t shop strictly for rates, choose someone knowledgeable that you trust Whenever I’m asked, I always recommend and choose Marianne Bradshaw-Bruce with Presidential Mortgage 703-795-1703 She is the very best!

5. Finding the Right Home Start selecting homes to view. Visit agent web site or other “real time” home search solution. Some websites contain suspect or outdated data. Some of these sites include Zillow, Trulia and the rest. They are in the business of attracting and keeping visitors, they are not in the business of accurate real estate data. Some of these sites also give estimates, which even they admit can be off by as much as 35%. They are far more of an entertainment outlet than an accurate source for information.

6. Writing the Offer Some of the things to expect: Discussing, initialing and signing almost 20-25 pages in Northern Virginia (many more in Maryland) Writing a check for the Earnest money Deposit Negotiating the price, timing and more Finally, if everyone is in agreement, the offer will become a ratified contract. At that point, the earnest money will be deposited and the inspections can start to be scheduled

7. Scheduling I prepare a pre-settlement checklist which gives a nice transaction specific timeline to follow. The settlement company and lender will also let you know what they require. When possible, I’ll include those items on my checklist. All inspections occur and after satisfactory completion, you can prepare for and schedule your move. Several days prior to settlement you’ll want to arrange for the utilities to be put in your name. The day of settlement, you’ll do a final walk-through to make sure the house is the same and any inspection items have been fixed, then it’s off to sign paperwork and get the keys to your new home.

8. Referrals One of the steps in the home buying process that is sometimes overlooked is referring your friends, family and co-workers to your agent, provided that the agent did an outstanding job for you. If you are very happy with your agent and you have trust and respect for that agent, you are doing everyone you know a huge disservice by not sharing him, her (or me)! Agents meet and work with new people all the time but trust me, real estate can be a hard living to earn. We RELY on your kind words and referrals to stay in business. I am VERY lucky… my clients are kind enough to share me with others. I would be honored and very pleased if you did the same. I would love to be the agent that you use and refer!

9. www.roykohn.com 202-345-7399 Roy Kohn is a licensee with RE/MAX Allegiance in Burke, Virginia and is licensed to practice real estate in Virginia and Maryland.