For Buyers

The questions surrounding a house purchase can feel endless, whether you’ve spent years saving and preparing to buy your dream home, or are unsure if you can afford the property you desire.

Whether searching a Virginia, North Carolina, or any other state in the union, REO, is the industry leader in experience and service and can deliver your answers and peace of mind through this often confusing process. Here at REO Realty, we can begin to help you through this process in a snap, just contact us to begin the process.

If you’re currently renting, and not quite ready to make the leap to home ownership, use all of our resources to guide you on the right track to home ownership, with the lowest interest and best negotiable home prices.

Here are some tips to help you navigate the road to home ownership…

Hire a Real Estate Professional.
The first step is to select a professional to help you find your dream home and fine-tune your financial expectations. Working with a Realtor who is a buyer’s agent is worth consideration since he or she is legally responsible for representing the buyer’s interest in a real estate transaction. Before making a decision, however, have your real estate professional explain the pros and cons of using a buyer agent, sales, dual agent, or even a designated agent relationship. Your REO Realtor can guide you through every step of the way, to buying a home.

Shop for Mortgage Rates and Terms.
A difference of even half a percentage point can mean a huge savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that’s $12,600.

Pre-qualify for a Loan.
Your third step should be to get pre-qualified, which determines how much you can afford. It allows you to move quickly when you find the right home, especially when there are other interested buyers on the market. It also indicates to the seller that you are very serious and really can afford to buy their home that you are viewing.

Define What You Want.
The next step is to create a realistic idea of the home you’d like to buy. What features are most important to you? Make two lists: one of the items you can’t live without, and one of the features you would enjoy. Refine the lists as you hunt for that special home. It is also helpful to search online to see what is currently available on the market. Your Realtor can then show you houses that meet your expectations.

Visit Properties.
Now you’re ready to visit your prospective new home. Ask your Realtor to arrange showings, and keep track of the properties you’ve seen. It would be helpful to bring a digital camera to keep track of the properties that you vies, so you can keep up with the different amenities each property has to offer.

Know the Features that Help or Hurt Resale.
In some areas, a swimming pool actually detracts from a home’s value and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Your REO Realtor can point out features that hurt or help resale value.

Rate the Homes that You Tour.
After touring each selected home for sale, write down what you liked and didn’t like. Develop a rating system that will help narrow the field down. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standard.

Make an Offer.
Once you’ve pinpointed your dream home, it’s time to get serious about the financial and contractual side of the purchase. Your REO Realtor will be there to negotiate on your behalf to get you the best result, since you and the seller have different goals.

Arrange for a Home Inspection.
After your offer is accepted, set up a home inspection. It’s common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Your REO Realtor can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector’s report is final. If you negotiate repairs as part of the purchase. Ask your REO Realtor about home warranty plans, which may save you money in the near future.

Before your closing date, make sure you’ve made all necessary deposits and completed the paperwork-including mortgage, title, homeowner’s insurance and any and all other paperwork required by local or state governments.

Prepare for Life in Your New Home.
Before rolling out the welcome mat, consider some moving basics (…some before closing.): arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address. The best time for renovations is often before you move in.