Frequently Ask Questions: Home Buyer Edition
Common Home Buyer Questions:
What is the first step in the home buying process?
The first step is to get pre-approved for a mortgage. This will help you determine what you can afford and show sellers that you're a serious buyer.
What are closing costs?
Closing costs are the fees associated with finalizing the purchase of a home. These fees can include mortgage application fees, underwriting fees, title search and insurance, appraisal fees, land transfer taxes, and homeowner's insurance.
Do I need a home inspection?
While a home inspection is not legally required in all states, it's highly recommended. A home inspection will give you valuable insight into the condition of the property and identify any potential problems.
Do I need a lawyer?
Yes, it is strongly advised that you hire a real estate lawyer when purchasing a property in Virginia. A lawyer can review documents, conduct a title search, review closing figures, and provide legal advice throughout the process.
What is a title search?
A title search is an examination of city records to confirm that the seller has the legal right to sell the property and that there are no hindrances that may prevent the buyer from taking full possession.
Is flood insurance required?
Your homeowner's insurance policy does not typically cover flood damage. If your property is susceptible to flooding, you may want to purchase flood insurance through the National Flood Insurance Program.
What do I need to bring to closing?
You will need to bring a valid, government-issued photo ID and a cashier's check for the total amount due as laid out by your HUD-1 document.
