BUYERS GET READY
1. AM I READY TO BUY?
One of the key ways to make buying a home an easy process is planning.
Knowledge and experience are the keys to successful real estate transactions
and that is where Marks Realty Company comes into play. We have the expertise;
experience and training you need to make this whole process as easy as possible.
With our help and your planning you will be able to quickly answer demands
made on you by lenders, lawyers and a host of other professionals. If you
are a first time home buyer or its been a while ask us for our free flyer
on "10 Tips For First Time Home Buyers" containing tips on getting you
started.
WHAT AM I LOOKING FOR?
Whether you are a first time homebuyer or you've done this before,
you need to ask why you want to buy? Are you planning to move to a new community
because of a lifestyle change or is buying an option and not a requirement?
What are you looking for in a property that you don't have now? Are you in
a time crunch to find a home? Look at your needs and the needs of other family
members, and your preferences in terms of commuting to work, shopping,
recreation, schools, and other factors that are important to you.
Whatever your answers, the more you know about the real estate
marketplace, the easier it will be to define your real estate goals. Be sure
and discuss these questions with one of our Realtors. They have the expertise
and knowledge of the market to best help you fulfill these goals. Just Email
your wish list to URFirst@marksrealty.com and we can get you started getting
emails on current properties available right away.
DO I HAVE THE MONEY TO BUY?
How much will you need to finance? (Financing is the difference between
the purchase price and the down payment, commonly referred to as the mortgage).
There are lots of different loan packages to choose from. Some only require
5% downpayment or less. In fact, a number of programs now allow purchasers
to buy real estate with nothing down, but closing costs.
Of course, the less money you put down the higher your monthly mortgage
payments will be, so most homebuyers choose to buy with some cash up
front.
As to the closing costs, buyers may negotiate an offer for a home
that requires the owner to pay some or all of their closing fees. For more
details, talk with one of our Realtors. Call us at 800-230-5001 or local
384-5000.
Loans with little or nothing down are not available to everyone.
You need good credit. Poor credit will make you a bigger risk in lenders'
eyes which translates into higher interest rates. For at least one year prior
to purchasing a home, you should be sure that every credit card bill, rent
check, car payment and other debts is paid in full and on time.
2. GET PREAPPROVED FOR A LOAN BEFORE YOU
LOOK
WHY GET PREAPPROVED?
Unless you have the cash you will need a loan to purchase that new
home. By meeting with lenders and looking at loan options you will find which
programs best meet your needs and how much you can afford. We also recommend
preapproval for another reason - when making an offer on the house of your
dreams you have better negotiating power over others that may be interested
in the property that have not gotten preapproval. Also, contracts often require
buyers to apply for financing within a given period of time, usually 5 to
10 business days. By meeting with loan officers in advance and identifying
different mortgage programs, it won't be necessary to quickly find a lender,
check credit, and possibly rush into a financing decision that may not be
right for you.
HOW DO I GET PREAPPROVED?
Preapproval means you have met with a loan officer and the loan officer
has reviewed your credit files and believes you can qualify for a given loan
amount. Marks' Realtors will be happy to suggest one or more lenders with
a history of offering competitive programs and delivering promised rates
and terms.
3. LOOKING AT HOMES
WHAT ARE YOU LOOKING FOR?
There is no shortage of housing options so the challenge is in finding
the one which best meets your needs. Because the housing market is constantly
changing a buyer is, in effect, looking at a moving target in a marketplace
that is never static. Because of this, it is important to know as much as
possible about the choices you have, and the way to do that is by working
closely with one of our Realtors who have a good "lay of the
land."
A home is more than a collection of bedrooms and bathrooms. Each
house is different. And each of us is different and so it's important to
list the features and benefits you want in a home. Consider such things as
location, size, style of home, pricing, etc.
Next, set your priorities. If you can't get a home in your price
range with all the features you want then what features are most important?
For instance, would you be willing to commute for a lower price or would
you be willing to have less square footage for a larger lot?
HOW DO YOU FIND A HOUSE?
Some buyers like to search the Internet, while others prefer to have
a Realtor do the searching for them. With Marks Realty Co., Inc. we can cut
the time you spend on the Internet searching by setting you up with our local
Multiple Listing Service to send you emails each time something new comes
on the market that meets your needs. We are here to guide you and answer
all your questions regarding the home of your dreams.
4. MAKING AN OFFER
No aspect of home buying is more complex, personal or variable than
bargaining between buyers and sellers. This is the point where having one
of Marks' Realtors comes into play. The value of their experience will be
a great asset to your negotiating process. They have the knowledge of the
neighborhood, knows values and has spent years negotiating real estate
transactions.
HOW DO I MAKE AN OFFER?
The first step is to decide how much to offer. This can depend on
the basic laws of supply and demand. If other buyers are competing for the
same homes, then sellers will likely get full price offers and sometimes
even more. If there are more homes than buyers then offers below the asking
price may be in order. Your Realtor can help you make that
decision.
Once you've decided on a price to offer our Realtor will put the
offer in writing and present it to the owner or the owner's Realtor. The
owner, in turn, may accept the offer, reject it or make an counter-offer.
Because counter-offers are common stay close by the phone during this process
so you can quickly respond to any counters made.
Once your offer has been accepted, we at Marks Realty Co., Inc. will
be here to walk you through the rest of the process right down to closing
and moving in. Call us today to help get you started.
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The city of Lynchburg grew from the site of a tobacco ferry across
the James River operated by the city's namesake, John Lynch. Chartered in
1786, the city today has about 66,000 residents.
What makes living here so great? There are lots of reasons. We are
close to the beaches, the "Big Cities", and the mountains. Whatever your
pleasure, it is not far from Lynchburg. Nearby you will find Thomas Jefferson's
Poplar Forest; Appomattox Court House where the Civil War ended; Smith Mountain
Lake where there is boating, skiing, swimming, golf and more; the Appalachian
Trail and Blue Ridge Parkway; Wintergreen offers snow skiing; and right in
downtown Lynchburg, nicknamed the Seven Hills, you can enjoy the quiet trails
of Percival's Island on the James River. From all sides of Lynchburg you
can enjoy a view of the mountains.
Our City is full of education, history, culture, and
employment.
History:
D-Day Memorial
Point of Honor
Thomas Jefferson's Poplar Forest
Appomattox Court House
And lots more history
Arts & Leisure:
Fine Arts Center
Symphony
Wintergreen
Smith Mtn Lake
Blue Ridge Parkway
Percival's Island
For more information call our office.
Education & Learning:
Lynchburg College
Liberty University
Randolph-Macon Women's College
Sweet Briar College
Averett College
University of Virginia, Lynchburg
Central VA Community College
For list of private and public schools call our office.
Community:
Lynchburg General Hospital (in Top 100 Heart Hospitals)
VA Baptist Hospital
Lynchburg Regional Airport
Lots of clubs and organizations. For more information call our office.
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