| We Specialize in first time home buyers |
| Charlottesville Real Estate Active Listings, Updated Hourly |
 | |  | |  | |  |
Contact us anytime if we can be help to you.
415 Fourth Street, NE
Charlottesville, VA 22902
434-220-5656 (office) 434-962-9148 (Fax)
info@sueandstevesell.com
415 Fourth Street, NE
Charlottesville, VA 22902
434-220-5656 (office) 434-962-9148 (Fax)
info@sueandstevesell.com
______________________________________________________
First-Time Home Buyer Information
The Process of Buying a home
So you’re ready to buy a home – congratulations!
As a first-time homebuyer, you’re probably wondering what’s the best way to find the most suitable
home in the best neighborhood at the most advantageous price with the least amount of hassle,
right?
People used to think that buying a home was simply choosing a house that they liked, and buying it.
But in today’s market, savvy home buyers know how important it is to know what they’re buying –
inside and out, particularly since for most families the home represents the largest monetary
investment they ever make. Like them, you want to be sure that there are no hidden factors in your
choice that could negatively impact the value of your home later on. You don’t just need a realtor, you
need a partner in this process who can help ensure that you get accurate information,
knowledgeable answers to your questions, and informed guidance to help you through the decision-
making process.
How We Work
At Sloan Milby Real Estate Partners, we recognize how quickly you need to learn about neighborhood
culture, current and future growth trends, recent hot spots, area schools, and other factors that can
significantly enhance or decrease the value of your home.
We pledge to take you through the following steps as efficiently as possible:
Prequalifying . . .Introductory Meeting . . . Representation. . . Finding a Home . . .
Making an Offer . . . Negotiating a Purchase Contract . . .
Inspection . . . Closing the Sale
Prequalifying
The first step for you to take as a potential home buyer is to talk with a lender so that you can
establish, without question, what your price range is. This is called the pre-qualification stage, and it
will be an important part of your buyer profile when you make an offer on a home. The sellers will
want to know that you are pre-qualified, and with which lender you have spoken. We can give you the
names of several lenders who can take you through this exercise, over the phone, in about 15
minutes.
Our First Meeting
After you have talked with a lender, we will either meet at our Sloan Milby Real Estate Partners office
just off the downtown mall, or talk on the phone to get acquainted while we discuss the area and real
estate trends in general, and different neighborhoods in particular. Then, we will want to hear, in
detail, about what you are looking for – the type of home that fits your family size and lifestyle, what
kinds of neighborhoods you prefer, and any other information you think may be pertinent to the
search. Remember, the more we know about what you want, the better able we are to serve you
efficiently. Based on what you tell us we will then make a “Shopping List” of homes that fit your profile,
and email multiple listing sheets on these homes to you. If you are in the beginning stages of home
shopping, you can then review the list at your leisure, driving by homes to ‘preview’ them first, and
then tell us which ones you’d like to see inside. Or, if your situation is such that you need to buy a
home more quickly, we can review the list together, either in person or by phone or email, and decide
which ones to view. At that point, we’ll schedule a mutually agreeable time to go out and see the
homes on our list.
We pledge to listen carefully to what you tell us about what you want and need
in a home, and to choose only homes appropriate to those wants and needs.
We will not waste your time!
A Word about Representation
In the Commonwealth of Virginia, all realtors automatically represent the sellers unless they have
what is called a Buyer Broker Agreement (sample enclosed) with the buyer. This agreement states
that your realtor is free to represent your interests rather than those of the sellers.
At Sloan Milby Real Estate Partners, we always work with a Buyer Broker Agreement simply because
it is in the best interest of our buyers. This agreement costs you no money – the seller still pays the
commission – but it ensures that your interests will be safe-guarded throughout this process.
We pledge that as your Buyer Broker we will fairly, knowledgeably and
ethically represent your best interests at all times.
How Does the Internet Fit In?
The value of the Internet in home searches cannot be overestimated. Feel free to search the net for
homes if you like – it can be a fun exercise and save time in your home search too. Then bring the
homes you find to our attention, and we’ll review them together and, if appropriate, include them on
the Shopping List. If you don’t have the time to make that search yourself, be aware that the homes
you may find on the net are the same ones that are in our local multiple listing system here at the
office, so you are not in danger of missing anything.
And how about ads? We welcome your bringing to our attention advertised homes that you may have
questions about or that are appealing to you. However, you should be aware that sometimes these
home are no longer on the market, or are not in the geographic area you prefer. The MLS system is
the best source of up-to-date information about homes on the market.
What about FSBO’s? Most for-sale-by-owners today are open to working with realtors, which means
that we can look at anything that may fit into your parameters. In fact, we will often include a FSBO or
two on the Shopping List if it fits your profile. Along the way, if you see one that looks interesting, bring
it to our attention and we’ll research it, and arrange a showing if appropriate.
We pledge to do a thorough search for any and all homes that may be of
interest to you, using all resources available to us.
On the Road – Finding Your New Home
As we begin touring the homes you have chosen to see, you will want to have a pen and pad handy
so that you can makes notes along the way. We will explain to you the pros and cons of each area we
are visiting as we go, so that as you assess how well each home may or may not fit in to what you
are looking for you will have all the information you need to help you make an informed decision later
on.
Looking at homes is really fun, but it can be confusing too. By the end of our tour it’s possible that you
may have seen as many as 10 to 15 homes, and it will be a challenge to remember each one. A
good way to make your job easier is to rate each home after each group of three or four that we see.
That way, at the end of the day, you will have a priority list from which to work that will have been made
at the time you viewed the home.
Choosing a Home, Making an Offer, and Negotiating
Once you have decided on a home, we will prepare a comparative market analysis to determine its
current market value compared to the listing price. From that information we can determine what a
sound offering price would be, and draw up an offer.
We will present the offer, in writing, to the listing agent. Most often, he or she will present the written
offer to the sellers and then come back to us with a verbal counter-offer. The sellers may agree on
the terms of the offer, but want to increase the price. Or, the price may be acceptable, but they may
need to close sooner or later. In any case, once they have ‘countered’, it’s our turn to counter to them.
The counter-offers can sometimes go back and forth a number of times, but when possible it is a
good idea not to let it go beyond once or twice. The longer the counter-offer process goes on, the
more opportunity there is for hard feelings to emerge which can ultimately have a negative impact on
the terms.
We pledge that we will negotiate hard in your favor for as long as it takes to
get you the home of your choice at the best price and the most advantageous
terms to you.
Of course you’ll want an inspection . . .
Most likely, your offer will have an inspection clause in it, meaning that you will want to have your
prospective home looked over by a qualified home inspector (this will cost around $300-$600). The
inspection will ensure that you are aware of any major defects in the home such as a failing roof,
leaky basement, or other problems that you may want to have addressed before closing. We will
schedule this inspection very quickly after we have agreed on price and terms, usually within 5 to 7
business days, and you will want to be present at the inspection if possible.
Your inspector will introduce you to the various systems of the home, and point out any
idiosyncrasies of the home (almost all homes have some of these) so that once you have moved in,
you will be able to run the home more easily. In addition, he will advise you of any non-serious
conditions of which you should be aware so that you can keep an eye on them over time, such as
peeling paint under eaves, a loose shingle, or other minor items. And most importantly, he will of
course alert you to any current or potential serious problems that may affect the home. After the
inspection, he will provide you, and us, with a written report.
Once the inspection is completed, we will discuss it together and may opt to generate a list of things
we want to ask the sellers to address, such as a loose step, a non-working electrical outlet, a leaky
pipe, etc. We will negotiate this list with the seller, as we did the initial offer, until we come to terms
agreeable to all parties. The inspection addendum (copy attached) is quite specific about how this
process works.
During this time it is important to remember that the inspection items that we can legitimately ask the
sellers to address are limited to issues relating to the structural integrity of the home, the heating,
electrical and plumbing systems, and any safety issues.
And now . . .on to closing.
Once we have settled all inspection issues, it’s time for you to choose an attorney or other settlement
agent. Once you have done so (we can make suggestions if you don’t know of any local attorneys) we
will make sure that your attorney has all the documents needed to close the transaction, and that he
or she is kept up to date on any developing issues relating to the closing. Attorneys’ fees vary, but the
cost is usually between $300-$500.
The closing itself is simply a meeting between you, me, and your attorney. We will make an
appointment to go in and sign the papers on or shortly before the day that was agreed upon in the
contract as the closing date. Then those documents, and your funds for closing, will be delivered by
your attorney to the seller’s attorney, and he or she will record the appropriate documents, usually the
same day. Once the documents have been recorded, you will be able to occupy the home.
We pledge to stay in close touch with your attorney, and any other parties to
the transaction, to facilitate a quick and efficient closing of this purchase.
Congratulations -- you now own the home!
The Process of Buying a home
So you’re ready to buy a home – congratulations!
As a first-time homebuyer, you’re probably wondering what’s the best way to find the most suitable
home in the best neighborhood at the most advantageous price with the least amount of hassle,
right?
People used to think that buying a home was simply choosing a house that they liked, and buying it.
But in today’s market, savvy home buyers know how important it is to know what they’re buying –
inside and out, particularly since for most families the home represents the largest monetary
investment they ever make. Like them, you want to be sure that there are no hidden factors in your
choice that could negatively impact the value of your home later on. You don’t just need a realtor, you
need a partner in this process who can help ensure that you get accurate information,
knowledgeable answers to your questions, and informed guidance to help you through the decision-
making process.
How We Work
At Sloan Milby Real Estate Partners, we recognize how quickly you need to learn about neighborhood
culture, current and future growth trends, recent hot spots, area schools, and other factors that can
significantly enhance or decrease the value of your home.
We pledge to take you through the following steps as efficiently as possible:
Prequalifying . . .Introductory Meeting . . . Representation. . . Finding a Home . . .
Making an Offer . . . Negotiating a Purchase Contract . . .
Inspection . . . Closing the Sale
Prequalifying
The first step for you to take as a potential home buyer is to talk with a lender so that you can
establish, without question, what your price range is. This is called the pre-qualification stage, and it
will be an important part of your buyer profile when you make an offer on a home. The sellers will
want to know that you are pre-qualified, and with which lender you have spoken. We can give you the
names of several lenders who can take you through this exercise, over the phone, in about 15
minutes.
Our First Meeting
After you have talked with a lender, we will either meet at our Sloan Milby Real Estate Partners office
just off the downtown mall, or talk on the phone to get acquainted while we discuss the area and real
estate trends in general, and different neighborhoods in particular. Then, we will want to hear, in
detail, about what you are looking for – the type of home that fits your family size and lifestyle, what
kinds of neighborhoods you prefer, and any other information you think may be pertinent to the
search. Remember, the more we know about what you want, the better able we are to serve you
efficiently. Based on what you tell us we will then make a “Shopping List” of homes that fit your profile,
and email multiple listing sheets on these homes to you. If you are in the beginning stages of home
shopping, you can then review the list at your leisure, driving by homes to ‘preview’ them first, and
then tell us which ones you’d like to see inside. Or, if your situation is such that you need to buy a
home more quickly, we can review the list together, either in person or by phone or email, and decide
which ones to view. At that point, we’ll schedule a mutually agreeable time to go out and see the
homes on our list.
We pledge to listen carefully to what you tell us about what you want and need
in a home, and to choose only homes appropriate to those wants and needs.
We will not waste your time!
A Word about Representation
In the Commonwealth of Virginia, all realtors automatically represent the sellers unless they have
what is called a Buyer Broker Agreement (sample enclosed) with the buyer. This agreement states
that your realtor is free to represent your interests rather than those of the sellers.
At Sloan Milby Real Estate Partners, we always work with a Buyer Broker Agreement simply because
it is in the best interest of our buyers. This agreement costs you no money – the seller still pays the
commission – but it ensures that your interests will be safe-guarded throughout this process.
We pledge that as your Buyer Broker we will fairly, knowledgeably and
ethically represent your best interests at all times.
How Does the Internet Fit In?
The value of the Internet in home searches cannot be overestimated. Feel free to search the net for
homes if you like – it can be a fun exercise and save time in your home search too. Then bring the
homes you find to our attention, and we’ll review them together and, if appropriate, include them on
the Shopping List. If you don’t have the time to make that search yourself, be aware that the homes
you may find on the net are the same ones that are in our local multiple listing system here at the
office, so you are not in danger of missing anything.
And how about ads? We welcome your bringing to our attention advertised homes that you may have
questions about or that are appealing to you. However, you should be aware that sometimes these
home are no longer on the market, or are not in the geographic area you prefer. The MLS system is
the best source of up-to-date information about homes on the market.
What about FSBO’s? Most for-sale-by-owners today are open to working with realtors, which means
that we can look at anything that may fit into your parameters. In fact, we will often include a FSBO or
two on the Shopping List if it fits your profile. Along the way, if you see one that looks interesting, bring
it to our attention and we’ll research it, and arrange a showing if appropriate.
We pledge to do a thorough search for any and all homes that may be of
interest to you, using all resources available to us.
On the Road – Finding Your New Home
As we begin touring the homes you have chosen to see, you will want to have a pen and pad handy
so that you can makes notes along the way. We will explain to you the pros and cons of each area we
are visiting as we go, so that as you assess how well each home may or may not fit in to what you
are looking for you will have all the information you need to help you make an informed decision later
on.
Looking at homes is really fun, but it can be confusing too. By the end of our tour it’s possible that you
may have seen as many as 10 to 15 homes, and it will be a challenge to remember each one. A
good way to make your job easier is to rate each home after each group of three or four that we see.
That way, at the end of the day, you will have a priority list from which to work that will have been made
at the time you viewed the home.
Choosing a Home, Making an Offer, and Negotiating
Once you have decided on a home, we will prepare a comparative market analysis to determine its
current market value compared to the listing price. From that information we can determine what a
sound offering price would be, and draw up an offer.
We will present the offer, in writing, to the listing agent. Most often, he or she will present the written
offer to the sellers and then come back to us with a verbal counter-offer. The sellers may agree on
the terms of the offer, but want to increase the price. Or, the price may be acceptable, but they may
need to close sooner or later. In any case, once they have ‘countered’, it’s our turn to counter to them.
The counter-offers can sometimes go back and forth a number of times, but when possible it is a
good idea not to let it go beyond once or twice. The longer the counter-offer process goes on, the
more opportunity there is for hard feelings to emerge which can ultimately have a negative impact on
the terms.
We pledge that we will negotiate hard in your favor for as long as it takes to
get you the home of your choice at the best price and the most advantageous
terms to you.
Of course you’ll want an inspection . . .
Most likely, your offer will have an inspection clause in it, meaning that you will want to have your
prospective home looked over by a qualified home inspector (this will cost around $300-$600). The
inspection will ensure that you are aware of any major defects in the home such as a failing roof,
leaky basement, or other problems that you may want to have addressed before closing. We will
schedule this inspection very quickly after we have agreed on price and terms, usually within 5 to 7
business days, and you will want to be present at the inspection if possible.
Your inspector will introduce you to the various systems of the home, and point out any
idiosyncrasies of the home (almost all homes have some of these) so that once you have moved in,
you will be able to run the home more easily. In addition, he will advise you of any non-serious
conditions of which you should be aware so that you can keep an eye on them over time, such as
peeling paint under eaves, a loose shingle, or other minor items. And most importantly, he will of
course alert you to any current or potential serious problems that may affect the home. After the
inspection, he will provide you, and us, with a written report.
Once the inspection is completed, we will discuss it together and may opt to generate a list of things
we want to ask the sellers to address, such as a loose step, a non-working electrical outlet, a leaky
pipe, etc. We will negotiate this list with the seller, as we did the initial offer, until we come to terms
agreeable to all parties. The inspection addendum (copy attached) is quite specific about how this
process works.
During this time it is important to remember that the inspection items that we can legitimately ask the
sellers to address are limited to issues relating to the structural integrity of the home, the heating,
electrical and plumbing systems, and any safety issues.
And now . . .on to closing.
Once we have settled all inspection issues, it’s time for you to choose an attorney or other settlement
agent. Once you have done so (we can make suggestions if you don’t know of any local attorneys) we
will make sure that your attorney has all the documents needed to close the transaction, and that he
or she is kept up to date on any developing issues relating to the closing. Attorneys’ fees vary, but the
cost is usually between $300-$500.
The closing itself is simply a meeting between you, me, and your attorney. We will make an
appointment to go in and sign the papers on or shortly before the day that was agreed upon in the
contract as the closing date. Then those documents, and your funds for closing, will be delivered by
your attorney to the seller’s attorney, and he or she will record the appropriate documents, usually the
same day. Once the documents have been recorded, you will be able to occupy the home.
We pledge to stay in close touch with your attorney, and any other parties to
the transaction, to facilitate a quick and efficient closing of this purchase.
Congratulations -- you now own the home!
