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Some topics of interest to buyers. If you have any
questions about real estate. Call me first @
(703) 501-9777.
click above for
more information
LOAN APPLICATION
Documents Your Lender Will
Need for Processing
-
Ratified
Contract
with a copy of
deposit check and short listing (I provide to lender)
-
Employment
and previous employment.
-
W-2 forms
for the past 2
tax returns.
-
Tax returns
(past 2)—if
bonuses, commission, tip income is needed for
qualification.
-
Self-Employment
or part owner of
a company:
Year-to-date profit and loss statement, complete
personal and business tax returns and 1099s for the past
2 years. Ownership is defined as 25%+ shares of stock in
the company.
-
Other Income:
alimony, disability, VA benefits, rental income, etc.
Receipt must be provided.
-
Pay stub:
most
recent
-
Checking and
savings accounts:
provide at least 3 months of statements.
-
Other Assets:
socks, bonds, vested interest in retirement plan.
-
Vehicles
owned: Year,
make and value. If vehicle is less than five years old,
and has no liens against it, provide the title as
evidence.
-
Current Mortgage:
name,
address, account numbers, monthly payments and balances,
including any recently paid-out accounts. If the
property is to be rented or sold, provide lease or sales
agreement.
-
Charge Account:
name, account
numbers and balances.
-
Other Loan
Accounts:
student or personal, any installment type loan.
-
Auto Loan(s)
Accounts
-
Other
Liabilities:
alimony, child support, student loans, monthly payments
-
Photo ID:
copy of your driver’s license.
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HOME
INSPECTION
The cost of an inspection (paid by the buyer) by a professional
is minimal when you consider all the knowledge you will gain
about your new home - average price for a $200,000 home is in
the range of $225. Most Realtors strongly recommend that a
buyer obtain a home inspection on all resale properties and home
inspections are also available for new homes.
The inspection is meant to evaluate the structural and
mechanical condition (not the market value) of the property. The
inspector's findings are based on observable, unconcealed
structural conditions. The inspector will not normally guarantee
or warrant the condition of the home.
It is strongly recommended that the buyer accompany the
inspector during the inspection.
Depending upon the size of the property, the inspection
typically ranges between 2 to 4 hours. During this time,
the inspector will give you invaluable maintenance tips, answer
all your questions, and give you information regarding further
possible problems.
A home inspection will encompass all the following:
-
Exterior
walls, roof, driveways, patios, porches, decks, and fences
-
Foundation, sub-flooring, attic and crawl spaces
-
Interior
walls, ceilings, floors, doors and windows
-
Kitchens,
baths, and appliances
-
Plumbing
and electrical fixtures, lines, switches and receptacles
-
Heating
and air conditioning systems, insulation, vents and ductwork
-
Water
heaters, fireplaces and chimneys
-
Gutters
and drainage
-
Estimated
life/replacement costs
-
Component
and system maintenance guidelines
Every inspection should include a written evaluation.
The report will not include a recommendation as to whether or
not you should buy the house, nor will it evaluate the purchase
price. If major flaws are uncovered, it should give you some
idea of what it will cost to repair or replace the problem.
The report may serve the following purposes:
-
To
identify problems before you purchase a home to prevent
unpleasant surprises later.
-
To enable
you to get out of a contract (and get your deposit refunded)
if serious problems are found.
-
To help
you negotiate an adjustment in the purchase price if you
want to buy the house in spite of uncovered problems.
-
To get the
seller to agree to pay for needed repairs, either before the
sale or after the sale using escrowed funds.
-
To make
you feel confident about going ahead with the purchase.
In Virginia, a home inspection is a contingency in the
contract (usually for 7-10 days). Basically this means
that after a contract is ratified, you have to complete a home
inspection within 7-10 days. In the case of problems, the buyer
(through an addendum written by myself) may ask the seller to
repair/replace certain items.
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My
Northern Virginia Real Estate
Service Territory Includes:
Alexandria, VA and Arlington
County, Virginia
Huntington Club, Ballston, Buckingham,
Cherrydale, Clarendon, Courthouse, Crystal City, East
Falls Church, Landmark, Lincolnia, Old Town, Park
Fairfax, Skyline, West End Rosslyn, Shirlington,
Westover
Fairfax County, VA
Alexandria, Annandale, Baileys Crossroads, Burke, Burke
Centre, Centreville, Chantilly, Clifton,
Dunn Loring,
Fair Oaks, Fair Lakes,
Fairfax,
Fairfax City, Fairfax Station, Falls Church City, Falls
Church, Franconia, Franklin Farms, Great Falls, Herndon,
Lorton,
McLean,
Mount Vernon, Newington, Oak Hill,
Oakton, Reston, Reston
Town Center, Springfield,
Tysons Corner,
Vienna
Loudoun County, VA
Ashburn, Ashburn Farm, Ashburn Village, Aldie, Arcola,
Belmont Ridge, Brambleton, Broadlands, Cascades,
Chantilly, Dulles, Hamilton, Hillsboro, Lansdowne,
Leesburg, Loudoun Valley, Lowes Island, Lucketts,
Middleburg, Paeonian Springs, Potomac Falls,
Purcellville, River Creek, Roundhill, South Riding,
Sterling, Sterling Park, Taylorstown, Waterford,
Please contact me if I can be of
service to you in buying and selling real estate in
these areas of specialization, or anywhere else in the
state of Virginia.
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