Fredericksburg Parent

26 Fredericksburg Parent and Family • March 2021 WRITTEN BY NIKKI DUCAS Tips for First-Time Homebuyers The best p I received from a realtor when I was looking to buy my house was to fi nd a good realtor, not just a real estate agent. Li le did I know, not everyone with a real estate license is a realtor. A realtor must meet stricter educa- on requirements than those required by law, and they are bound not only by the law, but the higher standard of the realtor code of ethics. Choose a realtor the same way you would fi nd a doctor, ac- countant or other professional by mee ng with several or by recommenda on from a friend or colleague. Most impor- tantly, you should feel comfortable with whomever you hire since you will be working closely together. He or she will help you navigate the home buying process and make it as easy and stress-free as possible. It is the realtor's responsibil- ity to schedule/show proper es that fi t your search criteria, write the off er, nego ate terms on your behalf and walk you through each step of the buying process before and a er an off er has been accepted. Once you choose your realtor, you enter into a "brokerage rela onship." In order to work together, you and your real- tor need a wri en "brokerage agreement." The agreement defi nes what services the realtor will provide, how long they will provide services, and the fee (if any) and how it is paid. You might be asking, "Why do I have to sign a brokerage agreement?" It is always good to have agreements in wri ng so you both understand exactly what's expected from each other. In Virginia, for example, the law requires a "brokerage agreement" to protect homebuyers. As a buyer, what can you expect? • Your realtor can show you any house listed for sale. If you fi nd a home you really like, be prepared to make an off er in wri ng immediately or risk it being sold to someone else. • Bring your checkbook when looking for a house. An earnest money deposit is needed at the me that the contract is wri en. The deposit amount depends on the price of the home. The deposit is placed in an escrow account un l a er the contract is ra fi ed. • Addi onal costs when you write a contract include: home inspec on (typically $275-$375), radon inspec on ($150-$200), credit report (ap- prox. $55 per person), appraisal (approx. $350), one-year hazard insur- ance (price depends on coverage, approx. $2.50 per thousand of home price) and fl ood insurance (price depends on coverage). • A walkthrough inspec on is normally done the day of the se lement to ascertain the home is substan ally in the same condi on as the day the contract was wri en and/or the seller has made repairs/improvements wri en into the sales contract or the home inspec on addendum. • The se lement date is specifi ed in the sales contract and is fi rm. Any changes must be made and agreed to in wri ng. Se lement is usually held at a tle company's offi ce. Your keys are given at this me. I s ll remember all the an cipa on and nerves of my home buying experience. But when you fi nd the property that meets your needs and the sellers choose you to buy their home, you know it's meant to be. Sixteen years later and I have no buyer's remorse. family money

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