FREQUENTLY ASK QUESTIONS (FAQ)
Q. What is the first step in buying a home?
A. We have contacts for anything you could need! We have several local lenders that we can refer you to. They will speak with you about what you will need in detail & get you preapproved based on what your target monthly payment would be. Also, using a local lender will help you in winning the house of your dreams!
Q. How can I figure out how much my house is worth?
A. Easy! All you need to do is send us an address & any updates of note. We can then give you a price range. If you’d like a more in depth/ accurate price we can setup a time to walk the home with you & give advice on any items to address to get you the best price possible!
Q. Do you only work in Norfolk?
A. No, we work all over Hampton Roads! Norfolk is our specialty, but we have done hundreds of real estate sales in Chesapeake, Virginia Beach, Suffolk & Portsmouth too!
Q. Do you ever buy homes cash?
A. Yes! Not only are we real estate agents, but we invest in real estate as well. We also have a database of investors that are always looking to buy
Q. Do you work with first time home buyers?
A. Yes! We love assisting first time buyers in educating them on the process of becoming a home owner & making their first real estate investment.
Q. What is a mortgage or loan assumption?
A. A mortgage or loan assumption is when you are able to take over an existing mortgage. You would be able to get the rate that is currently on the loan, which can many times be in the 2's. Instead of getting preapproved through your bank or loan officer, you would get approved through that seller's loan servicer. The entire process takes about 90 days, which is longer than a typical purchase, but the advantage is having their low interest rate. It would need to be your primary residence & many times you would need to bring the difference between their mortgage balance & the contract price to the table at the time of closing. This could be a great option for someone with additional funds on hand.
Q. What is a 2-1 Buy down?
A. 2-1 buy down is a program where you can reduce your interest rate for a period of time. The seller has to be the one giving the credit at closing for this. You would need to qualify for the interest rate as it is today, but if so it can make your home purchase much more affordable for the next few years. It would decrease your interest rate by 2% in the first year. The next year it would decrease your rate by 1% (so 1% higher than the previous year, but 1% lower than the rate when you locked in) & then the third year you would be at the rate when you locked in. The goal is to take advantage of lower sales prices now & then refinance in the future. Even if you don't refinance, your loan stays in place at that initial market rate.
Q. What are closing costs?
A. Closing costs are fees you pay on top of the purchase price of a property when finalizing a real estate transaction. They cover various services and expenses involved in getting you to that point, such as appraisals, loan processing, and title insurance. Both buyers and sellers can incur closing costs, though typically the buyer pays the majority. The exact amount you’ll pay will depend on factors like location, loan type, and the negotiated terms of your purchase agreement. They typically range from 2% to 6% of the total loan amount.
Q. How do I find a good real estate agent in Norfolk?
A. Search for agents online & read their reviews. Get to know them based on what other people's experiences have been. Then call & ask any questions to more than 1 agent to see if they'll be a good fit not only as an agent, but as a match with your personality & work style.