The Stone Team's 9 Steps to

 Home Ownership!!

Step - 1 Make the Decision to Buy

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Kim and Dave Stone encourage you to consider the reasons you want a new house in the Williamsburg and or Tidewater areas of Virginia and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

Kim or I would like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow in the Williamsburg areas, as well as how you would like your house and neighborhood to grow with you.

At this time, The Stone Team will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help Kim and I when we are negotiating the deal.

Step 3 - Begin the Hunt

After our initial meeting, Stone Real Estate Services will search all our resources for houses on the market that fit your criteria. Kim and I will preview these houses to eliminate the duds. Then, I'll schedule appointments to tour the houses at times convenient to you.

As we tour houses, we will point out positive features and negative features. We ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our real estate sales search criteria to narrow in on the house of your dreams in Tidewater Virginia.

Step 4 - Know the Market

The Stone Teams knowledge of the Williamsburg and Hampton Roads Virginia market is an essential factor in the house search. We will let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour houses, Kim or I will let you know when the asking price has negotiating room and when the house is "priced to sell". Our unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

Step 5 - Find Your Dream House

Stone Real Estate Services is confident we'll find your dream house in Virginia. When we do, we will put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. The Stone Team and you will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions in James City County and Williamsburg Virginia will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. Stone Real Estate Services will gather the necessary property information your lender will need to close the loan.

Step 8 - Close the Deal

The Stone Team will make sure you receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. Kim or I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

Step 9 - Move In

Congratulations! It's time to move into your new house in the Williamsburg/James City County, Tidewater Virginia area and make it your home for ever! Enjoy this exciting time. Stone Real Estate Services will give you a checklist to help you remember the numerous details that will make your moving day a pleasure. Our job is to help you find that perfect home in Williamsburg, Virginia or the beautiful Hampton Roads areas of Virginia!

Let the Stone Team help you

Discover the Difference!

Dave or Kim Stone

(o)757-565-1043

DaveStone01@cox.net

KimStone01@cox.net