4706 Boonsboro Road Lynchburg, Va. 24503 phone: (434) 384-8000 fax: (434) 384-4375 email: jane@janeblickenstaff.net
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Many people who contact us have very similar concerns and questions about buying or financing a home. The list below includes some of the most frequent questions we're asked. If your question isn't on the list, contact us with it. Chances are we'll know the answer, or someone who does. 1.
What should I look for when deciding on a neighborhood? 1. What should I look for when deciding on a neighborhood? Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable. TOP... 2. How can I find out about local schools? You can get information about school systems by contacting the city or county school board or the local schools. We've provided a good deal of information about Lynchburg-area schools on the schools page. TOP... 3. Is an older home a better value than a new one? There isn't a definite answer to this question. You should look at each home for its individual characteristics. Generally, older homes:
People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs. TOP... 4.What should I look for when walking through a home? Compare the home to your minimum requirement and wish lists, use the HUD Home Scorecard and consider the following:
Take your time and consider each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint. Use a scorecard to keep track of the homes you see and keep yourself organized. TOP... 5. What questions should I ask when looking at homes? Your questions should focus on potential problems and maintenance issues.
Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or agent's answers are clear and complete. Ask until you understand. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information. A home scorecard can help you develop your question list. TOP... 6. Do I need to be there for the home inspection? It's not required, but it's a good idea. The home inspector will be able to answer questions about the report and any problem areas. It's also an opportunity to hear an objective opinion on the home and a good time to ask maintenance questions If you cannot be present at the inspection, schedule a meeting with the inspector and review the report toegther. TOP... We will assist you in making an offer, which will include the following information:
Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer. TOP... 8. How do I determine the initial offer? Unless you have a buyer's agent, remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Calculating your offer should involve several factors:
By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. TOP... 9. What is earnest money? How much should I set aside? Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary). If your offer is accepted, the earnest money becomes part of the down payment or closing costs. If the offer is rejected, the money is returned to you. If you back out of the deal, you must forfeit the entire amount. TOP... 10. How large a down payment do I need? There are mortgage options now available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and possibly repairs and decorating. TOP...
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