Perhaps you've dreamed of having a vacation or retirement home in the Northern Neck.  A place where you can relax, dream, create and enjoy.  A place where you can get out of the city and get to enjoy every day the way you want to.  The Northern Neck is full of people who have achieved just that, including Robert and Catherine Bennett, Realtors® and owners of Melrose Plantation Real Estate in Lancaster, Virginia.

As a second or retirement home buyer, you already know that Purchasing a home is one of the biggest decisions most people will make in their life. But, having an additional home has special rewards and opportunities.

Buying any real estate involves a long-term commitment financially and emotionally, but it can also be a very exciting and challenging experience.  If you want your purchase to be smoother and faster, please call Catherine Bennett, Principal Broker, Accredited Buyer's Representative and Realtor® for personal attention and professional service.

Before you actually begin the process of looking at property, you should complete the following:

Get Pre-Qualified: Unless you are able to pay cash for your home, most buyers will need to go through the process of applying for a mortgage. By contacting a mortgage loan specialist before you begin your search, you are able to determine the amount of loan for which you qualify. Typically, a borrower is pre-qualified for a loan that amounts to 28%, or less, of their gross monthly income. In addition, if you know the amount of the monthly payment you would be comfortable paying, a mortgage specialist can calculate the price range for your home search. Getting pre-qualified for a loan also increases your chances of your offer being accepted. A seller is more likely to accept an offer from a buyer who already has funding versus one who still needs to get a loan.

Prior to getting pre-qualified, you should obtain a copy of your credit report so that there are not any negative surprises when you are ready to apply for your loan. Correct any errors that you may discover on your credit report. Also, you will want to reduce your consumer debt as much as possible by paying down credit card balances.

By going through the pre-qualification process, your mortgage specialist can provide you with an estimate of how much cash you will need for the sales transaction. Cash is needed for the down payment, earnest money, and closing costs of the transaction.

Make an Amenities List: Decide what features are most important to you in a home. By establishing your criteria, you will save time shopping for homes that do not meet your needs. Also, consider what locations you are interested in. When making an amenities list, determine which criteria you absolutely cannot live without and which ones you are willing to budge on.

Choose An Agent: Once you have decided on the price range and the features you are interested in, your next step will be to Catherine Bennett, Principal Broker & Accredited Buyer's Agent & Realtor®. 

It is the law in Virginia to either enter a Buyer's Agency Agreement or sign an unrepresented disclosure.  A Buyer's Agency Agreement ensures that the agent will represent you, as the buyer, in the selling process, and not represent the interests of the sellers.

Hire an agent who has had specialized training for buyers, such as Catherine Bennett, Accredited Buyer's Representative.  Remember, there are usually no out-of-pocket fees that you pay to the buyer's agent when you are buying a property offered through a cooperating Realtor. These costs are incurred by the seller and are considered a cost to seller. 

Catherine will research property listings for potential matches to your criteria and schedule showings for you at a convenient time. I

Catherine will provide guidance to you during the contract negotiation phase of the selling process. 

Catherine will also coordinate and schedule the home inspection, appraisal, and closing for you, as well as provide you with referrals for mortgage lenders.

Once you have hired Catherine and determined what you are looking for in a home, it is time to begin your active search for homes that interest you. Based on your criteria that you provide Catherine, she will be able to search their listing database for homes that meet your needs.

While visiting properties that are on the market, compare homes. Every home is unique! Even if every home you visit has all of the main criteria you are looking for, each will have different characteristics. Bring your Amenities Checklist with you to all homes that you visit. Check off which features each house has. Make notes on each home of what you like and dislike.

Taking notes and using your checklist will help you later when you can sit down and compare properties. By comparing notes, this will help to prevent you from making an emotional and impulsive decision.

Once you have found your dream home, it is time to prepare an offer to purchase. Catherine will provide guidance to you on the price you should offer to pay for the property. Have Catherine compare prices for similar homes that have sold in the area recently. This will help you to determine a reasonable price to offer.

Don't be surprised if your initial offer is not accepted. Catherine Bennett will represent you in all contract negotiations until an agreement is reached between the seller and you.

Once your offer has been accepted, it is time to work on the final details of purchasing your home. There are several tasks that will need to be accomplished during this phase of the sales transaction:

Home Inspection:  Based on your choice, Catherine will arrange to have a professional come out to inspect your home. They are able to spot electrical, plumbing, and structural problems that may not be noticeable to you at first glance. The home inspection is not required, but it is in your best interest to have one done on the home so that you do not receive any surprises once you move in. This is an expense incurred by the buyer and is included in your closing costs.

You may also need to get a pest inspection on the property to make sure there is no structural damage to the property caused by termites. Catherine canmake a recommendation of a reputable inspector.

Apply For A Loan: Once an offer has been accepted, you will need to contact your mortgage specialist to officially apply for a loan.

The Final Walkthrough: Prior to closing, you should be given access to the house so that you can walk through and give it a final inspection. This should be done as close to the closing date as possible, preferably on the morning of the closing proceedings. When you go to do your final walkthrough, your home inspector will not be with you. It is your responsibility to inspect the home and ensure that everything meets your approval.

Closing: Usually at the time an offer is accepted, or after you have a commitment from your lender, a date and time will be arranged for your closing. The closing procedures will be handled by an attorney of your choosing. The day before, you will be told the total dollar amount you will need to bring to closing by the closing attorney. They will also provide you with any additional information you may need to prepare yourself for the proceedings.

During the closing, details of the sales contract will be explained to you. If everything meets your approval, you will sign the contracts to finalize the deal. Congratulations! You are now a new homeowner!!!!!!