Virginia Home Buying Process

1

Getting Pre-Approved for Your Mortgage

What is Pre-Approval?

Pre-approval is a critical first step in the home buying process where a lender evaluates your financial situation and determines how much they're willing to lend you. Unlike pre-qualification, which is an informal estimate, pre-approval involves a thorough review of your finances and provides a conditional commitment from the lender.

                Why Pre-Approval Matters: Pre-approval gives you a clear budget, shows sellers you're a serious buyer, strengthens your negotiating position, and helps you move quickly when you find the right home in competitive markets.
            

Documents Needed for Pre-Approval

Proof of Income: Last 2 years of W-2 forms and recent pay stubs (last 30 days)
Tax Returns: Complete federal tax returns for the past 2 years (especially if self-employed)
Bank Statements: 2-3 months of statements for all accounts (checking, savings, investment)
Employment Verification: Contact information for your employer
Credit Authorization: Permission for the lender to check your credit report
Identification: Valid driver's license or state ID
Additional Documentation: Proof of other assets, explanation of any credit issues, divorce decrees (if applicable)

2

Partnering with BPRE and Finding Your Home

The BPRE Advantage

Working with a professional real estate company like BPRE provides you with expert guidance throughout your home buying journey. Your BPRE agent brings market expertise, negotiation skills, and access to properties that may not be widely advertised.

                Benefits of Using BPRE: Local market knowledge specific to Virginia, access to MLS (Multiple Listing Service) and off-market properties, professional network of inspectors and service providers, negotiation expertise to get the best deal, and guidance through complex paperwork and legal requirements.
            

How We Search for Houses

Once you're pre-approved, your BPRE agent will work with you to understand your needs, preferences, and budget. We'll set up customized property searches, schedule showings for homes that meet your criteria, provide detailed market analyses for each property, and offer honest feedback about each home's pros and cons.

During showings, we'll help you evaluate critical factors including location and neighborhood quality, property condition and potential repairs, school districts (if applicable), future resale value, and whether the home meets your lifestyle needs.

3

Negotiating Your Offer

When you find the right home, your BPRE agent will help you craft a competitive offer. This process involves more than just the purchase price—it includes contingencies, closing dates, and other terms that protect your interests.

Key Negotiation Elements

Purchase Price: Based on comparable sales, market conditions, and property condition, we'll determine a fair offer price that positions you competitively.

Earnest Money Deposit: This shows your serious intent to purchase and is typically 1-3% of the purchase price in Virginia.

Contingencies: Standard protections include financing contingency (you can back out if you don't get the loan), home inspection contingency (allows you to negotiate or withdraw based on inspection findings), appraisal contingency (protects you if the home doesn't appraise for the purchase price), and home sale contingency (if you need to sell your current home first).

Timeline: We'll negotiate the contract date, inspection period, closing date, and possession date to align with your needs.

                Your BPRE Advantage: Your agent will handle all communication with the seller's agent, present your offer in the strongest light, negotiate on your behalf when counteroffers arise, and advise you on whether to accept, counter, or walk away.
            

4

Inspections, Surveys, and Appraisals

Once your offer is accepted, the due diligence period begins. This is your opportunity to thoroughly evaluate the property before finalizing the purchase.

Home Inspection

Purpose: A comprehensive evaluation of the home's condition, including structure, roof, electrical, plumbing, HVAC, and more
Timeline: Typically conducted within 7-10 days of contract acceptance
Cost: Usually $300-$500 depending on home size
Benefit: Identifies potential issues before you buy, provides negotiating power for repairs or price adjustments

Termite and Moisture Inspection

Purpose: Virginia law requires a wood-destroying insect inspection; checks for termites, carpenter ants, wood rot, and moisture issues
Importance: Termite damage can be expensive and is common in Virginia's humid climate
Cost: Typically $75-$150, often paid by the seller in Virginia
Benefit: Protects you from hidden structural damage and ensures the home is treated if issues are found

Property Survey (Optional)

Purpose: Defines exact property boundaries and identifies any encroachments or easements
When Needed: Optional but recommended, especially important for rural properties or properties with unclear boundaries; some lenders may require it
Cost: $300-$600 in Virginia
Benefit: Prevents boundary disputes with neighbors and ensures no structures encroach on your property

Appraisal

Purpose: Independent assessment of the home's market value, required by your lender
Process: Licensed appraiser evaluates the property and compares it to recent comparable sales
Cost: $400-$600, paid by the buyer
Importance: Lender won't loan more than the appraised value; protects you from overpaying

5

Key Players in Your Home Purchase

Understanding the role of each professional in your transaction helps you navigate the process smoothly.

Your BPRE Agent (Buyer's Agent)

Your advocate throughout the entire process. Represents your interests exclusively, helps you find properties, provides market analysis, negotiates on your behalf, coordinates inspections and showings, and guides you from first search to closing day. Your BPRE agent is typically paid by the seller, so this expertise costs you nothing.

Seller's Agent (Listing Agent)

Represents the seller's interests. Markets the property, communicates offers to the seller, and works to get the best terms for their client. Important to remember: they don't work for you, which is why having your own BPRE agent is crucial.

Title Company (Buyer's Choice)

Ensures the property title is clear and free of liens or claims. Conducts title search to verify ownership, issues title insurance to protect you and your lender, holds earnest money in escrow, coordinates the closing, and ensures all documents are properly recorded with the county. As the buyer, you have the right to choose which title company to work with.

Home Inspector (Buyer's Choice)

Licensed professional who evaluates the property's condition. Provides objective assessment of home's systems and structure, creates detailed report of findings, identifies safety issues and needed repairs, and helps you make informed decisions about your purchase. You have the right to select your own home inspector.

Termite Inspector

Specialist in wood-destroying insects and moisture issues. Inspects for active termite infestations, past termite damage, conducive conditions for termites, and moisture problems that could lead to wood rot. Required for closing in Virginia.

Appraiser

Independent professional hired by your lender. Provides unbiased opinion of property value, compares home to recent sales in the area, ensures lender's investment is sound, and protects you from overpaying.

Lender/Mortgage Officer (Buyer's Choice)

Processes your loan application and provides financing. Reviews your financial documents, provides pre-approval, locks your interest rate, and funds your loan at closing. You have the freedom to shop around and choose the lender that offers you the best terms and rates.

Real Estate Attorney (if applicable)

While not required in Virginia, an attorney can review contracts, provide legal advice, and attend closing if desired for complex transactions.

6

Closing Day: The Final Steps

Final Walk-Through

Typically conducted 24-48 hours before closing, the final walk-through is your last opportunity to verify the property's condition. During this visit, you'll confirm that all agreed-upon repairs have been completed, ensure the home is in the same condition as when you made your offer (or better), verify that all items included in the sale are present, check that utilities are on for testing, and ensure the property is vacant and clean (if agreed upon).

                What to Bring: Your copy of the home inspection report, the sales contract, a checklist of agreed repairs, and your camera or phone to document any issues.
            

The Closing Process

Closing day is when ownership officially transfers to you. Here's what to expect:

Before Closing: You'll receive the Closing Disclosure at least three business days before closing, reviewing all final loan terms and closing costs. Arrange for a cashier's check or wire transfer for your down payment and closing costs (personal checks usually aren't accepted for large amounts).

At the Closing Table: You'll review and sign numerous documents including the promissory note (your promise to repay the loan), the deed of trust or mortgage, the closing disclosure, title insurance documents, and various affidavits and disclosures. The title company representative will explain each document. Don't hesitate to ask questions—this is your biggest investment.

What to Bring to Closing: Valid government-issued photo ID, proof of homeowners insurance, cashier's check or wire confirmation for closing costs, and any documents requested by your lender or title company.

After Closing: You'll receive the keys to your new home, copies of all signed documents, and information about your first mortgage payment. The deed will be recorded with the county, officially making you the property owner.

                Congratulations! Once all documents are signed and funds are transferred, you're officially a homeowner in Virginia. Your BPRE agent will be there to support you through closing and beyond, answering any questions as you settle into your new home.
            

Your Guide to Buying a Home in Virginia