STEPS TN THE HOME BUYING PROCESS

You have already taken the first step in purchasing a home by contacting the professionals at Villani Real Estate! We are only too happy to provide you with professional assistance. Our goal is to find the property that best suits YOUR NEEDS that is the best value for YOUR MONEY.

1. The more we can learn about you before we even think about showing you the first home, the better. We want to know what will be important to you in your next home so that we can find the home that will best suit you! To assist us in determining the most appropriate homes to select for your consideration, we ask that you take a few moments to consider the following:

a. Location of where you work and how close you need to be.
b. Location of where your family and friends live in Richmond and how near you want to be.
c. Your lifestyle? Do you need wide open spaces? A cafe just around the corner?
d. Style(s) of homes that you like and dislike.
e. Number of people that will be living in the home with you so that we can determine bedroom and bath requirements.
f. Features that your next home absolutely must have.
g. Amenities that you would like to have in your next home.
h. Existing furnishings that you will be taking with you to your next home, especially any oversize pieces or special pieces to be “showcased.”
i. Anything that you believe to be important about your next home should be shared with us.

2. We don’t want you to fall in love with a house that’s too expensive, so we will need to know your income, liquid assets available for down payment and closing costs, and monthly debt structure so that we can determine the appropriate price range of homes to select for your consideration. If for any reason you are uncomfortable revealing this information directly to us, we will be happy to refer you to several reputable lenders so that they can determine this information for you. Then, they will telephone us and advise the appropriate price range for you. Although you may financially qualify to purchase more home than you want to spend, the final decision is yours and yours alone. We will follow your instructions to the letter.

3. We will need to meet for about an hour and a half to discuss the above items. The information you share with us during this time will enable us to truly understand your housing needs. This meeting usually takes place at our office, since we have faxes, forms and financial information there.

4. Once we have determined your specific housing needs and appropriate price range, we will select from the Richmond Multiple Listing Service homes that most closely fit your criteria. Please keep in mind that although no home will be a perfect match, by carefully taking into consideration what is important to you, we will be in a position to show you only those homes that will come closest to making you happy!

5. Please keep in mind when evaluating properties, we work for you! Therefore, please be open and share your honest opinions with us concerning the property. If you like the property, please tell us why. If you do not like it, please tell us those reasons too! Again, the more we know your likes and dislikes, the better position we are in to fulfill your needs!

6. Once we have located the property that best suits you, you will need to submit a written offer on it. Prior to placing “pen to paper”, your Villani Real Estate professional will compile a written “Comparative Market Analysis” on the property to determine if the property is properly priced. Then, together we will discuss the market data as it relates to the property and discuss negotiating strategy.

7. Your Villani Real Estate professional will be working for you in negotiations and seeking to structure the contract to your advantage:

a. The written offer will contain various contingencies relating to financing, inspections, property condition, marketability of title, etc.
b. In addition, language specific to your transaction will be added to the contract, as necessary. Our attorneys remain available to review contracts written for our clients prior to their submission; or, you may wish to have your own attorney review the offer.
c. Along with the written contract you will need to submit an earnest money deposit to demonstrate “good faith” to the seller.
(1) This deposit will need to be submitted to us in the form of a check, made payable to “Villani Real Estate Escrow Account” to be held in trust until the transaction has closed.
(2) The full amount of the deposit will be applied to your down payment and closing costs.
(3) The check must be good as of the date it is written. It will be deposited once all parties have fully agreed to all the terms of the contract, but not before.

8. Once we have submitted your offer to purchase, the seller has the option of

a. Accepting your offer, as written - “ratifying” the contract by affixing his/her signature thereto.
b. Countering your offer.
(1) The slightest change to your offer whatsoever constitutes a counter- offer to you.
(2) You can then choose to accept the seller’s counter-offer and ratify it by initialing the changes; or, you may choose to make a counter offer of your own.
c. Rejecting your offer.

9. In the event that your offer is countered or rejected, additional negotiating strategy will need to be employed.

10. Once all parties to the contract have reached agreement, we will have a "ratified contract." At this point, the "clock" starts ticking with regard to the various time periods affecting contingencies in the contract. Your Villani Real Estate professional will be working with you and closely monitoring the transaction to ensure that all such time periods are met.

a. We will assist you in obtaining the services of reputable loan originators, and will forward a copy of the contract to your lender.

b. If you do not already have an attorney, we will assist you in obtaining the services of a qualified attorney who specializes in handling real estate closings. We will then forward a copy of the contract to your attorney so that title work can commence, papers can be drawn up, and closing scheduled.

c. Once the property has been inspected, we will assist you in evaluating the inspection report and negotiating repairs that may be needed as a result of the inspection.

11. Once we have successfully negotiated repair items found on inspection and have obtained written agreement, you will be well on your way toward home ownership. Our team will be coordinating the exchange of information with your lender and attorney, as well as, the seller’s agent as necessary.

a. Essentially, during this period, most of your conversations will be with staff from your lender's and attorney's offices. If at any time you have a question or need additional information or clarification, please do not hesitate to call us so that we can help.