Margaryta Booth Principal Broker

King Neptune Statue on the Boardwalk in Virginia Beach

Buyers

WHY BUYERS CHOOSE PINK PEARL REAL ESTATE?

Buyers looking for Virginia Beach Homes For Sale :

5 Reasons to work with me 

1. I provide you with a Free Consultation about buying homes in Virginia Beach, Virginia.

2. I help you Find the Right Home in Virginia Beach and Submit the Offer when you are ready!

3. I Negotiate for you a good Deal representing your interests making sure that you know as much as possible about your new home.

4. I connect you with experienced professionals involved in real estate transactions to help you take the right steps towards your home ownership. Among them Loan Officer, Home inspector, contractors, real estate attorney, etc.

5. I specialize in Homes/Houses For Sale in Virginia Beach, VA, providing you with the latest information on the real estate market, areas you are interested in – your future home location, transaction details, etc.

The home buying process starts with the Loan Officer who will help you to find the best loan program that fits your family plan for purchasing a new Home. Let me introduce a great professional in the Mortgage field as well as a great person that will make you loan qualifying/approval  process quite easy.

Brian K. Eudailey | Loan Officer
Movement Mortgage
NMLS# 1461962
MLO – 28998VA
NC-I-173695
Cell: (757) 407-0729
Fax: (757) 264-9328
575 Lynnhaven Parkway, Ste. 100
Virginia Beach, VA 23452
www.movementmortgage.com

The reasons to work with Brian K. Eudailey, experienced Loan Officer: 

  1. Movement Advantage aims to give you Upfront Underwriting within 6 hours and, if qualified, allows you to start Home shopping right away.
  2. Here is an important fact about Movement Mortgage: over 70% of the loans are processed withing 7 business days. This fact gives confidence to our clients that (once qualified) they will be able to purchase the Home they fall in love with.
  3. Upfront Underwriting, 7 day processing, first-rate service are the hallmarks of Movement Mortgage professionals fresh approach.
  4. Whether it is purchasing a home, refinancing or remodeling, Brian K. Eudailey  – experienced loan officer is ready to help you every step of the way.
  5. Contact Brian directly: Cell: (757) 407-0729

 

Thinking of Buying a Home with Pink Pearl Real Estate Team?

When you decide to buy a home no purchase can be more exciting than a purchase of your own Home. Just picture your family growing in Your Perfect Nest and collect the sweetest memories of family times and those memories will be carried on by your kids and to their kids. It is absolutely important for you and your family to find the right home in Virginia Beach fitting all different needs and personalities of your family.  The way you approach the process of buying a home will make a huge difference in the final results.  And your ultimate goal is enjoying your Home!

 Reasons for Buyers to own Your Home

Buying a home is a complicated process, and it can be particularly overwhelming if you do not plan correctly, especially for the first-time home buyers. That is why you need the professional guidance from people involved in the Real Estate transaction. This is what it would look like if we did everything sequentially, if we planned and thought through the whole process (A Yearlong adventure).  (Don’t worry this is the ideal way; in a pinch Pink Pearl Real Estate Team can compress things but try not to get them out of order)

  1. Initial Interview with Margaryta Booth, real estate agentIMG_5065
  2. Getting Pre-Qualified with your lender
  3. View Property at PinkPearlRealEstate.com or onsite
  4. Make an Offer and Contract Negotiation
  5. Contract Accepted and Ratified
  6. Home Inspections and Contingencies Removal
  7. Loan Process
  8. Title Search & Obtain Insurance
  9. Walk Though Inspection
  10. Closing & Possession

 

How does it look if you do not prepare well for this important event in your life? Looks like chaos!

map1

The Home Buying process ideally starts one year before you, the buyer,  hope to start seriously shopping for a home. If you are reading this you probably have already missed that first milestone.  Not to worry Margaryta can help with Pink Pearl Real Estate Team. This is the  ideal timeline because you can arrange your finances, plan your neighborhood, and ultimately buy a home in less time. Weather you have a year or less, you would be smart to walk through all of the steps in order. The more time you give yourself for this process, the better. And this is why!

PINK PEARL REAL ESTATE TEAM

10 Steps For Buyers, Buying a Home

(condensed 10 steps)

 

  1.  Initial Interview with the Real Estate Agent or Realtor meeting with realtor 1

The initial consultation is absolutely necessary for both sides to be able to interview each other to decide if we want to work together.  Buying a Home is an emotional process and it is very important to establish a good relationship from the very beginning to make the process enjoyable and fun.

 

The Benefits of the Initial Interview:

  • Getting to know each other
  • Collecting the information necessary to start the Home Buying process:
  • Personal Contact and Family information
  • Your motivation
  • Criteria for Home Search
  • Timeline
  • Is it cash buying or financing
  • Your needs vs wants list
  • Asking /Answering questions

 

During the consultation you will be asked a lot of questions and then explained to you about all the process, and this is the time when you want ask a Realtor all the questions about buying a home.

Questions for buyers to ask  

  1. Getting Pre-Qualifiedpre qualify

With the Interest Rates at record lows don’t miss your opportunity to catch the moment. I work together with the best experts in the field of Mortgage Loan, you will find the skill, professionalism, and consideration they give to each of my personal clients. It makes getting your loan a successful endeavor. Once you have an idea of the type and the size home you want and the area you’d like to live in, you need to Pre – Qualify with the Lender. By doing this before looking for a home, you will save yourself time, energy, and unnecessary negative emotions.

 

The Benefits of One-on-One consultation with the Loan Officer:

  • Determine your Purchasing Power:the Pre-Qualification helps you evaluate your current financial situation and determine the price range for the future home.
  • Determine what your potential monthly payments may be:you will receive the estimate of your monthly Principal, Interest, Taxes, and Insurance (PITI).
  • Identify Loan Programs that May Fit Your Needs: with the wide variety of loan programs available, it is important to know which types might and suit your needs.
  • Strengthen your Offer: sellers are more inclined to accept realistic offers when they know that you have already been pre-qualified.
  • Determine Alternatives and Strategies: your lender can help you determine the strategy you may need to buy the home of your dreams.  Some examples include:
  • Special First-Time Homebuyer Program, which have low down payment requirements and sometimes a lower market rate.
  • Debt Consolidation Direction– by restructuring your debts, you may be able to afford more home and end up lower total monthly payments.

 

In order to become Pre-Qualified, the Lender will need to know the following:

  1. Your Income
  2. Your monthly debts and obligations
  3. Housing expenses
  4. Your total Assets
  5. Social Security Number

 

What to bring to Loan Pre-Qualification Consultation Link Receive Pre-Qualification Letter and start shopping:when you are pre-qualified, you will receive the Loan Pre-Qualification Letter. I usually use the Letter to present with the Offer. The Seller may be more likely to accept your contract because they know you are a serious Buyer. It is time to start shopping!

Helpful Tips for Your Credit and FICO Score

Things Recommended and Not

Tips for Choosing Your Lender

  1. View Property with Pink Pearl Real Estate TeamIMG_5033

House Hunting is the most exciting process, but it may easily become the most painful process if you do not plan it correctly.  Since you have already met with the loan officer and determined your price range, you need to make a 5 Top Needs & Wants List. That way I will be able to create the home search based on Your specific criteria. This moment is crucial in relationship between you as the Buyer and Your Realtor in terms of clear communication and understanding of Your Needs vs Your Wants for your future home. Here is a simple example for a 5 Top Needs & Wants List:

 

Needs Wants
Location or School district Close to the Interstate
Single Family Home Sun room
3 Bedrooms & 2 Baths 4 Bedrooms
Big  Fenced Yard Pool
2 Car Garage Detached Garage

 

map 2

A little less Chaos  

Start Your Search Now ! Please, complete a short form providing as much information as you can so I can set up the home search based on your criteria.  The List of the presently available homes for sale will be sent to you.  Feel free to contact me when you are ready to look for your ideal home for sale  in Virginia Beach, Home for sale in Norfolk, Home for sale in Chesapeake or Home for sale in Suffolk.

 

  1. Make an Offer and Contract Negotiationnegotiations

You already know your uppermost limit, that’s the number you cannot go beyond. However, what you can and want to spend has nothing to do with how much a seller is asking for his or her house. The seller wants the most money possible. You want to pay the least amount of money. The rest is subject to negotiation. It is important to determine how much the house is worth before you make an offer. As a Realtor I have lots of great tools available to provide you with the most current information and market analysis to help you to determine the right price. “Comps” or CMA (Comparable Market Analysis) will show you the comparable values of like properties that  have recently sold in the neighborhood, and will give you an idea of what the other buyers have paid for the similar homes. Instead of emotion, you should base your decision on logic and reasoning!  I would like to mention couple words about Contingencies and if they should be included in an offer. A Contingency allows you to back out of the contract for a specific reason. There are typically three main Contingencies that accompany a contract to purchase: financing or mortgage; inspection; and attorney approval. There are many other Contingencies that might appear in a contract for purchase (look below for more details). You can have almost any contingency you like, but remember having a lot of contingencies could give the seller grounds for refusing your contract.  Decision on buying a short sale property need to be determined before an offer is submitted and can be discussed with your real estate agent.

 

  1. Contract Accepted and Ratifiednegotiating tips

Real Estate Standard Purchase Agreement (“Agreement”) is strictly between Buyer and Seller. “For purposes of this Agreement, ratification shall mean the date of communication of final written acceptance by Buyer and Seller of all the terms of this Agreement, not the date of date of the removal or expiration of any contingencies.”(Quote from the REIN Agreement) It is my duty as your Realtor, to explain to you clearly all terms of the Agreement to avoid any bad surprises on the way of purchasing a home.  Some people think, with all these internet tools I can do everything on my own, and I agree for some people it may go smoothly, they did not have much problems with purchasing their home. Those people may discover later some things in their new purchased home that they could have avoided. You never know how many traps may wait for you on the way and you may lock yourself into the contract obligation that you may not find the way out and you may end up buying home that you will not enjoy. Do you have a question about Real Estate Contract? 

 

  1. Home Inspections and Contingencies Removal

Do you need a Home Inspection? Absolutely! It is highly recommended that you hire a professional inspector with great reputation and experience. (Exception may be a rare situation, such as buying a home from your parents that you have lived in and know intimately.)   Once you have found your inspector have him come out before the expiration of the inspection clauses in your contract. This is why you need Realtor to guide you through the process to make sure we do not miss out on any deadlines, it is so easy to get lost. Since you have your contract accepted and ratified, the clock starts and there are multiple things going on at the same time you absolutely do not want to miss. Do you need an inspector?  

 

  1. Mortgage Process for Buyers

Needless to say this is very important phase of Home Buying process and the successful outcome in great measure depends on how well organized you are. The Loan officer will constantly be asking you to give some new document that proves one or another thing. It may be nerve wrecking or it may be very smooth, it all depends on your attitude. Make sure you get all your documents in order! Questions you may have?

 

Simple Mortgage Process Guide 

  1. Getting Pre-Qualified
  2. Choosing Your Lender
  3. Getting Ready to Apply for your Mortgage
  4. Loan Application Check List
  5. Loan Process

More Information 

Rent vs Buy

Approval Process  

The questions you may have   

Loan Programs Highlights

Mortgage Tools

 

Most of the loan related information is kindly provided by the Loan Officer I closely work with on my Real Estate transactions.  I work with true Experts. 

 

  1. Title Search & Obtain Insuranceloan application paperwork

How do you hold the title to your new home?  If you are a single person buying a home, you may hold title to your property as an  individual. If you are married, you can hold property in one of four ways: as joint tenants, tenants in common, tenancy by entirety, or a land trust. Purchasing a Home is the single biggest investment you make. Before closing on the house, you’ll want to know that no other individual  or entity has a right, lien or claim to the property. After your sales contract has been accepted, a title professional will search the public records to look for any problems with the home’s title. This search typically involves a review of land records going back many years. More than 1/3 of all title searches reveal a title problem that title professionals fix before you go to closing. For instance, a previous owner may have had minor construction done on the property, but never fully paid the contractor. Or the previous owner may have failed to pay local or state taxes. Title professionals seek to resolve problems like these before you go to closing.

 

The Owner’s Title Policy

Sometimes title problems occur that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these events, it is recommended that you obtain an Owner’s Policy of Title Insurance to insure you against the most unforeseen problems. Owner’s Title Insurance, called an Owner’s Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the property. Only an Owner’s Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include: Errors or omissions in deeds Mistakes in examining records Forgery Undisclosed heirs

 

 The Loan Policy

Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off. Prices vary, be sure to ask your settlement or title company about pricing and whether the Loan Policy and Owner’s Policy are sold separately or together.

 

9. Walk-Through Inspectionhome inspection

Often, Buyers do not perform careful inspection of the property prior to the contract, thinking that they can rely on walk-though inspection. At the time of the walk-through, buyers often object the conditions that existed at the time of the contract. This is a dangerous practice. Except for correcting problems with “plumbing, electric, heating and air conditioning systems, and all equipment and appliances which convey”, seller has no obligation to correct these pre-existing conditions under the pre-printed terms of the agreement.  As a result, the buyer has no right to terminate the contract  upon discovering problems at the walk-through inspection.  Good agent will always be proactive working with the seller’s agent, protecting the buyer’s interest to make sure that all contingencies are removed and all problems are fixed prior walk-though inspection.  

 

10.Closing & PossessionClosing Cost 1

Finally, we are almost there, we were working so hard to purchase the perfect home for you. We have been through pre-qualification, house hunting, putting an offer and negotiation, inspections and contingencies removal, loan application and approval, title search and obtaining all necessary insurances.  The closing date is set and we are about to move in. Wait a minute! Time to do the checks and balances! The Closing Costs expenses are usually split between the buyer and the seller in accordance with the terms of the contract.  You will absolutely need the real estate professional to guide you in the transaction.  If you are buying the property, you’ll receive a “Good Faith Estimate” (GFE) of closing costs within three days of submitting your loan application. I will gladly go through the GFE with you to make sure the anticipated closing costs do not surprise us in a bad way.

 

Closing Costs Check List:

Cost of getting financing (mortgage loan) Credit ReportAppraisal FeeInterest paymentPoints (optional)Escrow Account
Taxes Property TaxesTransfer Taxes and Recording Fees
Insurance Fees Homeowner InsuranceFlood & Quake Insurance (optional)PMI (Private Mortgage Insurance, optional)Title InsuranceHome Warranty (optional)
Recordation Attorney Fees

At Last – you are ready to finalize the sale! During the closing you will meet with all the parties involved in the sale to make it official by signing documents and paying your closing costs.

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