If you are considering purchasing a foreclosure home in Richmond, VA please consult these quick buying tips.  Our buying tips are also helpful for first time home buyers or those looking to purchase their next home.

Get preapproved:

Getting preapproved is the first step in the home buying process.  It can usually be done with a 15 minute phone call and you will usually get a reponse with in 1 hour.  The reason getting preapproved is so important is that it will help you to figure what your monthly payment will be, how much you can comfortably spend, and how much money you will need for a down payment and closing costs.

Set your time table:

It is recommended that you start your home search 4 to 5 months before your planned move date.   An FHA or Conventional loan closing usually takes 30-45 days to close and it is always a good idea to give yourself an extra 2 week buffer just in case any problems arise.  It is also a good idea to start seriously looking at houses a minimum of 2-3 months before that in order to get a good feel for the market and what is available.  This way when the right deal comes around at the right time you will be ready to jump on it.

Decide your needs and wants:

Once you know what you price range is start thinking about what are your needs.  Decide how many bedrooms and bathrooms you need, what areas/schools are preferred, if you want a fixer or something that is move in ready, etc…
Start Looking-  The best way to get a feel for what is available in your target area and price range is to get out and view some houses. Contact us with a list of properties that interest you and we will set up a day and time for you to view them all!

You can find more specific information on tips for buying a foreclosed home in Richmond, VA on our resources page, or click the button below.

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