Buyers Guide | Washington Luxury Real Estate

Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

My Testimonials

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Leslie M. S.

Randolph Adams is wonderfully knowledgeable about the market, trustworthy, candid, professional, well-connected and helpful. Would recommend him without reservation!

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Campbell F.

I've had the pleasure of working with Randolph both as a buyer in a real estate transaction as well as a seller. Randolph's diligent work ethic, attention to detail, and superior client service are very impressive. I highly rec...

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Campbell F.

Randolph did a fabulous job representing me as a purchaser of a condominium in Rosslyn. He was available around the clock. I am a night owl and texted, and Randolph was very responsive. Randolph was very candid and helped me lo...

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Nicolas S.

Randolph was my real estate agent on the purchase of my first home I could not have been happier with the results. Randolph was very responsive and offered good advice during the negotiation. Randolph was even responsive after ...

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Buyer

Randolph helped me in the purchase of my home from start to finish and explained the steps during the process. I felt well taken care of, as Randolph spent a lot of time with me and always responded quickly to my calls or email...

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Seller

Randolph went above and beyond for my home sale. He used his considerable knowledge of the market to get me the best possible price, negotiated exceptionally strong terms, managed my lender to make sure my loan would close smoo...

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Buyer

Folks, I don't even know where or how to begin to accurately capture how comfortable and relieved we felt having Mr. Adams' at our side throughout a rather complicated purchase of our new home. I purposefully waited a few days ...

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Buyer | Seller

Working in real estate for 12 years and now finding a home in new construction I rarely come across an agent who not only is professional but has their clients best interest at heart like Randolph. From the first interaction he...

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Buyer

I met Randolph at an open house, one of about 20 I attended before starting to search for a home in earnest. I chose him as my buyer's agent primarily because of his incredible negotiation skills he works creatively to find win...

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Buyer

We first met Randolph early in 2016 when we were looking to ‘buy up’ from a one-bedroom apartment in Georgetown Park Condominiums (GTPC) at 1080 Wisconsin Avenue N.W. (Wisconsin and M St.). As part of a transition plan back to ...

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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Step 1: Research

Step 2: Decide on Your Budget

Step 3: Get Prequalified

Step 4: Choose a Real Estate Agent

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

Step 5: Find the Right Home

Step 6: Make an Offer

Step 7: Have the Home Inspected

Step 8: Select Your Loan

Step 9: Get a Home Appraisal

Step 10: Finish Paperwork

Congratulations!

My Testimonials