New Virginia Real Estate Laws Take Effect July 1 - Why You Need A Good Buyer Agent!

Why You Need A Good Buyer Agent

🗓 July 1 = New Laws In Virginia - Why You Need A Good Buyer Agent!

Every year, Virginia rolls out new laws on July 1, and this year, a few of them directly impact how real estate transactions are handled. One big change? Septic inspections.

If you're looking to buy a home with a septic system, the process has changed - and it could affect your timeline, your responsibilities and your contract terms. It's a great example of why having an experienced buyer agent matters more than ever!

🏡 First Time Home Buyer? Here's What You Should Know!

Buying a home is exciting - but it can also feel overwhelming, especially if it's your first time or it's been a while since you last bought. Real estate transactions involve a lot more than just find a home you love.

Here are some o f the things buyers need to consider:

• Disclosure Laws: Virginia is a buyer beware state, which means the seller is not obligated to disclose defects to you! Should you be concerned? Does this mean that the seller is hiding something from me? What should I do?

• Home Inspections: What inspections do I do? How long do I have to do inspections? What happens if the inspections are bad? What if the seller is selling the home as is-can I still do an inspection? If the inspection is bad can I get out of the contract? Will the seller reimburse my inspection fee if the inspection is bad? Can I negotiate with the seller on inspection results?

• Appraisals: Who orders the appraisal? What happens if the appraisal is below the purchase price? What happens if the appraisal comes in above my purchase price? Why do I have to have an appraisal done? When do I have to pay for the appraisal? Do I get my money back if the appraisal comes in low? If the appraised value comes in below my purchase price won't the seller automatically drop their price to the appraised value?

• Home Owner Associations: How does the Virginia laws work regarding Home Owner Associations? Can I waive the ability to review the HOA documents? What documents should I get from the HOA? Do I have to order them or does the seller provide them to me? What if I don't like what I see in the documents? What if there are no financial information with the documents I receive? What if the documents I receive are very old? What if the documents show that the house needs repairs to comply with the HOA?

• Earnest Money Deposits: Why do I have to put down a deposit? When will I need to provide that deposit? How big should the deposit be? Who holds the deposit? If I terminate a contract for some reason will I get my money back? If I go to closing what happens to the deposit? Do I get interest on the deposit?

• Buyer Agency Agreement: Why do I have to sign a buyer agency agreement? What benefit do I get from signing a buyer agency agreement? What is a Buyer Agent going to do for me that I can't do for myself? How long is the agreement for? What if I don't end up liking the agent - can I switch agents?

• Offers: How do I know how much to offer for a house? What contingencies should I include in my offer? How do I know if there are competing offers on a house? Is the house priced right to begin with? Will the seller pay any of my closing costs? Will the seller pay my buyer agent's compensation?

• Lending: How do I choose the lender to use? Don't all lenders offer the same loan options? What is the difference between Adjustable & Fixed mortgages? What is the difference between FHA, VA, Conventional? What are closing costs? How much cash will I need to bring to closing? Does the lender offer any down payment assistance programs? What if I don't have a credit history?

• House Hunting: When I am looking at houses, what should I be looking for? Do I need to check things like roof, HVAC, the crawl space, etc?

• Attorney: Do I need a real estate attorney? Why? What will the attorney do for me besides watch me sign papers? What is the difference between a real estate attorney and title company doing my settlement? What is a title search? What is title insurance? Can I shop around for title insurance? What is the difference between a Special Warranty Deed and a General Warranty Deed? What is the difference between a Mortgage and a Deed of Trust? What if the house is a foreclosure? What if the house is an estate sale? What happens if the title search shows up some "clouds" on the title? What is the difference between a basic title insurance policy and an enhanced owners title policy?

• Home Warranty: What does a home warranty cover? If the seller won't give one to me, should I purchase one at closing?

• Homeowners Insurance: Do I need homeowners insurance? Do I need flood insurance? Should I shop around for my homeowners insurance?

• Renovated Home: Were the renovations done with proper permits signed off by the county? How do I check on it? Were the renovations done by licensed contractors?

• Foreclosure Homes & Homes Needing Renovations: Can the house qualify for my financing? Do I need special financing? Will the seller do any repairs? How do I get estimates on what is to happen?

• Walk Through: When should I do my walk through? What should I be looking at? What happens if the seller hasn't done what they were supposed to per the contract? What happens if the seller hasn't left everything that they were supposed to?

• Seller Wants To Retain Possession After Closing: Should I allow that? If I do, what are the risks? If I don't what happens? What if I do allow it and the seller breaks something during the time they are in the house after closing? How does allowing the seller to stay after closing affect my insurance? Will the seller be paying any rent? Will I get a security deposit? Who keeps the security deposit? How do I get the security deposit back to the seller after they vacate the house?

• Building New Construction: Why do I need a buyer agent to help - the site agent is there to assist me? Once the contract is ratified & the builder starts to build the house, what should I be looking at? Should I do my own inspection or just rely on what the county/city does in their inspections? If I do an inspection will the builder make repairs based on the inspection report? How do I choose a good new construction inspector? If I go to a new home site prior to hiring a buyer agent & sign in with the site agent, can I then use my own Buyer Agent to help with the process?

As you can see from above, there are so many moving parts in buying your first home, and lots and lots of questions!

🤔 Why A Buyer Agent Is So Valuable

The truth is, no two real estate transactions are the same. I've been a full time Realtor since 1996, and I've seen so many changes over the years. Contracts that used to be just four or five pages - now their closer to nine pages, not including all the disclosures and addendums.

Yes, you can Google your questions. Yes, you can even ask ChatGPT - but keep in mind, real estate is local. Laws and customs vary not just by state, but by area-to-area.

That's where a good Buyer Agent comes in - someone who's not just helping you find a house, but guiding and protecting you through every step of the process.

👋 Let's Chat - No Pressure!

If you're thinking about buying a home - especially your first one - I'd love to be your guide. I'm always happy to answer questions, offer insights, or just help you figure out where to start. No pressure, no obligation - just honest guidance.

Thanks for reading, and don't hesitate to reach out if you want to talk real estate. I'm here to help!