Fairfax County VA Home Search Website Blog

People have asked me about FSBO (For Sale By Owner).  They want to know whether it’s a good idea to use an agent and the answers to many other questions on this topic. I admit it; I’m biased. I am, after all, a Fairfax County Virginia real estate agent.

I’ll even go a bit farther and admit that I’m biased about my hometown. As far as I’m concerned, if you’re going to buy a house, you should use me as your agent and buy a house in this city. But then, that’s what most real estate agents will tell you.

Without the bias, however, there are some real issues with not using a Fairfax County Virginia real estate agent (or any agent, anywhere, for that matter).  And, there’s one BIG issue…

The Contract!
Okay, here’s the deal. A real estate contract, like any contract, is a sealed deal once the papers are signed. It’s legally binding and will be upheld in any court of law in the country, with few (and rare) exceptions.

If you don’t understand the contract you’ve signed, that’s too bad.  Lack of understanding does not constitute a dismissal of said contract. While some do manage to back out of a contract once it’s signed, to do so is expensive and stressful.

A wide variety of contracts can be borrowed from anywhere and have been. FSBO sites, as well as many other online sites and offline brick and mortar businesses, have “sell your house” contracts. For that matter, a contract written up by the owner, signed by the buyer with a notary stamp, without any legal representation on either part, is still legally binding:

I, the undersigned, am selling my house to the buyer for the agreed upon amount of money.

Buyer
Seller
Notary

A real estate agent will generally use a standard contract through your state’s Association of REALTORS® or their particular brokerage. What’s the difference, you ask? Quite a lot, but the biggest is that the contracts that agents use are created to fit the laws of each state. In addition, these contracts are not prejudiced towards the buyer or the seller.

Lastly, the buying and selling of real estate is full of potential issues and is a long, involved process. Call me proud and tell me I’m bragging if you want, but I’m good at what I do as a Fairfax County Virginia real estate agent. It’s not something I think everyone can (or should) do.

So, if you’re considering going FSBO, take a second gander at this particular article and think hard. We’re not all evil; quite a few great agents out there sincerely want to help you meet your goals of buying or selling a home.

If you’re looking for someone to guide you through the pitfalls, I’d be honored to help. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

There are a lot of financing options to help you buy Fairfax County Virginia real estate, if you can meet the credit guidelines. 

Most lenders prefer to use 30-year mortgage loans.  With a longer loan term, the lender can collect more money in interest over the life of the loan.  For those who are credit-worthy, a 15-year mortgage term may be offered.  So, what is the difference between the two?  Here are a few guidelines:

What About a 30-Year Mortgage?
Thirty-year mortgages are becoming the normal term for Fairfax County Virginia real estate loans.  The payments are usually more affordable and lenders are quick to recommend them.  Lenders are more likely to offer you a higher loan amount with a 30-year loan, but the trade off is usually a higher interest rate. 

What Are The Benefits Of A 15-Year Mortgage? 
Signing up for a 15-year mortgage can save you a lot of money in interest payments.  True, your monthly payments will be higher than with a 30-year loan, but the impact on your long-term finances may be worth it.
 
After just 16 years, you can start investing the money that you’re no longer spending on your mortgage into other real estate properties or investment opportunities.  You can build your investment portfolio with just the money you would’ve spent on your monthly mortgage payment.

What about Prepayments?
Even if you do decide to take out a 30-year loan, you can still have some of the same benefits of the 15-year loan.  By making prepayments, you can take years off a 30-year loan and still have the freedom of making smaller monthly payments, if you need to.  Before finalizing your decision, ask your lender if there are any penalties for making prepayments.

A 15-year mortgage is usually the better financial decision, because you can save thousands of dollars over the life of the loan.  The interest on a loan may be halved by choosing a 15-year loan.

No matter how you choose to finance your Fairfax County Virginia real estate, I can help you find the home that meets your needs and budget.  Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939