Question 1

Should buyers have their own representation?

Accepted Answer

Yes. Buyers benefit from having professional representation focused solely on protecting their interests throughout negotiations, contract review, and closing.

Question 2

What is Dual Agency and Designated Agency, and how do they affect representation?

Accepted Answer

Dual Agency occurs when one real estate agent represents both the seller and the purchaser in the same transaction. Because the agent is positioned between both parties, they cannot fully advocate for either side. Their role becomes more neutral, and they are limited in the advice and negotiation guidance they can provide.

Designated Agency occurs when two different agents within the same brokerage represent the seller and the purchaser separately. In this situation, each party has their own representation, and confidentiality is maintained between both sides. This structure allows both parties to receive proper advocacy and guidance throughout the transaction.

These situations can arise when an agent shows their own listing to a buyer client or meets a buyer at an open house who is interested in submitting an offer. In such cases, the property owner should be notified in advance, and written consent from both parties must be obtained before proceeding.
As a general rule, confidential information received from one party cannot be shared with the other without written consent unless required by law.

When a buyer expresses interest in submitting an offer at an open house, another option is an Unrepresented Party Agreement. In this scenario, the agent continues to represent the seller only, and the buyer remains unrepresented. This preserves clear advocacy for the seller while allowing the transaction to move forward.

Understanding these agency relationships helps ensure transparency, proper representation, and informed decision-making for all parties involved.

Question 3

Is it better to rent or buy?

Accepted Answer

It comes down to an individuals’ or family’s situation. 
What lifestyle do you want? 
What environment do you want? 
Are you happy with your career or do you need to be able to quickly move? 
Do you want to settle down? 
Are you in a solid relationship? 
How are your finances? 
Do you have the funds for a down payment? 
How is your credit score? 
What does your heart tell you?

Benefits to renting would be: 
No down payment on a loan
Easier to move if you need to move quickly
No repair/maintenance costs.

The cons to renting would:
No equity building
Rent will go up where as a mortgage will not
No real control of your environment/home.

Buying a home benefits would be:
Equity building
Fixed payments
Tax benefits
Control of your environment/home
Home value will be on a general up trend (even if there is a dip they still recover and rise).

Cons to buying a home would be:
Down payment
Maintenance/repair costs
Being able to easily move would depend on the local housing market.

Bottom line would be to do what your heart tells you!

Question 4

What questions will Richard ask me as a buyer?

Accepted Answer

When beginning the home buying process with Richard, he will want to get to know you and what you are hoping for when buying a home.  This is a typical questionnaire he will send to buyers:

1- Tell me about yourselves.

2-What are some of the reasons for the move?

3-How long have you been looking now?

4-What sites are you searching for homes on?

5-What has not worked for you in the home buying process?

6-Have you seen anything you really like?

7-Have you signed with any other brokerages or agents?

8-Have you narrowed your search down to a specific neighborhood, community, county?

9-What is important about the location/community where you live now?

10-Tell me about the home you are searching for?
bedrooms bathrooms any additional rooms how many floors what about the yard?

11-What must you have in your new home?

12-What should we avoid in a new home?

13-What is most important to you in buying the home?
Why?

14- Which is most important: price, or getting everything you want in the home?

15-What is most important about the agent who represents you?

16-When would you like to be in your new home?
17-What price range are you comfortable with?

18-Have you met with a lender yet? Who? What did they tell you?
How much are you putting down? Have you shopped the loan terms?

19-Is there anyone else involved in the home buying process?

20-I have asked so many questions…what questions do you have for me?

Question 5

Can a Realtor provide legal advice?

Accepted Answer

A Realtor can explain contract terms and strategy but cannot provide legal advice. For legal interpretation, consultation with an attorney is recommended.

Question 6

What is the difference between a mortgage broker and a mortgage banker?

Accepted Answer

Mortgage bankers and mortgage brokers can both offer you a loan, but the difference is in who they work for.

· A mortgage broker works with many different lenders, which can help when you're looking for different options and lower rates.

· A mortgage banker works for a financial institution that make loans directly to you, which may help you close more quickly.

Question 7

What should buyers expect during a home showing?

Accepted Answer

A thorough home showing is about more than simply walking through a property—it’s an opportunity to evaluate both the home and its surroundings carefully.

Whenever possible, the agent arrives before the buyer with a printed copy of the listing and a flashlight. The exterior is reviewed first, starting from the roofline down to the foundation and crawlspace. While not acting as a home inspector, the agent looks for visible items that might raise concerns later, such as missing shingles, flashing issues, cracks, vapor barrier concerns, window condition, chipping paint, or signs of wood rot.

Inside the home, attention is given to ceilings, nail pops, trim alignment, windows, drywall condition, flooring, uneven or raised areas, plumbing fixtures, countertops, and overall workmanship. Outdoor features such as decks are also observed, along with the condition of neighboring homes and the general feel of the community.

The surrounding neighborhood matters as well. Are neighbors outside? Do they greet you? The atmosphere of a community can say a great deal about daily living there.

While the agent is observing potential concerns, the buyer’s focus is different and equally important:
Does this feel like home?
Can I see my family living here?
Does this property meet our long-term needs?

After the showing, discussions typically take place outside the home to review observations, compare the property to others viewed, address concerns, and determine whether submitting an offer makes sense.

Buyers should also be aware that many homes today may have active audio or video recording devices during showings. It is best practice to assume conversations inside the property could be recorded and save detailed discussions for outside.

A thoughtful showing process helps buyers make informed, confident decisions.

Question 8

What is earnest money?

Accepted Answer

Earnest money is a good-faith deposit submitted with an offer. It demonstrates commitment and is applied toward the purchase at closing.

Question 9

What happens when an offer is submitted?

Accepted Answer

The seller may accept, reject, or counter the offer. Once both parties agree to all terms in writing, the contract becomes ratified and legally binding.

Question 10

What contingencies are common in a contract?

Accepted Answer

Typical contingencies include:

Financing approval

Home inspection

Appraisal

HOA or condo document review

Sale of the buyer’s current home (if applicable)

Question 11

Why is a resale home inspection important, and what should I expect?

Accepted Answer

A professional home inspection is one of the most important steps when purchasing a resale home. Without a thorough inspection performed by a qualified professional, neither the buyer nor the seller can fully understand what defects or issues may exist in the property.

During a home inspection, major components of the home are carefully evaluated, including the heating and cooling systems, structure, electrical, plumbing, and more. This comprehensive review helps you make an informed and confident purchase decision.

When selecting a home inspector, be sure to choose someone who is formally trained and certified by a recognized organization, such as the National Institute of Building Inspectors (NIBI®), and who has established credentials for competence and professionalism.

While some buyers may hesitate because of the cost, a home inspection should be viewed as an investment in your peace of mind. A professional inspection helps you:
Identify the systems and components in the home
Determine the condition of major systems and structural elements
Understand how the home’s systems function
Learn proper maintenance tips to protect and enhance your investment

Buyers are encouraged to attend the inspection whenever possible. This provides an opportunity to ask questions, learn how systems and appliances operate, and better understand the findings that will appear in the written report.

Finally, before closing, schedule a final walk-through of the property to confirm that agreed-upon repairs have been completed and that no new issues have arisen since the inspection—especially in areas that may have previously been hidden by furniture or storage.

Question 12

Do I need a home inspection for new construction?

Accepted Answer

es—an independent home inspection is strongly recommended, even for newly built homes. While local municipal officials conduct code inspections during construction, their reviews are limited in scope and time. A professional home inspection provides a more detailed and comprehensive evaluation to help ensure your new home is built properly and ready for move-in.
For new construction, two inspections are typically recommended:

1. Pre-Drywall Inspection (Rough-In Stage)
 This inspection takes place after the framing is complete and the windows, exterior doors, and roof have been installed—before insulation and drywall are added. At this stage, the home is considered “roughed in.”
A pre-drywall inspection allows the inspector to:
Evaluate the framing and structural components
Review plumbing and electrical lines before they are concealed
Confirm the home is properly constructed to protect against the elements
Identifying concerns at this phase allows issues to be addressed early—before walls are closed up.

2. Final Inspection (Complete Home Inspection)
 The final inspection is conducted once construction is complete and utilities are fully operational. This comprehensive evaluation reviews all readily accessible major systems and components, including:
HVAC
Electrical
Plumbing
Appliances
Structural and visible elements
During this inspection, receptacles are tested to ensure proper function, doors and windows are checked for smooth operation, and the attic is reviewed to confirm insulation has been properly installed. A detailed written report is provided outlining all findings.
A thorough new construction inspection gives you peace of mind, helps identify potential issues before closing, and ensures you can move into your new home with confidence.

Question 13

What does a home inspection cover?

Accepted Answer

A licensed inspector evaluates the home’s structure, systems, and major components. Buyers may request repairs or credits based on findings.

Question 14

What is a residential home appraisal and why is it required?

Accepted Answer

A residential home appraisal is an unbiased opinion of a property’s fair market value prepared by a licensed or certified appraiser. The appraiser is selected by the lender (not the buyer or seller) and the appraisal fee is typically paid by the buyer as part of the loan process.

Why is an appraisal required?
 Because the lender is providing the mortgage funds, it must ensure the property is worth the amount being financed. The appraisal protects the lender from lending more money than the home is worth. While buyers often hear that the appraisal protects them from overpaying—and it can—it primarily safeguards the lender’s investment as well.

Step-by-Step Appraisal Process
1. Appraiser Selection
 The lender orders the appraisal through a third-party licensed appraiser, often via an Appraisal Management Company (AMC). This third-party system was strengthened after the 2008 housing crisis to ensure appraiser independence and prevent undue influence.

2. Property Inspection
 The appraiser typically inspects both the exterior and interior of the home to:
Assess overall structural condition
Identify safety concerns
Confirm the number of rooms and square footage
Note upgrades or renovations
Take photographs for documentation
Appraisal requirements can vary depending on the loan type.
FHA loans require testing of utilities and appliances to ensure they are operational.
VA loans have similar property condition and safety standards.
Conventional loans may have fewer condition-specific requirements.

3. Comparative Market Analysis (CMA)
 The appraiser compares the home to recently sold properties in the area that are similar in:
Location (schools, amenities, transportation)
Size (square footage, bedrooms, bathrooms)
Condition (age, maintenance, renovations)
Current market trends
This comparison helps determine the home’s fair market value.

4. Appraisal Report
 The final report includes:
A detailed property description
Comparable sales data
The appraiser’s opinion of value
The appraiser may use the Sales Comparison Approach (most common for residential properties) or, in some cases, the Cost Approach, which estimates the cost to rebuild the home plus the value of the land.

5. Lender Review and Approval
 The lender reviews the appraisal to ensure it meets underwriting standards. If the appraised value is equal to or greater than the purchase price, the loan process moves forward.

Question 15

What if the appraisal comes in lower than the contract price?

Accepted Answer

Options may include:
Renegotiating the price
Buyer bringing additional funds
A compromise between buyer and seller
Contract termination (depending on terms)

Question 16

What is the difference between using an Attorney and a Title Company for closing?

Accepted Answer

From SHAHEEN LAW FIRM

The Benefits to using an attorney for your Real Estate Closing

Your lawyer is hired to protect you. He or she can advocate and negotiate on your behalf, give you legal advice, prepare a power of attorney, counsel you throughout the closing process, and protect your interest before, during and after the closing. Lawyers are bound to a code of ethics, Virginia State Bar regulated, and held to a higher standard of care than an employee of a lay settlement company or a lawyer employed by a lay settlement company.

Your real estate attorney can prepare, review, and interpret legal documents including but not limited to, contracts, addenda, mortgage loan documents, and surveys. A lawyer will ensure that documents are prepared correctly, look for unusual terms, clarify confusing language, and make certain that your transaction complies with Virginia law. Your closing attorney can answer your questions and offer legal advice throughout the closing process.

An experienced real estate attorney can resolve any title defects prior to closing and make certain that the property will transfer "free and clear." Your lawyer will perform a title search to ensure that the property is free of title problems. The lawyer will check for encumbrances and encroachments, as well as other specific issues, that may impede the future sale of the property or affect the future use of the property.

Lay Real Estate Settlement Agents cannot give legal advice or engage in the practice of law. No advice or service involving legal judgment can be provided by a Lay Settlement Agent. In most cases, the acts of explaining, advising, selecting, and interpreting, are considered "legal advice." If problems arise, a lay settlement agent will need to refer a customer to an attorney. This extra step can be expensive and time consuming and may delay settlement. Attorneys who work for non-attorney settlement companies (title companies, for example) are not authorized to provide legal advice to the parties to a transaction.

Buying a home is an important decision and a serious investment. You deserve a team of professionals dedicated to protecting your interest. There are expenses involved with buying a home in addition to the purchase price. The attorney's fee is one of the lowest costs associated with purchasing a home. You are likely making your greatest financial decision and most expensive purchase to date...closing without an attorney can be an expensive mistake.

Question 17

When is the loan officially approved?

Accepted Answer

Final approval occurs after underwriting confirms all loan conditions are satisfied. Timing varies—sometimes days before closing, sometimes earlier.

Question 18

What is the final walk-through?

Accepted Answer

Shortly before settlement, buyers revisit the home to confirm it remains in agreed condition and that negotiated repairs were completed.

Question 19

What happens on closing day?

Accepted Answer

Buyers sign final documents, funds are transferred, and ownership officially changes hands. Keys are typically released once settlement is complete.

Question 20

How are utilities handled?

Accepted Answer

A few days before closing. Schedule the turnover of utilities to your name. For your convenience, here are the applicable utilities for your new home:

There are the contact details for the common utilities buyers will need:
Electric Power: Dominion VA Power                                                                  1-888-667-3000
Gas (Chesterfield): Columbia Gas                                                                       1-800-543-8911
Water/Sewer (Chesterfield)                                                                                   1-804-748-1291
Gas (Henrico): City of Richmond Dept. of Public Utilities                         1-804-646-4646
Water/Sewer (Henrico)                                                                                            1-804-501-4275
Gas City of Richmond Dept. of Public Utilities                                               1-804-646-4646
Water/Sewer (City of Richmond                                                                           1-804-646-5131

Question 21

Should homeowners schedule inspections after they purchase their home?

Accepted Answer

Yes. Even after you’ve settled into a home you love, regular maintenance and periodic inspections are important. Just like appliances, home systems and components naturally wear down over time—and many issues develop out of sight.

Scheduling a professional home inspection every 3–5 years can help identify concerns early, avoid costly surprises, and allow you to budget for repairs or replacements in advance. A home inspector evaluates the property from top to bottom, including the roof, structure, HVAC systems, plumbing, electrical components, and more.

If you were satisfied with the inspector who evaluated your home during your purchase, consider contacting them again for consistency and familiarity with your property.

Additionally, if you chose to waive a home inspection during negotiations when purchasing your home, it is especially wise to schedule one now. Doing so ensures you fully understand the condition of your investment and can proactively plan for future maintenance.

Proactive care protects both the value of your home and your peace of mind.

Clear answers for home buyers