Blacksburg, VA Homebuyers' Workbook

712 N. Main St., Suite 301, Blacksburg, VA 540.961.9317 (Office) www.TheHudsonTeam.us All offices independently

owned & operated All offices independently owned & operated 712 N. Main St., Blacksburg, VA ● 540.961.9317

540.961.9317 (Office)

712 N. Main St. Blacksburg, VA 24060

www.TheHudsonTeam.us

[email protected]

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1. Meet Your Buyer’s Agent

2. Buyer’s Agent - Who Represents You

3. Pre-Qualification

4. Searching for Property

5. Contract to Close

Addenda A. Lenders

B. Closing Attorneys & Settlement Companies

C. Property Inspectors

D. Insurance Agents

E. Local Utilities, Schools & DMV’s

F. Local Movers

G. Buyer Agency Agreement

H. RVAR Purchase Contract


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A lifelong resident of the New River Valley, Carol enjoys

helping new residents discover all the area offers. Among

Carol's favorite attributes of the New River Valley are its

natural beauty, the diversity of available professional and

leisure activities; and the friendly small-town atmosphere

that persists even with the area’s exponential growth.

“It’s a wonderful place to call home!”

Having spent twenty years as a Real Estate paralegal and

manager of a Real Estate Settlement company, plus most

recently more than nine years in Real Estate sales, Carol

offers her expertise to buyers & sellers navigating the

often complicated process. From house-hunting to closing

and beyond, she provides caring, personalized service and

an energetic, can-do attitude. She invites you to take ad-

vantage of the current low interest rates and outstanding

local real estate opportunities! Contact Carol today!

Genia Perdue, The Hudson Team’s Closing Coordinator, has more than a decade of experience in coordinating the fine details of real estate closings with all parties involved. She will reach out to you shortly after a contract is in place in order to ensure a smooth transaction.

Genia Perdue Closing Coordinator

540.961.9317 [email protected]

Buyer’s Agent

REALTOR®, ABR


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By John Adams*

The topic of agency is important to you because it answers the most basic and fundamental question that can be asked of any real estate professional: Who do you represent in this transaction?

Until that question is answered, you may be left with the impression that all agents who work with buyers actually represent those buyers, and that you have somebody going to bat for you in this transaction.

Here's the scenario:

You meet a really nice agent at an open house named Bonnie. Even though Bonnie's house is not right for you, she tells you she has others to show you that fit your needs exactly. You spend an hour or so with Bon-nie looking at a half dozen homes and talking about your needs and your wants. During the course of the conversation, you volunteer that you have $100,000 cash to spend and that you will not go over $100,000 purchase price no matter what. Then you find the perfect house. Asking price is $100,000 but you decide to offer $92,500 based on recent sales in the area. During negotiations, the seller asks Bonnie directly how much cash you have and how high will you go? What does Bonnie say?

Here's the answer: Unless you have signed a "Buyer Agency Agreement" with Bonnie making her your buy-er agent, she is most likely acting as a sub-agent to the listing broker who represents the seller. If that is the case, she has a fiduciary obligation to the seller to disclose to him any information she has that might "promote or protect his interest" in the transaction. Guess what? Bonnie has that information.

The Seller, now having knowledge of your financial position, counters at a full $100,000. He knows you can afford it and that this price falls within your desired range. He also knows that you have seen a number of other homes and that his is the one you want.

Regardless of what eventually happens in this scenario, it can hardly be called an even playing field. So, how can you protect yourself from a possible disclosure required of a seller's agent?

1. Make sure that the agent you are working with has agreed, in writing, to represent you as a "Buyer's Agent." This will mean signing a buyer brokerage agreement in which you promise to work only with that particular agent for a specific period of time, often 90 days. It also means that you promise not to buy from anybody else, even FSBOs, without involving your buyer's agent. In almost every case, the commission will still come from the seller, but your agent must present the offer.

2. Never say anything to anybody - except your Exclusive Buyer’s Agent - unless you would be will-ing to have that information repeated into a seller's ear. Assume that everybody is working for a sell-er unless you have specifically retained them to work for you. It is your Buyer Agent's duty to protect confi-dential information so you should feel safe in sharing all of your details with your buyer ‘s agent.

*John Adams is a broker, investor and author on the subject of real estate. He is also a founder and Director of the Decatur First Bank, a full service community bank recently chartered in Georgia. Copyright © by Move, Inc.


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Two often confused terms in the home buying process are a mortgage loan pre-qualification and a home loan pre-approval. Even some loan officers and real estate agents will use the terms incorrectly, so here's what you really need to know about each one.

Pre-Qualification

A mortgage loan pre-qualification is simply an estimate of how much house you can af-ford and how much money a lender would be willing to loan you. The best time to get a pre-qualification is right at the beginning of your home buying process, before you even start looking at houses. This involves either sitting down with a lender or talking with one on the phone, and providing information on your income, assets, debts, and a potential down payment amount. The lender would then provide you with a ballpark figure in writing of how much he thinks you could afford to pay for a monthly mortgage. There is no cost involved and there is no commitment on either side. This estimate is just helpful in helping you figure out if buying a home is a viable option, and if so, what your price range would probably be.

Pre-approval

Getting pre-approved means that you have a tentative commitment from a specific lender for mortgage funding. In this case, you provide a home loan lender with actual documen-tation of your income, assets, and debts. This process typically requires an application fee as well, since the bank will run a credit check and work to verify all your employment and financial information. Once you are approved, the lender will give you a letter of commit-ment, stating how much money her bank is willing to loan you for a home purchase. With a pre-approval in hand you can start your shopping - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.

It is important to understand, however, that even a pre-approval is not a guarantee that you will be approved for a mortgage loan. The funding will only be given when the proper-ty appraisal, title search, and other verifications check out on the home you have chosen to buy. Neither is the pre-approval binding; you can still obtain a mortgage from a differ-ent lender. If you do stick with the same company that pre-approved you though, the appli-cation process will be much shorter once you find the right house.

Article from www.Mortgage101.com via this link http://www.mortgage101.com/article/mortgage-pre-qualification-vs-pre-approval

See Addenda “A”


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A few of decades ago when people wanted to search for property to purchase, they relied on newspaper & magazine ads, yard signs, and word-of-mouth tidbits until they contacted a realtor, an agent with access to information not eas-ily accessible by the public. Fast-forward a quarter of a century and today, the Internet provides many avenues to search for real estate via the MANY real estate websites competing for clicks.

However… Hudson Team Buyer’s Agents provide valuable property information & search tools NOT available via popular real estate websites, including:

property details such as how long properties have been listed, any changes in listing price, and more;

property history in the MLS (more than a decade worth of records are kept), including listing and closing prices from previous times the property was listed for sale in the MLS;

disclosures & documents on record (such as floor plans & plats; neighborhood covenants & restrictions, Home Owners’ Association information, relevant disclosures, and more)

your own private portal to the MLS, enabling you to search in real time, as soon as listings go “live” or are changed in the MLS. In contrast, most other real estate websites’ information is retrieved at intervals in batches from various sources nationwide, then processed to meet each website’s format, and then made “live” or changed or removed, sometimes days later.

With the irresistible personal power of the Internet at your fingertips, please be aware that real estate websites are

NOT created equal when it comes to the accuracy and timeliness of information provided, or fees charged in some

cases. Some sites, even wildly popular national real estate websites, provide chronically inaccurate or conflicting in-

formation due to incorrectly interpreting public real estate information, or not refreshing the data often enough. Some

websites (particularly those related to searching foreclosures, for example) lure you in advertising “free searching”,

and then try to charge you to view the search results.

The sites below include search tools that are generally satisfactory and free (or were at the time of publication):

● To search listings nationwide: http://www.Realtor.com

● To search foreclosures nationwide: http://www.HudHomeStore.com

● To search New River Valley MLS listings: either MLS portal (ask your Buyer’s Agent) www.NRVAR.com (click “Search Listings”) or http://www.TheHudsonTeam.us (click “Search Listings”)

● To search real estate property tax assessments for Montgomery County, Virginia:

http://realestate.montva.com

● To search real estate property tax assessments for Giles County, Virginia:

http://quicksearch.webgis.net/search.php?site=va_giles&search_id=owner

● To search real estate property tax assessments for Radford, Virginia:

http://www.radford.va.us/radford-living/mapsgis/mapsgis-home.html

● To search Roanoke area MLS listings: http://www.RVAR.com (click “Property Search”)

Contact your Buyer’s Agent for resources and assistance in searching for property; to schedule showings at your convenience; or for your agent to search local and/or historical sales data

for properties comparable to those you find desirable ,as one means of evaluating listing prices.


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Make application with the lender you have chosen

Select closing attorney (See Addenda B)

Schedule the Home Inspection and Radon Inspection (if applicable) (See Addenda C)

Review Home Inspection with Buyer’s Agent and prepare amendment for repairs, if needed

Genia, our Closing Coordinator, will send you an engagement email with the following information/questions:

What closing date & time do you prefer with the Closing Attorney/Settlement Company you’ve chosen?

Acknowledging the lender you have chosen

What homeowner’s insurance agent you will be using? (See Addenda D)

Correct spelling for all names to appear on the dead

Do you anticipate on using the moving van offered by our team?

Remind you of the utilities to be transferred to your name on the closing date. (See Addenda E)

Genia will contact the Closing Attorney/Settlement Company to schedule the closing

The Closing Attorney/Settlement Company will contact you to discuss title information and other closing details

Once the loan is approved and the title search is completed, we will schedule the final walkthrough of the property

Your Attorney/Settlement Company will notify you of the amount of funds needed for closing (Certified check or a wire transfer is typically what is accepted)

It is time for the closing! All the lender documents will be signed and the deed will transfer ownership of the property to you. The keys are typically handed to the buyer at the closing table.


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Call me today.

Addenda A

www.embracehomeloans.com/david-shelor


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Addenda B

Arthur V. Shaheen, a resident of Blacksburg, has 25 years of experience in litigation, real estate transactional work, and associated civil law. A former U.S. Marine, Arthur graduated from the College of William and Mary (B.A. Philosophy 1985) and the University of Richmond’s Law School (J.D. 1988). He is certified under CRESPA and is a member of the Virginia Trial Lawyers’ Association (VTLA), the Virginia Land Title Association (VLTA), the Virginia State Bar Real Property Section, the Montgomery County Bar Association, the Blacksburg Rotary, and is an affiliate member of the New River Valley Association of Realtors. He has served as a member of the Council, Vir-ginia State Bar (1998-2003), and as a member of its Client Protection Fund Board. He is admitted to practice before all Virginia based state and federal courts, including the U.S. Fourth Circuit Court of Appeals. Arthur can be reached via: 540.552.3390 (office) or 540.808.7508 (cell) or [email protected].

Danielle J. Wang, a native of Blacksburg, is an associate attor-ney with The Shaheen Firm, P.C. She received a B.A. in English Literature from the University of Virginia and J.D. from Wake Forest University School of Law. Danielle acquired impressive experience in the legal field during her law studies and upon graduation. She interned at Li Feng Law Firm in Wuhan, China during her second year of law school, where she worked with international trade regulations. She also interned

with an immigration attorney in North Carolina during her third year of law school. Most recently, she served as in-house counsel for a tech startup in Blacksburg.

Danielle is fluent in Mandarin Chinese. She is certified under Virginia law (CRESPA) as a real estate settlement agent and concentrates her practice in real estate, traffic and criminal law. Danielle can be reached via: 540.552.3390 or [email protected].

Sabrina A. Price, a Christiansburg native and 1996 graduate of Christiansburg High School, serves as a real estate paralegal and Staff Manager for The Shaheen Firm. Before coming on board, Sabri-na attended Radford University and worked for five years with a local real estate brokerage performing a wide variety of support tasks for the agents. Sabrina can be reached via 540.552.3390 or [email protected].

http://www.usamls.net/newrivervalley/

http://www.usamls.net/newrivervalley/

mailto:[email protected]


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Addenda C


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Addenda D

Chris Turman 1500 N. Main St., Blacksburg, VA

540.953.2300

[email protected]

John R. Beasley 2001 S. Main St., #104, Blacksburg, VA

540.953.2722

[email protected]

Kelly Shelton (540) 381-6358

223 Central Ave., Suite A

Christiansburg, VA 24068

Shelton Insurance & Financials Inc.

Christy Brown 540.552.533

[email protected]

100 Hubbard St. Suite A, Blacksburg, VA

Brandon Semones 1995 S Main St., Colony Park, Suite 901 Blacksburg, VA

540.953.2300

[email protected]

Dan Carper 210 Professional Park Dr. SE

Suite 14

Blacksburg, VA 24060

Phone: (540) 953-2383

13 Radford St

Christiansburg, VA 24073

Ph: 540.382.4277

http://www.allstate.com/


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Electric Services

American Electric Power:

800-956-4237

City of Radford Services:

540-731-3602

Virginia Tech Electric:

540-231-6437

Natural Gas

Atmos Energy:

888-286-6700

Water and Sewer Blacksburg:

540-961-1142

Christiansburg:

540-382-9519

Radford:

540-731-3624

Dublin:

540-674-4731

Pulaski:

540-994-8653

Montgomery County:

540-382-6930

Pulaski County:

540-674-8720

Giles County:

540-639-2575

Floyd County:

540-745-2169

Cable, Satellite & Internet

Comcast:

800-266-2278

Jet Broadband:

877-743-8538

Giles-Craig Communications:

540-544-2288

NTC Communications:

888-201-8420

540-961-6154

DIRECTV

800-341-4839

Dish NetworK

888-243-3747

Telephone/DSL Companies

Verizon:

800-922-0204

Citizens Communications (Floyd):

540-745-2111

NTC Communications:

888-201-8420

540-437-4200

Pembroke Telephone Coop:

540-626-7111

Dept. of Motor Vehicles

Christiansburg:

804-497-7100

Pulaski:

866-368-5463

Public School Boards

Floyd County:

540-745-9400

Giles County:

540-921-1421

Montgomery County:

540-382-5100

Pulaski County:

540-994-2550

Post Offices

Blacksburg:

540-552-2751

540-951-3034

Christiansburg:

540-382-8584

540-382-7147

Draper:

540-980-4580

Dublin:

540-674-5301

Floyd:

540-745-4456

Pulaski:

540-980-4500

Radford:

540-639-3531

540-831-5045

Addenda E


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Addenda F

For your convenience we have compiled a list of moving companies who will serve locally and/or nationally:

LOCAL COMMERCIAL MOVERS

Barrows Business 540-381-1884

New River Valley Rent All 540-980-7510

Southwest Virginia Moving & Storage

Mark Hall - 540-769-2090 (Office) 540-354-2506 (Cell) [email protected]

NATIONWIDE MOVERS

Clinton's Transfer 800-237 -4415

Collegiate Movers 866-992-1414

Dunmor Moving 800-868-2369

Edward's Transfer 540-921-4409

Lawrence Transportation 540-649-2536

Packaging Store 866-629-7225

Premier Transfer 800-634-8573

Starving Students 800-309-9579

NATIONWIDE & INTERNATIONAL

Pitzer Transfer 800-334 -0064

The above mentioned contacts are either from the yellow pages or local flyer advertisements as a courtesy for you. RE/MAX is not affiliated with any of the above companies.

Blacksburg, VA Homebuyers' Workbook

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Transcript of Blacksburg, VA Homebuyers' Workbook