Questions I Hear From Buyers and Sellers
Straight answers to the things clients actually ask, before we ever get to a contract.
How much do I need for a down payment in Virginia?
It depends on the loan type. Conventional loans often start around 3 to 5 percent down, FHA loans allow as low as 3.5 percent, and eligible VA borrowers can often put zero down. Your actual required amount also depends on your credit and the lender’s specific program.
What’s earnest money, and do I get it back?
Earnest money is a deposit you put down when your offer is accepted, showing you’re serious about the purchase. It’s held in escrow and applied toward your purchase at closing. If you back out for a reason your contract protects, like a failed inspection contingency, you typically get it back; if you back out outside your contingencies, the seller may be entitled to keep it.
How long does it take to close on a home in Virginia?
A typical closing timeline runs 30 to 45 days from an accepted offer, mainly driven by how long your lender needs to finalize underwriting. Cash purchases can close faster, sometimes in one to two weeks, since there’s no loan to underwrite.
Do I need a home inspection if the seller already disclosed everything?
Yes. Virginia’s seller disclosure form generally does not guarantee the property is free of defects, it mainly covers a specific, legally required list of items. A professional inspection is the main way you actually find out the condition of the home before you’re locked in.
How is a short-term rental purchase different from a regular home purchase?
The property itself might look the same, but the first question is whether short-term rental use is even allowed there, based on current local zoning, permits, and any HOA rules. That check should happen before you make an offer, not after you own it.
What does it cost to use a buyer’s agent?
In most transactions, the buyer’s agent fee is paid through the transaction rather than billed directly to you as a buyer, so working with dedicated representation typically doesn’t add an out-of-pocket cost. Ask your agent to walk through exactly how compensation works on your specific transaction.