Home Buyer’s Guide
MeettheTeam
DISTRICT RESIDENTIAL GROUP
Alexandra Williams
Molly Branson
Jocelyn Vas
Melinda Schnare
Dina Thomas
Kam Caraos
Coordinator
MEET YOUR AGENT: ALEXANDRA WILLIAMS
As a native Washingtonian and former music lobbyist, I bring a unique blend of hometown insight and advocacy experience to my work as a REALTOR®. Before joining District Residential Group, I spent nearly a decade championing music creators at organizations including the GRAMMYs and Universal Music Group. Now, I channel that same passion into helping clients navigate real estate advocating for their best interests every step of the way.
With years of experience in high-stakes corporate and political environments, I’m no stranger to complexity and am committed to making your home buying experience feel clear, manageable, and even fun!
When I’m not working, I’m likely catching a live show, exploring DC’s vibrant food scene, or walking my dog, Teddy, along the SW Waterfront.
I can’t wait to connect and help you find a place you ’ re proud to call home!
The HomeBuyingProcess
PHASE 1
PHASE 2
PHASE 3
Initial Meeting with an Agent
Find a Lender
Setup a Search Secure Pre-Approval
Tour Homes
Ratify the Contract Make an Offer Send the EMD Inspect the Home
PHASE 4 Finalize your Loan
Get Homeowners Insurance
Schedule Transfer of Utilities
PHASE 5
Final Walk Through Closing!
HOW MUCH CAN YOU AFFORD?
As a rule of thumb, lenders recommend a purchase price of no more than 3-5 times your annual household income.
GET PRE-QUALIFIED & PRE-APPROVED
The first time you talk to a lender, you’ll typically only provide some insight into your finances, such as income and savings.
When you get pre-approved, you’ll provide your lender with W-2 statements, paystubs, and bank account statements. This is when a credit check will also take place.
Be sure to talk to your lender about different loan types (conventional, FHA, VA, etc.), grant programs, and down payment options to determine a plan that works best for you.
TOUR HOMES & WRITE OFFER
This is the fun part! We will tour homes until we find the right one for you. If we clearly define your wants and needs upfront, we may find the right home fairly quickly.
Once we ’ ve found a property you love, we’ll present the seller with a strategic offer based on current market data and comparable homes in the neighborhood. The offer may be negotiated until we come to an agreement on terms.
EARNEST MONEY DEPOSIT
An earnest money deposit (EMD), which typically ranges between 1-5% of the offer price, shows a seller you ’ re committed to buying the home. It serves as a financial safeguard in case a buyer defaults on the contract. The higher the EMD, the stronger the offer.
These funds, sent 3-5 days after contract ratification, are held in an escrow account managed by a neutral third party, usually a title company, and are applied toward the down payment or closing costs at settlement.
HOME INSPECTION
Home inspections can be conducted before an offer is made (in a competitive scenario) or after an offer has been accepted. Typically they’ll take place within a week of ratification.
Depending on contract terms, you’ll either have the option to negotiate on price/repairs or back out of the deal entirely.
THE APPRAISAL
Typically, the lender will order an appraisal for you and will add the cost of the service to closing, although sometimes this can be charged upfront. A licensed appraiser will inspect the property to come up with an estimate of the home’s value.
Appraisals are done to back up the lenders investment in the property, and to protect you from overpaying for a home.
FINAL COMMITMENT LETTER
Once you ' re approved for a loan, the lender will provide you with a final commitment letter that specifies the loan term agreement, APR, and monthly costs to repay the loan.
This letter will also included any conditions that are to be met and additional documents that will be needed.
CLOSING
The final step of the home buying process is known as closing or settlement. This is when the purchase of your new home is finalized, your loan is issued, and property ownership is transferred. Before heading to closing, we’ll do a final walkthrough of the home to ensure it’s in proper condition and confirm the seller has fixed any issues (if applicable).
CLOSING COSTS
Typically 3-5% of the purchase price, costs can include:
Loan origination fees
Title insurance
Home inspection
Appraisal fee
Homeowner’s insurance
Recordation tax
Pre-paid property taxes
WHAT TO EXPECT
You will meet with an escrow officer to review and sign all your loan documents. The three main documents are your mortgage, promossory note, and a closing disclosure. Budget 30 minutes to an hour for closing.
WHAT TO BRING
A government issued ID Certified Funds
Any additional documents required by title company
POST CLOSING
You’ll receive copies of all closing documents, which you’ll need to keep for tax purposes and you’ll be handed the keys to your new home! Congratulations!
IMPORTANT REMINDER
AVOID THESE MISTAKES BEFORE CLOSING
MAKING A BIG PURCHASE
Making a big purchase, such as buying a new car, can change your debt-to-income (DTI) ratio, which the lender calculates to approve your loan.
OPENING NEW CREDIT
Before opening new lines of credit, speak to your lender to get their approval, as this also affects your DTI ratio.
MISSING PAYMENTS
It's important that your credit score doesn’t dip before closing. Ensure all payments are made on time to avoid lowering your score and potentially invalidating your loan.
QUITTING YOUR JOB
This goes without saying, but do not quit your job while under contract! Lenders need to know you have a stable source of income and are able to pay back their loan. They will always re-verify employment prior to closing.
*If you make any of the above mistakes and subsequently become ineligible for your loan, you may be in default of your contract and at risk of losing your EMD *
