When we began this adventure to become Washington Fine Properties more than 25 years ago, our goal was to form a firm unlike any other real estate firm we knew of in America. Not another “also-ran” real estate agency, but a professional services firm whose vertical just happened to be real estate.
To sum it up, we believe in positive energy, and we believe in change. It’s all about serving you better. Market reach is critical, but bigger, whether in terms of sales volume or agents, is not always better, or more efficient. We have chosen the opposite path. Inspired nimbleness. Here’s to inspired nimbleness in this virtual age. We look forward to serving you!
A firm comprised of the most accomplished agents, each highly respected in the communities we serve.
Record performances in all price ranges as well as by neighborhood.
Networking, information sharing, pricing-confirmation tours, and weekly company-wide agent meetings.
Four dedicated, non-selling principals devoted to providing unwavering support to our agents.
Cutting-edge, highly effective, and tailored specifically to your property.
Proven and tested, we have you covered locally, regionally, nationally, and internationally.
Displayed company-wide in all aspects of our business.
As a licensed real estate professional, a Realtor® provides much more than just helping you find your ideal home. Realtors® are expert negotiators with other agents and superb navigators around the local neighborhoods. They are members of the National Association of Realtors® (NAR) and must abide by a Code of Ethics and Standards of Practice enforced by the NAR. A professional Realtor® is an invaluable resource when buying a home.
Home sales involve two parties, the seller of the property and the buyer of the property. All Real Estate Boards require licensed professionals to clearly identify “whom they represent” in the transaction, meaning they have a fiduciary responsibility to protect the best interest of that particular party in the transaction. Your buyer’s agent pledges their loyalty to you and will ask you to sign a Buyer Agency Agreement that clearly defines their commitment to you. Without buyer representation your agent is a sub-agent of the seller and you are “on your own” to represent yourself in the transaction.
WFP agents are excellent sources for “bringing you home.” They know the market, the buying process, and all the constituent players, and bring a high level of expertise in all areas of real estate for your benefit.
WFP agents can save you time, frustration, and money. Being licensed experts in the housing market, they assist in determining values and ensure the process is focused and efficient, so you can avoid the “wild goose chase.”
Your WFP agent will assist you in the lending process and help you understand pre-qualification, down payments, closing costs, mortgages, etc., and direct you to a list of the best lenders in the area.
The buying process has many different steps. It is not simply a matter of finding a house, writing an offer, taking money to closing, and moving in.
There are many important steps in the process. Listed here are the most important ones. At WFP our job is to orchestrate the successful execution of each step, as appropriate.
There are four factors to consider:
The Principle on the loan (P)
The Interest on the loan (I)
Property Taxes (T)
Homeowner’s Insurance (I)
Your total monthly PITI and all debts (from installments to revolving charge accounts) should range between 33-38% of your gross monthly income. These key factors determine your ability to secure a home loan: Credit Report, Assets, Income, and Property Value.
Makes you stand out in a competitive market
Allows you to position yourself for success
Reduces surprises
Helps you refine your search
Once you have a ratified contract, what happens between now and the time you legally own the home? A Title Company will handle the following items.
What taxes are owed on the property? The Title Company contacts the various taxing authorities.
Copies of documents are gathered from various public records: deeds of trust, various assessments, matters of probate, chain of title, divorce, and bankruptcy are addressed, as applicable.
Verification of the legal owner and debts owed.
A settlement company oversees the closing of the transaction: seller signs the deed, you sign a new mortgage, the old loan is paid off, and the new loan is established. Seller, Realtors, attorneys, surveyors, title company and other service providers for the buyer are paid. Title insurance policies will then be issued to you and your lender. Your WFP Agent will be in constant communication with the title company to ensure that you are on schedule for the entire transaction.
There are two types of title insurance:
Title agents search public records to determine who has owned any piece of property, but these files may not reflect irregularities that are almost impossible to find. Here are some examples: an unauthorized seller forges the deed to the property; an unknown, but rightful, heir to the property shows up after the sale to claim ownership; conflicts arise over a will from a deceased owner, or a land survey showing boundaries of your property is incorrect.
For a one-time charge at closing, title insurance will safeguard you against problems including those events an exhaustive search may not reveal.
Here are some important questions you should ask your WFP Agent and why you should ask them.
Buying a home could be the largest single investment you will ever make. To minimize unpleasant surprises and unexpected difficulties, you’ll want to learn as much as you can about the newly constructed or existing house before you buy it.
A home inspection may identify the need for major repairs or builder oversights as well as educate you on areas of maintenance to keep it in good shape. One or more professional inspectors should look for defects or malfunctions in the building’s structure, such as the roof, plumbing, electrical, air conditioning and heat, ventilation, appliances, general structure, foundation, and pest infestation or dry rot and similar damage. After the inspection, you will know more about the house, which will allow you to make decisions with confidence.
Your home inspection is not designed to criticize every minor problem or defect in the home. It is intended to report on significant damage or serious problems that require repair. If the inspector finds any potentially serious problems, he may recommend that you have a professional from that specified field inspect the situation.
A home cannot “pass or fail” an inspection, and it is not the inspector’s role to indicate whether they think the home is worth the money you are offering. The inspector’s job is to make you aware of repairs that are recommended or are required.
The seller may be willing to negotiate completion of repairs or, if the contract allows, negotiate a credit for completion of repairs, or you may decide that the home will take too much time and money. With a professional inspection, you will have the information that you need to make that decision.
In choosing a home inspector, look for one who has been certified and qualified as an experienced member of a trade association.
You, as the buyer, should be present at your home inspection. It will allow you to understand the inspection report clearly and know which areas need attention. Plus, you can get answers to any questions, tips for maintenance, and general information that will help you once you acquire your new home. Most important, this is an opportunity for you to see the home through the eyes of an objective third party.
When you apply for a mortgage, you will need to provide information regarding your income, expenses and obligations. It will save time for you to have the following information available:
Two most recent pay stubs
W2s from the last two years
Federal tax returns from the last two years
Bank statements from the last two months
Long-term debt information (credit cards, student loans, child support, auto loans, installment debt, etc.)
Do you have blemishes on your credit report? Some lenders will work with you to find a credit solution. They have special programs and financing options that allow you to get a mortgage even with minor credit blemishes. However, it is in your best interest to keep your credit report in good standing.
Here are some helpful hints for your credit report:
Answers to these financial questions will help you get a basic understanding of the financing process. Of course, your WFP agent will assist you in finding all the information you need to know to make a sound decision on the purchase of a new home.
Q: What is the difference between “pre-qualified” and “pre-approved?”
A: A pre-qualification consists of a discussion between the buyer and a loan officer. The loan officer collects basic information regarding the customer’s income, monthly debts, credit history, and assets, then uses the information to calculate an estimated mortgage amount for the home buyer. The pre-qualification is not a full mortgage approval, but estimates what a home buyer can afford.
A pre-approval is a comprehensive approach using basic information as well as electronic credit reporting. Pre-approvals in most cases are true mortgage commitments. The lender commits to financing your home and indicates the total mortgage amount available to you.
Q: What types of mortgage products are offered?
A: Currently, there are numerous different mortgage products available, including but not limited to:
All mortgage products have their own benefits and disadvantages. Talk with your financial institution to discuss which product is best for you.
Q: How long does it take to process a mortgage application?
A: Usually 14-30 days, although it can be as few as 7 and as long as 45 for some transactions. The actual time depends on how quickly the lender can get an appraisal of the property, as well as complete application documentation.
Q: What documentation will I have to provide?
A: Be prepared to provide verification of income (pay confirmation and recent tax returns), bank statements, and details on all debts. If you’re self-employed, you may also be required to provide financial statements for your business.
Q: Could anything delay the approval of my loan?
A: If you provide the lender with complete, accurate information, then everything should go smoothly. You may face a delay if the lender discovers credit problems, such as history of late payments or non-payment of debts, or a tax lien. You may then be required to submit additional explanations or clarifications.
You should also be sure to notify your lender if your personal or financial status changes between the time you submit an application and the time it is funded. If you change jobs, have a change in salary, incur additional debt, or change your marital status, let the lender know promptly.
You may also be delayed if the home you selected appraises lower than the agreed-upon purchase price.
Q: What’s included in my house payment?
A: Interest and/or principle on your loan. Depending on the terms of your loan, the payment may also include homeowner’s insurance, mortgage insurance, and property taxes.
Q: Can I pay those other items separately?
A: Not if it’s a VA or FHA loan. With most other loans, you can pay your own taxes and insurance if you borrowed no more than 80% of the purchase price or appraised value of your home. Check with your lender to be sure.
Q: What do closing costs include?
A: Closing costs cover processing and administration of your loan. In addition to a loan fee, you’ll usually be asked to prepay interest charges, to cover the partial month in which you close, as well as impounds for property taxes, hazard insurance, and mortgage insurance.
Q: What do closing costs include?
A: Closing costs cover processing and administration of your loan. In addition to a loan fee, you’ll usually be asked to prepay interest charges, to cover the partial month in which you close, as well as impounds for property taxes, hazard insurance, and mortgage insurance.
Q: When do my mortgage payments start?
A: Usually about 30 days after closing. The actual date of your first payment will be included in your closing documents.
A home appraisal is an unbiased report on the value of a house in the fair market, performed by a trained and licensed individual. Appraisals are needed to ensure the homebuyer, the home seller, and the mortgage lender receive the accurate and true value of the real estate.
In residential property transactions, you choose your lender, but you cannot choose your appraiser. Instead the appraiser must be chosen by your lender to provide a level of independence from the buyer and seller.
In order to ensure that appraisals are impartial, the Appraisal Independence Requirements, or AIR, prohibits a lender’s loan production staff from having direct contact with—or influence upon—any appraisers.
To reduce the risk of violating AIR, many lenders now hire appraisers via appraisal management companies. These companies work with many residential appraisers in order to cover a more diverse housing market and to reduce the risk of improper influence.
There are several steps taken by an appraiser to determine a property’s value, which include visiting the property in person and reviewing recently completed sales of comparable homes. The data gathered by the appraiser during this process is combined and presented to you in a final report of value.
The in-person part of an appraisal often takes over an hour, depending on the home’s size. The appraiser will measure the property’s square footage, check the number of bedrooms and bathrooms, and compare the findings with housing data provided by local county records to ensure accuracy.
The appraiser also will check the status of the major systems and structure of the house. During a viewing, appraisals usually answer questions such as:
Appraisers will account for many home improvements and upgrades as well. This is perhaps the most confusing area for new buyers and sellers, due to the fact that remodeling and other home upgrades may not have universal value.
For example, a new roof will be desirable to nearly any buyer, but the costs and upkeep of a swimming pool may not be. It’s advisable to put in some research before you begin a home remodeling project to ensure your investment is worthwhile.
The next step is for the appraiser to look at comparables, often referred to as “comps.” Comparables are similar homes that have recently sold in the general area or even that specific neighborhood. Appraisers look for houses that share similar characteristics with the subject property, such as size, age, and architectural style. Comps typically only include homes listed and sold within the past three to six months.
The last step in the home appraisal process is preparing a final report of value. This report will provide you and your lender with a complete property analysis. It will also outline how the appraiser calculated your home’s worth. Typically, the final report of value will cover the following items:
A “closing,” or settlement, is where buyers and their agent meet with some or all of the following individuals: the Seller, the Seller’s agent, a representative from the lending institution, and a representative from the title company, in order to transfer the property title to you. The Sales Contract you signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property title and keys will occur.
If financing the property, your lender will require you to sign a document, usually a promissory note, as evidence that you are personally responsible for repaying the loan. If applicable, you will also sign a mortgage or deed of trust on the property as security to the lender for the loan. The mortgage or deed of trust gives the lender the right to sell the property if you fail to make the payments. At closing, you will be required to pay all fees and closing costs in the form of “guaranteed funds” such as a cashier’s check. Your agent or escrow officer will notify you of the exact amount at closing
An escrow account is a neutral depository held by your lender for funds that will be used to pay expenses incurred by the property, such as taxes, assessments, property insurance, or mortgage insurance premiums that fall due in the future. You will pay one-twelfth of the annual amount of these bills each month with your regular mortgage payment. When the bills fall due, the lender pays them from the special account. At closing, it is usually necessary to pay enough into the account to cover these amounts for several months, so that funds will be available to pay the bills as they fall due.
Real Estate Glossary