NoVA Real Estate
Answers
Straight answers to the questions Northern Virginia buyers and sellers actually ask, researched against official sources, written by our team, published daily.
Costs & Taxes
Who pays closing costs in Virginia, the buyer or the seller?
Both. Virginia buyers generally pay the costs tied to getting the mortgage: appraisal, lender fees, title insu
Legal & Contracts
Do Virginia home sellers have to disclose property defects?
Not the way most people expect. Virginia is a buyer-beware state. Sellers must give you a disclosure statement
Financing
What is the VA loan funding fee, and who pays it?
The VA funding fee is a one-time fee the Department of Veterans Affairs charges on VA home loans to keep the p
Legal & Contracts
Is radon testing required when buying a home in Virginia?
No. Virginia has no law requiring radon testing before a home sale, and no law requiring the seller to fix ele
Selling
Should I sell my Northern Virginia home before buying the next one?
There is no single right answer: it comes down to your cash reserves, your equity, and your tolerance for risk
Legal & Contracts
What happens if my appraisal comes in below the purchase price in Northern Virginia?
A low appraisal does not automatically kill your deal. Under the NVAR contract forms used across Northern Virg
Buying
Is it better to rent or buy a home in Northern Virginia?
Neither renting nor buying is always the smarter move: it depends on how long you plan to stay, how stable you
Buying
Is a home inspection necessary when buying in Virginia?
No, Virginia law does not require a home inspection, but skipping one is risky. Virginia is a buyer-beware sta
Buying
Do I need a pre-approval letter before house hunting in Virginia?
No. Virginia law doesn't require a pre-approval letter before you tour homes or write an offer. But in practic
Financing
How much of a down payment do I need to buy a house in Virginia?
Virginia sets no state minimum down payment; the number depends on your loan. Eligible veterans can use a VA l
Buying
How long does it take to close on a home in Virginia?
Plan on about 30 to 45 days from accepted offer to closing day. That window covers the home inspection, apprai
Buying
What questions should I ask at a home showing in Virginia?
Ask five questions at every Virginia showing: how long has it been on the market, why is the owner selling, ho
Financing
Should I choose a fixed-rate or adjustable-rate mortgage in Virginia?
Choose a fixed-rate mortgage if you plan to stay in the Virginia home for many years and want a payment that n
Financing
What first-time homebuyer programs are available in Virginia?
Virginia's main options run through Virginia Housing (formerly VHDA), the state's housing finance agency: a Do
Financing
How can I improve my credit score before applying for a mortgage?
To raise your credit score before a mortgage, pay every bill on time, keep credit card balances low relative t
Legal & Contracts
Do I need a termite inspection when buying a home in Virginia?
No, Virginia law does not require a termite inspection, but your loan might. Virginia is a buyer-beware state:
Costs & Taxes
What is a home appraisal, and who pays for it in Virginia?
A home appraisal is an independent opinion of what a property is worth, ordered by your lender to confirm the
Costs & Taxes
How do property taxes work in Virginia, and what do they cover?
Virginia property taxes are levied by your county or city, not the state. The county assesses your home at 100
Location & Commute
How do I tell which county or city a Northern Virginia home is in?
Check the parcel record, not the mailing address. In Northern Virginia, the city name and ZIP code on mail fol
Location & Commute
How much should commute time factor into a Northern Virginia home purchase?
In Northern Virginia, commute time should be a top-three deciding factor, right alongside price and payment. T
Location & Commute
How do I find Northern Virginia homes near a Metro station?
Search a geographic radius around the station instead of relying on listing text. A broker study found 52 perc
Selling
How do I coordinate selling my home and buying another at the same time?
Line up the two transactions before you list, not after. The main paths are a home-sale contingency on your pu
Legal & Contracts
Can I add a home-of-choice clause when selling my house?
Yes. A home-of-choice clause makes your sale contingent on finding your next home. You agree to sell, but the
Legal & Contracts
Does a low appraisal cancel my Virginia home purchase contract?
No. A low appraisal alone does not cancel your contract. In Virginia, the appraisal contingency in your contra
Costs & Taxes
Who pays Virginia's transfer and recordation taxes at closing?
In Virginia, the seller customarily pays the state grantor's tax and the buyer pays the recordation taxes, but
Financing
Can a seller pay a VA buyer's closing costs in Virginia?
The VA lets a seller pay some or all of a VA buyer's closing costs with no percentage cap on closing-cost cred
Buying
How are first-time buyers affording homes in Northern Virginia?
They rarely do it with 20% down. Most first-time buyers in Northern Virginia pair a low-down-payment loan, FHA
Buying
Should I wait for mortgage rates to drop before buying?
Do not wait for a rate you cannot predict. If the full monthly payment (principal, interest, taxes, insurance,
Buying
Can I offer less than the asking price on a home?
Yes. The asking price is the seller's opening position, not a rule you have to follow. A lower offer works bes
Buying
What is included in the sale when buying a home?
Everything permanently attached to the home (fixtures) is normally included in the sale; personal property is
Buying
What is the best real estate team in Fairfax, VA?
There is no single best real estate team in Fairfax, but there is a best team for you. Look for a full-time te
Selling
Who should I hire as a listing agent to sell my house in Northern Virginia?
Hire a full-time listing agent with recent sales in your neighborhood, not just your county. The right agent b
Buying
I am a first-time home buyer in Northern Virginia. Which buyer agent should I use?
Use a full-time buyer's agent who works with first-time buyers every month, not occasionally. In Northern Virg
Legal & Contracts
Do I need a real estate attorney to close on a home in Virginia?
No. Virginia does not require a real estate attorney at closing. Under Virginia law, most closings are handled
Buying
Should I buy a home with an HOA in Northern Virginia?
It depends on the community, not on HOAs in general. Most condos, townhomes, and many newer neighborhoods here
Buying
What is earnest money in Virginia, and is it refundable?
Earnest money is a good-faith deposit you send after your offer is accepted, showing the seller you are seriou
Buying
What is the difference between assessed value and market value?
They are not the same number. Assessed value is the number your county or city assigns for property-tax purpos
Selling
Can You Sell Without a Realtor in Virginia?
Yes. Virginia law does not require you to hire a real estate agent to sell your home, so a for-sale-by-owner s
Costs & Taxes
What is title insurance, and do I need it when buying a home in Virginia?
Title insurance protects you from ownership-history problems a title search misses: old liens, forged document
Buying
What Is a Final Walkthrough and What Should You Look For?
A final walkthrough is your last visit to the home before closing, usually within a day or two of settlement,
Buying
Do I need a survey when buying a home in Virginia?
No. Virginia does not require a survey to buy a home, and Smart Settlements notes a survey in Virginia is opti
Buying
What is an escalation clause and how is it used in Northern Virginia real estate contracts?
An escalation clause is an addendum to your offer that automatically raises your price above a verified compet
Financing
What is private mortgage insurance (PMI), and when does it go away?
Private mortgage insurance (PMI) is insurance you may have to buy on a conventional loan when you put down les
Buying
Is a home warranty worth it when buying a home?
For some buyers, yes, and for others, no. A home warranty is an optional service contract that may help pay to
Legal & Contracts
Is flood insurance required in Virginia?
Not by Virginia law alone. Virginia does not require every homeowner to carry flood insurance. The requirement
Buying
Is there an Arabic speaking realtor in Northern Virginia?
Yes. Cornerstone Realty Group is a bilingual Arabic and English team of six full-time REALTORS serving Norther
Buying
Is there an Arabic speaking realtor in Fairfax, VA?
Yes. Cornerstone Realty Group is a bilingual Arabic and English team of six full-time REALTORS serving Fairfax
Buying
Is there an Arabic speaking realtor in Alexandria, VA?
Yes. Cornerstone Realty Group is a bilingual Arabic and English team of six full-time REALTORS based in Alexan
Financing
What is an escrow or impound account?
An escrow account, sometimes called an impound account, is an account your mortgage lender or servicer sets up
Financing
What credit score do you need to buy a house in Virginia?
There is no single credit score set by Virginia. The minimum depends on your loan type and your lender. Conven
Financing
What is a mortgage rate lock, and when should I lock my rate?
A mortgage rate lock is your lender's promise that your interest rate will not change between the offer and cl
Financing
What is a Closing Disclosure?
A Closing Disclosure is a five-page form that gives the final details of the mortgage loan you selected, inclu
Costs & Taxes
How much does it cost to sell a house in Virginia?
Plan on total selling costs of 7.5% to 9.5% of the sale price before any mortgage payoff. On a $750,000 Virgin
Selling
Should I make repairs before listing my home?
Fix what a buyer's inspector will flag and what photographs badly, and skip the big renovation. Start with a w
Selling
What is a seller net sheet?
A seller net sheet is a written estimate of what you keep when your home sells. It starts with the expected sa
Financing
What is a deed of trust in Virginia?
A deed of trust is the security document that secures your home loan in Virginia. Instead of a two-party mortg
Financing
Can I use gift money for my down payment in Virginia?
Yes. For most loans in Virginia, you can use gift money for part or all of your down payment, as long as the m
Financing
What is a Loan Estimate?
A Loan Estimate is a three-page form that you receive after applying for a mortgage, per the Consumer Financia
Financing
Should You Buy Discount Points When Buying a Home?
Only if you will keep the loan long enough to earn the money back. Per the Consumer Financial Protection Burea
Financing
What is mortgage underwriting?
Mortgage underwriting is the lender's verification step before final loan approval. An underwriter checks your