Purchasing a new home in Annapolis?

Buying a home can be stressful for a lot of people. However, with a bit of planning ahead of time, it's not that confusing. So they understand exactly what to expect, I like to provide buyers with an overview of the whole deal. These are my nine steps to purchasing a home. If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at .

Step 1 – Get ready to purchase
There are many things you should consider before you look for a home. You'll want to assemble a list of items you want to have, get an idea of what neighborhoods and school districts you'd like to live in, and begin planning around your budget. Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good guideline to go by.

Step 2 – Talk to a real estate agent
This is where I come in. I'd love to arrange a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Annapolis area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.

In addition, I'll assist you with getting started on your loan. There are some great mortgage professionals in Annapolis, and I work with a lot of them, so you'll be in great hands. They can help you choose which type of loan is best for you, as well as help you get qualified.

Step 3 – Start house-hunting
After our initial meeting, I'll begin searching for available homes on the market that are good for you. I'll preview many of the homes and exclude the duds, and then we'll schedule appointments to view the houses when it's convenient for you.

When we view the houses, I'll point out positive features and bad ones. And I'll ask you to point out what things you like and dislike. It's widely common for buyers to amend their must-have list as we tour houses and some features become far more necessary than others. If that happens, I'll look through all the listings once more and trim it down to the house you've been dreaming about.

Step 4 – Understand the housing market
An agent's knowledge of the Annapolis home market is a leading aspect in your house search. And I assure you I'm mindful of all the school districts and neighborhoods, and I will alert you to some neighborhoods are "hot" and warrant immediate action and some that are "cool" and allow for careful consideration.

When we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell." Every real estate agent will convince you they know the housing market, but keep an eye out, and be sure to ask your agent plenty of questions. If things don't add up, contact me at 410-647-8000 ext. 817 or e-mail me at , and I'll be happy to answer your questions. My understanding of the market will keep you a step above the rest throughout the entire process.

Step 5 – Find the home you've been waiting for
I'm confident we'll find the home of your dreams in Annapolis. When we do, I'll thoroughly create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are obtaining financing, carrying out the inspection, and a clean title.

When presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property. The amount is most often put towards the closing costs. If your offer is accepted, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's really common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.

The state of the market will play a part in how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a deal that is best for you.

Step 7 – Secure financing
After the contract is finalized, you'll start working with your mortgage lender to close the loan. It won't take long at all if you've been pre-qualified, but you need to stay in close contact with your lender. And I'll manage all the property information your lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your loan application. This estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy, and I'll review the estimate and let you know if it all looks adequate.

Then it's time to close on your house. This should occur at a title company or escrow office and will probably be a smooth and easygoing occurrence.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 410-647-8000 ext. 817 or e-mail me at .

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