Purchasing a home in Annapolis?
Buying a home is intimidating for most people, but with some planning ahead of time, it's not very complicated.
So they'll know exactly what they can expect, I'll give buyers an outline of the whole deal.
These are my nine steps to buying a home.
If you have any 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 plenty of things you'll want to contemplate before starting your home search.
When you begin your search, you'll want to make a list of features you want, get a feel for what neighborhoods and school districts you want to live in, and begin planning around your budget.
A good guideline to follow is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent
This is where I can help.
I'd like to book a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Annapolis area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Annapolis, and I work with a lot of them, so you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After our first meeting, I'll start finding houses on the market that are a good fit for you.
I'll research many of the houses and exclude the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
As we tour the homes, I'll call attention to positive features and bad ones. I'll even ask you to tell us about things you like and dislike.
Frequently, buyers update their wish list as we tour homes and some things become far more crucial than others.
If such is the case, I'll go back through all the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Understand the market
Your agent's knowledge of the Annapolis home market is a crucial factor in your house search. And I can assure you I'm informed of all the neighborhoods and school districts, and I can communicate some districts are "hot" and warrant immediate action and the ones that are "cold" and allow for careful analysis.
As we view houses, I'll be sure to tell you when the seller's list price has room for negotiation and also when I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions, as any REALTOR in Annapolis will tell you they understand the housing market.
If it seems like they don't know everything, contact me at 410-647-8000 ext. 817 or e-mail me at , and I'll be more than happy to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
I know we'll find the house of your dreams in Annapolis. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are acquiring financing, finishing the home inspection, and a clean title.
When presenting your offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer, and it's pretty common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Secure financing
Once the deal is complete, you'll start working with your lender to close the loan.
It shouldn't take long at all if you're pre-approved, but you'll want to keep in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender needs 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 receiving your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if it all looks good.
Then it's time to close on your house. This should happen at a title company or escrow office and is often a smooth and calm affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at 410-647-8000 ext. 817 or e-mail me at .