Purchasing a home in Annapolis

With some up-front planning, purchasing a home isn't very complicated, but the event can be stressful for a lot of people. So they understand exactly what to expect, I like to give buyers an overview of the entire deal. Below are my nine steps to buying a home. When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address questions you have about this information.

Step 1 – Prepare to purchase
There are many things you should consider before beginning your home search. When you begin your search, you'll probably want to put together a check list of features you want to have, get a plan of what school districts and neighborhoods you'd like to live in, and start working on your budget. Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule of thumb to adhere to.

Step 2 – Talk to a real estate agent
That's where I come in. I'd love to plan a time to meet with you and talk about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, schools in the Annapolis area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.

I can also help you start the loan process. Berkshire Hathaway Home Services PenFed Realty partners with some of the best mortgage professionals in Annapolis, so you can rest assured that you're in great hands. They will help you choose which kind of loan is best for you, as well as help you get qualified.

Step 3 – Start looking for a house
After our first meeting, I'll begin finding houses on the market that best suit you. I'll preview many of the homes and exclude the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.

As we view houses, I'll point out positive features, as well as negative ones. I'll also ask you to point out what things you like and dislike. For the most part, buyers change their wish list as we tour homes and some features become more substantial than others. If that's the situation, I'll go back through all the listings again and trim it down to the house you've been dreaming about.

Step 4 – Know the market
My knowledge of the Annapolis home market is a crucial aspect in your home search. I am informed of all the neighborhoods and schools, and I can alert you to certain neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for thoughtful analysis.

As we tour houses, I'll be sure to tell you when the list price has room for negotiation and also when I know the house is "priced to sell." When working with an agent, be mindful and be sure to ask plenty of questions. Every REALTOR in Annapolis will convince you they truly know the market. If it doesn't seem like they know everything, contact me at 410-647-8000 ext. 817 or e-mail me at , and I'll be happy to answer your questions. My market expertise will keep you a step above the rest throughout the entire process.

Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in Annapolis, and when we do, I'll carefully develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, carrying out the inspection, and a clean title.

When presenting your offer, you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property, and it's usually applied to the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.

Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And at the end of the day, we'll compose a deal that's best for you.

Step 7 – Get a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan. If you're pre-qualified, it won't be a long process at all. But you need to stay in close contact with your mortgage lender. And I'll handle all the property information your lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of receiving your loan application. This estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks good.

Then it's time to close on your house. This will most likely happen at a title company or escrow office and will most likely be a smooth and comfortable occasion.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at 410-647-8000 ext. 817 or e-mail me at .