Let Berkshire Hathaway Home Services PenFed Realty assist you in buying your new home in Annapolis
Buying a home is intimidating for a lot of people. However, with a little up-front planning, it's not too confusing.
So they'll understand exactly what to expect, I like to give buyers an outline of the entire deal.
These are my nine steps to purchasing a home.
Should you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you begin looking for a home, there are plenty of things you need to contemplate.
When you begin your search, you'll probably want to assemble an outline of features you want to have, get a feeling for what neighborhoods you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is around a third of your monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent
That's where I come in.
I'd be happy to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Annapolis area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I can also help you facilitate the loan process.
Berkshire Hathaway Home Services PenFed Realty partners with some of the finest mortgage professionals in Annapolis, so you'll be in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After we meet, I'll begin finding available homes on the market that meet your needs.
I'll preview many of the homes and throw out the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
As we tour houses, I'll point out positive features and negative ones. I'll even ask you to talk about things you like and don't like.
Frequently, buyers revise their must-have list as we view houses and some items become more important than others.
If that happens, I'll search the listings one more time and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
My understanding of the Annapolis home market is a necessary aspect in your home search. I'm informed of all the neighborhoods and school districts, and I'll communicate certain neighborhoods are "hot" and warrant immediate action and others that are "cool" and allow for thoughtful consideration.
When we view houses, I'll let you know when the asking price has room for negotiation and when I believe the house is "priced to sell."
Be mindful and make sure you ask plenty of questions, as any real estate agent in Annapolis will convince you they know the housing market.
If things don't add up, just call me at 410-647-8000 ext. 817 or e-mail me at , and I'll be happy to answer your questions. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find your dream home
We'll find your dream home in the Annapolis area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property, and it's often applied to the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer, and it's really common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Obtain a loan
Upon signing the contract, you'll begin working with your mortgage lender to close the loan.
It won't take much time at all if you've been pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) detailing closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most often take place at a title company or escrow office and should be a smooth and pleasant affair.
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 .