Contemplating purchasing your new home in Annapolis?

Buying a home intimidates many people, but with a bit of planning ahead of time, it's not all that hard. So they'll understand exactly what to expect, I will furnish buyers with an outline of the entire deal. Below are my nine steps to buying a home. If you have questions about this information or if you're prepared to get started, just contact me here or e-mail me at .

Step 1 – Prepare to buy a home
There are a lot of things you need to take into account before you look for a home. You'll probably want to form an index of features you need, get a feeling for what neighborhoods you want to live in, and start planning your budget. Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good guideline to follow.

Step 2 – Get in touch with a real estate agent
This is where I can help. We'll set up a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Annapolis area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase today or in the future.

In addition, I'll assist you in getting started on your loan. Berkshire Hathaway Home Services PenFed Realty partners with some of the best mortgage professionals in Annapolis, so you're in great hands. They can assist you in determining which type of loan is best for you and help you get approved.

Step 3 – Begin your search
Following our initial meeting, I'll start looking for homes on the market that suit your needs. I'll get a sneak peek of most of the houses and reject the duds, and then we'll schedule appointments to view the houses whenever it's convenient for you.

When we tour homes, I'll point out positive features and bad ones. I'll even ask you what things you like and don't like. For the most part, buyers change their must-have list as we tour houses and some items become more essential than others. If that's the case, I'll look through the listings once again and trim it down to the home you've been wishing for.

Step 4 – Know the housing market
My awareness of the Annapolis market is a leading element in your house search. I am familiar with all the neighborhoods and schools, and I will let you know which districts are "hot" and call for immediate action and the ones that are "cold" and allow for careful examination.

When we tour houses, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be careful and be sure to ask lots of questions. Every real estate agent will convince you they know the market. If it seems like they don't know everything, call me at 410-647-8000 ext. 817 or e-mail me at , and I'd be glad to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire deal.

Step 5 – Find the home you've been looking for
I'm confident we'll find the house of your dreams in Annapolis. When we do, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies, such as getting financing, finishing the home inspection, and a clean title.

When we turn in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property. The amount is typically put towards the cost of closing. If the offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer. It's very common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.

Market circumstances determine 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 deal that works well for you.

Step 7 – Get your loan
After the contract is finalized, 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 need to stay in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender will need to close the loan.

Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) outlining closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of receiving your loan application. The estimate depends on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if it all looks good.

Then it's time to close on your house. This will probably take place at a title company or escrow office and will likely be a smooth and comfortable event.

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

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