Buying or selling a home?

With a little up-front planning, buying a home isn't that complex, but the event intimidates a lot of people. I like to furnish buyers with an overview of the whole deal so they understand exactly what to expect. These are my nine steps to buying a home. When you're ready to get started, just contact me here or e-mail me at . I'm glad to answer questions you have regarding this information.

Step 1 – Prepare to buy
Before you start looking for a home, there are several things you'll want to consider. When you start your search, you'll probably want to make a list of features you want to have, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning around your budget. A good rule of thumb to go by is that your mortgage payment should be less than or close to 1/3 of your monthly income.

Step 2 – Communicate with a real estate agent in Annapolis
That's where I come in. I'd like to plan 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 plans for the future. We'll discuss everything from neighborhoods, schools in the Annapolis area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.

I'll also help you facilitate the loan process. I work with some of the best mortgage professionals in Annapolis, so you can rest assured that you're in great hands. They can assist you with figuring out which kind of loan is best for you and help you get qualified.

Step 3 – Begin your home search
After our first meeting, I'll begin looking for houses on the market that are good for you. I'll get a sneak peek of many of the houses and reject the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.

When we view the houses, I'll identify positive features, as well as negative ones. I'll also ask you to point out what things you like and don't like. It's common for buyers to revise their wish list as we view homes and some features become more crucial than others. If that happens, I'll go back through all the listings once again and trim it down to the home you've been wishing for.

Step 4 – Understand the housing market
Your agent's understanding of the Annapolis market is a fundamental factor in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I'll alert you to what districts are "hot" and warrant immediate action and some that are "cool" and allow for careful consideration.

When we tour 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." When working with an agent, be mindful and be sure to ask lots of questions, as every REALTOR in Annapolis will tell you they truly understand the market. If things don't add up, call me at 410-647-8000 ext. 817 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire process.

Step 5 – Find the home you've been looking for
We'll find your dream home in Annapolis, and when that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies, such as acquiring financing, finishing the inspection, and a clear title.

Upon submitting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is most often applied to 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
Unfortunately most contracts aren't closed on the beginning offer – it's really common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.

How aggressively we negotiate the deal depends on the state of the market. We'll also work within your financing constraints. And when it's all said and done, we'll compose a contract that's best for you.

Step 7 – Get your loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan. It shouldn't take much time at all if you're already pre-approved, but you should to stay in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of taking your application. The estimate rests on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.

Then we'll close on your home. This will likely take place at a title company or escrow office and should be a smooth and stress-free affair.

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