Buying or selling a home in Maryland? Remax Components can help.
Purchasing a home is intimidating for most people, but with a little planning ahead of time, it isn't very complex.
I like to furnish buyers with an overview of the whole deal so they understand exactly what they can expect.
These are my nine steps to buying a home.
Should you have questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy
There are a lot of things you'll want to do before beginning your home search.
When you start your search, you'll probably want to assemble a list of features you want, get a feel for what school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your monthly income is a good rule to go by.
Step 2 – Connect with a real estate agent
That's where I can help.
I'd like to arrange a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Maryland area.
I can also assist you with getting started on your loan.
Remax Components partners with some of Maryland's finest mortgage professionals, so you're in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll begin looking for available homes on the market that best suit you.
I'll get a sneak peek of most of the homes and reject the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we tour houses, I'll point out good features, as well as bad ones. I'll even ask you to talk about things you like and don't like.
Usually, buyers change their wish list as we view homes and some things become more crucial than others.
If such is the case, I'll look through the listings again and narrow it down to the home of your dreams.
Step 4 – Comprehend the housing market
An agent's understanding of the Maryland housing market is a leading aspect in your home search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I will let you know which neighborhoods are "hot" and warrant immediate action and the ones that are "cool" and allow for careful consideration.
When we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell."
Be on guard and be sure to ask your agent plenty of questions, as every real estate agent in Maryland will claim to comprehend the home market.
If it seems like they don't know everything, contact me at 410-893-1199 or e-mail me at , and I'll be glad to answer any questions you might have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in Maryland, 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 many contingencies, such as getting financing, finishing the inspection, and a clean title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is typically applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer – it's extremely common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or refuse 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 limits. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain a loan
Once the deal is signed, you'll begin working with your mortgage lender to close the loan.
This won't be a long process at all if you're already 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 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 your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of taking your loan application.
The estimate is based on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most often take place at a title company or escrow office and should be a smooth and calm occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at 410-893-1199 or e-mail me at .