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As with all things, doing the necessary preparation, getting the right information, and finding the best help is crucial.

Are you looking to buy a new house or condo in Maryland?

I’ve outlined the main steps in getting ready to make a Maryland home purchase.

Step 1: Contact a Realtor (ME)

It is easy to get lost in the real estate property acquisition process, especially with properties in such a high demand. Make sure you get someone that exhibits care, consideration, patience, commitment, has a communication style that fits yours (with consistent follow-up), and has a good reputation.

Step 2: Find a Mortgage Broker/Lender

Finding a good mortgage broker/lender is absolutely crucial right at the very beginning. In summary, start early, find someone through a good referral and be careful of Big Banks and Internet lenders. I can definitely connect you with local lenders I work with, that will definitely get us all to the finish line!

Step 3: Process Your Pre-approval Early

Why is it so important to get a pre-approval, BEFORE viewing homes? Because a pre-approval gives you an estimate of your "borrowing capacity".  Income, debt, and down payment figures should be provided. The lender then provides you with an estimate of how much house you can afford. This should take you no more than a few hours to apply online. 

Step 4: Talk To Your Realtor (ME)

Now that you know how much Maryland home you can afford, I can get you set up on your own personal MLS portal, that will help you find and screen homes for sale that are within your search criteria.

Step 5: View Maryland Homes For Sale

Buying a home is one of the largest purchases you’ll likely ever make in your life. Learn everything you can about different neighborhoods, pick the type of property you want (single family homes, townhomes or condos), and screen for amenities (beds, baths, etc.) I can help you filter by area, quality of construction, price, value, etc. to help you find the best options, and to give you a heads up on homes coming available even before they become active on the market.

Step 6: Determine Your Favorite Maryland Home

When you see properties that fit your criteria on the MLS, or other sites, make a list, and send it to me. I'll get more details on those homes and set up tours of 3-5 homes at a time (if you see more than that in a session, they start blending together). You pick your favorite and when you can't imagine not living in that home . . .we make an offer.

Step 7: Make An Offer

I will provide you with information on the neighborhood, recent sales trends, a comparable analysis of recently sold homes in that area, and help provide you with guidance on pricing. There’s a checklist of what I will need from you to submit an offer.

Step 8: Begin Negotiations

Depending on the market (seller’s market means that you need to be quite competitive; buyer’s market means you can shop for deals) you’ll want to adjust your negotiation style. In most parts we’re in a seller’s market - but it is neighborhood by neighborhood dependent. My job is to help you negotiate accordingly.

Step 9: Finalize Terms Of Sale

Depending on the market, finalizing the terms and conditions typically takes between 24-72 hours. Items will include price, financing amounts, inspection periods, closing dates, known repairs, non-realty items. I will guide you step-by-step through the process and protect your interests.

Step 10: Prepare Contract

The contract is a legal agreement documenting everything in the terms of sale. Both the buyer and seller have obligations, deadlines and penalties for missing these obligations (this is why you need a great team between your Realtor, mortgage broker, inspector and title company).

Step 11: Contract Timeline Begins

The real estate contract will typically contain lots of dates - this is the contract timeline. There may be a deadlines set for inspections, earnest money deposits, applying for financing, appraisals, qualifying for your loan, and closing. I will guide you through this process, but you will be responsible for meeting the deadlines.

Step 12: Home Inspections

It is often in your best interest to ensure that the property is structurally sound and in good general condition. You’ll want a professional home inspector to check the exterior, interior, structure, roofing, electric setup, heating, plumbing and insulation of your new house.

Special inspections (e.g. stucco, foundation, moisture, termite, sewer line, radon) may be needed depending on the property you’re purchasing. I have an abundance of licensed, qualified, and dependable vendors I work with frequently to help you get it done.

Step 13: Finalize Financing

Typically when buying a home, the buyer will have a period (“inspection period”) where they can back out of the contract for any reason and just lose their Earnest Money Deposit (EMD), or their option fee. After this option period ends, the buyer is normally obligated to close on the home in the agreed upon timeline, otherwise they are at risk of losing their earnest money. It’s so important you have a good lender who can meet contract deadlines without causing you stress and headache.

Step 14: Clear-to Close/Closing

We will get a Clear-To-Close. Closing is held at a title company (the firm that guarantees you’re purchasing the home free and clear of any debt or incumberance - and gives you insurance to protect against this). It’s often a 1-3 hour process where they confirm that all of your funds have arrived, all of the conditions to closing and transfer of title have been met, and give you the keys.

You’re done...and a NEW HOME OWNER!