Maryland Home Buyers
Buying a home in Maryland can be an exciting experience and having the right team to help you along the way is beneficial. Our goal is to find the right home for you. To do that we figure out exactly what you are looking for, help you find it, and help you get it at the best price. We are happy to work with current home owners, investors and first time Maryland home buyers.
It Starts With The Right Agent
Buying a home is no small task and can often be a bit overwhelming. Besides possibly being the largest financial transaction of your life, it is also the most complex. This is why it is so beneficial having a qualified Maryland Real Estate Agent in your corner. The buyer’s agent you choose should be excited about working with you and should be an expert in the area you are interested in. Select an agent who understands your specific needs and one with whom you can see yourself building a partnership with.
With Key Partners you get a TEAM of buyer agents working for you. The advantage of this is we can partner you up with an agent most familiar to your target area and specific needs. Working with a team also allows greater flexibility to show properties on when it’s convenient for you.
How much does a buyers agents services cost?. Typically Nothing! Thats right, the buyer’s agent shares the sales commission with the seller’s agent and you do not typically pay the buyer’s agent anything.
TIP: Do not make any large purchases (cars, furniture, etc.) while you are in the loan process. Purchases such as these can affect you credit or loan-to-income ratio which may in turn affect your home mortgage.
How to Determine your Budget?
The first step in the purchasing process is to talk to a reputable and responsive lender to identify your budget so that you can be prepared to act quickly once you find your dream home. Take into consideration hidden expenses such as taxes, insurance, utilities, condo or HOA fees when creating your monthly budget. After reviewing your personal finances, your lender will Pre-Approve you for a loan. This pre-approval letter is required before submitting an offer on a home. It is also our teams policy not to show properties to our clients until they have a pre-approval letter or other proof of funds. Don’t have a lender picked out? Talk to us and we can recommend a quality lender or a loan officer for you to work with.
Identify Your Wants And Your Needs
A useful technique is to create two lists. One list is of all your home wants; garage, big back yard, large closets, hardwood floor ect. The other list will be all of your needs; school zone, commute, close to family, ect. Now prioritize the items in these two lists by writing a number next to each item.
This simple exercise will help you identify what is most important in your new home and what areas you are willing to compromise in if your needs are met.
Once You Know What You Are Looking For
When you have identified your wants and your needs and have an Idea of the geographical area and price range you want to look for homes in, your agent will send you a list of homes that meet your criteria. Use this list to familiarize yourself with the current market and identify 3-5 homes you would like your agent to schedule showings for so you can see them in person. This is the most exciting part. Your agent will provide you with a printed overview of each home.
Tip: Take your own notes of the home’s positive and negative qualities. It’s amazing how quickly you will forget which features were part of which home after you have previewed several.
If you find a home (or a few homes) that you really like then you can schedule a second showing for the home at a different time of day. This extra effort will be worth it because you will be able to experience the home and neighborhood more thoroughly.
Making An Offer
Once you find that perfect home, you will work with your real estate agent to submit an offer. Your agent will create a market analysis to ensure that the list price matches comparable homes in the area that have recently sold. You and your agent will have to decide whether to offer the full asking price, under the asking price or even over the asking price for the home. This will be dependent on many factors such as local inventory, time on market, your motivations and amount of interest in the property as well as many other factors.
Your agent will also go over any specific contingencies to include in your offer, such as a time period to allow you to have a professional home inspector do a walk through of the property.
Your Contract Was Accepted, Now What?
Once your contract has been accepted, you will begin the next stages of the process which include inspections, the appraisal, and final loan commitment. Your real estate agent will be with you every step of the way providing guidance and making sure that all of the fine details are taken care of.
Time For Settlement
If everything goes as planned and the contract was accepted, the home passed all inspections and appraisals, now you will move on to settlement. Settlement is where both parties sign all required documents to transfer ownership. The settlement process will require the use of a Title Company to transfer legal title of the property. Expect to be at the table for about an hour during this process. Typically after the settlement process is over you will be handed the keys to your new Maryland home.