Few financial transactions are as complicated or confusing to consumers as buying a home. If you've purchased a home before, you have an understanding of the process. However, if your home buying experience is from another part of the country, you may find procedures and real estate law quite different in Maryland and Baltimore County. But, we'll be there with you from the beginning and will help you understand the process until the day you move in to your newly purchased home. Generally, from the day you find the home you want to buy, you will be moving in 30 to 60 days later. During that time you'll learn about the mortgage process, home inspections, title transfers, settlements and many other things. We hope you start out by working with our brokerage. Our agents are dedicated to home buyers. We'll work very hard to make your home buying experience a good one.
FIND A GOOD REAL ESTATE AGENT TO HELP
Our agents are especially trained to serve the needs of home buyers. We made the choice long ago to work only with home buyers. We will never be in a conflict of interest situation trying to sell you one of our own listings or company listings. We have NO listings. We serve buyers ONLY. If you are a relocation buyer, we'll be your eyes and ears until you arrive to take possession of your newly purchased home in Catonsville. You can call, e-mail or send your home buying needs on the Contact Us form. We'll get back to you.
LET US TAKE YOU ON A TOUR OF HOMES IN CATONSVILLE
You can select homes from the Homesdatabase listing site or you can give us your price range and criteria and we'll do the search for you. We'll take you on a tour of homes at your convenience. Our agents schedule home tours seven days a week. We understand that most folks have to search during non-work hours. If you find a home you like, we'll be ready to write an offer to purchase. All offers in Maryland are in writing. So, we'll be ready to move quickly if you see a home you wish to buy.
LENDER'S LETTER
Once you find a home you wish to purchase, we'll be ready to write and present a contract offer. However, you will need to have a lender's pre-qualifying letter to accompany the offer to purchase. If you have not already done so, we'll put you in touch with a lender to obtain a credit review. You'll be ready and we'll be ready.
THE OFFER, COUNTER OFFER, ETC.
Once you find the home you wish to buy, we'll write the offer and present it. Several things can happen at that time. The seller can accept your offer. The seller can reject your offer. Or, the seller can counter your offer. That means that the seller, based on what you offered to them, is making another offer to you. If you and the seller can reach an agreement on price, terms and conditions, we will have a contract. If you are just too far apart and cannot agree on price, settlement date, incentives, etc., you may have to find another house to purchase. However, don't be discouraged, if it is at all possible, you will have a ratified contract.
WE HAVE A CONTRACT, WHAT'S NEXT?
We schedule the home/radon/other INSPECTIONS. These inspections will be a contingency on the contract, so they need to be done as quickly as possible, within a few days at most. Relocating real estate buyers can't always attend inspections, but we'll be your eyes and ears and attend the inspection. Then we'll OVERNIGHT the home inspection report to you so you can see the report and contact the home inspector if you have any questions.
LOAN APPLICATION
(one day credit approval, 2-3 week firm loan approval)
If you have not already done so in preparation for buying, you'll need to make loan application. We can recommend good local lenders to you, or you can select your lender of choice. The lender will also prepare a Good Faith Estimate of closing costs so you'll know how much money you'll need to settle and what the costs represent. If you don't understand any part of this process, let us know and we'll explain every thing in language you will understand. This part of buying real estate can be a bit confusing for some buyers, but just ask us and we'll explain everything.
FOLKS AT WORK FOR YOU
We'll be working with a title company to make sure the seller can transfer good title to you. We'll also be completing the final inspections, termite, etc. The title company will order the survey, title search and prepare the documents to transfer the deed from the seller to you.
INSURANCE
You'll need to order hazard insurance, or homeowners insurance a few days prior to settlement. The lender will require it and you want a policy to protect you from loss by fire, theft, liability claims. We can recommend local agents to you or you can use the company that insures your automobile. You cannot settle without this policy in place. The lender WILL NOT lend you money without confirmation that the insurance has been ordered and paid for for one year. You can insure with any company of your choice. However, if you forget, we'll contact an agent with whom we work and put the insurance on in order to cover you. Since you can't settle without insurance, this is a critical task.
SETTLEMENT FUNDS
A day or so before settlement, you'll need to get a Cashiers Check for your settlement. The title company cannot disburse the proceeds of your loan and record your title without complete payment and it must be in certified funds. Don't try to settle a purchase with a personal check. The lender will give you a Good Faith Estimate which will shows the amount of money you need to close. It will be (1) your down payment, (2) your closing costs, (3) pre-paid expenses; less any seller contribution and less any earnest deposit held by the real estate broker.
WALK-THROUGH INSPECTION
The morning of, or, up to five days before settlement, we will arrange a walk-through inspection of the home to make sure everything mechanical, plumbing, electrical, etc. is in working condition. This gives you an opportunity to examine any repairs made by the sellers pursuant to the home inspection. If you can't be here for the walk-through inspection, we'll do it for you. We'll do everything except pay for your home.
THIS IS IT. SETTLEMENT AND NOW YOU GET THE KEYS TO YOUR HOME
You and the sellers will meet at the title office. We'll be there with you to make sure the settlement documents are correct.
CONGRATULATIONS ! !
Catonsville Real Estate
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