So many of my calls are from people who want to purchase their first home and don't know where to start. I hope this blog helps.
1. Call a realtor. Hopefully me ;)
2. Make an appointment to meet with a lender. As your realtor I can help you find a lender if you don't already have one. I have a list of lenders in the area with great track records.
3. Once you have a pre-approval letter from the lender, it's time for me to show you homes you want to consider.
4. I can set you up with an automated email that will send listings to you with your personalized search criteria. It will update anytime there is a new home that matches your search. Call me to view any of the properties you wish to consider.
5. Once we find a home you want, I will write the offer including any needed contingencies (financing, home inspections etc.)
6. I will present the offer to the seller's agent or seller. If the seller makes a counter offer then we can work on negotiating and making the offer work for both parties.
7. Once the offer is accepted it becomes a contract. At this time it is submitted to your lender so they can work on the financing. As the buyer you can choose the title company to handle the settlement. I will then send the contract to the Title Company.
8. Home inspections are scheduled and done usually within the first 2 weeks of the ratified contract. If there are items on the home inspection report that need to be addressed with the seller, I will write a home inspection addendum request for repairs. This addendum will go to the seller so we can negotiate the repairs. Once items are corrected to the buyers or lender's satisfaction, then the home inspection contingency is released.
9. After all contingencies, including financing are complete, then we more towards settlement. At settlement all parties are usually present to sign the needed documents. The buyer's title company will handle the settlement. Settlement usually takes about an hour and after that time, you become the proud owners of your first home.
10. Understanding Whom Agents Represent
Useful link to MD loan programs
Find a MD lender
MD Interest Rates