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Buyers

BUYING A HOME ON THE EASTERN SHORE OF MARYLAND

Buying a house is a very exciting time and one that buyers should prepare for. Whether it’s preparing to get a mortgage or shopping for houses, making a mistake when buying a house can lead to many future headaches.

  1. Preparing to buy a house: exploring mortgage options and becoming pre-approved.
    • a. The loan process begins when you have a sit-down meeting with your lender. Your lender will review your financial information and determine how much you are qualified to borrow. You will have to provide two years tax returns, two months pay stubs, proof of employment and any additional financial information you can provide.
  2. Working with an agent
    • a. Most buyers find it difficult to go through the buying process alone. Connie Loveland (a buyer’s agent) will look out for your best interest. She will help ensure you get the best deal possible.
  3. Finding a home
    • a. Once you know your price range. Connie will show you what is currently available matching your criteria. Once you select several homes that fit your needs, she will arrange a day (or several days) for showings.
  4. Making an offer
    • a. Once you find the house of your dreams, Connie will help prepare and guide you through your written offer. Once submitted, the seller may counter, accept or decline your offer. Once you agree on price, you can move on to the next step.
  5. Property inspections
    • a. You will want to get your house inspected by a professional. This includes home, mold, lead, well, septic, pier, shoreline, and pool. Connie will help arrange inspections and provide a list of several licensed professionals. You will have a written report and will be able to request repairs on the property.
  6. Preparing to close
    • a. You must be through and prompt on submitting paper work to your lender through-out this process. Once you are clear to close you will receive a final letter of approval.
  7. Packing your house
    • a. It is best to start slowly packing once your offer has been accepted, but once you get the clear to close you can finally pack the big stuff! Connie will provide you with a moving checklist.
  8. Walk through
    • a. You will have a walk-through scheduled prior to settlement. You will make sure all the requested repairs have been made. You will make sure everything is in working order: Heating/cooling, appliances, etc.
  9. Closing on your home
    • a. Those at your closing appointment might include you (the buyer), the seller, the escrow/closing agent, the attorney (who might also be the closing agent), a title company representative, the mortgage lender, and the real estate agents. The seller will sign the deed over to the buyer. The seller will receive any proceeds they earned from the sale, once their mortgage balance and closing costs have been paid off.
  10. Moving into your new home
    • a. You have the keys, now it is time to move your belongings into your new home. You will need to update your utilities, change your address and change the locks.

 

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