Everything you need to know about the process of buying a new home.
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Montgomery County, Maryland is one of the most desirable real estate markets, and I know that navigating the buying process can seem challenging. However, with my expertise, breadth of knowledge, and local network, you are in dedicated and trustworthy hands. I will guide and advise you during every step of the buying process.
Let me show you why I'm the right agent for you.
Montgomery County & Southern Frederick County including surrounding communities such as Ashton, Bethesda, Boyds, Brookeville, Chevy Chase, Clarksburg, Damascus, Darnestown, Gaithersburg, Germantown, Ijamsville, Kensington, Laytonsville, Montgomery Village, Monrovia, North Bethesda, North Potomac, Olney, Poolesville, Potomac, Rockville, Silver Spring, Takoma Park, and Washington DC.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Set up a time to sit down with me to discuss the neighborhoods you’re considering and how I can help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). I can recommend mortgage lenders. Based on your income and credit history, the mortgage lender will determine how much a bank will lend you, which will help determine the price range for your search.
Now is the time to consider your ideal home’s location and amenities. You will attend showings and open houses spanning a range of areas and property types. Additionally, I will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.
Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) or Pre-Approval Letter. I will know the best strategy to make a compelling offer based on the market conditions, while considering your needs and comfort level.
A real estate settlement is no small matter. It is the largest financial transaction most people ever undertake. The process can be exciting, overwhelming, intimidating and thrilling all at the same time! When it is time for your real estate settlement, you need to turn to someone who not only understands the legal and financial technicalities, but the human elements as well.
Home inspections can be nerve wracking, but they are an important part of process. There are many types of inspections depending on the location and home you are looking to purchase. Take the time to attend the inspection so you can have a better sense of how the home works, see which areas will require maintenance, and assess whether you will need to consider home improvements down the line. Don’t be afraid to ask questions! Every home has a list of potential repairs, and most will be minor. We will discuss what items you should ask to be repaired. Focus on items that matter the most.
Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, you'll wire the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.
A final walkthrough of the property is scheduled and completed just before closing. The walkthrough confirms that no damage has been done to the home since the time of inspection and that the major systems and appliances are in working order.
After you’ve completed your final walkthrough, it’s time to sign some papers! During closing, the settlement attorney will go through your final settlement statement, line by line. Don't forget your government-issued ID, cashier’s check or certified funds (if amount owed isn’t wired to the settlement company prior to closing), and personal checkbook for any small last-minute expenses.
Congratulations! Once you’ve signed all the documents, you can officially call yourself the homeowner!
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Value placed upon property for property tax purposes by the tax collector.
Expenses incidental to a sale of real estate, such as loan fees, appraisal fee, transfer & recordation taxes and title insurance.
Certain criteria that have to be met in order to finalize the sale.
The percentage of an individual's monthly gross income relative to the amount of debt owed.
A good faith deposit the buyer makes with an offer to show that you are serious about buying the property. In exchange, the seller agrees to stop marketing the property.
The buyer reviews the house just before closing to make sure everything is in the same condition and that all home inspection items are fixed.
An expert conducts a formal review of the property to find visible issues that need to be repaired. Buyers typically make their offers contingent on an inspection, but sellers can conduct a pre-offer inspection to appeal to buyers. The buyer may choose to do additional inspections like radon and a termite inspection.
A background check on the property and the seller to ensure there are no outstanding debts or claims upon the property.
Advanced approval from a bank or other lending institution for a home mortgage.
Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for.
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.
Whether you are considering buying a home, selling a home, or both, we know this area inside and out. Contact us today!
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12435 Park Potomac Ave., #R-1
Potomac, MD 20854
