So, you’re thinking of buying a home near Fort Meade MD? Whether you already live in the area, or are expecting PCS orders to the base, there are key items you’ll need to attend to. And with the help of a trusted real estate agent / advisor, you can navigate this process with ease and get the keys to your very own home at the settlement table. Whether you’re a first-time homebuyer, or a seasoned pro, key day is the best!
Choosing An Agent
First things first. You’re going to want to choose an experienced agent to guide you through this process. Someone that has been through these steps many times as there are possible pit falls and a seasoned real estate professional will help you avoid or navigate those challenges. It’s sometimes tempting to go with a friend who is just licensed, but really give that some thought and don’t be afraid to ask for references, question the process, and decide if the agent you’re thinking about is a really good fit for you from personality to capability. You’ll likely be spending 45 – 60 days or more working with that agent. Once you’ve chosen an agent, they’ll do an initial consultation to make sure they fully understand your goals and get you started on the homebuying process.
Choosing a Lender & Loan Option
This isn’t as easy as it sounds. Though a simple online search will yield you limitless options, your best bet is to ask your real estate agent who they recommend. Real estate agents understand that rates are a top consideration, and they are going to make sure you’re aligned with a lender that can take care of you in that department. But there’s much more than that. In a competitive market, a pre-approval letter from a well-known LOCAL lender can make your offer rise to the top of the pile. Why, you ask? Because listing agents want not just a good deal for their sellers, they want to know that the deal will close without complications. You’ll need to invest time working with your lender to submit documentation to get you to settlement and your agent also wants you to have a smooth transaction. Real estate agents do not profit from lender recommendations. They are made with great thought and only to ensure you have a successful transaction. Your lender will discuss financing options with you to determine which loan program is best for your circumstances.
Identifying Your Home
Understandings what you’re looking for in a home is key to the success of your purchase. In the Fort Meade area, you have many housing options including condos, townhomes, and single-family homes. Condos come with the least maintenance, but in addition to your mortgage payment, you will have a monthly fee to cover that maintenance. That fee is not tax deductible. Townhomes are a top option in this area for low maintenance, extra space, and lots of glam features at prices below single-family homes. Single family homes in the area range from basic to glam and will give you more privacy, more maintenance, and more style options. Identifying these basics will get your home search off on the right foot.
Online home shopping
A great agent provides you with the best tools to connect you to them, and the freshest new listings. They assist with your search, follow what you’re looking at and use that information to fine-tune your search so that when you’re ready to look at homes, we can make that time productive and see the homes that best fit your needs. Beware of agents that tell you to look on Zillow or other sites that don’t necessarily provide the best local market data. That’s a cop out in the responsibility an agent should have when you entrust them with your home search.
Viewing Homes
This is easily the best part of the homebuying process. We are on the road and looking at those homes you viewed online, or that your agent located for you off-market. It’s time to find “the one” and make an offer.
Making an Offer
All offers are not created equally. Once you’ve identified a home you want to make an offer for, your agent will have a discussion with the seller’s agent to find out if there are any key items that are important to the seller. Is there something you can include in your offer that would sweeten the deal for the seller? Sometimes they need a rentback while they are waiting to move, or a specific closing date, or flexibility to find a new home. A great agent will ferret out those details and present them to you so that you can decide if any of those items are acceptable to you to include in your offer. Your agent will also pull detailed comparable sales data from the MLS to make sure that the property price is in line with norms, and the range in which it is likely to appraise. If you’re relying on financing, the appraisal is critical to the process as that is the maximum amount you can borrow on the property. You’ll decide what inspections are important to you and if you’ll be doing them for informational purposes only, or if you’d like the opportunity to negotiate repairs with the seller. Will you want the right to walk away without penalty if the inspection results are not satisfactory? How much of an earnest money deposit do you feel comfortable putting up to guarantee your performance? These and other issues will be discussed in detail and used to write a formal offer to purchase to present to your seller. In a competitive market, you don’t always get the first home you make an offer on. But a great real estate agent will give you the best chance with a well written offer. And, they’ll do that again until you’ve secured your home and are ready to move on to the next step.
Inspections & Due Diligence
Once you’ve “won” the house, your contract will be submitted to the title company of your choosing to begin the process of checking the title and getting you ready for settlement. Your contract will outline what inspections you will be doing, and the timeframe you have to complete those inspections. If you’ve chosen inspections for informational purposes only, you’ll have a set time to decide if, based on the inspection results, you want to move forward with the purchase. If you’ve chosen inspections with the right to negotiate repairs, once you’ve completed the inspection, you’ll have a list of items on your inspection report to review and consider if you are OK with taking on those issues, or if they are important enough to request the seller intervene with repairs. Your agent will write up any repairs that you have requested and present that to the listing agent for review with the sellers. This is generally written with the seller having 3 days to respond. The seller will approve all repairs (and you’re done negotiating), some repairs and you’ll have to decide if you’re OK with what they aren’t doing, or no repairs. If they aren’t doing all of the requested repairs, it is then up to you as the buyer to make a decision to move forward or cancel the transaction. As long as that is done within the contract time period, you should be entitled to the return of your full deposit.
During this time you’ll also have an appraisal, survey, and likely a pest inspection with your agent making sure the deadlines are met.
Preparing For Settlement
Once all of the details above are taken care of, you and the Seller will choose a date, time, and location to sign paperwork. Your lender and agent will review your closing statement with you and make sure you understand each line item, ensure it matches the original estimate your lender provided. They will make sure you are comfortable with this document before you sit down to sign.
Final Walk-through
As a homebuyer, you have the right to do a final walk-through inspection of your home prior to settlement. According to the Maryland contract, you have the right to receive the property in broom swept condition and in substantially the same condition as it was on the day you viewed it. The property must be delivered “broom swept clean” You’re looking for any substantial changes to the condition of the home since you purchased it. Let’s say the seller moved a couch and there is a hole in the carpet, or the seller took the refrigerator that was to be included in the contract, or the movers damaged a wall. Those are things that need to be dealt with. And on closing day, that doesn’t give the seller time to respond with a repair or correction, but your agent will make sure you are fairly compensated for the damage or missing items through an allowance at settlement.
Closing Day
On closing day, all of the work above is done and you are ready to settle and get the keys to your new home. Your agent has guided you home with all contractual obligations met.
Throughout every step of the home buying journey, a knowledgeable, dedicated, real estate agent will be your advocate, advisor, guide and sometimes your counselor to turn your dream of homeownership into a reality. Choose wisely!
You can expect the homebuying process to take 30 – 60 days in total. The amount of time you spend locating and contracting on your home is the biggest variable. Once you’ve found your home and secured a contract on it, the process takes about 30 days to settle.
The Roskelly Team has over 20 years of local real estate experience in the Fort Meade market. And, we're military spouses, veterans, and BRAT's who understand the stressors of a PCS move. We'll work hard to make finding your new Fort Meade home the easiest part of your move!