Buying a home, whether you first or fifth, can seem overwhelming.  So many questions, so many concerns fill your mind.  I'd really love to tell you that you don't have a thing to worry about. But, in reality, buying real estate is a complicated process and I know we can't stop you from worrying. So, let's see if we can keep your anxiety level low and the home buying process as pleasant as possible. In fact, I bet we have a lot of fun as you go through the home buying process.  The real estate market in Crofton and Bowie, as well as the rest of Maryland is interesting and I'll make your home search just as pleasant as I can. The process below represents approximately 30-45 days. Some settlements are shorter and some sales are longer depending on your needs and the sellers needs. FIND A GOOD BUYER'S AGENT TO HELP Well, by logging into my website you have already accomplished this step.  As a Buyer's agent I will help you negotiate through this home buying process.  I will be available to you at all times and I respond to email and voice mails very promptly.   TAKE A TOUR OF HOMES I will show you homes in your price range, as determined by you and your loan officer, and choice of locations as determined by you. I will show you the very best homes that meet your criteria in terms of bedrooms, baths, style, and any other features that meet your needs. Sometimes it will take several weeks or months, and sometimes you find that special home in a day. We'll clear our schedule to make sure you have the time you need to (1) tour the area, (2) see homes until you find your home of choice, (3) learn the commuting alternatives from different communities to the job location(s). PRE-QUALIFYING LETTER (Lender's letter) I want you to obtain a mortgage with the very best terms and conditions possible. To determine this you must work with a lender to determine your buying power.  If you are ready to buy, you'll need a pre-qualifying letter from a lender stating that they have reviewed a credit report and you're ready and able to buy a home at your desired price range. PREPARE A CONTRACT OF SALE (2-4 days) Ok, so you have found that special home and you are ready to make an offer.  At this step, we will write up a Contract of Sale which is your offer to the seller.  You will state in the price, the terms and conditions that you are offering the seller to sell you the home. The contract states your offered price, settlement date, financing terms, home/radon/other inspections, state/county/local disclosures where required, seller disclosures, legal requirements, and much more. I will go over the contract with you paragraph by paragraph, addendum by addendum to make sure you understand the process. There may be certain matters in the contract that will be negotiated to meet your and the seller's needs. I'll be on top of them and I'll make sure you have all of the information at your fingertips to help you make wise contract decisions. I HAVE A CONTRACT, WHAT'S NEXT? (2-5 days) I 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 the days specified in the contract - usually just a few days. If you can not be at the inspections due to work constraints or travel, I will be there for you as your eyes and ears.  Then I will email the home inspection report and any pictures to you so you can see the report and contact the home inspector if you have any questions. Of course, it is always best to be there in person to see first-hand the quality of the home you are purchasing. 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. I can recommend good 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 it will be explained in terms you will understand. Surprises are not fun for anyone, so I make sure you fully understand every part of the process.  WHAT COMES NEXT? Once the inspections ARE done and assuming the house is sound, we'll schedule the title work with the settlement office. We'll also arrange for the termite inspection. We'll schedule the settlement at a time convenient for you and the seller. The title office will arrange for a title search to make sure there are no liens or encumbrances on the property. The seller can only transfer a clean title. If there is a problem, sometimes called a 'cloud' on the title, the title company will notice us immediately. The title company will also arrange for a survey of the property to prepare a drawing of the boundaries with the house situated on the lot. This will be valuable in knowing your boundaries and putting up fencing. If any buyer can not be at settlment and requires a Power of Attorney be given to another party, the title company can handle the arrangements for this, so be sure to let me know if you will need a POA for settlement. HOME OWNERS INSURANCE You'll need to order hazard insurance, also known as homeowners insurance, prior to settlement. It is important that you do this early in the buying process, soon after the inspections are completed.  The lender will require it and you want a policy to protect you from loss by fire, theft, liability claims. I can recommend local agents to you or you can use the company that insures your automobile. If at the last minute you forget, you cannot settle without this policy in place. The lender WILL NOT lend you money without this insurance in place. You can insure with any company of your choice. Since you can't settle without insurance, this is a critical task. GETTING READY TO SETTLE . . . . ALMOST HOME The steps above will generally take from 20 to 40 days depending on your need to take occupancy and the seller's need to move. These dates are firm in the contract and can only be changed if mutally agreeable by both buyer and seller and OK'd with the lender and title company.  By now, your loan is approved and we're just waiting for the day you take possession. 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. You can have the check made out to the title company or to yourself.  WALK-THROUGH INSPECTION The morning of or a few days before settlement, we will arrange a walk-through inspection of your 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. Termite treatments, if any, will have been done at the seller's expense. If the sellers have damaged any part of the house moving out, these items will be noted and a compensation agreement will be worked out. Our contracts require only that the home be "broom clean and free of debris".  Some sellers hire cleaning crews to clean before you move in, but it is not required by the contract.  We'll be with you to make sure everything is in the condition when you purchased the home. If you can't be here for the walk-through inspection, we'll do it for you. GIVE ME MY KEYS ! ! ! You and the sellers will meet at the title office. We'll be there with you to make sure the settlement documents are correct. Most of the documents will be standard loan documents. You will not have time to read each and every document at the settlment table, but you can ask for copies in advance to read.  These are standard forms and each of them will be explained in depth and you will be given every opportunity to ask questions at the settlement table.  The Settlement Sheet or HUD-1 will be reviewed together, line by line. This document will reconcile debits and credits to you and the seller.    OH HAPPY DAY! At this point you are a happy homeowner.  Enjoy your new home, and remember to refer your agent, Anne Davidson, to all of your friends, co-workers, church members, and family members who are looking to buy or sell a home!