Complete Guide for Maryland Home Buyers

A Step-by-Step First Time Buyer's Guide

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.

Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My Goal Is to Provide You with The Most Personalized Service that Is Designed to Help You Buy Your Dream Home

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

Testimonials

China R.

Highly likely to recommend!

Yost B.

Amber is extremely diligent and works hard to ensure that her clients are up to speed every moment of the day with the latest properties on the market. In today's competitive real estate market, Amber's true assets are her abil...

Farm L.

Marketed our home in Southern Maryland and helped us with relocation services. Used professional photos which made a huge difference in the responses to the listing. Excellent service and helpful with lots of extra touches like...

S.

Amber is the most conscientious real estate agent I have ever had the pleasure of working with. Her honesty, combined with her experience and knowledge make the task of selling or buying real estate tolerable.

Mike

Although anxiety levels were high during the sale and purchase of another home we felt Amber was a hard worker, and she helped us stay focused on our goals! Amber presented our home with professional photos and brochures. She a...

Lena H.

Amber was the best Realtor I've ever had the pleasure to work with. Always professional and reliable. I never waited for return phone calls because she was always available. Always! She pours so much energy into her properties....

Mc Rae

Amber did a great job with my listing. She quickly sold my house during the housing crash of 2011 despite the challenging economic environment. How did we do? It surpassed the comps and was sold for a new neighborhood high.

Cohen

Amber has been wonderful and has truly gone above and beyond for my husband and me during the selling and buying process. I would recommend Amber to anyone who is trying to buy or sell. She is motivated, available, and just a p...

Rosario M.

Amber is an amazing professional. She was very informative and thoughtful throughout the entire sale. I couldn’t imagine a better agent to represent me and our family!

Ben J.

Purchasing a home is a large investment, so it's crucial to work with the right person. When seeking to establish roots after a period of transience, a friend recommended Amber and I couldn’t be more pleased. In less than 60 da...

Perko J.

We have relocated 15+ times over the last 30 years in corporate life. We have had many different levels of service with realtors. I can tell you that Amber is one of the best. She, really, really looks after her clients! She is...

Baccala A.

Amber is an amazing realtor! She works with you to find just the right property, buyer, or situation. You can trust her opinion and her instincts regarding properties and pricing. She got me top dollar for my property and I cou...

Brown R.

I found Amber's guidance invaluable while searching for the right home for my family. She and her skilled team offered information and direction that I found to be crucial to making such an impactful decision. I am very gratefu...

Ward D.

Working with Amber Krause has been an amazing experience! She’s kept me busy as a contractor. Each house I’ve worked on has had an elegant layout. Allowing me to add more elegance has been delightful. She’s persistent, on time,...

Velo A.

Amber is very professional and very patient. Would highly recommend her to anyone that’s looking for a home.

Pagent K.

Amber is an expert in real estate. She has helped me buy and sell several homes in the Annapolis area. Her vision is unparalleled, and her negotiating skills will always get you top dollar. I highly recommend her!

Hommel L.

Excellent realtor with honesty and integrity, almost to a fault. Her experience and friendly disposition are highly sought after.

Work With Amber

She has represented the Annapolis area for over fifteen years with TTR Sotheby's International Realty. Specializing in waterfront and equestrian estates, she ranks among one of the most competitive brokers facilitating the purchase and sale of fine homes in the Annapolis area.

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Buyer's Guide