aerial view of Chesapeake Bay in autumn

Home Buying Steps with TCB Realtor

Step 1. Complimentary Pre-Qualification

The most important first step is to establish a price point for your new home, resulting in a comfortable monthly payment. We will provide the most complete analysis thru our exclusive ‘Christy’ qualifying software. The qualification software will provide you unparalleled insight into; (a) Best utilization of cash (b) seller credits and mortgage plans that best serve your needs such as Conventional, FHA, VA and USDA. Each analysis is unique to you based upon income, debts, closing costs and cash .

Step 2. Complimentary Housing Analysis

An easy interview will help us determine what you are looking for in a new home, and allow us to narrow the search. Is the purchase an investment property or a primary residence? What area best suits your needs? What Community amenities are important to you? What architectural design best accommodates your family? Is a specific school district important?

Step 3. Sign a Buyer Agency Agreement

After we have provided you the complimentary services as set forth in Steps one and two, then you will be given the opportunity to hire TCB to represent you in buying your new home. We will represent you (not the seller) as an agent. Whether you decide to have TCB Realtor represent you and elect to work with a different company, we strongly urge you to avoid dual agency. Dual agency occurs when the same Agent (company) represents both buyer and seller in a real estate transaction. In Maryland, a salesperson cannot represent both buyer and seller in the same transaction. However, a company may represent both parties, provided all parties agree to “dual agency”. This occurs by using two different sales people within the same company. Due to the inherent conflicts, we do not allow dual agency within our Brokerage.  As a buyer, you have the option to purchase a home “unrepresented”. We strongly advise against being “unpresented” in purchasing a home – in this scenario all licensed real persons involved in the transaction would be representing the seller and NOT you.

Step 4. Lender Pre-Approval Letter

We will arrange a meeting with a Local Lender for a pre-approval consultation. We do not have any affiliation with any Lenders thus our recommendation is based solely upon their products, pricing and service. However, our Broker, Gary Hart, has over 30 years experience in the mortgage industry thus we are in a very unique position to assist you in the mortgage process. For more information, see our link to the Mortgage Approval Process.

Step 5. Find and Research Properties

We will locate the properties that best fit your needs. By utilizing technology, we will either email or text you when new homes become available. We will handle the logistics of scheduling appointments to view the properties that are of greatest interest to you. Listings from our website are updated throughout the day from the MLS system so you will see them first. You can relax while all new listing will be forwarded to you so you will not need to continuously browse for new listings.

Step 6. Selecting Best Mortgage Option

Before drafting the offer to purchase agreement, you need to decide upon the best mortgage option. With our exclusive technology, Christy, we take the guesswork out of selecting the best mortgage option. We will show you every available option including convention, insured conventional, FHA, USDA and VA. While reviewing the various options, we will also show how to allocate your cash. Allocation of cash analysis is very often overlooked in the buying process. Our analysis will show you the available options requiring minimum amount of cash and other options spending all of your cash.  You will have the information to make an intelligent decision.

Step 7. Preparing an Offer to Purchase

Now that you have located a potential property, we will advise of you of comparable properties, either on the market or sold and prepare the offer to purchase setting forth all conditions (contingencies) that are important to you as the buyer. We will make electronic signature of the contract offer available to you.

Step 8. Negotiate the Offer

We will put forth 100% effort to negotiate the offer to the seller or seller’s agent on your behalf. We have over 45 years experience in negotiating real estate contracts. During this period of negotiating, we will advise you in strategies that will result in the best purchase terms for you. Hopefully, these efforts will result in a ratified contract to purchase your new home.

Step 9. Securing the Mortgage

We will assist you in selecting a Lender and a mortgage program best suited for you. We will stay in touch with your Lender to secure the mortgage approval.

Step 10. Home Inspection

We will assist you in deciding what types of inspections you will require for the property. Do you want a general inspection such as mechanical and structural? Will you want more specific testing such as Radon, lead paint, chimney, well, septic and termite? We will assist you in selecting a reputable Home Inspector and be present for the inspection. We will negotiate, with the seller, for any repairs as set forth in the home inspection report.

Step 11. Closing

We will aid in selecting a Title company to close the purchase of your new home. Our Broker, Gary Hart, owned and operated a Title company for over 40 years. Thus, we are uniquely qualified to help you understand the closing process. Additionally, we will protect you from unwarranted charges (junk fees) at the time of closing.