Buying A Home in Maryland - Ask the Broker
Prices of homes for sale in Maryland are now at the level of prices in 2003-2004. Interest rates are the lowest in history. Inventory of homes for sale offers many opportunities for qualified home buyers.
We provide our buyers with CMA information. A Comparative Market Analysis will show you what similar homes have sold for in the same area. There are many overpriced homes for sale in all Maryland areas. Owners may have paid far more for their home than the market will pay today. While they could be a Short Sale candidate, if there is no hardship, they may not qualify. Homefinders.com agents will tell you if a home listed for sale is overpriced based on recent SOLD properties.
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Or, give us a telephone call. We love to talk real estate.
Some of the questions we've received over the past few years are below. Enjoy.
Q. Do I have to sign anything before I an agent can show me homes?
A. No. Homefinders.com agents can show homes without a written agency agreement. However, under Maryland law, agents cannot evaluate property, negotiate or write contracts without an agency agreement IF the agent is representing themselves as a "BUYER'S AGENT" on the Contract of Sale.
Q. Can I buy a new home already completed in Maryland?
A. Yes. Some builders construct "spec" homes in Maryland to have homes ready for new buyers.
Q. What is the advantage of building from scratch?
A. You, our buyer, will have control over the colors of counter tops, cabinet selection, flooring, etc.
Q. Do I need an attorney to buy a home in Maryland?
A. No. The Maryland contract form, written and approved by attorneys, is prepared by your agent.
Q. Will an attorney be necessary to settle or close the sale?
A. No. Maryland permits "title companies" to conduct real estate settlements. This saves buyers and sellers money at closing. However, title companies are generally owned by or employ real estate attorneys.
Q. Can I select the homes listed for sale that I wish to see?
A. Yes. You can tour homes for sale at http://www.homesdatabase.com/lennharley
Select the homes you wish to see and send the list with your phone number and name to EMAIL HOMEFINDERS.COM
Q. Will I have to have a Homeowner Association if I buy a town home?
A. Expect to have a Homeowner Association for any home, town home or condominium that has common areas. Maryland requires maintenance for multiple home communities to pay for certain services, i.e. grounds maintenance of common areas, tot lots, etc.
Q. Will I know about the Homeowner Association before buying?
A. Yes. Maryland requires that buyers be provided a copy of the Homeowner Association Documents prior to settlement and the buyer has 5 days to rescind the contract if they object to any of the disclosure in the documents. The buyer's earnest money will be refunded.
Q. Is it a good idea to have a home inspection of a resale home in Maryland?
A. Yes. Only a home inspection by an experienced home inspector will discover defects that a home buyer cannot see when looking at homes to buy. Only a home inspection can give a home buyer information about the condition and expected costs of maintenance or future repairs.
Q. What is the cost of a home inspection?
A. Expect a home inspection fee of about $550 for a $500,000 home. Expect a fee of about $295 for a home of about $300,000.
Q. How much are closing costs in Maryland?
A. Closing costs vary from county to county. Maryland closing costs are higher than many states because the state and some counties use the transfer of title as a source of revenue. Estimate approximately 3-4.5% of the purchase price for closing costs plus down payment. Your Homefinders.com buyer's agent will provide you with a Buyer's Closing Cost Estimate when your contract is written. Your lender will provide a Good Faith Estimate when you make loan application.
Q. Are there many homes on the market in Maryland and Northern Virginia.
A. YES. Homes of all sizes, styles, types and price ranges are available for sale.
Q. Which is the better buy? Resale or new homes.
A. New homes are often a better buy than resale homes. Builders are smart and have lowered prices to meet market demands. Resale homes are still priced higher than most buyers will pay primarily due to the amount the owner owes.