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Many people start the search for their new home by running around to open houses and calling on ads.  This is the most time consuming way to look for a new home.  By working with an agent, you can have someone do the legwork for you, quickly narrow the search to the types of properties that meet your needs and locate ALL of the properties that fit the description of what you’re looking for.

Before you start looking, you should make sure you are pre-approved by a lender.  Competition for houses is far too heavy right now to risk putting in an offer without a pre-approval.  If it’s a nice house, someone else will submit an offer with a pre-approval if you don’t.

In today’s market, you should be prepared to put in an offer on the house that you want as soon as you find it.  You will need to submit a deposit check along with the offer.  The amount of the deposit you should make will vary depending on the price of the property and the likely competition.  The check will only be cashed if the offer is accepted.

Once the offer is accepted, you will need to apply for a loan within 5 business days.  At that time, you will need money for an appraisal and credit report.  Within ten days, you will need money for a home inspection.

Settlement in most cases will occur about two months after the contract is accepted.  In some cases, this can be accomplished more quickly.

©2003 Douglas R. Barry

  Doug Barry
  LONG & FOSTER REAL ESTATE, INC.

  Direct 410-207-4751
  Office 410-583-5700
  Doug@RealtyComplete.com