The decision to buy a home: If you've come this far, odds are this is a decision you are already comfortable with. It may be that your dreams extend beyond the walls of your apartment. It could be that you've outgrown your starter townhome, and you're ready to get your first detached home. It could be that you recognize the tax benefits of home ownership. Buying a home in Owings Mills and Reisterstown has all the similarities of process of buying homes in Pikesvile and Randallstown. Don't be intiminated! Learn the process.Find a real estate agent that will teach and guide you through the process of realizing your home buying dream.

AGENCY

How will your agent represent you: You as a home purchaser have a number of choices of how your agent will represent you in the process.

Sub-Agency: (Sub-Agency of the Seller) In this variety of agency, the buyer must be made to understand that their agent is actually working for the seller of the property, and has a relationship of trust with the seller of the property.

Most real estate companies will be quick to point out that the REALTOR® Code of Ethics, as promulgated by the National Association of REALTORS®, require all real estate agents to treat all parties to your transaction honestly, and to provide a buyer with all material facts so that an informed decision with regard to a property may be arrived upon.
But when you find your real estate agent, isn't honesty and the presentation of facts something you assumed would be done? Shouldn't this in fact be the minimum? Do you want the agent representing you in the largest investment of your life having a (fiduciary) relationship with the seller of the property? Put another way, would you want an attorney who is prosecuting you to be in charge of defending you also? Who's side is your agent really on?

Buyer Agency: When you think of a real estate agent representing you, this is what you want. A written agreement between you and your Goldsmith Realty agent as your legal representative. While a buyer's agent owes to all in the transaction a duty of fair dealing, the fiduciary duty of the buyer's agent is to the buyer. We represent you. And we take the trust you put in us seriously



To distinguish between these two types of agency, see the following:

Example: Buyer says to "their agent" (a sub-agent): "I know that I have five thousand dollars to use towards my closing costs, but I'd like the seller to pay two thousand dollars on my behalf." Agent goes to the seller of the property, the party they actually represent, and says "The buyer is asking for two thousand dollars of closing cost help. But she told me she has enough to pay it all herself." If this isn't the way you want your agent to treat you, insist on buyer agency.

Disclosed Dual Agency: This is a situation which comes about when two different agents who work for the same company, one representing a buyer of a property, the other representing the seller of the same property. Law forbids these agents from acting as dual agents without the consent of all parties.

So, if you are driving around looking at properties, and see one you love, the agent and company on the sign cannot represent you as a buyer's agent (no matter what they ‘say' they can do for you). Don't settle for less than a full buyer's agent. For more information on agency, use our CONTACT US section, or contact us by phone at 410.602.1100.

Finding a real estate agent today is like shooting fish in a barrel. Part of what makes finding a qualified real estate agent is our ubiquity, we are really everywhere. We appreciate the level of faith it takes to make the decision to allow us into your homes and your lives to help you fulfill your dreams of home ownership. We appreciate the opportunity to help. The Goldsmith Realty commitment to you will set us apart. We, together, are the right size for success!



Know what you want from your new home

When you make the decision to find a new home, you know what you want in your new home, and you know what you don't want. Write it all down. This information is invaluable to your Goldsmith Realty agent. Contact us with your wants and needs, likes and dislikes.

PREQUALIFICATION - Home loans, Mortgage Loans, Financing

Know how far your purchasing power will take you.

At roughly the time you decide to begin searching for the home of your dreams, you should contact a lender to be prequalified. At this time, a lender will be able to help you decide:

• Are there any credit issues that should be taken care of prior to making an offer to purchase a home?
  
• What monthly payment is in a comfortable range for you?
  
• What is the maximum amount you can spend—What is the amount you feel comfortable spending?
  
• What loan program fits best with your needs?
  
• Are there any first time buyer programs that fit your needs?
  
• What is an interest only loan, and might it be right for me?
  

It is often a good idea at the time of being prequalified to actually make a mortgage application for a blanket amount that will cover any property that you might be considering. The seller of a property is FAR more likely to consider your offer if they see you are actively taking steps towards obtaining your loan now. Remember, the biggest fear of the seller of the home you're buying is that you won't be able to get your financing, and they won't be able to move to their next home. Make your offer as strong as it can be, and let the seller know you're serious about buying their home.

View the homes that meet your criteria:

Have your Goldsmith Realty agent pull listings of homes in the areas that interest you. Contact us with a description of what you are looking for and we will contact you with listings that match your needs. Or e-mail us your present address, and we'll mail listings to you. Maybe you have been driving around and have seen a property you're interested in getting more information on. Calling the name on the sign in front of the house guarantees that the agent you speak to won't be able to represent you as a buyer's agent. Perhaps you've been using the Internet to locate properties already. Many of the properties listed in various databases are days or even weeks old. Before you set your heart on the house you found on the net, contact us to see if it is still available. Make sure you get the buyer representation you want.



*******Dream home has been located!*******

PREPARING THE OFFER

With your Goldsmith Realty agent, create an offer:

All offers to purchase have some similarities. Most have specificities relating to your personal needs. Often included are:

• Price
  
• Settlement Date- YOU choose the day you move into your house.
  
• A Contingency for Financing
  
• A Home Inspection Contingency
  
• A Radon Inspection Contingency
  
• Documents describing how transfer/recordation taxation is to be divided
  
• Lead Paint Notices, Disclosures, and Warnings
  
• Other Contingencies

ACCEPTANCE OF THE CONTRACT

HOME INSPECTION

Conduct a home inspection of your home if you have selected to make the purchase contingent on the results of a satisfactory home inspection. For applicable properties, one might also at this time conduct radon inspections, well and septic inspections, lead paint inspections, or whatever other inspections you as the purchaser feel are in order.

Should repairs be called for by your inspector, you and your Goldsmith Realty agent will create a list of those things to be repaired. This will be sent to the seller of your home, who will make the repairs you request. If the seller won't make all the repairs you request, you do not have to buy the house.

CHOSE A SETTLEMENT COMPANY AND SETTLEMENT ATTORNEY

RECEIVE APPROVAL ON YOUR MORTGAGE LOAN

In some instances, an approval may be conditioned on your supplying additional documents to your lender, including recent bank statements and recent paystubs.

A TERMITE INSPECTION IS NOW TYPICALLY ORDERED FOR YOUR PROPERTY.

This will typically be done by your Goldsmith Realty Agent.



OBTAIN A HOMEOWNERS/HAZARD/FIRE INSURANCE POLICY ON THE PROPERTY.

All of these are names for the same thing. You will first want to contact your auto insurance carrier or your renter's insurance carrier, as they often give discounts for carrying multiple policies.

A PRESETTLEMENT INSPECTION WILL BE DONE ON THE PROPERTY.

Also called a final walk through, it is your opportunity to make sure the house is in the condition it was in when you agreed to buy it. Bring with you the list of repairs that the seller was to make on the property, if any, to insure that they are done to your satisfaction. Make it a point to make sure all the appliances are in working order.

MAKE THE BIG THREE PHONE CALLS

Call the utility company, and have the utilities switched over to your name. Call the phone company, have the phone switched to your new address. Call the cable company, and have the service activated at your new address.



SETTLEMENT!

This is the day you sign all the paperwork and get the keys to your house. Be sure to bring with you the original copy of your homeowner's insurance binder with a paid receipt. Your Goldsmith Realty agent will be bringing the clean copy of your termite certificate. Your agent will also have asked the sellers of your house to bring with them receipts for any repairs that have been done.

DO YOU NEED MORE INFORMATION?

By no means is this meant to be the totality of what may take place during the process of buying your home, but this will give you a rough outline of what to expect. The only proper preparation for the process of buying a home is homework. One of the first steps that you can take to make sure you are adequately prepared is to contact Goldsmith Realty and retain one of our professionals as a BUYER AGENT.
CONTACT US for additional information.

FREE

HOME BUYER'S SEMINAR

The process of buying your first home can be an unsettling one without first preparing yourself with as much information as possible. How important is your credit history? How much can you afford? How much money are you really losing every month you continue to rent? What are the total costs involved? Who can you turn to for answers?

Goldsmith Realty. We take pride in our buyer representation and knowledge of buyers' wants, desires and fears. Let us take the mystery out of your next home purchase. Contact us and we'll send you a schedule of our upcoming seminars.