Yerman, Witman, Gaines & Conklin (YWGC) Realty offers a wide range of services to assist you throughout your home buying experience. From finding a home to helping you move in, YWGC Realty will be there every step of the way.

Buying a home, especially if it is your first home, can often seem to be a daunting task. Finding a home that meets your needs, getting the financing to purchase the home, inspecting your new home, information about the neighborhood, setting up utilities, and packing up and moving can seem like a large burden. YWGC Realty takes the worry, by assisting you in all areas of the home buying process.

We have compiled these topics to help answer some common home buying questions:

Steps to buying a home in Maryland.

Why do I need an agent?

Get familiar with your neighborhood BEFORE you buy!

Checklist for buying a home.

Costs associated with buying a home.

Looking beyond cosmetic flaws.

Take advantage of our personal relocation specialist!

Should you make a backup offer?

Steps to buying a home in Maryland.

Of course, your YWGC agent will personally assist you in all facets of buying a home, but here is a general overview of the home buying process:

1. Pre Approval

This determines what price range you should be looking in, with a good idea of how you propose to do the financing. Your YWGC realtor can suggest various local banks or mortgage companies.

2. Search & Property Selection

Once you’ve chosen an area, your YWGC Realtor can provide you with information on the properties that are available in that area and in your price range.

3. Contract Review

When you find the property that meets your needs your YWGC Realtor will prepare a Contract of Sale and review it with you thoroughly.  

4. Contract Signing

If all of the terms and conditions are acceptable, it is time to sign the contract and submit your deposit. The deposit amount due at signing should have already been decided upon and agreed to by all parties.

5. Accepted Offer

Once your offer is accepted, are you going to do a home inspection? If so, that should be arranged immediately. The time between the accepted offer and contract signing is critical and should be completed as quickly as possible.

6. Closing

Usually, just prior to the closing, your agent will take you for a “walkthrough” of the property you are buying to ensure that it is in the same condition as when you decided to make the offer and it was accepted. Following the walkthrough, you will attend the closing as arranged by you, your agent and your title company.

Congratulations, you are now a new homeowner!

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

________________

Why do I need an agent?

Your YWGC agent is your advocate. There are many invaluable services that a professional real estate agent can provide. Consider these critical points when asking yourself whether you will benefit from the assistance of a real estate professional:

1.  Do I have time to research the residential housing market?

2.  Do I have the knowledge to analyze and understand the information available to me?

3.  Can I integrate the information available on the real estate Internet sites into useful data that can help me accomplish my goal of home ownership?

4.  Do I have the expertise to negotiate on my own behalf?

5.  Do I have the resources to find a qualified home inspector and title company?

6.  Do I have the time to research the home loan programs available in the market?

7. Do I have time to interview mortgage loan officers?

8.  Do I have the time and expertise to target market, if necessary, for the type of property I want to purchase?

9.  Do I know the zoning regulations and building codes pertaining to residential real estate in my area of interest?

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

________________

Get familiar with your neighborhood BEFORE you buy!

We have extensive information on the various communities in and around Baltimore. Our focus at YWGC Realty is not only to sell you a home, but also to find a lifestyle. Please visit our Find Your Community page to familiarize yourself with the Baltimore Metropolitan area before starting your search.

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

__________________

Checklist for buying a home.

The Search

*  Find out as much as you can about the area. Make a list of what is most important to you: schools, transportation, shopping, etc.

*  Make a list of what you need/want in your new home.

*  Yes, you can negotiate on price... but start with a realistic idea of your limits.

*  Use a qualified, professional real estate agent. They will work with you through the entire buying process.

*  Go back to properties you like more than once, at different times of the day, so you can see the neighborhood and the property in "a different light."

*  Learn all about the neighborhood BEFORE you buy.

*  We have lots of background and demographic information in our “Find Your Community” section.  Take time to learn about the area, it’s culture, explore our Dining, Leisure, & Life guide, research schools, and transportation, etc.

The Purchase

*  Forward a copy of the Contract to Purchase to your title company immediately following acceptance.  YWGC Realty is affiliated with Real Estate Title and Escrow and will be happy to provide legal assistance should you need it.

*  Act immediately on any contingencies that you must satisfy. Any testing or inspections required on your part should be scheduled as soon as possible.

*  Be certain to apply for your mortgage in a timely manner. We will assist you with your selection of a mortgage company to ensure you find the best available financing to meet your needs.  YWGC Realty is affiliated with Real Estate Mortgage Funding (REMF) and will be happy to work with you to explore financing options and find a loan that meets your needs.

*  Do not wait until the last minute to obtain Homeowners Insurance. YOU MUST BRING A COPY OF THE ACTUAL POLICY TO THE CLOSING WITH A RECEIPT. Remember, your mortgagee must be named as the primary beneficiary.

*  All funds necessary to close must be brought to closing in the form of CASHIERS OR CERTIFIED CHECKS. Personal checks are not acceptable.

*  A walk-through will be scheduled for you in accordance with the terms contained in the Contract of Sale. Your real estate agent will accompany you to verify that all items included in your Contract of Sale are present.

*  Your title company will contact you with closing figures. Remember that the exact amount of money you will need often will not be determined until your closing is scheduled.

*  Usually, the closing is held at a title company, an attorney's office or at the office of YWGC Realty. Set aside two hours for closing. Generally, possession is transferred at closing unless your contract calls for another arrangement.

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

_________________

Costs associated with buying a home.

Avoid unwelcome surprises by knowing what costs are the responsibilities of the buyer. Check with your mortgage company before the closing since they might vary. Here are some estimated closing costs that are the buyers' responsibility.

*  Loan Application Fee: Paid to the mortgage company to cover the costs of the appraisal and credit report

*  Points: Paid to lender at closing, calculated as a percentage of loan amount (i.e. 1 point equal 1% of loan amount). May be disclosed as either discount points used to buy the rate down, or organization points.

*  Private Mortgage Insurance (PMI:) Required when loan is greater than 80% - approximately .52% of loan amount annually - higher premiums required for loan-to-value greater than 90%.

*  Prepaid Interest: Paid to lender from the date of the closing through the end of the month.

*  Underwriting Fee: Charged by lender

*  Processing Fee: Paid to mortgage broker to process loan and reimburse miscellaneous expenses

*  Document Preparation Fee: Charged by lender to cover the cost to prepare closing documents

*  Tax Service Fee: Charged by lender to obtain real estate tax bills and monitor payments of real estate taxes

*  Flood Certification Fee: Charged by lender in order to ascertain if property is in an area of flood hazard

*  Lender's Title Insurance Policy: Required by lender and paid to the title company to insure lender's interest in property

*  Settlement/Escrow Closing Fee: Paid to title company to act as lenders' agent in handling closing

*  Transfer Taxes: Varied by local ordinance

*  Escrow/Reserves: Varies by month of closing

*  Tax Reserve Fund: A minimum of two months of estimated taxes put into escrow, if required by lender

*  Survey: For purchases, typically provided by seller. For refinances, new survey required unless previous is less than five years old and no new improvements. Not required for condominiums.

*  Recording Charges: Charge by recorder's office to record mortgages and assign mortgage and deed or release

*  Property Inspection: Optional

*  Lead Paint Inspection: Optional

*  Homeowner's Insurance: Cost varies.

*  Condominium Charges: Condominium associations may charge an application fee, move-in fee, etc.

*  Service Release : Compensation paid by lender to mortgage broker, average is 1.0-1.5% of loan.

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

_________________

Looking beyond cosmetic flaws.

Many sellers understand that prospective buyers are more attracted to homes that are spotlessly clean, updated and tastefully decorated. Often, however, sellers are unable to fully update their homes for showing. Homes that aren't newly "done" can be exceptional values, with an inherent "sweat equity potential" factor built in. You're not paying for expensive new interior decorating (much of which leaves with the sellers, anyway).

When a Realtor shows you houses that need work, imagine what they would look like empty, with worn carpets removed, floors refinished, fresh paint and your own furniture in the room. If the home is structurally sound and has updated systems, a small investment of elbow grease and paint could make it look fabulous.

Interestingly, there has been a recent trend where the general buying public pays a significant premium for attractive decor.

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

__________________

Take advantage of our personal relocation specialist!

Did you know YWGC Realty has its own relocation specialist? Please visit our relocation page and take advantage of their services.

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.

__________________

Should you make a backup offer?

After looking at houses for weeks, you finally find one that is perfect! Unfortunately, your Realtor checks the status to find that it sold just yesterday. Don't lose all hope - your Realtor may suggest you make a back-up offer so that if the prospective buyer does not go through with the purchase, you will be the next in line. Having a good Realtor could still get you the house of your dreams.

The first rule of being "second in line" is don't get attached to the house and keep looking. There are things that can and may go wrong with the first contract. For example: the prospective buyers may get a terminal case of "buyer's remorse" and back out during the structural contingency period or their financing may not be approved. They may have another house to sell and a limited amount of time to do it. Of course, they do have a strong legal interest in the house and their purchase may go very smoothly. Remember that the backup offer you make gives you a chance, however remote, of getting the house you love.

One last tip on the subject of buying the dream house for those among you who won't work with a Realtor because you prefer searching by yourself: some of the very best houses NEVER have public open houses and sell before Sunday to buyers working with smart Realtors who are on top of the Multiple Listing Service and constantly searching for their customers and clients. Usually, these are the buyers who find their dream house.

Please feel free to call us for a complimentary consultation at 410.583.0400 or email us.