Buying a home is complex and costly. You want to make sure you end up with as many features you want, and can afford. The home you eventually get may not have everything you wanted, but for the price, you're getting the features most important to you. Even in the highest price ranges, it's rare that a buyer gets everything on their wish list.
Crofton MD has a large real estate inventory to start your search for the home of your dreams. At some point, you'll find that perfect home for you, and we'll write an offer.
In Maryland, all real estate purchases have to be in writing. No handshakes allowed. That offer we write together is going to take a while. The standard real estate contract is 11 pages but when we add all the required addenda, it can easily blow up to close to 40 pages. Get out your blue pen because you'll be initialing and/or signing just about every one of them.
Bring your checkbook too. When we write an offer on a home. you have to include an earnest money deposit. It's customary, but not mandatory, to provide an earnest money deposit of approximately 1% of the purchase price of the house. This money will be used at settlement if your offer is accepted.
It used to be pretty standard to close in 30 - 60 after the offer was accepted. New lending and appraisal practices have bumped this up to 45 - 60 days.
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist
©2009 - RichSellsHomes, All Rights Reserved
Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
SKYPE ME: RichSellsHomes
It's really amazing how many pieces of paper it takes to make an offer, not to mention actually buy the house.
This is a great series Richard! Several of your thoughts translate to any city or town across the country!
Can you believe it's September already?
Paul
GOOD MORNING RICH! Nice that you noted that earnest money is usually 1% of the purchase price -- often I hear Buyers ask me, "Do you just pick any number for the earnest money?" Really like the "steps"! -- Gabrielle
Hi Rich:
Great points on writing up an offer.
1% down is a good rule of thumb.