Homebuyer's Checklist

SELECTING AN AGENT IN MD, VA & DC

Exclusive Buyers Agent
Represents Buyer 100% of the time

Traditional Agent
Represents Seller all of the time

Dual Agent
Represents both Seller and Buyer at the same time

Transaction Facilitator
Represents neither Buyer nor Seller

Buyer Agent in Traditional Firm
Sometimes represents Seller, sometimes Buyer

Designated Buyer Agent
Represents Buyer or Seller in a specific transaction. Broker is a Dual Agent

HOMEBUYER'S SEARCH STEPS

  1. Pre-Qualification
    Determines purchasing power; defines price range
  2. Needs and Wants
    Set priorities for size, location, style, features
  3. Select Search Areas
    Preview information on available homes
  4. Review Comparable Sales and Tax Data
  5. Drive-by Tour of Homes
  6. Tour Select Homes with Agent
  7. Writing an Offer
    Strategy, negotiation, financing, contingencies, inspections

CONTRACT ACCEPTANCE

Mortgage Application
Requires credit check, home appraisal

Settlement Schedule
Deadlines for inspections, approvals, insurance, settlement

Professional Home Inspection
Buyer & Agent should be present

Select Settlement Attorney
For title search, title insurance, settlement statement

Mortgage Approval
Takes approximately 2 to four weeks

  • Obtain Homeowner Hazard Insurance
  • Lender requires
  • Termite Inspection
  • Seller arranges and pays
  • Notify Utilities
  • Final Walk-through Inspection

SETTLEMENT - CONGRATULATIONS!