Buyer Action Plan
Buying real estate in Ocean City MD and the surrounding areas can get a bit overwhelming due to the number of options and listings available, the various steps involved in navigating the settlement process and some of the unforeseen issues that pop up along the way. Part of the value in hiring a Realtor in Ocean City MD is that I can assist you with all of these steps and make the overall process of buying real estate in Ocean City and the surrounding areas as easy and stress free as possible. Outlined below is the plan that I have in place for my clients, which virtually guarantees an enjoyable transaction and you can rest assured that everything is being taken care of for you.
The Ocean City MD real estate market offers a lot of options and you may or may not have an idea of the size, location and type of property that you are looking for. Considerations such as size, pricing, views, location, rental potential, carrying costs, area benefits or drawbacks and other factors are all important in finding the right property for you and your family. I am available to discuss the various options with you to ensure you are looking for the right property that will satisfy your wants and needs as you begin your real estate search.
Search the Listings
Every real estate listing available in Ocean City and the surrounding areas is available on this website. The data is pulled directly from the Multiple Listing Service (MLS), which is the most accurate and timely listing data available. I have gone to great efforts to ensure that the search tools on this site are user friendly, allowing you to search for properties based on your exact specifications. Additionally, I can set searches up for you so when you visit the site all you have to do is click on your specific search and it will show you all of the listings currently available that match your specifications.
Register for a Listing Manager
You can register for your own listing manager account through this website, which will save you a lot of time and effort. You can save searches for later reference so you don’t have to go through the cumbersome process of inputting all of the property search criteria each time you visit the site. As you go through the listings you can save properties of interest for later reference and monitor their price and listing status. Additionally you can share listings with friends and family, get questions answered promptly, make notes on specific listings, have new listings emailed to you and much more.
New Listing Updates
Getting the best deals on real estate in Ocean City MD and the surrounding areas requires being aware of the new listings and price adjustments as soon as they hit the market. To assist with this I can set you up for email updates on properties that match your specifications and as soon as a new listing or price change becomes available it will be in your inbox. This service can save you a lot of time and effort, while also ensuring you don’t miss out on a good opportunity.
If your going to be financing your Ocean City MD real estate purchase you may want to consider getting pre-approved with a mortgage lender. This doesn’t need to be done immediately, but as you get closer to coming down and looking at properties it is something that you will want to do. Most Sellers and their agents require a pre-approval letter before they will formally respond to an offer. Having the pre-approval upfront will provide some negotiating power and will ensure that your purchase is inline with your overall financial strategy and goals.
Come See the Listings
After you have done your preliminary research and are ready it will be time to come down and take a look at some listings. Prior to you coming down I will get the list of properties you want to see from you or I can pull your “favorites” out of your listing manager account. Additionally, I will go through the listing database to see if there are any good opportunities that match your specifications that you may have overlooked. I will make all of the necessary appointments and while doing so I will do my preliminary research and see what other information I can gather from the listing agents on the respective properties. Once you are here we will tour all of the properties, as well as any amenities they offer and you can fire away with the questions as that is what I am here for! After we have taken the initial tour through the listings you wanted to see we can go back to any properties that you want to take a second look at. I understand that this process make take a couple of trips to Ocean City before you are ready to move onto the next steps and that is completely fine with me.
Analyze Listings of Interest
Once you have found some listings that are of interest we will sit down and go over them with you. We will get any questions you may have answered and gather any additional information you would like. I will provide you with all of the recently sold comparable property listings, which will enable us to determine the properties current market value. Additionally I can help you weigh the potential advantages and disadvantages of one property versus another based off of my experience in the Ocean City MD real estate market. This is an important step as it puts you in a position to make informed decisions and get the best deal possible moving forward.
Preparing an Offer
Once you have identified a property and are ready to move forward we will determine a pricing strategy based on the information gathered in the previous step and your particular situation. I will get all of the terms and any contingencies that you want included in the contract and then put the offer paperwork together. We will then go through the entire contract and related addendums, explaining everything to ensure you are comfortable moving forward and understand all of the terms. This can be done in person or through email and over the phone. I utilize digital contract software that makes this process through email quite easy and eliminates the need for printing, scanning or faxing.
Negotiating the Contract
Once I have the signed offer back from you I will present it to the Seller's agent. Rather than just dropping the offer off and waiting for a response as most agents do I will prepare a presentation for it. In the presentation I will outline the basis for the offer using the comparable property sales, any adjustments that we made and any other factors that are relevant. In addition I have a few other tricks that I use to motivate the seller and their agent (I can't divulge them hear but would be glad to do so when we meet!). The Seller can either accept, counter or reject the offer. In most cases the seller will counter back to you with a different price or terms (we assume this will happen and have it factored into our offer strategy) and then the ball will be in your court. You can either accept their offer, counter it or walk away. This all happens relatively quickly and in a majority of cases I am able to reach an agreement that everyone is happy with and we move on towards settlement.
Working Towards Settlement
Now that we have an agreement in place we will start working towards settlement and I will handle a majority of these steps for you, you essentially get the lender the information they need for the loan and I will take care of everything else. I will start by getting the contract to the lender, settlement company and any other related parties for processing. Next, I will get any inspections you would like to have performed scheduled. You are welcome to attend the inspections and in the event that you can not I will be there to oversee them on your behalf. Once the inspections are complete we will address any issues that arise and ensure that they are resolved to your satisfaction. Once the condo or home owners association documents are available they will be delivered to you promptly based on your preference and I will review them to ensure everything is as it should be. Additionally I will address any questions that may arise or gather any additional information you would like as a result of the condo/home owners association review phase. Throughout the entire settlement process I will stay in constant contact with the lender, settlement company and any other related parties to ensure that everything is progressing along as it should, will address any issues that arise promptly and am always available to you for any questions or additional information you may need.
Prior to you coming down for settlement you will receive a HUD-1 (settlement statement) that outlines all of the costs and your bottom line number to ensure it is inline with what was presented to you by the lender and settlement company initially. I will provide you with all of the relevant utility numbers prior to settlement for you to transfer the services into your name as of the day of settlement. An hour or so prior to settlement we will meet at the property for a walk through to ensure any inspection issues were resolved, all furnishings and equipment that were to convey are present and that the property is in the same condition it was when you made the offer on it. From there we will head to settlement, sign a few papers, get you the keys and then you can head off to live the good life at the beach!
The process outlined above virtually guarantees that my clients get a great deal, have an enjoyable transaction and have a majority of the "heavy lifting" taken care of for them. If you have any additional questions or would like to get started feel free to contact me anytime at 443-614-9179 or email me below. I look forward to the possibility of assisting you with your real estate needs.