Tuesday, August 2, 2011

Buy a Deep Creek Lake Home with these 8 Simple Steps!

Here at Coldwell Banker Deep Creek Realty, we love what we do and want to provide the best service possible for those who are selling their Deep Creek Lake home or who are planning to relocate or buy a vacation home on Maryland’s largest fresh water lake. 
We understand that buying a home or a second home is a large decision and we want to help you make the most informed decision possible as well as giving you all the tools you need to have a smooth and successful home buying process!  Whether you are considering purchasing a home at the stunning Alpine Lake Resort, want a lakefront home on Deep Creek Lake or envision yourself more inland in Garrett County with Deep Creek Lake access, we are sure it’s an investment you’ll enjoy for years to come.
In an effort to give you even further insight into what it takes to buy a Deep Creek Lake home, we’ve laid out eight steps that will help get you prepared as well as take you through the purchase process.  Although this will be a life changing decision, it can be a stress free process if you break it down into small steps and know exactly what you can expect from buying a Deep Creek Lake home.  Take a look!
Step 1: Set Up Your Financing- Getting pre-approved for a loan is imperative in today’s Deep Creek Lake Real Estate market. Make sure you’ve spoken with a lender on how much you can afford and the type of financing you can get.  Having a pre-approval letter will show sellers that you’re serious about buying and it can help move the process along quickly.
Step 2: Examine the House Carefully- Even though the Deep Creek Lake home you’re interested in may seem in excellent condition, you’ll want to examine the house very carefully.  Getting a home inspection will put to rest any questions you may have about the condition of the home and will let you know of any repairs that need to be made that can be included in your final offer.  Do not accept the home’s condition from its appearance alone.  You could find yourself facing major repairs once you move in.
Step 3: Set a Limit for Yourself- It can be easy to get swept up in a bidding war if the home you have your eye on is being viewed by a few other buyers who are just as excited to buy a vacation or permanent residence on Deep Creek Lake. It’s important to set a limit for yourself and be willing to walk away once that limit has been met.  There are many great homes on Deep Creek Lake and the surrounding areas that buying outside of your means is not necessary to get a great home.
Step 4: Decide on an Offer Price- Your Deep Creek Lake Real Estate agent can help you determine your offer price as they’ll present you with the comparable homes currently on the market.  By viewing these similar homes and with the advice from your real estate agent, you can set a realistic offer.  It’s typical to offer 5-10% lower than the home is currently listed on the market, rather than making an extremely low offer that the seller will immediately reject.  A lower offer will show that you’re interested and will give them room to counteroffer.
Step 5: Decide on Earnest Money- Earnest money is cash that you can include with your offer to show that you’re serious.  The earnest money can vary depending on what you can afford and this amount will be subtracted from the amount you borrow from the lender.  Typically the earnest money is about 1% of the purchase price.
Step 6: Consider Your Contingencies- Things such as closing costs, inspection, the appraisal, or any repairs are just a few of the contingencies that can be worked into your offer.  Here at Coldwell Banker Deep Creek Lake Realty, we can help you build these into your offer, that will allow you to walk away or renegotiate with the seller if they are not met.
Step 7: Make it Move-In Ready- If you’re a buying a vacation home, you may not have everything you need to furnish an entire second home.  Asking for certain things from the seller such as furniture or appliances can be apart of the offer and can help your home be more move-in ready.
Step 8: Take Attention Away From Price- Most sellers do not want to see an offer that’s below the asking price, but you can make your offer more pleasing by adding in a few things such as an all-cash transaction or a quick close, that will sweeten the deal for the seller.
As always, the Coldwell Banker Deep Creek Realty team is here to help in any way we can!  If you have questions about living on Deep Creek Lake, buying a second home or are ready to begin your Deep Creek Lake home search; please let us know!  Consider us your trusted resource for all things pertaining to life on Deep Creek Lake as we help guide you through each phase of the home buying process.
We look forward to helping you buy your next home!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert