Tuesday, May 8, 2012

Buy a Deep Creek Lake Home Stress Free!

Buying a Deep Creek Lake home, especially if it’s a vacation home, can seem like an overwhelming process.  You know that the market is still in the buyers’ favor, which is great news, but you also understand there’s a lot involved with buying a home.
Not only is it a large financial investment, but it can also mean a life change, and both decisions need to be weighed carefully.  However, as Deep Creek Lake Real Estate agents here at Coldwell Banker Deep Creek Realty, we can assure you that buying a home on Deep Creek Lake can actually be a stress free endeavor!  
Below are seven key tips we’ve gathered from our years of experience with those buying a home as a permanent residence or as a vacation getaway on Deep Creek Lake, that we feel will be helpful as you consider taking the next step.  
1. Know when it’s the right time to buy- Decide whether to buy based on your life and what makes sense for you, your family, your plans and your finances. Then, use the news about what’s going on in the Deep Creek Lake Real Estate market to decide how to buy.
2. Learn what to expect during the homebuying process- Research as much as possible, but be sure to decide on a trusted Deep Creek Lake Real Estate agent as soon as possible.  They’ll be able to give you a layout of what you can expect from buying a Deep Creek Lake home.  Ask your agent when you’re expected to show up so you can take time off work, and when you’re expected to write checks so you can be prepared.
3. Prevent money surprises during escrow- When you first apply for a loan, you’ll receive a good faith estimate which is a standardized list of costs associated with obtaining the mortgage and a breakdown of the monthly mortgage payment due on the mortgage for which you were approved.  Keep in mind this is just an estimate.  When you close on escrow, you’ll pay prorated mortgage interest and property taxes from the date of closing till the end of the month. The date of closing can make a difference in thousands of dollars required to close. Ask your Deep Creek Lake Real Estate agent to help you set your closing date in accordance with the cash you have at your disposal.
4. Find the right Deep Creek Lake Real Estate agent- Finding the right Deep Creek Lake Real Estate agent can make all the difference!  Be sure to look for the following:  experienced in the transaction you envision (short sale, vacation property, etc…), great referrals and testimonials, is a problem solver, and appeals to your personality style (you could potentially be spending a lot of time with your realtor, so you want to make sure it’s a good fit).
5. Know how much you want to offer- This can be tricky, but there are some ways to determine the price of your offer.  Your Deep Creek Lake Real Estate agent can provide a Comparative Market Analysis (CMA) which shows what other houses in the area are selling for.  You can also determine the price by the sellers’ motivation to sell as well as the current market factors- which happen to be in the buyers’ favor right now!
6. Avoid buying a lemon- You may have nightmares of coming home to a recent home purchase only to find it falling apart.  Ways to avoid this are to thoroughly go over the disclosures which are required to list out issues or recent repairs within the home, get a home inspection, have contingencies in place when making your offer, maintain a home warranty policy that will cover many major malfunctions for a service call fee.
7. Know when to remove contingencies or waive objections- Removing contingencies or waiving objections usually puts thousands of dollars on the line, so it’s not a step to be taken lightly. Plus, by removing contingencies or waiving your objections, you are essentially telling the seller that you plan to close the deal — something you just shouldn’t do unless and until you are satisfied with the following items: title, disclosures and inspections, condition issues, appraisal and underwriting.  Your Deep Creek Lake Real Estate agent can help you determine if and when you need to take this step.
Buying a home on Deep Creek Lake is exciting and we want to make sure you enjoy the process!  Our goal is to work with you through each portion of the process and make sure you are completely happy with your Deep Creek Lake home.
If you have any questions or are ready to begin your home search; please feel free to contact us today!  

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

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