The Maryland and Delaware Beaches --
Why Not Own a Part of It and Leave Your Footprints in the Sand . . .

We want you to find the perfect property to meet your needs.  It’s a major decision, but that doesn’t mean it doesn’t have to be FUN and exciting.

We will listen to you.  Every buyer is nervous at the beginning. Part of our job is to understand that, and help you make a fully informed decision that’s right for you and your budget. If you are buying for the first time or have purchased many times, we realize that you will count on us to work in your best interest. We can help you with a primary home,  2nd home,  a rental condominium, or an investment property.  Our whole careers have been in Ocean City and the lower Delaware beach areas, so we really know these markets. Also, we’ve been the buyer, so we know how you are feeling.

We will help you find the right property, prepare the paperwork on your behalf, negotiate the best price, and assist in getting you the best financing available. We will make your buying decision a pleasant and rewarding experience.

If we sound like the right real estate agents for you call us at 877-480-7653 or email us.  We are happy to just listen to you, and if we can help… we will be there for you. 

7 Steps to Owning Your Very Own Dream Beach Sandcastle !

Step 1 – An Overview of the Properties…Finding the right one for you.

Step 2 – Qualifying for the Mortgage

Step 3 – Making an Offer

Step 4 – Role of the Settlement Company

Step 5 – What happens before and During the Closing?

Step 6 – Oh Happy Day !

Step 7 – Then What?

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Step 1 – An Overview of the Properties... Finding the Right One for You

Prior to us getting together we will have spoken, and have sent you emails with pictures of properties for your consideration so we can get a better understanding of what type of property you like. At our first meeting, we will go over the role of a Buyer’s Agent, and the representation it entails.

We provide each client, before we head out, printed information on the properties we will be seeing that day.  If we have not had the time to talk before hand, then this is the time to do it, together, on our computer in our office. Clients can see for themselves whether or not the criteria they have (or wish to have) actually is available.  After we have tweaked our search, we can get started. Most properties have lockboxes so we can access them.

We will also go over what it takes to present an offer, such as having a mortgage pre-qualification letter to accompany it, what our sales agreement consists of, and the other “steps to finding your Dream Beach House”.

Step 2 – Qualifying for the Mortgage

When you’re ready to make an offer on a property, a pre-qualification letter from the lender is necessary to accompany it. Therefore, it is important to start this process first, sometimes even before looking at properties. A second benefit is that the buyer will know beforehand exactly what they’re qualified to buy, what issues might need to be addressed, items that might be needed to be ready when applying for the loan, etc.

The loan officer will give you a Good Faith Estimate of the closing costs involved with the financing. There are recurring costs that you pay that are included in the monthly payment, such as property taxes, whether the property is held in a condominium regime, homeowner’s insurance, etc.  The monthly payment consists of principal, interest, taxes, and some cases insurance. It is referred to as PITI.

Step 3 – Making An Offer

Well, you’ve found the right property (or close to it…sometimes compromises have to be made), and are ready to make the offer. It shouldn’t be a scary thought because we will have done our homework.

The first thing we do is to check the comparable property sales in that neighborhood or condominium building to see if this property is priced fairly, and how it relates to others similar to it that have sold. In some cases there will not be enough that have sold. We will find out how long the property has been on the market or if there have been any price reductions during the listing period.

One thing that buyers seem to quickly find out is that they themselves become mini-appraisers. After some time looking at properties, buyers know instinctively if a house is overpriced. There is no point in the seller overpricing since it won’t appraise. Therefore, there is a smaller margin of pricing over what an actual market price would bring.

When you’re comfortable with what you will be offering, we begin to fill in the Maryland Residential Real Estate Contract of Sale. This contract has been prepared by the Maryland State Association of REALTORS, and is used for most, if not all of, the residential transactions in the state. Its content has had the input of attorneys, appraisers, loan companies, inspection companies, termite companies, and the  Real Estate Board of REALTORS, making it as fair as possible for both buyer and seller.

We go over this contract very carefully, so that it is fully understood. It will address agency, the earnest money deposit, the property description, the terms of the offering price, including financing, and the closing dare desired.  We will also review the disclosures required. You will be pleased to know that Maryland has many provisions for disclosures to protect you the buyer. 

There are provisions for lead based paint, home inspection, home warranty and any other’s we decide to include.  We will discuss who you want to settle the property for you. This is a synopsis of the terms of the contract. The contract is very long in length, and we will review everything thoroughly.

Immediately prior to closing, there is a final walk through to make sure all is as it was when inspected, or if any repairs that were requested have been completed.

Okay, now what? As a buyer’s agent, I present the contract to the seller’s agent, who in turn presents it to the seller. May we say, that because of our extensive experience in real estate, we have had a successful career based on our negotiating skills. We will definitely be working on the buyer’s behalf. You can count on it!

Now, we have an accepted offer. What’s next?  You will formally apply for your loan and we will coordinate any inspections we have called for in the contract of sale. If you have purchased a property in a condominium building, we will await the Maryland Resale Package, that will provide all of the documentation regarding the condominium association. On a resale property in Maryland, Maryland state law gives the buyer a 7 day right of rescission from the time the condominium documents are received by the purchaser.

After inspections are completed and your loan approved, we enter our next phase, the closing.

Step 4 – Role of the Settlement Company

What happens to my good faith deposit? Coldwell Banker Residential Brokerage will  hold those monies in escrow until the time of settlement.  Those monies will appear as a credit on the settlement sheet to the buyer.

Deposit monies are held in an escrow account for the protection of the buyer and the seller. The buyer (via the contract) instructs the title company or settlement attorney, to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions.

The seller instructs the title company or settlement attorney, to retain possession of the deed to the buyer until the seller’s requirements, including receipt of the purchase price, are met.

Both rely on the title company or settlement attorney, to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not consistent or cannot be carried out.

Escrow is important in that both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds and many other items.

Typical Instructions to the Title Company or Settlement Attorney:

·        The method by which the title company is to receive and hold the purchase price to be paid by the buyer.

·        The conditions under which a lapse or breach of purchase contract provision will terminate the closing.

·        The instruction and authorization to the title company to disburse funds for recording fees, title insurance policy, real estate commissions, and any other closing costs incurred.

·        Instructions to the title company on the payment of prior liens against the property and distribution of the net sales proceeds.

The duties of the Title Company or Settlement Attorney:

·        Performs the title search or abstract of the chain of title.

·        Receives funds from the buyer and/or any lender.

·        Prorates taxes, rents, association fees, etc.

·        Disburses funds for title insurance, recording fees, real estate commissions, lien clearance etc.

·        Prepares a final statement (Settlement Sheet or HUD 1) for each party, indicates amounts to be disbursed for services and any further amounts necessary to close.

·        Records deed and loan documents, delivers the deed to the buyer, loan documents to the lender and funds to the seller.

Step 5 – What Happens Before and During the Closing?

This is the time to be in touch with the lender to provide whatever is necessary for the final loan documents, for the seller to take care of any requested repairs, and for the lender to go through the underwriting process.

As a buyer, you will want to arrange to have the utilities transferred into your name as of the closing date.

At the Closing:  The closing is almost always done at the title company or settlement attorney’s office (an exception could be an out of state buyer or seller, in which case documents are overnighted).  Buyer and sellers and their agents will be given a settlement sheet beforehand, so there are no surprises, and the buyer will know exactly how much his cashiers check should be.  Your loan officer will have gone over the final closing costs involved with the closing as well just prior to closing.

Other closing costs will consist of the title company or settlement attorney’s fee to prepare and conduct the settlement, recording of the deed, pre-paid interest, condominium fee pro-rations (if applicable), real estate tax pro-rations and any express mailing or notary fees.

If you are not buying a property held in a condominium association where the insurance is paid for in your condo dues, the insurance premium is paid at closing.

Property taxes are prorated at the closing and the buyer is responsible for the taxes from the closing date on .  The seller receives a refund of any prepaid taxes.

Step 6 – Oh Happy Day!

Congratulations!  You have purchased your own “Dream Property At The Beach”.

We do suggest that all the papers involved with your closing be kept in one place. All receipts, important papers, and the settlement papers, etc. may be needed for your income tax preparation.

What we want to emphasize here is that the “closing” is not the end of our relationship. We’re here at this point to continue to assist you, and we want you to always stay in touch with us. 
That means, Call us!

Our goal is to make this time a FUN and rewarding experience, not a stress.

Now the Super  Big FUN begins.

Step 7 – What Next?

This is where you and your family begin to relax and enjoy all the wonderful things Ocean City has to offer. There is much to see and do.  The beach, the boardwalk, golfing, water sports, restaurants, tennis, amusements, community events, and on and on.

We will keep you updated on all the new happenings in town. You will receive a monthly newsletter from us with a calendar of events. We typically send this by email, so make sure that you have given us your email address.

You can also visit our blog site any time to get an update.  www.OceanCityMdRealtyBlog.com

We are so very happy and excited for you. You have picked a FUN place to own real estate

And please don’t forget us! We are always here to help. We would love it if you told your family and friends about us and have them visit our web site www.Ocean-CitySales.com . We’d love to help them, too!

Thank you for choosing us as your REALTORS.
Kevin & Monica McNamara