Ocean City Maryland Real Estate - Ocean Pines Real Estate - Berlin Real Estate - Buying or Selling? Find the perfect Ocean City Realtor!
Ocean City Maryland Real Estate - Find the perfect Ocean City Realtor!
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Real Estate Agents

Deciding to buy today
Before you start looking
Looking and Choosing
Buying
  The first step
  Preparing your offer
  Getting a loan
  Closing the deal
Moving

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Preparing your offer

The little things that count:
  • Always make your offers in writing because oral contracts are not binding in real estate sales.
  • Be sure you can afford the price before you make the offer.
  • If you have been pre-approved, include a copy of that letter with your offer.
  • Make sure you have attached any contingencies you have, and always insist on a professional inspection contingency clause.
  • This protects you in case the seller did not disclose any serious defects about the house.
  • Include a deposit and the terms for returning the deposit if the sale is not final.
  • If the sale is finalized, the deposit will be applied to the down payment.
  • Contracts should always include the address of the property, the terms of sale, the purchase and deposit amount, method of prorating real estate taxes, water bills, and other expenses that the owner is liable for.
  • You should also include the time period that the offer is valid, what type of deed will be given, who will pay title insurance, termite inspection, etc., and any contingencies.
  • Negotiation is easier for a buyer who can offer a seller a specific convenience, such as an all cash sale, no waiting for the buyer to sell his or her own property, or a pre-approved buyer, etc.
  • Contracts are only final when one party signs an unconditional acceptance of the other party’s offer.
  • If you want to withdraw your offer, consult your lawyer first to be sure you will not be sued for damages to the seller.
  • When you decide what price to offer the seller, don’t forget to consider all of your costs:
    1. Down payment
    2. Loan application fee
    3. Loan origination fee
    4. Buyer’s title insurance
    5. First year of prepaid homeowner’s insurance
    6. First year of prepaid mortgage insurance
    7. An attorney
    8. Interest from the date of closing until the end of the month
    9. Packing materials
    10. Movers’ fees
    11. Utility deposits and hook up fees
    12. Escrow for real estate taxes, homeowner’s insurance, and PMI

One of a kind Direct Bay Front in fee Townhouse built in 2007. Stunning open bay views. Features Cedar Shake vinyl siding, 2 huge decks, 2 boat slips w/ lifts, jet ski lift, newer vinyl bulk heading, trek decking & patio. 3 level interior features beautiful hickory hardwood floors, ceramic tile, Corian counters, maple kitchen cabinets, stainless appliances, gas fireplace, 9 foot ceilings, 2X6 construction, sprinkled throughout, 2 Rennai tankless water heaters, 2 zone legacy HVAC, garage & much more. Huge master bedroom w/ balcony overlooks the bay & features a large sitting room, 2nd bedroom features a large balcony & overlooks the bay. Don't miss this one of a kind property

Peck Miller
Coldwell Banker Residential Brokerage