The Real Estate Process for Residential Buyers
Buying a home seems like a simple enough task, but often it proves to be anything but. It can be an overwhelming and emotionally draining experience. Understanding the real estate process can help ease the stress and provide for a more rewarding transaction. Follow the outline below and before you know it, you'll be unpacking in your new home!
1) Find a Licensed REALTORâ - Many people try to navigate the real estate buying process on their own; however, there is no substitute for a good, experienced real estate professional to make sure you find the property that best meets your needs at the best possible price.
2) Schedule a Sit-Down with the Lender - If the property purchased is to be mortgaged, the sooner you know how much money is available for use in the transaction, the better. Obtain a pre-approval letter from the lender to include with any offer you make.
3) Secure an Attorney - Delaware is an "attorney state," so all real estate transactions must be carried out through a Delaware licensed lawyer. An attorney may be chosen now or once a property has been chosen, but if you decide upon a lawyer early on, you have someone to approach with your legal questions. Real estate agents are not legally or ethically permitted to dispense legal advice.
4) Review Properties - Study the listing facts sheets sent by your REALTORâ. Do your own research online through websites such as www.remax.com, www.debbiereed.com and www.realtor.com as well, and tell your agent which listings you like and why. Also, if you would like to visit new developments, inform your agent, and if you happen to "drop in" to a model home or public open house, tell the sales representative there you are working with an agent. If you'd like to see a FSBO (For Sale By Owner), ask your agent to schedule a showing for you.
5) Tour Properties with your REALTORâ - Now the real fun begins! If possible, go on tour to see the homes you most like with your REALTORâ. Take plenty of notes to help keep the various properties straight, even after you've toured five or ten or more of them. Give the homes labels that will bring the place back in focus days later, such as "Purple Shag," "Beautiful Bay Views," or "Funky Smell." Make notes on both the positive and negative elements of each place. Taking photos with a digital camera is another good idea.
6) Narrow Down the Possibilities - Feel free to ask to see a home more than once. Also, don't hesitate to ask your agent to give you time to think about the choices before you make a final decision. Ask your agent for comps, listing histories and days on market for the homes that top your list and use this information to make an informed choice.
7) Choose a Home and Make an Offer! - Your agent will complete an Agreement of Sale which contains information such as the price you are offering for the property, the amount of deposit to accompany the contract, any additional deposits to be collected upon acceptance of the contract, financial information regarding down payment and loan amount, settlement date, and dates related to contingencies. In this electronic age, offers can be made long distance through email, FAX or overnight delivery.
8) The Next Step - Once signed, the Buyer's agent presents the offer, with the deposit check (or a photocopy of it if the buyer is out of town and mailing the check), to the listing agent, who will then present it to the Seller. At this point, the Seller has three choices:
a) Accept the offer as it stands, in which case he or she signs the contract and it is "ratified," or legal.
b) Make a counter-offer, in which case he or she will probably cross out the points which are disagreeable (such as settlement date or price), write in the terms the Seller would like to see, initial these points, sign the contract and, through the agents, return it to the Buyers. In this scenario, the Buyers can then decide to accept the counter-offer, counter back with something else or walk away from the deal.
c) Simply reject the offer with no counter. Now it is the Buyers' choice to find something else or write a completely new offer.
9) Once the Contract is Ratified - OK, so let's say you have a ratified contract. Take a deep breath, drink a glass of champagne and be ready to hit the ground running because now the real work begins. Inspections, an appraisal and a survey need to be scheduled, financing needs to be secured, and all the ducks need to line up in their little row to insure a smooth and successful settlement. Fortunately, you have been wise enough to use the services of a professional REALTORâ, who will help you choreograph your duckies.
10) Submit Deposits - If any additional deposit monies are due, be sure to send a check to your agent within the time parameters designated in your contract.
11) Secure Financing - Apply for a loan and obtain a letter of commitment from your lender. Also, find out what inspections, appraisals, insurance, etc., your lender requires. Inform your lender of the deadline dates in your contract.
12) Schedule a Home Inspection - Some lenders require an inspection conducted by a certified home inspector. Unless the home being purchased is to be torn down and replaced, home inspections are a good idea for anyone purchasing a house. Not all property defects are obvious to the untrained eye. When working with home inspection (or any) contingencies, make certain that the dates specified in the contract are honored. The Buyer gives up his or her right to expect satisfaction at the Seller's expense if the dates are not either honored or revised through an addendum to the contract. This is the meaning of "time is of the essence."
Home inspection contingencies vary, so be sure you understand your contract and how the contingency works before signing! Usually, if a major defect is found, the Buyer has so many days (spelled out in the contract) to let the Seller know IN WRITING what the Buyer expects the Seller to repair. Then, the Seller may choose to:
a) Repair the damage at Seller's cost;
b) Supply a monetary credit to be applied at settlement;
c) Offer the house "as is," giving the Buyer the choice to make the repair at the Buyer's expense or walk away from the deal.
13) Schedule a Septic Inspection - If the property to be purchased has a septic system, have it inspected.
14) Schedule a Well Inspection - Same goes for a well.
15) Schedule a Survey - Most lenders require that either a recent survey of the property be on file, or a 
new survey be conducted in order to receive a mortgage.
16) Schedule an Appraisal - Mortgage companies and banks also require an independent appraisal be made of the property. If the Buyers have offered more for the property than it is worth for its market, the home will not "appraise," and they will not be able to get the mortgage.
17) Schedule a Radon Inspection - In some areas of the country, a radon inspection is required by lenders as well.
18) Schedule a Pest Inspection - A termite inspection contingency is included in every standard Delaware contract. The termite inspection should be conducted no more than three weeks before closing, to prevent the little buggars from moving in and wreaking havoc between the inspection and settlement dates.
19) Secure Insurance - Call or meet with an insurance agent and get homeowner's insurance lined up for your new home. Be sure to find out if flood insurance is required.
20) Call the Utility Companies and give them your information so service can be transferred to you the day of settlement.
A full service REALTORâ or real estate sales team will be happy to help in lining up the appointments needed for you, provide access to the property to service providers when necessary and manage many of the other details for you. The Debbie Reed Team of RE/MAX Realty Group takes pride in the high level of service it provides to its clients and would be pleased to help you in the acquisition of your dream home at the beach.
The information in this article is general in nature. Each real estate transaction is unique, and the above might not cover your exact scenario. Be sure to consult with a licensed professional real estate agent.
Meet my doggie, Merlin. Merlin will be two years old in November. 
My husband and I thought long and hard before deciding to adopt a dog again after about a 12 year hiatus. Dogs had been an integral part of our family before, but it had been a while. One thing that made us hesitate was not wanting to be tied down with a dog just when our children were leaving the nest. Enter Doggies At the Beach! Doggies At the Beach (www.doggiesatthebeach.com), is a 2400 square foot full service dog care service that does not use kennels. Doggies are allowed to roam and play with each other, separated into group areas by size and temperment. Before the first visit, the doggies are required to come for an assessment to make sure he or she will get along with canine friends. There are even webcams so that owners can check out their doggies from wherever they are!
Doggies at the Beach provides day care and overnight care. There is always a human caretaker/playmate present, 24/7. The doggies are given a personalized daily walk. There are toys and doggie beds for their use. Services also include dog obedience classes, and grooming! I love this place, and so does Merlin!
Doggies At the Beach is located on Rt. 24 in Lewes, close to Rt. 1. Maybe your doggie will be playing with Merlin next time I go out of town!
In the July/August, 2006, issue of AARP Magazine (American Association of Retired Persons), Rehoboth Beach and environs was cited as one of the top five places to retire in the country! What was true then remains true today, and since the article's publication many more people are looking to Coastal Delaware as they plan their retirement years.
Qualities which drove AARP to include Rehoboth Beach in its prestigious list are as follows:
According to the AARP article, 38% of the beach area's residents were over 65 years in 2006, with an expected 75% increase in numbers of seniors in the next 25 years. These demographics are reflected in services available such as the Center for Lifelong Learning, where people 55 years and above can take classes in a diverse selection of topics, from crafts to opera, gardening to Western civilization. Excellent medical care is also available through Beebe Hospital and its full compliment of staff and affiliated physicians.
So, what are you waiting for? Come and explore the possibilities for your ideal retirement in this dynamic, beautiful Paradise.
It has started.....the annual slow-down to fall and the best time to be in Rehoboth Beach. Now don't get me wrong. I love our summer guests. There are some delightful people who vacation here each summer and, frankly, the area wouldn't have much of an economy without them. However, all of the visitors do make it a little difficult to get around town, and to find a place to park. In fact, whenever possible in the summer, I walk or take my bike. I would ride my bike to work each day if I didn't need a car at the ready for showing property.
But now that it's mid-August, Maryland schools have started up again, high school sports and band practices have begun and one can now get across town in a vehicle in a reasonable amount of time and even find a parking space on Rehoboth Ave. (at least during the week).
So if you're looking for a place to come for a few days, unwind and relax, enjoy the sunshine, boardwalk fries and ice cream, come to Rehoboth Beach, DE! The name means, "Room for All," and now there really is!
My family and I had a delightful dining experience tonight at the Baywood Clubhouse Restaurant at Baywood Greens golf course on Rt. 24 in Longneck. We'd heard from many that it was a good place to eat, but had never tried it until tonight.
We sat out on the beautiful veranda, that was a wide, covered porch with ceiling fans creating a pleasant breeze on a humid evening. The fans also functioned to keep the bugs away. The view spanned a lucious, green lawn, the wedding arbor, a quiet pond and the golf course. Baywood Greens is known for its flowers, so you can imagine how lovely the setting was. Or, see for yourself on their website: http://www.baywoodgreens.com.
Our server, Josh, was in training under the tutelege of Kim and together they took very good care of us. The food was superior, from the hot crab dip with toasted bread slices, through the special flounder stuffed with crab imperial, right down to the apple pie ala mode. Scott's flounder francaise, John's crab cakes and Frank's beautiful chicken dish, the name of which escapes me, were all delicious as well. (I know because I tried them all.) And to make a great experience even better, when Kim found out today was my birthday, we received the number of years I was celebrating percentage off my portion of the bill, excluding alchohol! So, let's say I was 31 today (just as an example). Then I would receive 31% off my dinner! And since I'm somewhat older than that, it was an even better deal!
The restaurant is open for lunch and dinner and although not cheap (even with the birthday discount), it was worthy of a "celebration" dinner.
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I am a buyer's specialist for the Debbie Reed Team--a dedicated, caring group of professionals who offer Above the Crowd service day in and day out. Let us help you find your dream home at the beach!
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