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Message BUYER GUIDEY O U R G U I D E T O AS T R E S S F R E E H O M E P U R C H A S E
HELLOIn today's competitive market, youneed a passionate, local advisor thatcan help you navigate the homebuying and selling process. As a valued client, you'll receive: Expertise on neighborhoods andthe local markets Innovative strategies to marketand sell your home Additional insights into listingsthat are not accessible online A proven negotiator who will bewith you every step of the way A trusted and knowledgeablepartner through closing andbeyondI AM ERICAWASHINGTONMy real estate business is built on the concept of putting your needs first. Animportant part of that means that when you have a question or need support,we’re there. When you choose to work with me, you can count on open and honestcommunication – in the frequency and medium (text, email, phone) you prefer.LET'S CONNECTDirect/Cell: 443-956-2660 Broker: 410-740-7100erica@iamericahome.comwww.iamericahome.comREALTOR (R)
TABLE OF CONTENTSTHE PROCESSGENERAL FAQ'SPREPARING TO CLOSEOFFER & NEGOTIATIONSTHE MORTGAGE PROCESSINSPECTIONS & INSURANCETHE COSTS OF BUYING A HOMEYOUR HOME SEARCHREVIEWS
321F I N A N C E SH O M E S E A R C H P r e v i e w p o t e n t i a lp r o p e r t i e s o n l i n e S c h e d u l e s h o w i n g s a n dv i e w t h e p r o p e r t i e s y o ua r e m o s t i n t e r e s t e d i nO F F E RU N D E R C O N T R A C TD U E D I L I G E N C E G a t h e r y o u rd o c u m e n t s O b t a i n p r e - a p p r o v a lo r p r o o f o f f u n d s L o c a t e d o w np a y m e n t f u n d s B u d g e t f o r a n ya d d i t i o n a l c o s t s C o n d u c t i n s p e c t i o n s R e s o l v e / n e g o t i a t ea n y i s s u e s f r o mi n s p e c t i o n O b t a i n h o m e o w n e r si n s u r a n c e D e p o s i t m o n e y ,f i n a l i z e l o a n a p p , &i n s u r a n c e q u o t e s F i n a l i z e L o a nA p p l i c a t i o n w i t h i n 2d a y sA P P R A I S A LS C H E D U L E M O V E C L O S I N G R e c e i v e c l o s i n gs t a t e m e n t / c l e a r t o c l o s e W i r e f u n d s t o c l o s i n gc o m p a n y C o n d u c t a f i n a l w a l k -t h r o u g h o f p r o p e r t y C l o s i n g d a y : G e t y o u rk e y s , i t ' s a l l y o u r s !45678T H E H O M E B U Y I N G P R O C E S SA T ´ A ´ G L A N C E W r i t e a n o f f e r t op u r c h a s e o n y o u rf a v o r i t e p r o p e r t y N e g o t i a t e t h et e r m s o f t h e o f f e r P r o v i d e E M D A r r a n g e & p a y f o ra p r o f e s s i o n a la p p r a i s e r t o v i s i tt h e h o m e a n dd e t e r m i n e a v a l u e Submit any necessarydocs to lender in atimely manner S c h e d u l e y o u rm o v e d a t e A r r a n g e f o rm o v e r s S c h e d u l e u t i l i t i e sa f t e r s e t t l e m e n t 443´956¢2660 ericaæiamericahomecom iamericahomecom
APPRAISAL:All homes that have a mortgage will require an appraisal to ensure that the home is valued correctly. Anappraisal is done strictly for the lender and costs between $500 - $100. This will be paid upfront but will bereduced from your total closing costs.DOWN PAYMENT:This is not due in full until closing day! Typically ranging from 3.5% (with an FHA loan) to 20%, andeverywhere in between! INSPECTIONS:Home inspections are important when buying a home. We want to find out everything we can that couldbe wrong with the home. A general home inspection is a must, but you can also select the termite / pestinspection, radon inspection, water inspection (if well water), septic inspection (if on-site septic), stuccoinspection, and lead paint inspection.CLOSING COSTS:Closing costs are the fees that are needed to close and get keys for your new home — such as lender fees,transfer tax, escrow (including your taxes), reimbursements, and homeowners insurance. Closing coststypically range from 3%-5% of the purchase price of the home.GENERAL HOME INSPECTION: $450-$900(DEPENDS ON SQUARE FEET) RADON:$150-$350 TERMITE:$75-$150SEWER SCOPE:$150-$350 WATER (IF APPLICABLE): $200-$400 ON-SITE SEPTIC (IF APPLICABLE):$350-$800 IT IS ALSO IMPORTANT TO ELECT PROPERTY & FLOOD INSURANCE TO MAKE SURE THAT THERE WERE NOMAJOR CLAIMS ON THE PROPERTY THAT WERE NOT DISCLOSED! *COSTS MAY VARY DEPENDING ON THE INSPECTION COMPANY USEDTHE COSTS OFBUYING A HOMEDEPOSIT:The initial amount you put to secure the home for our offer also called the earnest moneydeposit(EMD). This ranges from 2% to 3% and is reduced from your final down payment. Thiscan be done in one deposit or split into two payments.AVERAGE COSTS*443-956-2660erica@iamericahome.comiamericahome.com
M Y R E C O M M E N D E D L E N D E R SYOU ARE FREE TO USE WHOMEVER YOU'D LIKE - THESE ARE A FEW OF THE LENDERS I KNOW AND TRUST.THE MORTGAGE PROCESSThe very first step of the home buying process is to get a pre-approval letter from a lender stating howmuch you are qualified for. What type of loan do you recommend for me? Why? There are multiple types of mortgage loans,and you should know which one is best for you and how it works. Will my down payment vary based on the loan I choose? If you’re tight on cash or don’t want to becash poor, let your lender know. Loans vary in their down payment requirements. What is the interest rate and the annual percentage rate (APR)? Everyone talks about the interestrate, but the APR is just as important. It combines the interest rate with the fees a lender charges tooriginate your loan.Can I lock in the interest rate? If so, for how long? If you think rates will be moving up, ask if you canlock it in for a set period of time.What will my closing costs be? Are they a part of my loan, or will I pay them in cash at closing?Closing costs usually run 3-5% of your loan value so you need to know how they’ll be covered.Q U E S T I O N S T O A S K P O T E N T I A L L E N D E R S :(443) 956-2660 erica@iamericahome.com iamericahome.comMIKE FAGAN, NMLS #182530GUARANTEED RATE AFFINITYMIKE.FAGAN@GRARATE.COM410-409-4947AARON MATTY, NMLS #1063170PRIME RESIDENTIAL MORTGAGEAMATTY@PRIMERES.COM443-375-6466540-331-9860CHRIS MOYLAN, NMLS #304773 THE MOYLAN TEAMCMOYLAN@THEMOYLANTEAM.COM443-623-0609KIMBERLY DUNN, NMLS ID: #2268577 ANAVY FEDERAL CREDIT UNIONKIMBERLY_DUNN@NAVYFEDERAL.ORG
MORTGAGE LOAN GUIDEWHICH TYPE OF LOAN IS RIGHT FOR YOU?The most common type of home loan, which is offered through private lenders.Loans for homebuyers in designated rural areas, backed by the U.S. Department of Agriculture.Loans designated for veterans, spouses, and reservists, offered through private lenders and guaranteedby the U.S. Department of Veteran Affairs.Loans designed for those with high debt-to-income ratios and low credit scores, and most commonlyissued to first-time homebuyers. Offered by FHA-approved lenders only and backed by the FederalHousing Administration.VA LOANFHA LOANUSDA LOANCONVENTIONAL LOANTYPE OF LOANDOWNPAYMENTTERMSOn downpaymentsunder 20%MORTGAGEINSURANCEMINIMUMCREDIT SCORECONVENTIONALVAFHAUSDA3-30%NoneNone3.5-20%15-30 Years15-30 Years15-30 Years15-30 YearsNoneNone620500640640For 11 years orlife of the loan(443) 956-2660 erica@iamericahome.com iamericahome.com
THE DO'S & DONT'S OF THE LOAN PROCESSDon’t buy a car Don’t get married or divorced Don’t change professions or start your own business Don’t change bank accounts Don’t buy ANYTHING! (appliances, furniture, etc.) Don’t throw away documents Don’t get lazy with monthly bills and incur any late paymentsDon’t let anyone run your credit or apply for any credit cardsDo keep all accounts current, including mortgage, car loans, credit cards, etc. Do contact both your lender anytime a question may arise Do make all payments on or before due dates on all accounts, even if the account isbeing paid off with your new loan Do have any lender-required money/funds to your loan officer within 72 hours afterthe home inspection is complete Do return phone calls from your agent, loan officer, Title Company, or anyone elseinvolved in your transaction ASAP!There are certain “Do’s and Don’ts” which may affect the outcome of your loan request.These remain in effect before, during, and after loan approval up until the time ofsettlement when your loan is funded and recorded. Many times credit, income, and assetsare verified the hour before you have signed your final loan documents. MAKE SURE THAT YOU DO: MAKE SURE THAT YOU DO NOT:(443) 956-2660 erica@iamericahome.com iamericahome.com
1. Use the search filters but not too much.You don’t want to narrow your search so much that you only have a handful of homes to view. Keeping yourwants vs. needs list in mind, expand your geographic search. 2. If you find something that catches your eye, check out the Google st`reet view (or do a drive-by)Online pictures can be deceiving so a virtual ‘walk down the street will give you a better sense of thehouse and surrounding area.3. Remember, you can’t change the lot or the location so make sure you love both. You also don’t want to be the priciest home on the block. I will help you assess whether or not that’s the case. 4. Don't let yourself get distracted by decor or staging. These things will be gone by the time you move in, so try to stay focused on the things that cannot bechanged as easily.5. Take your time. If a home makes a good first impression, let me know you’re interested and that you’d like to spend abit more time looking around. This is one of the largest purchases you’ll ever make so it’s worth it tolearn as much as you can while you’re there.QUESTIONS TO ASK BEFORE SEARCHING FOR A HOMEOnceyou'vegotyourfinancesinorder,thefunoflookingfortheperfecthome begins!IwillsetyouuponanautomaticsearchthroughtheMultipleListingService (MLS), which is thedatabase that Realtors usetolistandsearchforhomes.The moment ahome that fits your searchcriteria is listed for sale, it will be sent directly to your email inbox. If we ever need to adjust the searchcriteria, just let me know and I can make any changes you need.Where you want to live?Is there a specific school District you`d like to be in?Are you interested in new construction or a resale home?What style home would you prefer?Are stairs acceptable?Do you want Garage?What size lot would you prefer?Does it matter if you are in an HOA does having a basement matter? YOUR HOME SEARCHSOME QUICK TIPS(443) 956-2660 erica@iamericahome.com iamericahome.com
OFFER & NEGOTIATIONSO F F E R P R I C EI N S P E C T I O N SC L O S I N G D A T EE S C R O W D E P O S I TF I N A N C I N G A M O U N TP R E - Q U A L I F I C A T I O N L E T T E R O R P R O O F O F F U N D SInclude a pre-approval letter that shows that you’re serious, qualified, and ready to purchase.This Is typically 1-3%of the purchaseprice.Determine the percentageoftheloan you are financing,andhowmuchyouareputtingdown.Ifgettingamortgage,thisistypically 21-45daysfromacceptance of the offer.Thiswillbe the daythe keys are handed over. Ask the sellers what their preferred settlement date Is. I will help you determine the property's fair market value. Put your best foot—and price—forward.You may only get one shot, so make it count. Use comps and trends as a guide, but go in with astrong number you know a seller would find favorable.The inspection contingency is usually anywhere from 5-10 days,to perform inspections &renegotiate or terminate the contract, if the inspection comes back unacceptable. So you think you’ve found “the one” and you’re ready to put in an offer—one that will be simply irresistibleto sellers. Let's talk about making an offer that stands out.(443) 956-2660 erica@iamericahome.com iamericahome.comIN ORDER TO WRITE AN OFFER, WE WILL NEED THE FOLLOWING INFORMATION:
RADON INSPECTION- Radon gas is the 2nd leading cause of lung cancer in the US- it is a naturallyoccurring gas that is colorless and odorless TERMITE INSPECTION- Ask your lender if your loan requires any certain inspections such as a WoodDestroying Organism (WDO) inspection. LEAD-BASED PAINT INSPECTION- If the home was built prior to 1978, a lead-based paint inspectionis recommended WELL WATER / SEPTIC INSPECTION - if the home has a septic system or well water- to make surethe water is not contaminated and the septic system is working properlyDuringtheinspectionperiod,thebuyerhastherighttohirea professional to inspect the condition ofthe home. The inspection will uncover any issues in the home that would have otherwise beenunknown.The standard home inspector’s report will cover the condition of the home’s heating system; central airconditioning system; interior plumbing and electrical systems; the roof, attic, and visible insulation;walls, ceilings, floors, windows, and doors; the foundation, basement and structuralcomponents. You will receive a written report of the inspection, but I recommend you attend theinspection.ADDITIONAL INSPECTIONS YOU MAY NEED:M Y R E C O M M E N D E DI N S P E C T O R SC A L L F O R Q U O T E SB L U E C R A B I N S P E C T I O N SB L U E C R A B I N S P E C T I O N S . C O M( 4 1 0 ) 6 7 9 - 1 4 0 1R C S H O M E I N S P E C T I O N S R C S H O M E I N S P E C T I O N S . C O M ( 8 6 6 ) 8 1 5 - 4 3 9 1 M A R Y L A N D H O M E I N S P E C T O R S M D H I . C O M ( 4 1 0 ) 9 2 5 - 2 0 8 8INSPECTIONS(443) 956-2660 erica@iamericahome.com iamericahome.com
PREPARING TO CLOSETITLE:Thetitlecompanywillconductatitlesearchtoensurethepropertyislegitimateandifthereareanyoutstandingmortgages, liens, judgments, restrictions, easements, leases, unpaid taxes, or any otherrestrictions that would impact your ownership associated with the Property. Once the title is foundto be "clear", the title company will issue a title Insurance policy that protects lenders and ownersagainst claims or legal fees that may rise over ownership of the property. This is required whenobtaining a mortgage and is highly recommended even if you are paying cash. This will also be apart of your closing costs, and the fees are state-regulated, which means every title company willcharge the same amount for title insurance, making It easier for you because you don't need to"shop around"!"CLEARTOCLOSE"ISEXCELLENTNEWS!Itmeansthemortgageunderwriterhasofficiallyapprovedalldocumentationrequiredtofundtheloan.Allthatremainsis theactualclosingprocess.FINAL WALK THROUGHWe will perform a final walkthrough the day of settlement to confirm that the seller made the repairsthat were agreed upon and to make sure no issues have come up while under contract. FINAL WALK-THROUGH, TAKE YOUR KEYS, POP THE CHAMPAGNE, AND MOVE IN!CLOSING CHECKLIST(443) 956-2660 erica@iamericahome.com iamericahome.comBRING YOUR DRIVER'S LICENSE OR PASSPORT TO THE CLOSING TABLEWIRE FUNDS TO THE CLOSING COMPANY OR GET A CERTIFIED CHECK FROM YOUR BANKWIRE FUNDS TO THE CLOSING COMPANY OR GET A CERTIFIED CHECKFROM YOUR BANKTRANSFER ALL UTILITIES INTO YOUR NAME (GAS, ELECTRIC, WATER, SEWER, ETC.)REVIEW THE CLOSING SETTLEMENT STATEMENT A FEW DAYS BEFORECLOSING TO ENSURE YOU HAVE THE FUNDS FOR CLOSING COSTS
Collect quotes from movingcompaniesDeclutter, discard & donate Locate schools, healthcareproviders in your new locationSecure off-site storage if neededCreate a file of moving-relatedpapers and receiptsChoose a mover and sign contractContact homeowner’s insuranceagent about coverage for movingContact insurance companies toarrange for coverage in new home4-6 WEEKS BEFORE3-4 WEEKS BEFORENotify the following about yourchange of address:Credit Card CompaniesBanks + Post OfficeInsurance CompaniesFamily + FriendsNotify utility companies of date todiscontinue or transfer serviceWaterElectricTrashGasInternetTV2-3 WEEKS BEFOREDiscontinue additional home services(housekeeper, gardener/lawn service)Notify DMV of new addressStart using up things you can’tmove, such as perishablesNotify HOA about upcomingmove, reserve elevator usage Arrange for child and pet careon moving dayClose/open bank accounts1 WEEK BEFOREArrange transportation for your pets and plants Confirm final arrangements Review your moving-day plan with moving companyPack an essentials box forquick access at new homeTake a picture in your homeLabel moving boxes withthe contents insideMOVING CHECKLIST443´956¢2660 ericaæiamericahomecom iamericahomecom
NEW CONSTRUCTIONI can negotiate better terms or upgrades in your new home that the builders often do not tell buyersbecause they have the builder’s best interest and profit in mind, and not yours. I can also recommendwhich upgrades to do now with the builder, and what would make more sense to do after you move in.Not to mention, if anything were to go wrong during the process, you would definitely want someonerepresenting YOU and your best interest, which is not the sales rep, as they work for the builder. FORECLOSURE / BANK-OWNED PROPERTIESThough many foreclosure homes are perceived as an excellent investment due to lower than averagepricing, there are a few stipulations to consider. Many foreclosed homes are in a rough condition due toprevious owners being forced out of their homes. With this in mind, the properties are rarely left in “move-in” condition and are always sold as-is with an extremely rare chance to have the home fixed prior topurchase. While typical escrows last 30-45 days, due to the complicated nature of the loans, these escrowstake a minimum of 90-120 days to close and receive keys.REASONS WHY TO NOT TO CALL THE AGENT ON THE SIGN The listing agent has a fiduciary duty to the seller by signing a contract with them first, you as a buyer area second interest. If you went to court, would you use the other person’s attorney? Of course not, you wantan experienced agent working for you to get the best price and terms that is best suited for YOU, not allone-sided for the seller! GENERAL THINGS TO KNOWWHAT I AM HERE TO DO FOR YOUAggressive offer strategies to ensure you get either the best deal or to have your offer acceptedin a multiple-offer situationShowing you the most recent and most similar comparable homes that have settled in the areato help you make the most educated decision Perform a market evaluation and determine the best and most suitable homes for youI can connect you with lenders who have financing options for buyers, including down payment assistance and low down payment programs I conduct “reverse prospecting” to proactively go after sellers looking to sell the specific type of property you are looking forUpdates on searches daily In the multiple listing service so that you get the most up-to-date homes and do not miss anyI use e-signing for all contracts and offers in order to get an offer submitted in under 15 minutesA complete referral network to help give you the best deal and any discounts when it comes tothe maintenance and long term care of your new home(443) 956-2660iamericahome.com erica@iamericahome.com
COUNTY TOTAL TAX RATE Allegany0.98%Anne Arundel0.98%Baltimore City2.25%Baltimore1.10%Calvert0.97%Caroline0.98%Carroll1.02%Cecil1.00%Charles1.14%Dorchester1.00%Frederick1.11%Garrett1.06%Harford0.98%Howard1.04%Kent1.02%Montgomery0.67%Prince George`s1.00%Queen Anne`s0.83%St Mary`s0.85%Somerset1.00%Talbot0.79%Washington0.93%Wicomico0.85%Worcester0.85%(443) 956-2660 erica@iamericahome.comiamericahome.com PROPERTY TAX RATES
"Erica helped me find my home in record time . Shealso linked me to a lender who approved me for amortgage loan and advised me along the way onhow to come up with the best offer. Since thattime (2019) she has kept in touch with me.""Erica is one of the greatest! She was patient, sheknew her stuff, and very easygoing. She wasstraightforward and told you what you needed tohear about a home not what you wanted to hear!Work with her I guarantee you will have what youlike !""Erica was a great asset to our house huntingprocess. Her knowledge of the real estateindustry, connections with other agents,passion for her job and sense of humor madeher a wonderful choice for a real estateagent. She communicates effectively andadvocated for us when putting in offers. Shealso took the time to explain the differentclauses in an offer so we would understandthe process better. I highly recommend Ericafor your real estate needs!""We couldn't be happier with our experience withErica Washington from Coldwell Banker Realtorsin Maryland! If we could give Erica 10 stars wewould. From start to finish, Erica was incredible—always prompt, responsive, and willing to goabove and beyond. She truly cared about findingus the perfect home and took the time tounderstand exactly what we were looking for.Her dedication, combined with her amazingpersonality, made the whole process not onlystress-free but genuinely enjoyable. Erica is morethan just a realtor; she's someone who you won'tforget, and we're so grateful for her expertiseand kindness. Highly recommend her to anyonesearching for their next home!""Mrs. Erica is very patient, and understanding, andshe cares. This has been one of the most amazingexperiences of my life. When I go to get my secondhome I will only do so with her. Even when I wasready to give up she was not and that you can notteach someone that's in them. Very charismatic,there is no amount of stars you can give her as arealtor or as an individual she is literally an Angelsent straight from God's hands. I recommend herto everyone who asks. This experience becausethat's exactly what it is an experience is life-changing.We thank you for making us want to be better aspeople and for helping us find stability until we'reready to go bigger. Mrs Erica you are amazing; youare a life changer. Thank You"
Erica is one of the finest I have had dealings withinthe realtor space. She listens and she stops atnoting but to achieve for you the home of yourdream. She will never convince you to purchase ahome so she can cash out but rather search foryour desire home and assist you to its realization.She is calm, patient, knows her stuff and shedelivers. She is prompt to meeting with you, she responses toyour calls and she goes above and beyond to ensureyou realize the home of your dream. To Erica,purchasing a home for you does not end there, youbecome part of her family, and she will go extra mileto help you with whatever improvement you plan forthe home both at purchase and thereafter. She isnot just the regular realtor off the block, she is anangel and a consummate realtor. Erica helps me inthe purchase of my first house.She has made me afamily member and no holiday passes without ashout-out from her. There is no improvement I have made in my homewithout her invaluable contribution. I am grateful forher kindness and expertise and I know she is alwaysthere for me. I will not only purchase again throughErica, but I will also recommend her to anyone whocare to read this review.Erica is very professional, charismatic, exudesconfidence and above all, she has a high sense ofhumor. Go for her and thank me later.My experience with Erica was incredible. I used herservices to find a new primary home as part of myrelocation from out of state. This was my third homepurchase in my homeownership journey, and Ericawas the fourth realtor I used. Erica was verydifferent from any other realtor I've experienced.What set her apart was her expertise, network, andsupportive services.My commute to work was 4-6 hours roundtrip mostof the week. Therefore, my time was limited. I neededa responsive realtor who could work with myschedule. Erica exceeded my responsivenessexpectations by doing more. For example, Ericageographically organized viewings based on mycommute from work to make things efficient and toensure the last stop was in the direction of mytravels home. Another example is that, being new tothe area and working with limited availability, I didnot know or have much time to find inspectors andcontractors to evaluate the home I placed an offeron. Erica asked me if I needed her assistance, whichwas my first time being offered that assistance, andI gladly accepted her supportive services. I needed ageneral home inspector, roofer, general contractor,and plumber, and she coordinated the services andschedules. I had to walk away from a deal afterpaying for an inspection, and Erica's knowledge andexpertise ensured I did not lose my earnest moneydeposit. Another hiccup I faced was finding anotherlender, and Erica presented a recommendation thatultimately worked for me.During closing, Erica was very attentive. She caughtan error from the title company that would've costme thousands of dollars. From the beginning until theend of the process, Erica had my best interests inmind. I look forward to working with Erica on futurereal estate transactions. I highly recommend Erica asa realtor. Just so you know, there was a lot more Icould elaborate on, but this is the brevity version ofthe review.