Ariana Loucas's Blog

Congratulations! You searched, offered, and got accepted! You’re now on your way to homeownership. Up to this point, you probably spent a lot of time with your REALTOR. You may have been in contact almost daily as you coordinated schedules to see homes. This contact will lessen as you now shift your communications to your loan officer.
The mortgage contact will begin to call and email you regularly. They will need to request updated paystubs, 2 months recent bank statements, letters of explanation, and anything additional your loan application will need in order for the underwriter to begin processing. YOU DO NOT WANT TO DELAY THIS PROCESS. Remember, when you wrote the offer to purchase the home, in that contract is a clause that states you will apply for financing within a certain amount of days. Further, the offer contract contains a clause where you promised to provide a loan commitment (official underwriting approval) within an allotted time. In order to meet these terms, you want to be sure you are in close communication with the loan officer and provide each and everything requested. I will warn you that it is a frustrating and tedious process to gather all the documents you will need, but just keep your eyes on the prize, your new house!
Your REALTOR will not completely disappear during the above process. Instead she will contact you to arrange the home inspection where you will meet with the certified home inspector to assess the condition of the home’s appliances, structure, and more. You will have additional communication after the inspection to arrange an addendum where you want the seller to fix certain items found in the home inspection.
Depending on the time line you will settle, the agent contact will be sporadic while the loan officer and his processor work to obtain an underwriting approval for you loan application. This is important so you don’t think your agent has forgotten you. Just as the loan officer had to take the back seat while you and the REALTOR looked at homes, it is now time for the real estate agent to take the back seat so the loan officer can do his part.
Both the mortgage company and agent should be available at any point in the above process to help answer questions, ease concerns and more. As you get closer to settlement day, you will become tired of everyone calling you so often with updates. I say this light heartedly and want you to enjoy the journey!

I recently encountered a new situation with a particular home buyer. He called me to tour a home I had listed for my client, the home seller. The date I met the home buyer to tour the home, he mentioned that he wasn’t working with a REALTOR, but instead was working with an attorney. Having a lawyer review contracts or attend settlement with clients certainly was not new to me; however, having an attorney complete the real estate transaction and all the tasks is new to me.

This buyer stated that is how it is done in NY and the attorney is a family friend. I’m not doubting the idea of using a lawyer for direction, questions or concerns with contracts, especially closing documents. I do question though the level of service and buying experience a home buyer will receive if only having an attorney represent her for a house purchase in MD. Having both a REALTOR and lawyer working together for you as the home buyer is a wonderful idea, but not a lawyer solely.

For example,
1. this home buyer was advised to contact the agents who were the listing agent (representing the sellers) and arrange a home tour. Where once this first time home buyer saw a home he liked, the family friend, the lawyer would complete the offer contract. Now, as agents working with buyers, as we tour the home, WITH THE BUYER, we see certain items within the home that should be considered (ie. evidence of a leaking roof or bathroom, cracked foundation…) in the offer price. If the attorney is not present during the home tour, how will he or she be able to accurately write an offer.

2. From the offer, often comes negotiating. Lawyers negotiate daily, but before they do this, they know all the facts. In the scenario mentioned in #1 above, the attorney would not know all the facts.

3. A home buyer may tour many homes before making an offer. If a lawyer isn’t there with you on each tour, how can he look into your wants in your new home. A REALTOR’s job is to consult, listen and adjust homes presented and toured based on learning more about your needs.
4. Once a home is found and a contract is accepted by the sellers, a home inspection is scheduled. How will your attorney handle your home inspection? Does he have inspectors he uses and can suggest? Does he know all that is involved, both time and expense for the home inspection? Does the lawyer have an official REALTOR key to gain access into the home the date of inspection? Will he/she know how to negotiate repairs that may need to be made? Will he meet your contractors at the home for estimates? Most likely not, and nor will the selling agent since he/she represents the sellers, and not you as the buyer.

5. The final walk thru is done before the closing. Will this attorney be able to gain access, on his own, using the REALTOR lockbox to conduct your final walk-thru?

Again, using an attorney is not a bad idea, but using an attorney that doesn’t practice real estate regularly to know the true procedures and devices needed to help a home buyer have a smooth transaction is a bad idea. A suggestion is to introduce your lawyer to your chosen REALTOR and you will be better represented with 2 people holding your interest at heart. Finally, THE SELLER PAYS THE REALTOR, so why wouldn’t you use a REALTOR to represent you?

On this long Memorial Day weekend, people are on vacation, hosting cookouts, or doing those dreaded home chores. If you ever wondered if you should make home updates, here is a great article reviewing the cost v value. http://realestate.msn.com/article.aspx?cp-documentid=22621710  

To view this gorgeous home in full, please  visit the on line tour for 10620 Gloucester Ln Cheltenham MD 20623:

http://www.mouseonhouse.com/Property/317/14260/  

If you’re looking for home that isn’t a short sale or foreclosure, look no further. This home is absolutely stunning. Original owners have truly taken care of this house from top to bottom. 2year old roof, new windows & faucets throughout. The impeccable interior welcomes you to this spacious floor plan with beautiful hardwood floors leading you to the large living room, and separate formal dining room. You will love the gourmet kitchen, with gorgeous granite counter tops, amazing cook top island, double stainless steel wall oven/ fridge/ dishwasher and a butler pantry perfect for entertaining. The family room is surrounded by new windows with custom plantation blinds and enough room to spread out and relax near the fireplace. Moving upstairs you will look forward to bedtime each night with a large master bedroom, soaring ceilings, 2 walk in closets, double door entry to the luxury master bath with split vanity sinks, deep soaking tub, separate shower, and private commode room. The master bedroom has an adjoining catwalk to a separate bedroom perfect for a sitting room, an office or even a nursery. 2 more nice sized bedrooms on the upper level makes this a true 4 bedroom home. Need more room? There is a beautiful 5th bedroom in the basement, with a dual entry full bath attached. Basement is extremely large and has a wet bar. Perfect for an in-law suite. You don’t want to miss this home ready to buy and move in regular time. No waiting for a foreclosure or short sale to be approved. All request for showings require a lender pre-approval letter. If you need a loan approval, please visit http://www.findhousesinmd.com/need-a-home-loan.asp

This is URGENT! As we approach the deadline to file our taxes, we think about the  write offs we are able to use, including our homeowner write offs.  For example, all of us as individuals buy homes for several reasons. One  reason is a  tax  deduction from your mortgage interest. Did you know that the government wants to no longer provide home owners with this benefit? You can help pevent that from happening. With just a few cicks below, you can auto generate your objections to your local Congressman.

CLICK Here to ACT NOW  TO TELL  YOUR Congressmen  YOU OBJECT!

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Let’s protect Home Ownership.