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Buyer's Guide



“Grooming All of Your Real Estate Needs”

Your Real Estate Agent

Erik F. Grooms, M. Ed.

Greetings Home Buyers!

My name is Erik F. Grooms, licensed Real Estate Professional. My Business Philosophy is to meet & exceed my client’s objectives & expectations by listening to their specific individual needs. I have a Bachelors of Science Degree in Business/Finance and Communications from Towson State University and a Masters Degree in Technology Education from the University of Maryland Eastern Shore (UMES).

I have over 25 years combined experience working in the private and public sector. Real Estate was a hobby, which became my passion and my profession. It is such an honor and joy being a Real Estate Practitioner; working with a diverse client group, providing access to premier properties.

Erik F Grooms Lutherville Timonium, MD Real Estate Agent Headshot

Welcome Home!

Erik F. Grooms, M. Ed. | REALTOR®

Real Estate Sales Consultant

“Your Maryland Real Estate Agent”
Direct: 410.370.6732
[email protected]
letsgoletsmove.com

Buying Insights

  • Home buyer’s credit score is among the most important factors when it comes to qualifying for a loan
  • How do you spend your money?
  • Are your payments up to date?
  • Do you pay your bills on time?
  • When applying for mortgages, homebuyers must document all income and tax returns
  • Mortgage lenders will request 30-60 days of recent pay stubs, the previous 2 years W-2’s, 2 years tax returns, and last two months of bank statements.
  • How much can you afford to spend before the mortgage lender qualifies you?
  • Referral from someone you know
  • Select an agent that specializes in your area.

Steps to Home Ownership

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1. Initial Interview

  • Establish our relationship. (Buyer’s Agent or Seller’s Agent).
  • Determine the location, price range, size and style of house you prefer.
  • Determine the best type of financing that will work for you & your budget.
  • Search for property that meets Buyer’s needs.
  • Provide buyer calculation of funds required for closing costs, downpayment, and monthly payment.
  • Discuss credit history to determine if any errors or problems exist.
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2. Selecting the Home of Your Choice

  • We will visit properties together. (Do not go into any property without me.)
  • Any property that is on the market, I can show it to you regardless of the listing agency, including “New Homes” and “For Sale by Owners”. If you see a property that interests you, provide the address, share information on the sign and call me. I will obtain the information you need.
  • When visiting a property, feel free to open the closets, cabinets and appliance doors.
  • Once you have decided on the property you want to buy, we will prepare an offer.
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3. I Will Assist You As You Make an Offer on the Property

To be submitted with the contract we will need:

  • A Complete Financial Sheet
  • Earnest Money Deposit of $1,000 or 1% of sales price.
  • Proposed Settlement Date Contract will be contingent upon:
  • Buyer making Mortgage Application within 5 to 7 days
  • Buyer obtaining Loan Approval within 30 to 60 days
  • A satisfactory Home Inspection in 14 days
  • Contract (offer) is then presented to the Seller. It is not until the Seller signs the contract (offer) that you have a ratified contract.
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4. Applying for Mortgage Application with Lender

  • See separate list of items to bring.
  • Timeframe for full loan approval is approximately about 30 to 60 days.
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5. Home Inspection

  • The home inspector checks for mechanical and structural defects including roofing, plumbing, electrical systems, heating and cooling systems, basement leakage, defective windows, concrete, appliances etc. Items of a routine maintenance and/or cosmetic nature are not part of a home inspection.
  • Buyer should be present during the inspection.
  • The inspection takes about 2-3 hours.
  • Inspections range in cost $450-$650. Payment is due at time of inspection.
  • The home inspector will provide the buyer a written report.
  • If the home inspector finds any defects, we will write a repair addendum asking the Seller to correct those items before settlement.
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6. Appraisal Report

  • The bank/lender will send an appraiser to the property to determine worth and the contract price and check to see if any repairs are needed to satisfy the bank. If the property does not appraise for the contract price, we will follow up with Seller and ask the Seller to reduce property to the appraised price.
  • The appraisal will be performed about 10 to 15 days after mortgage application is complete. The bank receives this report about 5 days after the appraisal of the property.
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7. Select a Title Company

  • The title company will check to make sure that there no liens and/or judgments against the property.
  • The title company will have the property surveyed to show the approximate boundaries of your lot.
  • The title company will conduct the settlement to make sure the title is transferred from the Seller to the Buyer, and all taxes and mortgages are paid.
  • The title company will issue Title Insurance to protect against any future claims. This is optional but highly recommended.
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8. Select Homeowner Insurance Company

  • Select and secure an insurance company to issue a policy in the amount of the sale price of the property. This policy is effective on the date of settlement and is paid for a year in advance.
  • Buyer must pay for this insurance policy and provide bank/lender with the policy and paid receipt, about 5 days before settlement.
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9. Pest Inspection

  • A termite company will visit to inspect the property for termites or other pest infestation and /or damage. If there is any damage or infestation the Seller will correct issue before settlement.
  • A copy of the termite report must be given to the mortgage company before settlement can occur.
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10. Loan Approval

Your mortgage application is complete when the loan officer receives
employment verification, the appraisal, verification from your bank that
you have enough money in the bank to cover the closing costs and down
payment, rental verification, credit report and any other information
they ask for. This information is submitted to an underwriter for loan
approval. Once the loan is submitted, it takes the underwriter about 3-5
days to render a decision.

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11. Final Walk-Through

  • Check to make sure the property is in the same condition that it was when you first saw it.
  • Check the plumbing, heating, air conditioning, appliances, and any repairs that the Seller agreed to make.
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12. Settlement

  • Buyer should contact lender and or title company to learn how to provide funds required.
  • Settlement is when property transfers into the Buyers name and they receive the keys to the property.
  • Who normally attends settlement? The Buyer, Seller, Real Estate Agents and Title Company representative.
  • Settlements are normally held Real Estate Office or Title Company. Office: Monday thru Friday. Day and evening appointment are available.
  • The timeframe of a settlement is approximately 1- 2 hours to complete.

I will Guide You Each Step To Your New Home!

FREE HOME INSPECTION Or FREE HOME WARRANTY

Sponsored by Erik F. Grooms

Buyer or Seller to be Reimbursed after Settlement. Amound capped at $400.

Year Rent Payment Mortgage Payment Monthly Difference Yearly Difference
1 $1,300 $1,068 $282 $2,784
2 $1,365 $1,068 $297 $3,564
3 $1,433 $1,068 $365 $4,380
4 $1,505 $1,068 $437 $5,244
5 $1,580 $1,068 $512 $6,144
6 $1,659 $1,068 $591 $7,092
7 $1,742 $1,068 $674 $8,088
8-30 Savings increase every year

Maryland Public School Districts Provided By Countydly

Anne Arundel County Public Schools

410.222.5000
www.aacps.org

Baltimore City Public Schools

443.984.2000
www.baltimorecityschools.org

Baltimore County Public Schools

443.809.4554
www.bcps.org

Carroll County Public Schools

410.751.3000
www.carrollk12.org

Harford County Public Schools

410.838.7300
www.hcps.org

Howard County Public Schools

410.313.6682
www.hcpss.org

Montgomery County Public Schools

301.309.6277
www.montgomeryschoolsmd.org

Prince George’s County Public Schools

301.952.6000
www.pgcps.org

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Contact Details

ERIK F. GROOMS

Phone

410.370.6732

Email

[email protected]

Address

1301 York Rd Suite 110 Lutherville MD 21093

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