Buying a home
Buy With a Plan, From Pre-Approval to Settlement
Buying a home in Upper Marlboro or Prince George's County: pre-approval, representation, your search, your offer, inspection, and settlement, step by step.
The short version
Buying a home in Upper Marlboro, or anywhere in Prince George's County, goes better when you know the whole path before you start touring. Before we look at homes, we make sure you know what you can spend, what that buys where you want to live, and what happens from offer to settlement.
The process falls into four stages. First you get ready, with a pre-approval and a clear understanding of representation. Then you get educated about what your budget buys and costs each month. Your search stays aligned with how you want to live. And the final stage gets your purchase locked in, from the offer through settlement.
This page describes how buying generally works with me in Maryland. When you're ready to talk, tell me what you're looking for.
Tell Me What You're Looking For
Ready: Get pre-approved and understand representation before you tour
The first step is a conversation with a lender. A pre-approval tells you what a lender is prepared to offer, based on your income, debts, credit, and savings, and it tells a seller you can close. With it in hand, you can act when the right home appears instead of scrambling.
The second step is representation, and two different sets of rules shape it. In Maryland, if you want an agent to represent you as a buyer, you must sign a written brokerage agreement, as the Maryland Real Estate Commission's "Understanding Whom Real Estate Agents Represent" disclosure explains. Separately, since August 2024, industry and MLS rules have required agents who participate in the MLS to sign a written agreement with a buyer before touring homes together, with some exceptions, such as visiting an open house on your own. In my practice, we sign the buyer representation agreement before our first tour. The agreement spells out how I'm compensated, and that compensation is negotiable.
Maryland law also requires me to give you a notice titled "Understanding Whom Real Estate Agents Represent" at our first scheduled face-to-face meeting. It explains the different ways an agent can work with a buyer. It isn't a contract and creates no obligation on your part. I'll go through both documents with you, so you know what each says and what it means for you.
If you already own a home, this is also the moment to look at your own numbers. What you could walk away with from a sale, and whether you need to sell before you buy, shape your budget and your timing. The Next Move Equity Review puts that side by side.
Educated: Know what your budget buys and what it costs each month
What a lender will approve and what you want to spend each month are two different numbers. We look at the second one: principal and interest, property taxes, insurance, and any HOA or condo fee. In communities with amenities, the association fee is part of the price of living there, so it belongs in the comparison from the start.
Then we look at what that budget buys in the neighborhoods you're considering. Prince George's County is many markets. A townhome in Westphalia, a home in Marlboro Ridge, and a home in the gated golf community at Oak Creek offer different space, upkeep, and daily routines. Knowing that before you tour saves you from falling for a home outside your range, and from overlooking one that fits.
If a higher interest rate is your main worry, ask about it early. In some purchases, a seller-paid rate buydown is an option worth discussing. Whether it fits depends on the home, the seller, and your loan, so I treat it as a tool for the right situation rather than something every buyer can count on.
Aligned: Search for homes that fit how you live
A good search starts with what you need, not with everything on the market. We set your must-haves and your trade-offs, then look at homes that meet them. Fewer showings, better ones.
When we tour, we look past the photos. We look at the layout, including whether there's a bedroom and full bath on the main level if that matters to you. We look at the condition of the roof, heating and cooling, windows, kitchen, and baths. We look at the lot and the upkeep it will take, and at parking and the actual trip you'd make to work. In a community with an HOA, we note what the association provides and what is separate, like golf at Oak Creek or Beechtree.
If you're considering new construction, remember that the builder's sales team represents the builder. Having your own agent means someone is reviewing the contract, the timelines, and your upgrade choices on your behalf.
Locked: From your offer to settlement at the title company
When you find the right home, we write an offer built on price and terms. Price matters, and so do the financing, the deposit, the inspection terms, and the settlement date. As a Certified Negotiation Expert (CNE), I negotiate with your whole purchase in mind.
With the offer comes an earnest money deposit. The amount, who holds it, and when it's due all depend on the agreement you and the seller sign. In many of my transactions the deposit has been around 2% of the price, held by a title company, but that is an example, not a requirement.
Most offers also include a home inspection contingency, a window to have the home inspected and decide how to proceed based on what the inspector finds. How long that window lasts is set by your contract. Ten days is common in my practice, and your terms may differ. We keep track of that deadline and every other one in your contract.
From there, your lender completes the appraisal and final loan approval, and settlement takes place with the settlement company named in your contract, often a title company. You'll know what's happening at each step and what comes next, right up to the day you get your keys.
This page describes my general process. It is not legal, tax, or lending advice, and the terms of your own contract control.
Start with a conversation
Whether you're buying your first home, your next home, or an investment property, the first step is the same: tell me what you're trying to accomplish. Get in touch, and we'll start with your numbers. If you're selling a home at the same time, read my selling process too.
Frequently Asked Questions
What do I sign before you show me homes in Maryland?
A written buyer representation agreement, which in my practice is signed before we tour any homes. Maryland requires a written brokerage agreement for an agent to represent you as a buyer, as the Maryland Real Estate Commission's "Understanding Whom Real Estate Agents Represent" disclosure explains. Separately, current MLS rules require a written agreement before touring a home with an agent, with some exceptions. You'll receive that Maryland disclosure at our first scheduled face-to-face meeting.
How much earnest money will I need?
It depends on the agreement you and the seller sign, which sets the amount, who holds it, and when it's due. In many of my transactions it has been about 2% of the price, held by a title company. That's an example, not a requirement.
How long is the home inspection period?
Your contract sets it. Ten days is common in my practice, but the length is negotiated in each agreement.
How is my agent paid?
It's spelled out in your written buyer representation agreement, and my compensation is negotiable.
Keep exploring
Ready to make your move with Helen Gaynor?