I have spent my career making sure my clients are educated on all the complexities that arise during the purchase of a home. After my team of buyer agents find the perfect home for their clients, our work toward a successful settlement really begins. As a selling agent for over the last 12 years, I have prepared and taught my team the necessary steps to ensure a smooth home buying experience. Here are some basic guidelines to ensure a successful settlement.
Ten Steps To A Successful Settlement
1.) Get pre-approved by a reputable lender.
2.)Compare your housing desires with what you can afford to begin the process of locating a home that meets your needs and means.
3.)Consider the state of the market your shopping in and decide when the right time to buy is.
4.) Once you have identified the best property to buy and you are ready to move forward with the bid/contract process, ask your experienced buyer specialist to walk you through your responsibilities and your potential need for expert tax & legal advice.
5.)Contact your lender immediately after the contract is fully executed. A reasonable commitment date is 30 days from contract acceptance.
6.) Be sure to follow-up with your lender to make sure they are providing all necessary paperwork required to render a final loan. Ascertain that an appraisal has been ordered and the date scheduled.
7.)Check with your real estate agent to make sure they are providing the appraiser current comps to validate the price of the property.
8.) A good real estate agent will communicate with your lender every couple of days to ensure all elements of the loan process are in order and proceeding in accordance with the contract commitment date.
9.) After receiving formal loan commitment, coordinate with the lender or real estate agent to make certain any and all underwriting conditions have been satisfied and nothing further is needed from you.
10.) When you receive final loan commitment from your lender, select your title company and schedule the settlement date. Remember that you must have a home owner’s insurance policy prior to settlement.
Normally I do not encourage folks to stray too far away from our utopian vacation heaven here at Deep Creek Lake because of the wealth of activities we have here. But, I have discovered a superb place just twenty-five minutes North of Garrett County in Pennsylvania that is a bike peddlers dream in the fall (or anytime for that matter). The ride is a great way to experience the legendary fall foliage that is not too far away from firing.Choose your starting point either at Confluence, PA or at Ohiopyle National Park, which are separated by eleven miles. The kicker is that the bike path between the towns runs parallel with the beautiful Youghiogheny River with gentle, consistent elevation changes, making for pleasant peddling. There is only a 2% grade running downstream from Confluence towards Ohiopyle that makes this 22 mile round trip perfect for those of us who don’t have the legs and lungs of Lance Armstrong. The trip allows many opportunities to stop and take in the relaxing peaceful calm that the Yough River is famous for. You will see many kayak and raft tours cruising down this easy flowing section of the river. Bring the family and a backpack with a nice lunch and a few ice cold Powerade’s and spend a special afternoon enjoying another chapter of God’s country.
I suggest if you do not bike a lot to begin by starting at Ohiopyle, which makes the first eleven miles 2% uphill all the way to Confluence, that way if you get too tired you can cruise with less effort on the slightly downhill run back to Ohiopyle. Expect rubbery legs the next day, and the urge to make biking a new part of your life. I know the summer season has ended, but take some time as fall approaches to step away from work, load up your bikes and bring the family to enjoy a memorable day just a stone’s throw from Deep Creek Lake.
The State of Wisp Resort, Deep Creek Lake, MD. I’d like to try to clarify the state of Wisp Resort and the surrounding real estate on the mountain. There have been rumors and sensationalism in some of the headlines and I would like to try to state the facts as I know them.
First of all, Wisp Resort, which is owned by Recreational Industries, owns the ski resort and Wisp’s public golf course. Wisp Resort itself is a healthy, vibrant, profitable business and is poised to begin snowmaking for the 2011/12 season in less than 90 days. The first scheduled date for ski area operations is Friday, November 25 and Wisp is about to complete a positive record-breaking summer operation. To get an idea of the degree of success, gross revenues at Wisp have risen from $9 million to $16 million over a 5-year period with profitability increased more than three-fold.
The Lodestone Golf Course and surrounding home sites were developed by Wisp Resort Development (WRD). The decline in the economy couldn’t have come at a worse time for the Lodestone golf course and the surrounding homesites, putting a strain on WRD’s ability to meet their new obligations. Just 20 of the 60 developed sites in Lodestone have been sold and the remaining 137 sites are still in the development stage. Having spent the last 24 years of my life building golf courses that support the surrounding real estate development, I can testify that typically these developments sold out in a very short time. The good news is that the Lodestone course has been ranked as #3 best play in Maryland and #7 best new course in the country; however, even with an extremely high quality golf course, the homesite market is still quite slow. WRD reports that it is attempting to work with BB&T in an attempt to restructure its loan; meanwhile, there will be no interruption in activities at Wisp Resort.
Since its founding in 1955, Wisp has made Maryland’s westernmost county a year-round tourist destination. Vacation homes, some worth millions, ring the 3,600-acre lake. The ski resort is the county’s sixth largest employer with a workforce that swells from 225 in the summer to 650 in the winter. I spoke to Karen Myers, who has ownership interest in both Wisp and Lodestone, who said with her familiar, optimistic smile, “We operate a successful, thriving recreation business at Wisp Resort and we will do everything in our power to turn around the real estate development side of the business as well. Of course, we cannot control the national economy but we can make sure that our Wisp and Lodestone communities have the very best amenities and are offered to consumers at reasonable and affordable prices. Being a 10th generation Garrett Countian, I feel certain that the tenacity that has been passed down through the generations will see us through this economic crisis as well.”