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.
WELCOME HOME!
Erik F. Grooms, M. Ed. | REALTOR®
Real Estate Sales Consultant
“Your Maryland Real Estate Agent”
Direct: 410.370.6732
BUYING INSIGHTS
CHECK YOUR CREDIT
• Home buyer’s credit score is among the most important factors when it comes to qualifying for a loan
EVALUATE ASSETS AND LIABILITIES
• How do you spend your money?
• Are your payments up to date?
• Do you pay your bills on time?
ORGANIZE DOCUMENTS
• 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.
QUALIFY YOURSELF
• How much can you afford to spend before the mortgage lender qualifies you?
SELECTING THE RIGHT REAL ESTATE AGENT - ERIK F. GROOMS
• Referral from someone you know
• Select an agent that specializes in your area.
• 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.
• 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.
• 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.
• See separate list of items to bring.
• Timeframe for full loan approval is approximately about 30 to 60 days.
• 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.
• 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.
• 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.
• 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.
• 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.
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.
• 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.
• 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.
Sponsored by Erik F. Grooms
Buyer or Seller to be Reimbursed after Settlement. Amount 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 | |||
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