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How to Buy Real Estate in Garrett County
and Deep Creek Lake
The majority of our successes at Railey Realty can be traced to a few key factors. The most important one has been our ability to listen. More specifically, we focus on listening to our customers' desires and finding that perfect piece of property here in western Maryland's premier year-round resort.
So how does the whole buying process at Deep Creek Lake and in Garrett County usually work? And what can you expect along the way? Read below as we have summarized a typical real estate transaction - with a few important factors to consider when buying resort property.
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(Click on links below for more information)
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| Resort Area Selection |
| 1. |
First and foremost, people who are considering a
second home or vacation property have to determine which resort area
is right for them. At Railey Realty we often find that Buyers are usually
considering other resort areas in addition to Deep
Creek Lake and Garrett County.
You are probably no different. Usually the other resort areas considered are
Ocean City (MD), the Outer Banks, Smith Mountain Lake (VA), Lake Anna (VA), the
Florida beaches, or a major ski area in the western United States.  However, the Deep Creek Lake area is usually the top
consideration because it offers so many more activities - true year-round
activities that can be enjoyed by family and friends. Deep Creek Lake is the
only four season resort area in the mid-Atlantic, with the lake in the summer
and the Wisp Ski Resort in the winter. This area also offers easy highway
access within convenient driving distance of several major metropolitan areas
so you can also avoid the hassles of flying. The activities and lifestyle your
family and friends can enjoy at Deep Creek Lake are virtually limitless,
including boating in the summer, hiking in the fall, snow skiing in the winter,
and fishing in the spring. The climate of our area gives it a distinct
advantage over other areas - more natural snow in the winter and slightly
cooler temperatures in the summer, providing a perfect setting for family
get-togethers and weekend getaways. With all of these features, you can be
assured that Deep Creek Lake and Garrett County will continue to be a popular
resort for many years to come.
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| Determine Your Real
Estate Needs
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| 2. |
This is where the fun begins. Close your eyes and create a vision in your head
of what setting you would like to have.  Would you like a lakefront setting? What kind of view do you
see? How many bedrooms do you need? What style of house do you prefer - a log
cabin in the woods, a contemporary home on the lake, or a ski-in/ski-out
townhome? Do you want to be close to the local attractions or do you
prefer a more peaceful and quiet setting? What other special features do you
need to create the perfect property that will fit your lifestyle and the
activities you love? It's also appropriate at this stage to factor in your
budget and price range. Maybe you will need to rent your property out. Many
Buyers we work with decide to rent to make things work financially. If you are
unsure of how far your money can go in the Deep Creek Lake and Garrett County
area check out our Current Market Condtions
page for a general outline of current trends.
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| Get the Professional
Assistance of a RealtorTM
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| 3. |
 Why is it important to utilize the services of a professional
REALTOR(TM) and a top notch real estate company such as Railey
Realty ? A real estate transaction in a resort area is usually
more complex and challenging than a regular real estate transaction. Not only
is it a huge investment, but it also involves many steps and the coordination
of various parties throughout the entire process. Our REALTORS, who can act as
Buyer's Agents, are the most experienced in the area, meaning you can expect to
get expert guidance, insight on different properties and areas, professional
advice on critical issues, and assistance with most the legwork throughout
the transaction - providing a tremendous amount of convenience and time savings
for you. And with Buyer Agency, you can get all of these services without
paying anything out-of-pocket costs, as the Seller typically pays the entire
commission in a real estate transaction.
Railey Realty also gives you tremendous value by providing online access to the
entire process, creating a casual atmosphere with excellent customer
service and high professional and ethical standards. We work with every type of
Buyer - from the million-dollar lakefront purchaser to someone searching
for a simple cabin in the woods. To better understand the different types
of Agencies available, please download
Understanding Whom Real Estate Agents Represent (.pdf
file) . This page will provide a brief description of what a Buyer's Agent is
and the different types of Agencies that can exist in a real estate
transaction. |
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| Begin the Search
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| 4. |
You can easily start your search with an online Real
Estate Search on our website. If you have a few ideas in mind
and would like more assistance, contact one of
our Agents and explain your needs and goals. Allow us to
do the homework; our Agents have access to all properties listed for sale in
this market through our local MLS. We will make sure you will see or be
notified of all relevant properties, based on your needs. We can also help your
search process when you sign up for our Instant E-Mail
Notifications by providing e-mail alerts as new properties hit
the market.
Next, arrange a trip to the area to view some properties. We promise not to
waste your time, and our schedules are very flexible. We have worked with
people who have bought in a few hours and others who have
taken several years to purchase their dream property. Can't make a trip to
the area, or you've come across one a new property that interests you
immediately? No problem. Our agents will be more than happy
to snap a few pictures of the property and email them to you.
Flexibility is also important at this point, as properties move quickly
in our competitive market. If you are obtaining a mortgage, get
pre-qualified and obtain a pre-approval letter. Financing options are plentiful
for second homes. Most times a lender will require anywhere between 10-30% down
with negotiated rates and various terms. Expect the processing time for a loan
to be anywhere between 30-45 days and be prepared to provide your lender with
your last 3 years' tax returns for approval purposes.
Most importantly, be sure to access and utilize the wealth of
knowledge our Sales Agents can provide to
you during your search process. This will allow you to make a faster, more
informed decision.
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| Make An Offer
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| 5. |
When you find that perfect property, it's time to make an offer.
Don't worry if you do not live here - we can easily handle the paperwork by fax
or e-mail. We use approved contract forms from the Maryland Real Estate
Commission with special addendums particular to pertinent issues in Garrett
County and Deep Creek Lake. Our agents will prepare the offer on your behalf
and recommend the best course of action, as you must consider the following
items:
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Purchase Price - your agent will show you comparable properties and suggest a
price range you should consider for your offer.
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Closing Date
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Deposit Amount
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Property Inspections
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Other Important Contingencies such as Financing
What is the best way to get your offer accepted? One successful
strategy is to try and keep your offer as "clean" as possible. The fewer
contingencies a Seller has to worry about, the more flexible he or she may
become on other terms. If you are going to get bank financing, submit a
pre-qualification letter along with the offer. Also, since emotions can
sometimes play a part in the Seller's decision, consider submitting a short
letter about yourself and your plans for the property. Sellers may be concerned
about the future of a property they have enjoyed for many years.
After you submit your offer, be prepared to negotiate with the Sellers on all of
the above items. Sellers typically expect to close within 30-60 days of
contract acceptance and have their Listing Broker hold an earnest money deposit
equal to 1% to 5% of the purchase price on their behalf that will be credited
back to the Buyer at closing.
If you can't come to an agreement with the Sellers at this point, don't get
discouraged. Your agent will recommend the next step and, if needed, continue
searching on your behalf.
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| Inspections &
Contingencies
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| 6. |
The Seller will usually agree to a provision in the contract that allows the
Buyer to have a home inspection and other inspections performed. These
inspections are usually paid for by the Buyer and must be completed within
a certain amount of time from the date the contract was accepted. Your agent
will usually coordinate all inspections that were agreed upon. After the
inspections are completed (unless the house is being sold "As-Is" and the
inspections were for informational purposes only), the Buyer will have the
option to void the contract altogether or submit a list of concerns to be
addressed by the Seller at the Seller's expense. The Seller may agree to fix
all, some, or none of the items identified. If the Seller agrees to fix
only some or none of the items, the Buyer once again will have the option to
void the contract and get their deposit back or proceed with the transaction as
proposed by the Seller. The Seller must then address or fix all of the items
agreed upon prior to settlement and allow sufficient time for the Buyer to
re-inspect.
*NOTE - NOT ALL CONTRACTS ARE THE SAME. SOME TERMS AND CONDITIONS CAN BE VERY
DIFFERENT THAN THOSE DESCRIBED ABOVE. YOUR AGENT WILL BE ABLE TO GUIDE YOU
THROUGHOUT THIS PROCESS.
As settlement day gets closer, start lining up property insurance,
arranging utility service, and coordinating any furniture moves. While we
usually can't make these phone calls for you, we are more than happy to
provide some Useful Phone Numbers. |
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| The Settlement
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| 7. |
In Maryland, the Buyer has the right to select their own title insurance
company, title lawyer, settlement company, and mortgage lender. Also, unless
otherwise specified in the contract, the Buyer and Seller equally split any
recordation taxes and local/state transfer taxes. The Buyer's portion of these
taxes is approximately 1% of the agreed upon purchase price. This does not
include lenders' fees, pro-rations, and other pre-paid items that may be
necessary. Your lender can better explain those types of fees by giving you a
Good Faith Estimate of closing costs, which generally include any points,
appraisals, and credit report fees.
While you can do a settlement by mail or long distance, we recommend being
present for the closing. Not only does it give you a better understanding
of everything involved, but it also gives you an opportunity for one last
"walk-through" on the property to make sure everything is still in good working
order.
Lastly, expect to bring either a cashier's check or certified funds payable to
the Title Lawyer or Settlement Company for the amount you will owe. Most
Settlement Companies will not accept large personal checks. The Settlement
Company will then record the deed in your name and mail you the original along
with your Title Insurance policy.
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W e hope you found this information helpful; that was our goal. After all, we want to be your real estate company for life, and we want you to refer your family and friends to us. We have lots of other information that we are eager to share with you as well. Drop us a line so we can get started on the process of your dream. We're anxious for you to own a piece of Maryland's
Best Kept Secret!
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