Ocean City MD Real Estate and Ocean Pines Real Estate | The Buying Process
As full time, experienced Ocean City Realtors and Ocean Pines Realtors we are of the belief that buying real estate in Ocean City MD or real estate in Ocean Pines MD should be a fun and enjoyable process.  A lot of people are on the fence about buying real estate based on the events of the past few years and understandably so.  The news is never going to provide any positive real estate information as they seem obsessed with doom and gloom. The reality is that real estate is very local and the Ocean City and Ocean Pines real estate markets have largely stabilized. There will still be some pricing adjustments in certain segments of the Ocean City real estate market, primarily for older properties in poor locations with limited views and amenities.  

There are currently some great values available for Ocean Pines homes and Ocean City condos assuming you do proper research and due diligence ahead of time.  This will give you a good working knowledge of the current Ocean City MD real estate market conditions that will enable you to make informed buying decisions.  Having been born and raised in the Ocean City area we are able to provide you with unique market insight and local market knowledge that few other Ocean City real estate agents or Ocean Pines real estate agents can provide.   As experienced Ocean City Realtors and Ocean Pines Realtors we will assist you in doing the aforementioned due diligence and research to ensure you purchase the right property for your wants and needs for the best price, terms and overall value possible. Here I will outline the first phase of the buying process which is identifying the right property type, researching the various property options and market conditions, researching mortgage options, evaluating potential properties and submitting an offer.

Determing the Ocean Pines or Ocean City Property Type

The first factor in choosing a Ocean Pines or Ocean City property type is establishing what price range that you would like to stay in.  The price range is ultimately going to determine which options are going to be available to you in terms of size, property type and location.  Our mortgage calculator will help you determine monthly payments based on various price points.

The next step is to determine location.  Are you looking for real estate in Ocean City MD, an Ocean Pines home or a waterfront townhome in West Ocean City?  If you are looking in Ocean City would you prefer Oceanside or bayside?  Do you have a preference for downtown, midtown or north Ocean City?  These are all factors to consider at this point to ensure that you find a property that you and your family will enjoy for many years to come.   

Then we will need to determine the type of property that will best suit you and your families want and needs. One of the great things about the Ocean City MD real estate market and Ocean Pines real estate market is the wide variety of property types they offer. The two markets are comprised of condos, town homes, single family homes and duplexes that each present unique features and attributes. At this point you will also want to consider any amenities or features that you would like to have such as pools, elevators, boat slips, etc. as each property type will present different options.

Once you identify a property type we will need to determine what size property will work best for you in terms of bedrooms, bathrooms and overall square footage. A lot of factors will determine this, primarily your family’s size and how much you intend to use the Ocean City condo or Ocean Pines home. Another factor to consider is whether or not you will be renting the property as the potential revenue will be dictated by the properties size. 

This will give us a good starting point to begin looking through the various options that are available based on these factors. As you start to look through the Ocean Pines and Ocean City listings we can fine tune the search parameters from there as some factors may become more or less important.

Research the Various Ocean City and Ocean Pines Property Options Available
Once we have determined the type of Ocean Pines or Ocean City property you are looking for I will go through the Ocean City Multiple Listing Service (Ocean City MLS) or Ocean Pines Multiple Listing Service (Ocean Pines MLS) and search through all of the available Ocean City and Ocean Pines listings that match your specifications.  We will then email or mail you, based on your preference, a list of all the Ocean Pines or Ocean City MD properties currently available that match what you are looking for.  The listing reports will include photos, detailed property descriptions, taxes and other fees, virtual tours, etc.   We will also send you email updates if you would like as new properties come on the market or prices are adjusted for properties that match your specifications. 

In addition we will set you up with your own personal Ocean City MD real estate website known as a “portal” that will have your searches conveniently saved for you through a live feed, allowing you to look at all the properties currently available at any given time based on your specifications. In addition you a will also be able to sort, search, share, track and save listings inside of your portal for future reference. We have found through our current clients that this process will give you a good feel for the overall  market conditions and a strong working knowledge of the property types that you are interested in, enabling you to make educated decisions and ultimately get the best value available.

Ocean City Loan Pre-Approval
While you are looking through the listings and getting a feel for the market it is also a good idea to speak with a local Ocean City mortgage lender. Getting the right loan based on your overall financial situation is important in the overall process. Speaking to a lender ahead of time can ensure your potential Ocean City Maryland Real Estate purchase fits in with your overall financial planning strategy. In reaching out to a lender ahead of time they can also provide you with a pre approval letter in the event that you find a property you want to pursue.  Most sellers now request a pre approval letter before they will sign an offer and the preapproval can provide some additional negotiating power.  I would be glad to get you in touch with one of the experienced, local Ocean City mortgage lenders that I work with, simply send me an email.

Previewing Ocean City and Ocean Pines Real Estate Listings
Once you have found some listings that you are interested in and have a good working knowledge of the Ocean City Maryland real estate market, the next step is to come down and preview some of the listings.  We will talk a few days ahead of time and I will get a list of the Ocean Pines or Ocean City properties that you would like to see.  I will do some preliminary research on those listings and make the necessary appointments for us to get in and view the Ocean City condos or Ocean Pines homes.  This will enable us to determine what you like and dislike about the various options available and potentially identify a few properties that you may want to pursue.  At this point I will get the answers to any questions you may have regarding those properties and gather any additional information that will help assist you in making a potential decision. 

We can also prepare preliminary closing cost statements so you know exactly what costs will be involved and how much your potential purchase will costs in terms of purchase price, down payments, closing costs, inspections, etc.  Should you not see anything that interests you when you come down we will continue to send the email property updates in an effort to ultimately find you a property that suits your families wants and needs.

Should you come across a listing online or one that I email to you that is of particular interest let me know.  I would be glad to go and preview the listing for you and shoot a HD walkthrough video tour of the listing and additional photos which I can then email to you.  This is beneficial for the more attractive and better valued listings, such as the Ocean City foreclosures and Ocean Pines foreclosures, which typically go under contract relatively quickly.

The Ocean Pines and Ocean City MD Real Estate Offer Process
Once you have identified a property or properties that you like and meet your specifications and are ready to move forward it will be time to prepare and offer to submit to the Sellers.  The first phase is to ensure I have answered all of the questions you have regarding the property and provided you with any requested information such as rental and utility histories, tax information, etc.  I will then do some research on the property to determine what is owed on it, the Seller’s overall motivation and any other beneficial information I can gather in order for you to get the best value available.  We will then look at the recent comparable sales to see what similar properties have recently sold for to determine the properties current market value. This will give us a price range to assist you in determining what to offer for the property.  We will then determine any necessary inspections or other contingencies you would like to include in the offer.

After compiling all of this information I will prepare the offer and go through the contract with you, ensuring you understand all of the components, addendums, timeframes, contingencies, etc.  Once we have gone through the contract and you are comfortable with everything, you will sign off on the offer and I will submit it to the Seller.  Upon submitting the offer to the Seller’s agent I will include any comparable sales or other pertinent information that will substantiate what our offer is based on.  The Seller can then either accept your offer, counter your offer or reject your offer.  Should they counter your offer you can either accept their counter price or we can counter back to them.  We will negotiate back and forth until we come to an agreement that everyone is happy with in terms of price and contingencies.  We will then move on to the contract phase which you can find outlined here.   If we do not reach a deal that you are happy with we can either pursue another property that you may have identified or we will continue to update you with new listings going forward.

There are currently some great values being realized by savvy Buyers.  The current market is all about timing in order to get the best value available relative to your wants and needs.  In addition it helps to have a good working knowledge of the current market which we can assist you with through our monthly market reports, email property updates, newsletters, etc.  We can assure you that in working with us as experienced, full time Ocean City Realtors and Ocean Pines Realtors you will know of new listings and price adjustments as soon as they become available and will have a good working knowledge of the Ocean City MD real estate market and Ocean Pines real estate market, which will ultimately put you in the best position to secure one of the better values available.  Find the contract phase outlined here.     
As always I would be glad to discuss this in greater detail with you. I can be reached directly anytime at 443-614-9179 or by email.