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. |
(Click on links below for more information)
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| Resort Area Selection |
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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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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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 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.
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| Begin the Search |
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You can easily start your search with an online Real Estate Search on our website. 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.
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| Make An Offer |
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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:
- Purchase Price - your agent will show you comparable properties and suggest a price range you should consider for your offer.
- Closing Date
- Deposit Amount
- Property Inspections
- 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. What about the purchase price? On average, properties at Deep Creek Lake and Garrett County sell for about 96% of the asking list price. However, in this competitive market you might have to pay the full asking price or more - and there is a slight chance you may be competing against another Buyer who is seeking the same property.
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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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.
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| The Settlement |
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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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