If you're selling your Maryland home in 2024, here's what you need to know about first time home buyer programs. The real estate market has already started to transition in Maryland, and we are seeing contracts with down payment and settlement cost assistance programs. If you're probably wondering what this has to do with you and why should you care, since you the one selling your home and not buying it. Hang with me for a minute and I will explain.

We are coming out of an extreme sellers market when first time home buyer programs were almost unheard of. Sellers had stacks of offers to choose from within days of listing their home for sale and they usually went with a cash heavy contract and one with the least contingencies. Now that houses are not flying off the shelf with buyers willing to do just about anything to get into a home, properties are sitting on the market longer, and there are less offers to choose from. Don't get me wrong, inventory remains low and houses that are priced appropriately and marketed correctly are still seeing multiple offers, but buyers are no longer willing to make extreme sacrifices just to get their offer accepted.

And buyers are more educated now than ever before as we are coming out of the crazy post covid real estate market. They know about what grant money is available and closing assistance funds, and they want to take advantage of every program and make their new home more affordable.

So, what does all of this mean for you when you go to sell your home in 2024? If you receive an offer that has a first time home buyer program as part of the financing contingency, you need to know which program it is and what the requirements are for the buyer and for you as the seller. There are a variety of programs in Maryland, and each one has different guidelines. There are state level as well as county level programs, and then you have bank and lender specific down payment and closing cost programs. Some of them require additional underwriting which can take longer for the financing to be finalized, which could cause a later closing date for you as the seller. Other programs require additional inspections on the property and if the house doesn't pass, guess what, you as the seller can either make the repairs or the contract may not close, meaning your sale is delayed and the house goes back on the market to find a new buyer. If you are contingent on the sale of your current home to purchase your new home, this could be a huge problem.

The most common issue I see is a real estate agent or a loan officer who doesn't understand the program a buyer wants to use, or trying to use a program that the buyer doesn't qualify for, or one that won't work with the property. Many of these programs are only available to approved banks and lenders, and most programs have income guidelines and property restrictions.

The bottom line is that first time home buyer programs are a great way to get more offers, not to mention help buyers who may not otherwise be able to purchase a home. But, it is important to work with an agent who understands the different programs and what your obligations are as a seller when considering an offer with a down payment assistance program.

If you'd like more information on buying and selling or living in Maryland, my contact information is below. And if you found value in this video, give it a thumbs up and follow or subscribe so you don't miss any of our content.

Rebecca Cole, Realtor
Graduate, Realtor Institute®️
Military Relocation Professional®️
Berkshire Hathaway Homesale Realty
443-876-3515 call/text
410-697-8100 office
[ Ссылка ]
[ Ссылка ]
www.rebeccacolerealtor.com
[ Ссылка ]

свернуть