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Buyers


What is HomeTryst.com

HomeTryst.com is real estate 3.0. We are a cutting edge team with a cutting edge website dedicated to helping make home buying the most successful in the industry. Delivering legendary service is our commitment. Our topnotch agents will guide you all throughout the homebuying process. HomeTryst.com provides you all the tools and information you need in finding a perfect place to live in. Buying a house has never been easy.

The HomeTryst Group Advantage

The same principles that shape success in any industry appy to those in real estate…innovation, networking, technology-driven productivity, and attentive customer service. With a strong history of proven success, our clients have the luxury of providing every client with the resources of our full-service team. Using HomeTryst.com, a proprietary selling system and progressive sales techniques we welcome.

The Best of Both Worlds

We offer you the best of both worlds. We serve you offline and online. Offline, we give you full “SERVICE” brokerage package. Online, we bring you sophisticated web tools to help you decide on matters regarding the home buying and selling process. Both buyers and sellers get the dedicated commitment and benefit from the experience of our on-call, serve-oriented team. We harness the power of the Internet to the advantage of our clients. We make sure that every step is taken to ensure your success.

Comparison Chart

How HomeTryst Works

On Call

Our homebuying process do run smoothly to deliver only the best service buyers deserve. Our team of dedicated experts has more than 40 years of experience in home buying. We don’t just work during office hours; we work 24/7 and provide open and flexible schedules to fulfill each of your every need. Our on call agents are always here to serve you.

Real Time MLS Search

A real time list of available homes is the key to finding your home. HomeTryst.com brings to the buyer the power to choose. Our advanced search tools allows you to find homes and development projects, each of which contains up-to-the-minute specific information including the address, financing options, number of rooms, upgrades, and other relevant data. Buyers can also customize their search based on our listings.

The Homebuying Process

An overview of how homebuying works is important before you get involved in the homebuying process. There are preliminary matters that need to be cleared, among which includes good home locations, type of homes, services of a real estate broker or attorney, and financing options. Negotiation and execution of a contract for purchase with the seller comes next. This step is the most crucial in homebuying as it involves some technicalities that the buyer must be aware of. After the contract is purchased, there will be a series of activities involved just before the closing occurs. Finally, the purchase will be closed once the buyer meet with an attorney or agent and once the seller make the full payment and fulfill obligations to finally own the house.

Local Homebuying Programs

Whether you’re a first-time buyer or a long-time homeowner who wish to purchase a house in Maryland, D.C., or Virginia, getting the best home deals can only be possible by availing of programs and incentives for homebuyers. HomeTryst.com catalogs a comprehensive list of such programs in order to guide you in your search of a perfect home.

In Maryland

There are several programs to choose from for potential buyers located in Maryland. The Annapolis MPDU Program offers units at a relatively lower price to pre-qualified and eligible homeowners. In Baltimore, city employees can benefit from programs such as the Baltimore City Employee Home ownership Program. For other employees, check out the program Baltimore City Live Near Your Work (LNYW), which is a partnership between selected employers and the City of Baltimore. It is specifically designed to encourage home ownership near place of employment. The loan is forgivable over five years at 20% each year. Qualified buyers need to contribute $1,000 for the home purchase and must use the property as their principal residence.

Owners of newly constructed homes can benefit from the Baltimore City Newly Constructed Dwelling Tax Credit. To avail of the property tax credit, homeowners should apply for credit within 90 days of settlement and title transfer.

If you’re a first-time home buyer, there are also programs available in Maryland. If you haven’t owned a principal residence yet in three years, purchasing your first home in Baltimore City can be a fulfilling experience with Buying Into Baltimore Fairs & Trolley Tours program. A forgivable loan amounting to $5,000 can be used as down payment and/or closing costs when you make your purchase in Baltimore City. There’s a similar program offered in the City of Rockville, the City of Rockville Real Estate Effort for Affordable Community Housing (R.E.A.C.H.). The program is open to all first-time home buyers who can afford paying mortgage.

For home purchase transactions in non-metropolitan areas or those outside of urban areas in Maryland, the Frederick County Rural Homeownership Program provides loan assistance to low-income residents. Rosedale Federal First Time Homebuyer can also assist buyers with low-to-moderate incomes.

In DC

For first-time homebuyers in DC who have recently owned a house, there’s a one-time tax credit of up to $5,000 of the amount of the purchase offered by the government. The tax credit is in compliance with the Taxpayer Relief Act of 1997, which allows taxpayers to claim tax credits by filing a Form 1040. This credit, which is also subject to other exceptions specified under the Act, is only available for purchases after August 4, 1997.

Another program that provides loan assistance to buyers in the district is the Home Purchase Assistance Program (HPAP), which is actually a form of low-interest five-year deferred loan. Qualified residents with lower- and moderate-income may avail of the benefits of interest-free or low-interest loans to buy houses, condominiums or apartments. The amount of loans awarded varies depending on a combination of factors such as income, household size, and the amount of assets of the loan applicant. Applicants can obtain up to $40,000 in financial assistance to purchase houses.

For employees of the District of Columbia Government who are first-time homebuyers in the district, the Employer Assisted Housing Program (EAHP) can provide home purchase grants and loans to qualified applicants. Qualified buyers can also receive additional tax incentives. To qualify for the program, applicants must be a full-time employee, with a good standing for at least one year, of the D.C. government, possess a good credit rating, and have an adequate income to afford a mortgage loan.

In Virginia

The Virginia Department of Housing and Community Development can help provide homebuyers with funds from the federal HOME Partnership Investment Fund (HOME). Buyers whose income is at or below 80% of the Area Median Income can seek down payment and closing cost assistance from the program. The program operates in partnership with local government units, non-profit housing service providers, and mortgage lenders. It aims at promoting equitable access to home funds by entitlement or non-entitlement communities depending on income and credit. The funds are available on a first-come, first-served basis.

For first-time homebuyers in Virginia, a well-recognized set of programs is offered by a state agency, the Virginia Housing Development Authority. Among the agency’s popular offer are the 1st Choice Program and the Step Rate Loan Program.

The 1st Choice Program provides fixed-rate conventional 30-year loan and can be obtained even without a mortgage insurance. The interest for payments only apply for the first 7 years. You will be required to pay principal payments on the 8th year. Qualified buyers are not even obliged to pay down payment. The program is suitable for buyers with an increasing income and wish to buy a house in a rapidly appreciating markets.

The VHDA’s Step Rate Loan Program is ideal for those who seek lower payments and reduced interest rates for the first two years of the loan. To compensate for the reduced rates, a slightly higher rate will be imposed beginning the third year of the program. Interest rates are gradually reduced from 2 percent in the first year to 1 percent in the second year. Rates remain fixed for the next years.

The VHDA also offers a variety of fixed-rate loans including Conventional loans, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, and USDA Rural Housing Services (RHS) loans.

VHDA Conventional loans can either be uninsured or with private mortgage insurance. The latter is required when the amount of loan exceeds 80 percent of sales price.

An FHA maximum mortgage is calculated based on the standard FHA. A mortgage insurance premium fee may be included in the loan amount so long as the final amount does not exceed VHDA’s maximum allowable sales price. FHA guidelines will be used when qualifying costs and ratios.

A VA mortgage, which is based upon an applicant’s VA eligibility, can include the VA funding fee as long as the final loan amount does not exceed the VHDA’s maximum allowable sales price. Down payment is usually not required.

The RHS offers a maximum mortgage of up to 100% of sales price or appraised value, whichever is less. Automated approvals are accepted for conventional loan-to-values up to 97% with the use of Loan Prospector or Desktop Underwriter. FHA/VA loans are approved with a minimum 620 credit score and with some limitations.

Qualified borrowers who need a second mortgage for down payment and closing costs assistance can also seek benefit from FHA Plus Loan, a home loan financed by the VHDA and insured by the FHA. To qualify for the program, the buyer must have cash available equal to a minimum of 1% of the sales price. As for the second mortgage, the same is limited to 5% of the sales price or appraised value, whichever is lesser. The total amount of the two loans combined must not exceed the VHDA sales price limits. To learn more about the program, you may contact your local VHDA-originating lender of VHDA’s originations department.

The Homebuyer Tax Credit Plus is another valuable program for first-time homebuyers who need a second mortgage. The program was created through legislation to allow buyers of taking advantage of the federal First-time Homebuyer Tax Credit in financing down payment and closing costs up to 5% of the sales using a second mortgage. Repayment of the second mortgage start a year after the payment of the first mortgage.

Sponsoring Partnerships and Revitalizing Communities (SPARC) is another innovative program that incorporates local governments, non-profit organizations, developers and housing authorities into the financing scene. SPARC provides financing options to prospective buyers in specific communities through these organizations. Each of the participating organization allocates SPARC money for a particular community need. To qualify for a SPARC loan, ask your real estate agent to refer you to a sponsor, who will then pre-screen you and check if you meet certain qualifications.

Financing Your Home

There are several ways to finance your home purchase. Among these are three commonly used types of financing:

  1. financing from savings and loan association, mortgage companies, bank or other institutional lenders
  2. seller financing where the seller agrees to accept the down payment effected by the buyer and allows the buyer to pay all the remaining purchase price over a period of time
  3. financing by assuming the existing loan or loans on the property being purchased

These and other types of financing can be combined if the funds available from one source is not sufficient to purchase the house. Thus, additional funds may be obtained from family members and friends or even from pension funds. Each source of fund has its pros and cons. With that in mind, you should be inquisitive about the type of financing you seek to have. Evaluate each source of fund and assess which of these are feasible for you. Advance planning is important during this stage. Perhaps with the assistance of a real estate broker or attorney, you will be able to find what options are available to and suitable for you.

Among the three sources of fund aforementioned, loans procured from the bank are the most popular. Such a loan is called mortgage while the bank loaning the money is the lender. The money paid to the bank is called mortgage payments. Thus, failing to pay your mortgage will cause the bank to repossess or foreclose the house.

In the U.S., you can choose to pay back the loan in either 15 or 30 years. Again, each has its own set of pros and cons. Most people opt to take the 30-year loan for its flexibility. With this type of loan, you can still choose to save on interest and pay off the loan early whenever you can afford it. The monthly payment is for you to determine. Since the monthly payments are relatively lower, you can invest the money you’re saving each month. This is one possible advantage of getting a 30-year mortgage. There is, however, a caveat. You need to be a diligent investor or else wind up with less money.

With a 15-year loan, there’s a need to shell out bigger payments every month whether you like it or not. No matter how high monthly payments on a 15-year mortgage seem to be, the interest rate is in fact a bit lower. This would offset part of the increase in the monthly payment thereby allowing you to save a bundle of interest and pay off the loan in half the time. In sum, a 15-year would enable you to own your home in half the time, build equity much more quickly, and save more than half the amount of interest.

It is worth repeating that either of these loans has its pros and cons. Choosing the right one entails a lot of research. The Internet remains one of the best source of information in this area. Educate yourself by browsing through homebuying-related topics or by joining relevant community forums. You can also use online mortgage calculators to help you decide

My HomeTryst.com

At HomeTryst.com, we bring you the convenience of saving your chosen home properties and set custom alerts when a property matches your needs. On top of that, you can email your list to everyone including the Realtor you’re working with.

What is Buyer Agency

Buyer agency refers to a principal-agent relationship in which a buyer’s agent is tied or remains loyal to the buyer by assuming fiduciary responsibilities. Buyer agency is a relatively new term in real estate. It emerged as a result of misunderstandings among buyers, sellers, and their respective agents.

The primary consideration of choosing a buyer’s agent on your behalf is that agents aim to obtain the best deal for buyers. Agents pass on almost all information about the seller or the property to the buyer. This is especially important when guiding buyers make a well-informed decision.

There is no doubt that agents, through a buyer agency, work for the interests of the buyer. The agent will negotiate to obtain the best price, ensure the quality of the property to be delivered, and make all the necessary representation to meet buyers’ need. The confidentiality of the information buyers tell their agents is also an advantage. There may be situations where agents charge hourly or fixed fees for the service, which makes it seem like you’re going to pay more. In reality, however, they are also working for the same commission that is paid to them.

Choosing the Right Buyer’s Agent

Referral is still one of the best way in finding an agent. Family members, friends, or colleagues point you to agents with proven track record in real estate. This option may not be available for those who have just relocated to a new area. In this case, agents can be found using Internet searches or through agents hosting an open house. Open houses can lead you to agents with exceptional background in home buying. Ask for a business card and don’t forget to look up the agent’s site or ask your neighbor for more information.

Signing an agreement with your agent comes next. Be wary of what should be done to ensure a beneficial agreement before signing. First, relieve your anxiety of getting stuck with a second-rate agent by asking for a short term. You may even ask for a 24-hour, seven-day, or 30-day term or whatever it is that you can negotiate with the agent. Second, specify some of the details in your agreement including the terms and area in the contract. Lastly, ask your agents for a guarantee that if either of you decide to end the relationship, you will be released from the agreement and they can do the same.

The HomeTryst Advantage

There are tons of websites and Realtors offering similar service as we do. Our main difference lies in getting the job done for you. We don’t just let buyers navigate their way through our webpages, we help them arrive at their dream houses by offering them solutions that really work. Our special offers include a patent pending metro proximity search where you can look for homes based on distance and line color.

Our 100% Guarantee

HomeTryst.com – We are always committed to delivering the best service

If you don’t feel you’re receiving the best service in the industry, let us know and we’ll gladly cancel your agreement with us any time. We only ask that you fill out a survey to let us know what we can do better for clients in the future.

Partner Agents

Agents on Call

Our professional team of real estate agents are available during business hours to assist you. We even go the extra mile to assist you in reaching your goals.

Hometryst partner agents who do business in and offer direct service from major metropolitan areas earn bonus based on customer satisfaction. We refer clients to a partner agent in areas we don’t directly offer service. Coordinating with a HomeTryst partner agent will make your home buying process more efficient, practical and satisfying.

The Deal isn’t Done at Closing

We don’t walk out on you immediately. We know that choosing the right house does not end at closing. That’s why HomeTryst.com gives you wider options to choose from by sending you quarterly reports detailing three most similar sales in your immediate area or those sales closest to your home whenever available.

Awards

April 2009 – Top Lister

April 2009 – Top Producer

April 2009 – Top Sales

April 2009 – Million in a Month

June 2009 – Top Lister

June 2009 – Top Sales

June 2009 – Million in a Month

July 2009 – Top Lister

July 2009 – Top Sales

July 2009 – Million in a Month

August 2009 – Top Sales

August 2009 – Million in a Month

September 2009 – Top Lister

September 2009 – Top Producer

September 2009 – Top Sales

September 2009 – Million in a Month

October 2009 – Top Producer

November 2009 – Top Producer

November 2009 – Top Sales

November 2009 – Million in a Month

December 2009 – Top Lister

December 2009 – Top Sales

January 2010 – Top Lister

January 2010 – Top Producer

February 2010 – Top Producer

Last Update March 1 2010

Past Clients