You are here: Home / About

About

Welcome to The Donnelly Group.  We are a real estate team who specialize in Annapolis-Metro Real Estate.  Buying and Selling real estate can be a tricky and confusing process; we’re here to help. When you choose to work with The Donnelly Group, you get a team of experts working to ensure your transaction is smooth and timely. If you have any questions regarding our services, please don’t hesitate to contact us at your convenience.
Quick-Links

Frequently Asked Questions (click the question for the answer)

I want to save some money and buy a house without a real estate agent. Is that ok?

It is absolutely a buyers right to buy a home without a Realtor. However, keep in mind, the buyer does not pay the realtor’s commission, the seller does. So, if saving money is the reason for you considered buying without a Realtor, reach out to one, they are free for you to use (excluding some potential fees a brokerage may charge).

What is a Buyer’s Agent?

Generally there are two agents in a real estate transaction. The first is a Listing Agent, the agent who the seller hired to put the house on the market. The second is the Selling Agent, the agent who brought the buyer to the property. A Buyer’s Agency is the relationship built and agreed to, in writing, between the Selling Agent and the buyer. When this relationship is in writing, the Selling Agent, now the Buyer’s Agent, has a duty and obligation to represent you, the buyer, in the transaction.

I think I want to buy a new home in a new community. I don’t need an Agent to represent me because they have an on-site salesperson. Right?

No, no, no. This is one that gets my goat. The person who sits behind the desk at the model home or sales center works for the BUILDER, not for the BUYER. So, if you go into the home, unescorted by a realtor, you share your home buying story with the nice builder rep, then decide you want to put a contract in on the home, the builder rep has an obligation to tell the builder what you shared with him. Be careful and know who you are sharing your story with.

Can I be notified by email when new rentals come on the market?

Yes. You can sign-up for our Daily Rental Digest which is emailed daily, between 1-2pm EST. The Daily Digest contains new rental properties that have been listed that day.

How do I know what I should offer on a house?

Your real estate agent will pull comparables on homes that are similar to the one you are considering and evaluate what other people paid for the homes that have recently sold. Generally these homes should be within a close proximity to the home under consideration, similar in style, similar in size, and should have sold within 3-6 months.

What if the home I put a contract on doesn’t appraise for what I offered for it?

If you are contingent upon obtaining a mortgage, the mortgage company will require an appraisal to ensure you are not buying a home for more than it’s perceived worth. There are a few options (and can be regulated by the type of loan that you chose, speak to your loan officer), but one option is to walk away from the sale. The second is to renegotiate the contract price to the appraised value, the third is for the buyer to pay the difference…. Be careful and think this through before jumping into it.

How do I know how much I qualify for and if my credit is good enough?

After speaking with a Realtor, it is a good idea to talk to a few lenders. The lender will ask you about the following: Job History, time at current employment, credit history, assets, debts and obligations. You will usually be asked for two years of tax returns, W-2’s, one month of paystubs, and three month of assets.

Are all mortgage companies basically the same?

Absolutely not! Just like any other industry, there are some mortgage companies that downright stink! Further, there are some great mortgage companies with Loan Officer’s that downright stink! It is very important that you click with and trust the lender you choose to hire. Research the Loan Officer, the company, and be sure to talk to some of his previous clients. If you are comfortable with him, be sure to get a few quotes from various lenders. Fees and interest rates vary greatly. I could write a book about this, but to keep it short but offer a powerful illustration – some mortgage company’s charge a loan origination fee and some do not. A loan origination fee is the equivalent of 1% of the loan amount. That could be substantial. Understand who you are dealing with and do your due diligence.

I want to be as frugal with my money as possible. The house I am considering looks like it’s in good shape. Should I get a home inspection?

Absolutely positively get a home inspection. The $400ish that it will cost you will be an investment of epic proportions. With a purchase as large as this one, don’t leave it to the exterior looks to determine the quality of the home. Spend this money, you will be glad you did.

I know there are certain things I should consider when I buy a home as far as resale when I move to a different house. What are these?

You have heard location, location, location. It is one of the most important things to consider when you are choosing a home. Will you be able to sell the house when it comes time to do so? Is the home situation next to a gas station or factory? Railroad tracks? Huge tension power lines? The city dump? These things need to be considered.

How much money is it to buy a home?

This question is tough to answer. It depends on the loan program and the area you purchase in. It can also depend on your credit. In Anne Arundel County MD for example, it is generally about 4.5% of the sales price for prepaids and closing costs and approximately 3.5% down payment for an FHA loan. It would be best to contact a lender and ask him to give you a good faith estimate for the sale price you are considering. This is the document you will use to compare lenders.

Can a seller pay for my closing costs?

Each loan has its own requirements but here is a good rule of thumb… An FHA loan will allow a seller to contribute up to 6% of the sales price. A conventional loan will allow a seller to pay up to 3% of the sales price (for down payments less than 10%) and up to 6% for down payments greater than 10%. VA loans allow a seller to pay up to 4% of the sales price.

Since I am going to buy a home soon, I am thinking about closing all of my credit cards so that the mortgage company will see I am serious about buying a home. Is this a good move?

Nooooooooooooooooooooooooooooooo, don’t do it! If you have had a good credit history with a creditor, leave the account open. It actually will hurt you to close the account. See, from a credit perspective, if you close an account that has been one in good standing, you have lost the value of this positive history.

Is it better to combine my credit card balances into one card and max it out but have no other balances on any of the other credit cards?

Noooooooooooooooooooooooooooooooo, don’t do this either. Keep all credit balances under 35% of your maximum credit line. Anything over 35% reduces your credit score.

Is it a good idea to buy a foreclosure?

It can be. There could be nice equity in the property. By that I mean, the house may appraise for more (sometimes significantly more) than what you pay for it. Why would a bank be willing to accept a lower offer? They are not in the business to have own an inventory of homes. In fact, at a certain point, if a bank owns too many houses, they can be forced to stop lending money until they get their inventory down. Bad for banks!! A word of caution though….. Not all foreclosures are good deals. Sometimes, and I would go so far to say, most of the time, banks will not make any repairs so you are winging it.

Is buying a short sale a good idea?

It can be. Doesn’t that answer bug ya? It can be. Well thanks Andrea, that helps! But it is true. Buying a short sale can be a good idea for some people and could be the kiss of death for others. Here’s what I mean. The fact that they are called short sales does not mean the sale is quick….. it is not a short process. So, if you don’t have any timelines, a short sale may be the right thing for you as you can get a very good value on the home (for the same reason as the foreclosures). But there are very few things the agents can do to control the banks. It could take 6-8 months before you even know if the bank accepts the offer. But, if you are willing and able to wait for this time and you get a house for $50k less than appraised value…. Great move.