Buying a home is stressful for many people. However, with some planning ahead of time, it isn't very difficult. So you'll know exactly what to expect, I like to supply my buyers with an outline of the entire deal. These are my nine steps to buying a home.
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Should you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at patti640@yahoo.com. |
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Step 1 – Prepare to purchase
There are plenty of things you should take into account prior to starting your home search. You'll want to put together a checklist of items you need to have, plan for what neighborhoods and school districts you'd like to live in, and start planning your budget. A good principle to go by is that your mortgage payment should be 30 percent of your monthly income.
Step 2 – Speak with a real estate agent
That's where I can help. I'd love to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Chicago area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan. There are some great mortgage professionals in Chicago, and I work with a lot of them, so you're in great hands. They will assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin searching for available homes on the market that are a good fit for you. I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we view homes, I'll call attention to positive features, as well as negative ones. I'll even ask you to tell us about things you like and dislike. It's common for buyers to revise their must-have list as we tour homes and some features become more essential than others. If such is the case, I'll go back through all the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Understand the housing market
My awareness of the Chicago housing market is a necessary benefit in your house search. I'm familiar with all the schools and neighborhoods, and I'll alert you to certain neighborhoods are "hot" and demand prompt action and the ones that are "cool" and allow for more consideration.
As we view homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." Be mindful and make sure you ask a lot of questions, as any REALTOR® in Chicago will convince you they know the home market. If things don't add up, contact me at 312-450-8729 or e-mail me at patti640@yahoo.com, and I'll be glad to answer any questions you might have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I'm sure we'll find the house of your dreams in Chicago. When we do, I'll precisely create your purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's typically applied to the cost of closing. If the offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the initial offer – it's pretty common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market will play a big part in how aggressively we negotiate the contract. We'll also work within your financing constraints. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure a loan
After the contract is complete, you'll start working with your mortgage lender to close the loan. This won't take much time at all if you're already pre-qualified, but you'll need to stay in close contact with your lender. And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of getting your application. This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most often happen at a title company or escrow office and will probably be a smooth and peaceful affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, just call me at 312-450-8729 or send me an e-mail.
