With a little up-front planning, buying a home isn't that hard, but the event intimidates many people.
I like to provide buyers with an overview of the whole deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, simply contact me here or send e-mail to aperez@usamericarealty.com. I'm happy to address questions you have about this information.
|
|
|
|
|
Step 1 – Get ready to buy a home
Before you start searching for a home, there are many things you should do.
When you start your search, you'll probably want to put together an index of must-haves, get a plan of what school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or around a third of your monthly income is a good rule of thumb to follow.
Step 2 – Get in touch with a real estate agent
This is where I come in.
We can book a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Hanover Park area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
I partner with some of Hanover Park's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin your search
After we meet for the first time, I'll begin finding houses on the market that are a good fit for you.
I'll research most of the houses and ignore the bad ones, and then we'll schedule appointments to view the houses when it's convenient for you.
When we view houses, I'll identify positive features and bad ones. I'll even ask you to talk about things you like and don't like.
As a rule, buyers revise their list of must-haves as we tour houses and some features become more necessary than others.
If that happens, I'll look through all the listings once again and narrow it down to the home of your dreams.
Step 4 – Know the market
My understanding of the Hanover Park housing market is a fundamental resource in your search. I'm familiar with all the neighborhoods and schools, and I can let you know what districts are "hot" and call for prompt action and some that are "cool" and allow for thoughtful examination.
As we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Every real estate agent in Hanover Park will claim to truly understand the housing market, but be on guard, and be sure to ask plenty of questions.
If it seems like they don't know everything, just call me at (630)540-2780 or e-mail me at aperez@usamericarealty.com, and I'll be glad to answer any questions you might have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream home in Hanover Park. When that happens, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
When submitting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property and is typically applied to the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the beginning offer. It's very common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this shouldn't take long at all. However, you'll need to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application.
This estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will most often be a smooth and pleasant affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, just call me at (630)540-2780 or send me an e-mail.