Buying a home in Hanover Park?

Purchasing a home is an intimidating event for many people, but with some planning ahead of time, it isn't very hard. So you know exactly what to expect, we like to supply our buyers with an outline of the entire deal. These are our nine steps to purchasing a home.

Step 1 – Prepare to purchase
There are several things you need to contemplate before you search for a home. When you begin your search, you'll probably want to make a check list of features you need, get an idea of what school districts and neighborhoods you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is less than or close to a third of your monthly income is a good rule to follow.

Step 2 – Communicate with a real estate agent
This is where we can help. We'd be happy to plan a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Hanover Park area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.

We'll also help you facilitate the loan process. There are some great mortgage professionals in Hanover Park, and we partner with a lot of them, so you'll be in great hands. They will assist you in choosing which kind of loan is best for you and help you get approved.

Step 3 – Begin house hunting
After our first meeting, we'll start searching for homes on the market that are good for you. We'll preview many of the homes and throw out the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.

As we view houses, we'll show you the good features and bad ones. And we'll ask you about things you like and don't like. It's widely common for buyers to amend their must-have list as we tour houses and some features become far more important than others. If that's the case, we'll look through all the listings another time and narrow it down to the house you've been dreaming about.

Step 4 – Know the housing market
Our knowledge of the Hanover Park home market is a fundamental resource in your home search. We are familiar with all the school districts and neighborhoods, and we'll will communicate certain districts are "hot" and call for prompt action and the rest that are "cold" and allow for thoughtful analysis.

When we tour houses, we'll make sure to communicate when the seller's asking price has room for negotiation and also when I think the home is "priced to sell." Every real estate agent in Hanover Park will convince you they truly understand the market, but be wary, and be sure to ask plenty of questions. If it appears they don't know everything, call us at (630)540-2780 or e-mail us at christopher.tse@alamode.com, and we'd be happy to answer any questions you might have. Our knowledge of the market will keep you a step ahead throughout the entire process.

Step 5 – Find your dream home
We're confident we'll find your dream home in Hanover Park, and when that happens, we'll thoroughly develop your home purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, We never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.

Upon sending in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property and is usually applied to the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer. It's widely common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.

The state of the market will play a part in how aggressively we negotiate the deal. In addition, we'll work within your budget. And at the end of the day, we'll formulate a contract that is best for you.

Step 7 – Obtain financing
Upon completing the contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, this won't take long at all. But you should to stay in close contact with your mortgage lender. And we'll sort out 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) detailing your closing costs from your lender within three days of getting your loan application. The estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a precise range of accuracy, and we'll go over the estimate and let you know if it all looks good.

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 relaxing affair.

Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call us at (630)540-2780 or send us an e-mail.