Dear Home Buyer,
Congratulations on your decision to purchase a home!
Here’s some helpful information for home buyers, including an overview of the entire purchase process, answers to frequently asked questions, and fact sheets to help us work together to discover the home and neighborhood characteristics most important to you. After you've had the chance to review this information, we’ll meet to go over the entire process and get started on finding your new home. I’ll prepare an in-depth, customized package of homes for you to review, highlighting properties that meet your criteria in neighborhoods that suit your lifestyle. I am excited to work with you until we find your perfect home!
Thank you for trusting me to be a part of your journey!
THE HOME BUYING PROCESS
1) SELECT A REAL ESTATE AGENT - Good News! You’re already there! Together we will work together to establish and define your needs and wants, including neighborhood, school district, amenities, and more.
2) OBTAIN FINANCIAL PRE-APPROVAL FROM YOUR LENDER
* PRE-QUALIFICATION is the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.
* PRE-APPROVAL Getting pre-approved is the next step and is more involved. You'll complete an official mortgage application and supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. From this, the lender can tell you the specific mortgage amount for which you are approved. A PRE-APPROVAL PUTS YOU IN A STRONGER POSITION TO BUY WHEN YOU FIND THE RIGHT HOME!
3) HOME SEARCH
Next, using the MLS, market research and networking, we will work together to create a list of prospective homes for you to choose from, plus any additional homes you find doing your own home search. Remember, we aren’t limited to this search. I am happy to show you all available properties that you desire. Whenever you notice an ad, property sign, open house, for-sale-by-owner, or a listing on the internet, I can check it out for you! This applies to new construction as well.
4) VIEWING HOMES
The time it takes to locate your dream home varies, depending on your requirements and property availability. Don’t be surprised if the first home you see seems prefect for you! At the same time, don’t be discouraged if none of the homes you visit on the first day are what you want. My commitment is to find you that perfect home and I will work diligently until that is accomplished.
5) MAKE AN OFFER TO PURCHASE
When you've found your home, we will work together to submit a fair offer by using recent comparable sales to assess the home's market value. When you’ve found that special home, I will thoroughly research comparable properties both on the market and those under contract or sold. Gathering this information helps make a well-educated offer.
When the offer terms are finalized, including closing date and price, the offer can be presented to the listing agent and we will begin to negotiate.
7) REVIEW PROCESS
When the contract is agreed upon by both parties, it's time to focus on the standard contingencies, including inspection, appraisal and mortgage commitment.
As contingencies are removed and inspections completed, your lender, Attorney, and Title company will be working to obtain mortgage financing, appraisals, Survey, and Title for your new home.
8) FINAL WALK THROUGH
Before closing, we will do a walk-through of the property to give you a final look at the home and confirm repairs that were agreed upon during inspection.
Closings take place at a title or escrow company. After all documents have been signed and funds to close are in escrow, the property is conveyed to you and you are a Home Owner!
When you're ready to take your first step to buying, or if you simply have additional questions,
contact us at 773-398-1950 to discuss!
A few Home Buyer Tips
HOW MUCH HOME CAN I REALLY AFFORD?
When you start thinking about buying your first home the first question on your mind is typically "how much home can I really afford?" The good news is that in today's market place, if you can afford rent, you can probably afford to buy a home. The mortgage you can qualify for depends on many factors, including your target monthly payment, annual income, and down payment amount. You'll also need to consider any existing debts you have whenever you're considering buying.
HOME BUYING ANXIETY
As a first time home buyer, it's natural to suffer some anxiety as you make your decisions and begin the process of buying your first home. Just remember, there are numerous benefits to homeownership:
- Building equity - keep your money invested in something you own rather than giving it away to your landlord.
- Stability and security - no more rent hikes, no more moving because of someone else's say-so.
- It's all yours - your décor, your pets, your decision!
BUILDING YOUR WISH LIST
You've started your search, but do you know in detail what type of home are you looking for? There are so many choices that it is important to have an idea of what you want and need before you begin looking. Consider making a checklist of amenities that are essential and those you would like to have in your new home.
HOME TO SELL? Often people start searching online to try and gain an understanding of their own home's value. If this is the case, I will provide you with a no obligation estimate of your home, including a breakdown of fees and closing costs.
WHAT NOT TO DO WHEN SHOPPING FOR HOMES
- Don’t make a major purchase. This will change your credit score and can possibly disqualify you from a mortgage.
- Don’t change jobs unless it’s absolutely necessary. A consistent work history is crucial to lenders.
- Don’t ignore lender requirements. Be absolutely clear on what the lender requires from you throughout the process and be sure to follow up on these items.
- Don’t go it alone. Give me a call today so I can help you navigate the process and help you find the home of your dreams.