Purchasing a home is intimidating for many people, but it's not that difficult with a bit of planning ahead of time. So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal. Here are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to jeannie.visvardis@gmail.com. I'm happy to address questions you have about this information. |
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Step 1 – Get ready to purchase a home
There are many things you'll want to take into account prior to starting your home search. When you start your search, you'll want to create a checklist of features you need to have, get an idea of what neighborhoods you'd like to live in, and begin planning your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent and get pre-approved by a lender
This is where Chase Real Estate comes in. We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan. This is the time you will need to get a pre-approval set up to ensure you can move forward in your home search. There are some excellent mortgage professionals in the Greater Chicagoland area, and I partner with a lot of them, so you're in great hands. They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
Following our first meeting, I'll begin searching for homes on the market that are a good fit for you. I'll preview most of the houses and remove the bad ones, and then we'll book appointments to view the homes whenever it's most convenient for you.
As we tour houses, I'll call attention to good features and bad ones. And I'll 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 far more essential than others. If such is the case, I'll search the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Know the market
My knowledge of the housing market is a valuable resource in your home search.
When we tour houses, I'll let you know when the seller's list price has room for negotiation and when I believe the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask lots of questions, as every REALTOR® will tell you they truly know the home market. If it appears they don't know everything, call me at 815-557-4360 or e-mail me at jeannie.visvardis@gmail.com, and I'll be more than happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
We'll find the house of your dreams, and when we do, I'll thoroughly create your home purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property. The amount is most often applied to the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Secure financing
Once the contract is complete, you'll begin working with your lender to close the loan. Because we have ensured your are pre-approved, this won't take much time at all, but you should to keep in close contact with your mortgage lender. And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of receiving your loan application. The estimate depends on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call me at 815-557-4360 or email me direct (jeannie.visvardis@gmail.com).