Purchasing a home is a stressful event for most people, but it isn't very hard with some planning ahead of time.
So you understand exactly what to expect, I like to supply my buyers with an overview of the whole deal.
Below are my nine steps to purchasing a home.
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Should you have questions regarding this information or if you're ready to get started, just contact me here or e-mail me at danheldt@heldtrealty.com.
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Step 1 – Get ready to buy a home
Before you begin searching for a home, there are plenty of things you should take into account.
You'll probably want to form an index of features you want to have, get an idea of what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good rule to go by.
Step 2 – Speak with a real estate agent
This is where Heldt Realty comes in.
We can arrange a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Hoffman Estates area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Hoffman Estates, and I partner with a lot of them, so you'll be in great hands.
They can assist you with determining which kind of loan is best for you and help you get approved.
Step 3 – Start house hunting
After we meet, I'll begin looking for homes on the market that best suit you.
I'll preview many of the homes and throw out the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we view the houses, I'll point out positive features and bad ones. And I'll ask you to talk about things you like and don't like.
Most often, buyers change their list of must-haves as we tour houses and some items become far more essential than others.
If that happens, I'll search the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's awareness of the Hoffman Estates housing market is a necessary component in your house search. And I assure you I'm conscious of all the school districts and neighborhoods, and I can communicate some neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful examination.
As we view houses, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as any real estate agent will claim to comprehend the home market.
If it appears they don't know everything, contact me at 847-359-3600 or e-mail me at danheldt@heldtrealty.com, and I'd be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
I know we'll find your dream house in the Hoffman Estates area, and when we do, I'll carefully create your home purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property. The amount is often put towards the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer, and it's widely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Obtain your loan
Once the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it won't take very long at all. But you need to stay in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) of closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your loan application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will likely be a smooth and hassle-free occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 847-359-3600 or send me an e-mail.
