Are you contemplating purchasing a home in Chicago? Reflective Realty Inc can help.
Purchasing a home can be stressful for most people, but it's not that complex with a bit of up-front planning. So you'll know exactly what to expect, I like to supply my buyers with an overview of the entire deal. Below are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're prepared to get started, just contact me here or send e-mail to firstname.lastname@example.org
Step 1 – Prepare to buy a home
There are a lot of things you should consider prior to beginning your home search. When you start your search, you'll want to create an index of features you want, get a feeling for what school districts and neighborhoods you want to live in, and start working on your budget. A good rule of thumb to adhere to is that your mortgage payment should be less than or close to a third of your monthly income.
Step 2 – Talk to a real estate agent in Chicago
This is where Reflective Realty Inc can help. I can arrange a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll talk about neighborhoods, schools in the Chicago area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
I can also help you begin the loan process. Reflective Realty Inc partners with some of the best mortgage professionals in Chicago, so you'll be in great hands. They can help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
After our initial meeting, I'll start searching for houses on the market that best suit you. I'll research many of the houses and throw out the duds, and then we'll book appointments to view the houses whenever it's convenient for you.
When we tour homes, I'll call attention to good features and bad ones. I'll even ask you to tell me about things you like and dislike. For the most part, buyers update their must-have list as we tour houses and some things become far more necessary than others. If that's the case, I'll search the listings another time and trim it down to the home you've been waiting for.
Step 4 – Know the market
An agent's understanding of the Chicago home market is an essential agent in your house search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I will alert you to what districts are "hot" and demand prompt action and the ones that are "cool" and allow for more analysis.
When we tour homes, I'll be sure to tell you when the seller's list price has room for negotiation and when I know the house is "priced to sell." When working with an agent, be on guard and be sure to ask lots of questions. Every REALTOR® in Chicago will tell you they understand the home market. If things don't add up, contact me at (773) 939-8536 or e-mail me at email@example.com, and I'll be glad to answer your questions. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm certain we'll find your dream house in Chicago, and when we do, I'll meticulously develop your real estate purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's often put towards the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's very common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a big part in how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Get a loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, it won't be a long process at all, but you'll want to stay in close contact with your lender. And I'll look after all the property information your lender will need 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 getting your loan application. The estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will most likely be a smooth and easygoing occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just call me at (773) 939-8536 or send me an e-mail.