With some up-front planning, buying a home isn't too confusing, but the event is intimidating for a lot of people.
I like to furnish buyers with an outline of the entire deal so they know exactly what they can expect.
Below are my nine steps to buying a home.
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Should you have questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at mark@markmalave.com.
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Step 1 – Get ready to purchase a home
Before you begin your home search, there are many things you'll want to contemplate.
When you begin your search, you'll want to put together an outline of features you want, get an idea of what school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent in Chicago
That's where I come in.
I'd like to set up a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Chicago area.
In addition, I'll help you start the loan process.
American International Realty Corp. works with some of Chicago's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After we meet, I'll begin finding homes on the market that are a good fit for you.
I'll preview many of the homes and remove the bad ones, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour houses, I'll identify positive features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
Frequently, buyers amend their must-have list as we tour homes and some features become far more important than others.
If that happens, I'll search all the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
An agent's knowledge of the Chicago housing market is a leading element in your home search. And I assure you I'm conscious of all the neighborhoods and school districts, and I will let you know which districts are "hot" and require immediate action and some that are "cool" and allow for careful analysis.
When we view houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell."
Any REALTOR® in Chicago will tell you they truly know the housing market, but keep an eye out, and make sure you ask plenty of questions.
If things don't add up, call me at (773) 435-1605 or e-mail me at mark@markmalave.com, and I'd be happy to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream house in the Chicago area. When that happens, I'll thoroughly create your home purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property and is typically put towards the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning 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 go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Get financing
Once the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, this shouldn't take long at all, but you'll need to stay in close contact with your lender.
And I'll deal with all the property information your 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 getting your loan application.
This estimate is based on the loan amount, and RESPA requirements order 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 everything looks all right.
Then it's time to close on your house. This should happen at a title company or escrow office and will most often be a smooth and peaceful event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at (773) 435-1605 or send me an e-mail.
