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Buying a home is exciting! It is also
complex and sometimes frustrating. We have found that when our clients
are well informed, the experience is much more pleasant. With that in
mind, please carefully examine this "typical" home buying
scenario. Let us know if you'd like our free Buyer's
workbook.
THE SHORT VERSION:
- You'll be working with
your own "buyer's agent" who will represent your
interests in finding, negotiating, and following the purchase
through closing.
- After discussing your real
estate needs, your agent will give you detailed print outs of all
available properties falling within your parameters.
- You'll have full access to
all of our mortgage lenders both for pre-qualification and
pre-approval and for the answers to all of your financing
questions.
- You'll have access to all the
information we have available and can discover on any area you
choose to consider.
- After you've looked at
properties and have begun to narrow your search, we'll collect all
the available data, including market analysis information and tax
records, on any specific property you might be considering.
- When your ready to prepare a purchase offer,
we'll assist you in planning strategy and in negotiating a
favorable price and terms.
- We'll offer you a list of preferred attorneys and
home inspection companies.
- We'll assist you with the mortgage process,
including following up with appraisers and mortgage processors.
- Every attempt will be made to make your home
buying experience as pleasant and hassle free as possible, we'll
be with you every step of the way.
MORE DETAILED: CONSULTATION INTERVIEW
- Examine buyers needs and wants for their new home.
- Explain how the Multiple List services work allowing us to show
listings from all companies.
- Suggest that buyer call anytime for information on any property,
regardless of which company has the property listed.
- Examine Agency laws; Buyer Agency and Dual Agency.
- Discuss mortgage financing options and qualifications.
- Examine different types of loans.
- Look over sales contract, riders, earnest money requirements and
the offer procedure.
- Request for loyalty in exchange for 110% effort.
VIEWING HOMES
- Do an area tour and/or look at a cross-section of homes.
- Based on initial tour, your agent will investigate homes which
meet buyers criteria and eliminate those which do not.
- After viewing a home, buyer honestly discloses likes and
dislikes. This information is helpful in finding the perfect home
that best meets your needs and wants.
- Select a home on which to make an offer.
MAKING AN OFFER
- Based on buyers needs, define the terms of offer.
- Your agent will assist in filling out contract, riders, earnest
money notes and check. The contract will be contingent upon your
attorney's approval and, normally, a building inspection.
- Your agent will set up a time with listing agent and the seller
to present the offer. Buyer is not present but should be readily
available by phone.
- The Seller has the option to accept, reject, or counter the
Buyers' offer. If the Seller makes a counter offer, Buyer may
accept, reject, or counter, until agreement is reached or either
party decides to terminate the negotiations.
- Buyers are informed if their offer is a "dual" offer,
which simply means another party is currently bidding on the same
property.
THE MORTGAGE LOAN PROCESS
- Immediately after the contract is accepted, make appointment for
a loan application with a reputable lender.
- The mortgage process is very detailed. Lenders require several
forms to be filled out and supporting documentation to be
gathered.
- Your Realtor will supply you with a list of the most frequently
required information needed to process your loan. Bring all that
information to your loan application appointment. The loan officer
will notify you of any additional information required.
- Submit all additional information to lender as soon as possible.
- Within 2 weeks, most lenders will have completed the appraisal
on the property, the credit check, and sent out a least one notice
for verification of income and assets.
- In approximately 3 1/2 weeks the loan package will be submitted
to the underwriter. Often additional information and paper work
will be required. Every loan is different, so expect to supply
additional information.
- If all goes smoothly, you should have your loan commitment
within 35 days. 45-60 days is not unusual. FHA, VA, and loans for
self employed individuals often take longer.
OTHER SIMULTANEOUS EVENTS
- Within so many (usually 4 or 5) calendar days of contract
acceptance you must notify Seller if there were any problems
arising out of the building inspection.
- You will also have a number of days within which your attorney
can review the contract and either accept, reject, or suggest
modifications.
- Earnest money, or additional earnest money, may be due by a
specific date.
- Make special note of your mortgage commitment due date. If your
mortgage is not approved by this date you must notify seller or
you could be in default of the contract.
- Mark your calendar for a pre-closing walk-through 1-3 days
before closing.
QUESTIONS?
We anticipate that you'll have many questions. Please do not hesitate
to ask your Agent. We want you to feel comfortable and excited with the
home buying experience. We will do all we can to help you find the home
of your dreams. All we ask in return is your loyalty. Please call us on
ANY ad or "For Sale" sign that you see. We will obtain the
information of the property for you. If you want to go through an Open
House without your agent, please tell the hosting agent that you
are already working with a Realtor and sign their name and our company
next to yours on the sign-in log at the open house. If you're interested
in new construction, most builders will gladly work with and compensate
Realtors at no extra cost to the buyer. All you need to do is let your
agent know you want to look at some new developments and we can register
you with the builders.
- WE'RE EASY TO DO BUSINESS WITH. Our full time
salespeople will treat you courteously and honestly and provide you
all the information you need to make informed decisions -- and let
you make the decisions.
- WE'LL LISTEN TO YOU! Let us know what you'd like,
and we'll help you narrow down the number of homes so that you'll
find the one that best fits your needs, budget and time schedule.
- YOU'LL HAVE ACCESS TO EVERY HOME listed for sale
in this area (or just about anywhere in the world). Our local office
is fully computerized to keep you up to the minute on new listings
and prices. We can also help you seek out unlisted properties and
new construction.
- FINANCING YOU HOME is second nature to us. We'll
help you determine the most suitable type of financing, impartially
recommend good lenders, and keep you current on the best rates.
- WE KNOW THE NORTHWEST SUBURBS, and we're happy to
pass along what we know you you! Our salespeople are all Northwest
Suburban residents, and they're familiar with the towns, schools,
parks and organizations that help you make a house your home.
- WE KNOW REAL ESTATE! Our salespeople are full
time, fully trained and experienced to help you with offers,
contracts, riders, contingencies, negotiating and taxes -- and we
can help with inspectors, attorneys, etc.
- YOU'LL KNOW WHAT WE KNOW. We'll be by your side
to help you find the right house, estimate its fair market value,
structure an offer and negotiate the most favorable terms for you.
- WE'LL STAY IN TOUCH WITH YOU. While we're looking
for a home, while your offer is being negotiated, and right up to
(and including) the closing, we'll keep track of all the details and
let you know what's going on.
- WE'LL FIND YOU THE RIGHT HOME -- and help make
your move as pleasant as possible!
- SERVICE IS OUR SPECIALTY! We have earned a 98.6%
customer satisfaction rate from our past clients (compare that to
the industry average of 76%). May we earn your satisfaction?
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