Purchase Process
Obtain Financial Pre-Approval
Knowing how much you can afford is key in purchasing your property. It will give you a better understanding where you should start looking for your next home Getting a pre-approval will also make you stand out in front of sellers. Your offer will automatically look more attractive, because they will know they are dealing with a serious buyer.
Select a Real Estate Agent
Buying a home is one of the biggest purchases for a lot of people. It is important that you find an agent that will represent your best interest therefore as a buyer you want to make sure you have a professional on your side – Buyer’s Agent. When looking for a real estate agent do not hesitate to ask them questions such as How many buyer’s have you represented? What is your plan to help me find my next home? Seasoned agents will appreciate your due diligence and
happily answer all your questions.
Analyze Your Needs at a Buyer’s Consultation
The most effective way to start a home search is to sit down with your agent and all the decision makers to have an open and honest conversation about your house wants and needs. With the amount of homes hitting the market daily, house viewings can be extremely overwhelming. It is in your best interest for your agent to know what you are looking for that way they can smoothly guide you through what will work for you and what will not.
Analyze Your Needs at a Buyer’s Consultation
As much as we all appreciate beautiful decor and modern staging, pay attention to the big ticket items, are there any cracks? Are the windows drafty? How old are the mechanicals? These are all questions you should be asking yourself. You want to make sure that the house has good bones, before you fall in love with the kitchen cabinets.
Conduct Inspection
It is critical for you to get a professional inspector to perform a thorough inspection. He or she will spend a few hours at the property and give you a full report on what works and what does not, that way you are fully aware of what you are intending to purchase.
Negotiate Terms and Accept Terms
In the state of Illinois, this is where we get our attorneys involved. Make sure you have a reputable attorney that knows real estate law.
A great attorney will negotiate the inspection items that
might have come up during the visit from your inspector.
He will also ensure that a clear title is being transferred to you at the closing.
Obtain Funds for Closing
Stay in constant contact with your Lender, make sure that you are on top of all the paperwork that is requested by your bank. Do not make any big purchases that might question your ability to pay your monthly mortgage.
Transferring Ownership of the Property at the Closing
Congratulations! You are a homeowner!!
