Home Buying in 60707>Question Details

C ME, Home Buyer in Chicago, IL

I am a 1st time single family home buyer (near 60707/60651); on my job for 22 yrs; hoping to close "on something" by 10/1/10. Where do I?

Asked by C ME, Chicago, IL Sun Aug 22, 2010

start???!

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Answers

25
Yikes, your deadline of 10/1 made me realize summer is almost over and how close October is!

You are going to need a good lending partner and a good Realtor in your search.

I'd suggest you take a few minutes and start getting your financial picture outlined.
Pay stubs, bank statement and payment books are a good starting point.
Make a list of your current obligations, and when they end.
If you do not have a monthly budget, now is the perfect time to put on together, and it does not have to be fancy, just what you make, what you spend, what you save and how much is left over.
Are you comfortable with the amount you are currently spending on housing?
Do you know your credit score?
15 minutes on the phone with a good loan officer and the info from above at your fingertips and you will be on the right path for a loan that fits you.
At the same time, you should contact a Realtor ( from right here or as a referral from someone whose opinion you trust) and they will begin working with you in the search process.
If you were a home seller, I might well suggest you need two different agents if you were selling a home in Elmwood Park and Hyde Park.
As a buyer, I think a knowledgeable one will suffice,
Your timeline is aggressive for this market, so I would get started on all of this asap.

Good luck and feel free to follow up with me if you ahve any questions on what I have suggested here.
1 vote Thank Flag Link Sun Aug 22, 2010
All of the agents here have given you great responses. Get preapproved. Find a home. Move in. If you need to speak with anyone personally please feel free to contact me or any other agent of your choice a call. Regards,
0 votes Thank Flag Link Tue Jul 10, 2012
C Allen,

Excellent question. Here is the step by step guide for you.

1. Pre-Qualify for a loan (it saves you a lot of time)
2. Consider working with an agent
3. Find out which neighborhood is best for you.
4. Run a detailed report on the neighborhood (Real Estate home prices and how they have changed since 1/1/2010) (Neighborhood crime report, school districts, and any critical information that you may find on the web)...these will help you to somewhat predict the future potential of your investment.
5. View at least 10 homes before making an offer.
6. Narrow down your options to 3 homes
7. Run comparative market analysis on those homes to find their market value.
8. Submit an offer with loan approval (of course use all the negotiation skills possible)
9. Don't let your emotions take over...remember this is your investment.
10. Once offer is accepted, the home must be inspected.
11. If all clears and escrow closes you are officially an investor.
12. Celebrate!
0 votes Thank Flag Link Tue Aug 31, 2010
Its an easy process so don't feel overwhelmed the first thing you need to do before you start home shopping is contact a lender one of my preferred lenders is Wells Fargo I have attached a link

https://www.wfhm.com/loans/graylen-houston/index.page

they have some of the best rates and programs for 1st time home buyers.

once you know how much you can afford find a local real estate agent who you connect with, ask friends and family if the know anyone they would recommend.

Good luck :)
0 votes Thank Flag Link Tue Aug 31, 2010
Its an easy process so don't feel overwhelmed the first thing you need to do before you start home shopping is contact a lender one of my preferred lenders is Wells Fargo I have attached a link

https://www.wfhm.com/loans/graylen-houston/index.page

they have some of the best rates and programs for 1st time home buyers.

once you know how much you can afford find a local real estate agent who you connect with, ask friends and family if the know anyone they would recommend.

Good luck :)
0 votes Thank Flag Link Tue Aug 31, 2010
Hi C Allen,
One of the things that makes Chicago Bancorp stand out is that we meet with each client in person. This is one of the biggest investments that you will make in your life so it is important that you are comfortable and understand the process from beginning to end. If you'd like to meet with a Mortgage Banker that can lay all of your options out on the table, no strings attached, no committment needed feel free to give me a call. We walk you through the process from beginning to end. We are a mortgage bank so that means we underwrite in house, we close in house and we give you our money. The process is streamlined and we have many satisfied clients each and every month. Give me a call.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294
0 votes Thank Flag Link Tue Aug 31, 2010
Start with a bank pre-approval so you know where you stand. Then identify your must haves in a home and find a really good buyers agent to represent you who will work hard for you and not just try and rush you into a sale. Have fun!!
0 votes Thank Flag Link Thu Aug 26, 2010
C Allen,

An October 1st close is possible but you need to get busy quickly!

Because this is your first purchase, I would suggest contacting a real estate agent or borker immediately. That agent can discuss your objectives and put you in touch with a lender or lenders that have programs that may meet your needs.

The minimum percentage of your downpayment changes depending on the total home value. Start assessing your personal finances to see how much you have accessible immediately and, should you want to put a larger amount down, where else you could pull funds from and the time it would take to do so.

Your real estate agent can also work with you to discuss current market trends and the feasibility of your dream home in your price range.

October is coming up quickly so don't wait!

If you are in need of any lender referrals or of a real estate agent, I would be happy to help.

Good luck with your search.

-Rebecca
Web Reference: http://www.jameson.com
0 votes Thank Flag Link Wed Aug 25, 2010
It is definitely very important for you to speak with at least a couple of lenders ASAP to assess your financing capability - assuming you do not plan to pay cash for your first home. If you have not found a real estate agent to represent you from start to finish, however, that is the best first step for you. In order to find a great agent speak with friends, family, colleagues - people you trust - and find out if there is someone one of these trusted folks recommends highly.

You may also want to check out our website at Dream Town Realty where you can check out our experts' profiles, experience, and professional qualifications!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Wed Aug 25, 2010
Hi C Allen,

You should most definitely start by getting pre approved for a mortgage loan. Start with you local bank, where you do business, where they know you. I always recommend to my clients to get two quotes. If the lender knows you're "shopping" they are more apt to compete and give you the best rates.

This market is truly the best time to buy, interest rates are at an all time low, inventory is high, prices are down, perfect buyers market! With so many options (short sales, foreclosures, REO, autions) you should hire an Accredited Buyer Rep to assist you.

You'll get a wealth of experience, knowledge, financial & legal resources and overall guidance at no charge to you. You should not attempt to navigate your way through this market, especially as a first time home buyer, without some professional guidance.

I have a buyers guide that I normally make available to my clients. It will explain the various phases of purchasing your home, what to expect & a time line. If you would like a copy simply email me & I will forward to you, no obligation and no charge. You can also begin looking at homes by visiting my website below. Simply click, select & go.

Interview a few buyers agents, start with the ones that responded right here on Trulia, myself included. Decide who you feel most comfortable working with then work with that agent exclusively. Loyalty begets loyalty....

Good luck!
0 votes Thank Flag Link Tue Aug 24, 2010
Mr. Allen,

Get pre-appproved. Best first step. I attached a link to a great article written by my CEO on what a good mortgage pre-approval looks like.

Call me if you want to get pre-approved. You can also apply at my website.

Bradley Eggers
Senior Loan Originator
Ardain Mortgage
847-744-0168 (cell)
847-963-1000 (office)
bradley.eggers@ardain.com
http://www.bradleyeggers.com
0 votes Thank Flag Link Mon Aug 23, 2010
First things first. Go get approved. You dont want to start looking if you dont know what you can afford. After you get a price range you can buy in, go out and get a good buyers agent. This way you have someone to walk you through the buying process at no cost to you. Interview two or three agents and go with the one you mesh best with.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Mon Aug 23, 2010
Hi C Allen,
first contact reputable lenders or mortgage brokers to find out what your loan options are, and how much home you can afford or you are comfortable with.... The lenders will be able to also break it down for you what your monthly expense would be, for the loan amount, the taxes and if a condo or townhouse the assessments/association fees.....

Once you have cleared up all that with lenders and you have a clear picture of what you most comfortable purchase price is, then you need a good Realtor, someone you trust, and who will guide you carefully through the entire process, as a first time home buyer you need a buyers agent who will represent JUST YOU and work in your very best interest and explaining to you every step of the way before and during the buying process.....

One good advice I always give my first time home buyers, buy below what the lender says you can afford as far as the loan amount is concerned! In other words be on the safe side!

Good Luck!
Do you have any idea at this time, what your general price range is, and what type of property you might want to buy?

Edith YourRealtor4Life
Your chicago and Northern Illinois Expert
0 votes Thank Flag Link Mon Aug 23, 2010
As many of these responses have said, the first step is getting approved for a mortgage, so you know where you stand. You can give me a call at 773-654-2498 or go to my website to fill out an applicaiton.

Good Luck,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
mbukovy@wintrustmortgage.com
http://www.mattbukovy.com
773-654-2498
0 votes Thank Flag Link Mon Aug 23, 2010
Hi there - you CAN accomplish your timing goal. Good advice to get the preapproval underway - this will confirm your buying power and ready you to act when you find your home. At the same time, find yourself a great agent to assist you. The seller generally pays commission so you will not pay for the huge benefit a good buyers agent will provide - especially for you as a first time buyer.

Very exciting for you - and the convergence of low housing prices and historically amazing borrowoing rates makes this a uniquely advantageous time for you to buy.

Good luck!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Aug 23, 2010
My advice would be to interview at least 2 professional Realtors, such as myself. :-) It may be in your best interest to work with a Realtor who has earned the Accredited Buyer’s Representative (ABR®) designation, which stands for the benchmark of excellence in buyer representation.

I would say the most important step for a 1st-time home buyer is having an experienced and trusted Realtor going to bat for them. The easy part is finding the home. The Realtor should act as your real estate advocate throughout the process, which includes accessible resources for all of your real estate purchasing needs (Mortgage brokers, inspectors, attorneys, home repair, etc...) and expert negotiating skills.

In this distressed-property inundated real estate market, it is definitely wise to work with Realtors experienced in these types of transactions. One way to identify a Realtor's credentials in this area is to ask them if they hold the SFR(Short sale and Foreclosure Resource designation), which I do as well.

Feel free to contact me @ JGall@realtyexecutives.com

Best Regards,

John Gall ABR SFR
0 votes Thank Flag Link Sun Aug 22, 2010
Congratulations! It must be very exciting to purchase your first single-family home. Hope your 1st SFH purchase will be an amazing experience for you. I have over 8 years of real estate and mortgage experience and would be happy to offer any advice or refer a loan officer to you. I recommend that you meet with a few realtors and loan officers then go with an agent that best represents you.

Best wishes,


Mike Yun, Broker
Jameson Real Estate
(414) 526-8998
0 votes Thank Flag Link Sun Aug 22, 2010
HI !
MR, ALLEN,
PLEASE GIVE ME A CALL I CAN HELP YOU, IN YOUR REAL ESTATE NEEDS
YOU NEED TO TALK TO A LENDER AND WE CAN FIND YOU A SINGLE FAMILY HOME, I ALSO NEED TO
KNOW HOW MANY BEDROOMS AND BATHS YOU NEED AND 60707 60651 WILL BE NICE TO FIND YOU YOUR DREAM HOME JUST LIKE ANYWERE YOU HAVE IN MIND GOOD LUCK!
CALL,
JEFFREY ZIGA
CENTURY 21 MCMULLEN
CELL- 773 -627-0019
THANK YOU!
0 votes Thank Flag Link Sun Aug 22, 2010
One of the first things would be to figure out what type of homes you'll be targeting. If you are single person, a condo will be most likely your primary choice. After a week or two of searching, you'll probably learn which condo subdivisions will make it to your list and which one will not. There are not too many townhomes in Elmwood Park area but there are plenty of single family homes for sale that you may also consider.
0 votes Thank Flag Link Sun Aug 22, 2010
F Y I - 60707 and 60651 are close.....Austin (not Elmwood Park)
0 votes Thank Flag Link Sun Aug 22, 2010
I have lenders you can work with to get preapproved then you we can work to find exactly what you are looking for. Give me a call if you would like me to assist!

Danicka Brown
Weichert Realtors, Frankel & Giles
312-617-7723
Dbrown@frankelgiles.com
Web Reference: http://Www.frankelgiles.com
0 votes Thank Flag Link Sun Aug 22, 2010
Where do I go to apply for a FHA Loan?
0 votes Thank Flag Link Sun Aug 22, 2010
While those two zip codes are not real close to each other, you do need to speak with a lender or 2 to determine what you can afford and how much of that you feel comfortable actually spending. Then find an agent to help you. You should get lots of choices from this post.
My web site has some lender references, including those who do FHA in case that is helpful. What's the rush for 10/1? Do you have a lease to deal with? My web site also gives you a Buyer Time Line showing the steps in the process and approximate time involved. As you will see, you are running tight if you really do need to be moved by 10/1.

philip
0 votes Thank Flag Link Sun Aug 22, 2010
Yes, it's a good idea to talk to a lender first. I have several good mortgage broker contacts that I would be happy to share with you. I can also share some informational brochures with you that will help you with the process. I am familiar with and work these zip codes that you are interested in. Please feel free to contact me and I can help you get started.

Cindy Gaffney
@properties
cgaffney@atproperties.com
0 votes Thank Flag Link Sun Aug 22, 2010
get a lender to approve you. they can tell you what you can afford, what you need to put down, then any realtor will work with you quickly
0 votes Thank Flag Link Sun Aug 22, 2010
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