I am a Mortgage Banker with Chicago Bancorp and we will be hosting 2 workshop series next week, September 9th and 11th. The first one focuses on Credit and the second on Homeownership. We have partnered with a Financial Advisor from Edward Jones who will also talk about how your overall financial plan fits into this area of life. If you'd like to register feel free to give me a call. Congratulations on taking the first steps! You can also register for Free on our website.
1. Figure out how much you can afford on a monthly basis so you know your price limit.
2. Talk with a mortgage lender to determine which type and length of loan is best for you. Traditonal or FHA, 15, 20, 25 or 30 years. Then pre-qualify for a mortgage. Give the lender all the required tax returns, paycheck stubs, etc. to be sure you can get financing.
3. Find a real estate attorney to review your paperwork and help you in negotiations with the seller.
4. Get a realtor you like and look at a few houses. Find a house you like and place an offer.
5. Once your offer is negotiated and accepted have the house inspected to make sure there are no hidden problems. Your realtor and attorney will help you if problems arise.
6. Sign lots of papers at closing (with your attorney present) and get the keys to your new home.
Remember to keep it all fun!
Jerry Grodesky Broker
United Country Farm and Lake Houses
You are doing all the right things......
And going to seminars and listening to programs is fine and certainly many are quite informative...
When it comes though to the details and going through the process you really do not want to do that on your own, no matter how well informed you feel you may be.... YOU need a good Realtor on your side.... I will explain with just a few words why
a) committing to one Realtor, who will be your Buyers Agent and who will represent only YOU in the purchase of your home, and guide you through the entire process Will not cost you a penny!!!! As the
Buyers Agent commission is paid by the Seller through his/her agreement with the listing Brokerage and his or her listing agent.....
b) When selecting that particular agent, you will want someone who understands that you are first time home buyers and that you want attention to detail, explanation of every step, guidance in what and where to buy rather than another property (and if I were to know what type of property, what areas and what price range and size you are looking for, I could give you a few more ideas).....
You also want to make sure that the agent you will be working with is committed to YOU, not to the "deal", you want one who is reachable for you and will be there right next to you, before, during and after the buying process, someone who will not only find the properties and show them to you, but also give you opinion on
values, provides you with market overviews etc. so that when you decide on a property and on the initial offering price, that you are secure in your decision and feel comfortable and well informed....
Then you want a Realtor who is a good negotiator of allllllll terms not just the price, and who will be with you
during inspections, walk thrus and who will make sure that all parties will do what needs to be done in a timely manner ON YOUR BEHALF AND IN YOUR VERY BEST INTEREST.....
Besides exploring neighborhoods,,, finding a Buyers Agent you feel comfortable with and you have great communication with and trust in, you also need to connect with one or two or even three different lenders and
get a pre-qualification letter based on your income, credit score etc.
If you have specific questions and want to share a little more details with me regarding price range of your search, areas to consider, type of property and size you are looking for, feel free to contact me and I will be glad to give you more detailed and valuable tips and hints.
When you get closer to actually looking at properties I also have a "many pages" write up for buyers with all kinds of information .......
Remember this is a great time to buy your first property
a) lots to select from out there
b) prices are low, very reasonable and great negotiation opportunities
c) interest rates are low
Good for YOU! I always make sure that buying (and of course also selling a home) is a pleasant experience to my clients.... when they are constantly informed and updated and all that may or may not happen is explained, it usually is a good experience. And by the way, buying a new home, SHOULD BE EXCITING AND A GOOD EXPERIENCE!
Would love to hear from you....
Your Chicago and Northern Illinois Expert
One suggestion is to remember the importance of having an experienced Realtor but also an experienced loan officer along with an attorney that handles Real Estate transactions. Should you need any recommendations or any help I would love the opportunity to assist you in the home purchasing transaction.
Jami Douglas, CNC, CPM
Future Property Services, Inc
Oak Forest, IL 60452
Though I'm not from IL I could not help but respond to you. Though HGTV can help to a degree, I fear that the general public can also be mislead by these programs. They can sometimes make the process of purchasing or selling a home seem like a walk in the park...which is not always the case. So keep doing all your research and be sure to find an agent who is has experience working with first time home buyers.
All the best,
Elizabeth Cianciatto, ABR, e-PRO, CNMS, CNRS
Coldwell Banker Res. Brokerage
Flower Mound, TX