Home Buying in Chicago>Question Details

Trulia, Other/Just Looking in San Francisco, CA

What are some tips for first-time home buyers?

Asked by Trulia, San Francisco, CA Sun Mar 4, 2012

Can you share some of your top advice or tips for home buyers?

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Answers

10
Dont sacrifice location for upgrades. Rule numero uno for real estate, location location location. You can always change the way a place looks. In 10 years your granite stainless and hardwood may be out dated? Who knows. Ask your parents if they though shag would ever be a drag! One thing wont change, fantastic location. Most buyers dont realize this and its my number one tip I share with first timers.

Other than this, the basics. Dont over extend yourself. See past the glam. Make sure you notice the things that may hurt in resale as well. Remember real estate is an investment!

All these things and more are good tips any Realtor should tell a first time buyer.
1 vote Thank Flag Link Sun Mar 4, 2012
Great question! Be sure the agent is experienced in the area you are looking to purchase in! Chicago is a large city, and true experts will have niches and not try to be an expert in the entire city.

Do double check their testimonials and references and find out their recent activity -- a good agent will even put you in touch with a recent client or two so you can get honest, verified answers.

Lastly find out what portion of their commission they may be willing to share. 99% of agents will not share any, and only a fraction of the remaining 1% will do so AND provide high quality full service. (We strive to be in that small fraction of 1% that do!)

Successfully purchasing a great home in this market requires teamwork between the agent and the buyer -- if you're purchasing in our areas of expertise we hope we'll be considered to be on that team!

Michael Vrielink
Managing Broker - Chicago Real Estate Artists
1 vote Thank Flag Link Sun Mar 4, 2012
I would advise any potential first-time buyer to take advantage of this market. You are in an excellent position because you do not have to worry about selling your current home. The process of finding your next home and closing on it may take longer than you would like, however. If you are currently renting ask your current landlord if he will extend your lease on a month-to-month basis to give yourself more flexibility. If you are currently living with you parents that is even better.
0 votes Thank Flag Link Mon Mar 5, 2012
Get pre-qualified first. It is very important to have your financing in place.
0 votes Thank Flag Link Sun Mar 4, 2012
"As great as it sounds to have an agent share their eanings with you, is that really the agent that you want working for you? Does your dentist share their earnings with you? Your lawyer? When you are selecting someone who will be representing you in negotiations, do you want someone who easily gave up their own money or do you want someone who fights for their own money and thus will fight for years? This is must my two cents, but the agent that Lucid describes doesn't sound very professional and is not one that I would wish to have in my corner."

Really? You don't shop around for lawyers? If you don't have dental care you wouldn't shop for a dentist? Should you assume that the attorney that charges $500/hour is better than the one that charges $300/hour? Hardly. There's nothing unprofessional about competing on price. Sure a lot of discount brokers don't provide full service but a few do. I can assure you that our professionalism is head and shoulders above most realtors who don't share their commissions. Just ask our buyers who tend to skew towards the more critical, more analytical, and higher income demographic. Check out our bios. How many realtors can match that? 50% of realtors don't even have a college education.
0 votes Thank Flag Link Sun Mar 4, 2012
If your a getting a loan on the property, always buy from one owner because after the home inspection if there are repair to be made the one owner property will agree to repairs. Short sale and bank owned property have no money for repairs and stay away from these deals.
0 votes Thank Flag Link Sun Mar 4, 2012
I have to take issue with the comment made by Lucid. As great as it sounds to have an agent share their eanings with you, is that really the agent that you want working for you? Does your dentist share their earnings with you? Your lawyer? When you are selecting someone who will be representing you in negotiations, do you want someone who easily gave up their own money or do you want someone who fights for their own money and thus will fight for years? This is must my two cents, but the agent that Lucid describes doesn't sound very professional and is not one that I would wish to have in my corner.
0 votes Thank Flag Link Sun Mar 4, 2012
Find out exactly what the buyer's agent is going to do for you. Assess their intelligence and how articulate they are (essential for negotiations) and ask them how much of their commission they are going to share with you.
0 votes Thank Flag Link Sun Mar 4, 2012
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http://wp.me/p29VCf-1m
http://shortsaleil.wordpress.com/2012/02/28/10-tips-know-bef…
http://shortsaleil.wordpress.com/2012/01/31/chicago-real-est…

If you have any questions please contact me.
0 votes Thank Flag Link Sun Mar 4, 2012
Get a good buyers agent! Ask friends for a recommendation. A good agent will be your guide...and the service is free!
0 votes Thank Flag Link Sun Mar 4, 2012
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