Buying Your First Home

BUYING YOURFIRST HOME.Everything you need to know. Via EasyAgentPRO.com

1Start Your Research Early

Set Your Goals1. Decide what you’rebuying. A house, townhouse,or condo.2. Decide where you want tolive. Location, location, andlocation!

Start preparing Examine your current financial and credit situation. Figure out what you’re comfortable with paying. Check these free sites out: www.creditkarma.com www.mortgagecalculator.org

2Contact A Real Estate Agent

KnowledgeContact an real estate agent.Discuss your goals with theagent.The agent’s knowledge andexperience will help youcreate a game plan to meetyour goals.

ExperienceYour agent will help withproperty searches, financing,negotiation and transactionprocesses.Their experience will make it soyou are not overwhelmed byeverything that is involvedwhen purchasing a home.

CredentialsNot all agents are the same.Ask around or read onlinereviews about your agent soyou can know their trackrecord.Make sure you use an agentthat suits your expectations.

3Get Pre-Approved

LenderHave a lender examine yourcurrent financial situation andcredit history to determine theamount you can borrow tobuy a home.A lender will be able to letyou know if you qualify forany home buyer programs.You don’t know until youask!

Finding OneYour agent can help you findone from their extensivenetwork of business partnersthey know.You can also consider lookingonline to see what differentlenders offer, or contact yourlocal bank or credit union.

4Your Dream Home

View Homes After you get your pre- approval, its time to look at homes. When you view homes with the help of an experienced real estate professional they may notice things you might miss, and give the goods and bads of the home.

NeighborhoodIs it conveniently located nearplaces of interest to you? Suchas schools, transportation,entertainment, and restaurants.Check outwww.homefacts.com forinformation where you want tobuy.

Choose THE ONE Take as much time as you need to find the right home. Create a list of your needs and wants. Try to find all of them in the home your searching for. If your having a hard time finding your home another great option is building a home. Your real estate agent can help you with that process too.

5Make An Offer

NegotiateOnce you’ve found the homeyou’d like to buy, it’s time tomake an offer. The offer will bein writing.Your agent will talk with youabout comparable propertiesthat have sold and are for sale.Also if the marketplace is abuyer’s or seller’s market.Inside sight of marketplacewww.illinoisrealtor.org/marketstats

Earnest MoneyAfter the offer is accepted, youwill have to provide earnestmoney.Usually 2 days after acceptanceof the offer the earnest money isdue. The contract will advisewho is holding the earnestmoney.

Attorney andInspectionThe first 5 business days of thecontract your attorney willreview the contract and requestany modifications. You willalso have a home inspection onthe home.Once again your agent can helpyou with both. Another keyreason to work with an agent,because of professionalrelationships with otherprofessions.

AppraisalAfter your home inspectionand attorney review, yourlender will have an appraisergo out to the property andgive an estimate of the valueof the house you are buying.If you are getting a VA loanor FHA loan the property mayneed to meet certainrequirements to obtain a loanfor the property.

6Secure Financing

The DetailsYour contract will have certaincontingency dates you need tomeet when applying for yourloan.During the process you willfinalize your down payment,interest rate, regular paymentschedule and all other financialterms associated with theclosing.

7Closing The Deal

Final LookBefore you close on the homeyou will do a walk throughone last time to make sureeverything is in propercondition.

Get the keys!After closing you will get thekeys to yout home. Shortlyafter closing the for sale signwill be removed from thehome and the lockbox.Remember to call your localutility companies and changeeverything into your name.Congratulations you are ahome owner!

BUYING YOUR I hope you enjoyed this freeFIRST HOME. guide! If you have any questions about real estate, I’d be happy to help answer them. Brian Bischoff 773-749-6835 [email protected] www.VetSellingHomes.com