9 Steps to Buying a Home

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Step 1 – Get ready to buy a homeThere are several things you need to contemplate before beginning your home search. When you begin your search, you'll probably want to form an outline of must-haves, get a feeling for what neighborhoods and school districts you'd like to live in, and begin working on your budget. A good rule to go by is that your mortgage payment should be close to a third of your net monthly income.

Step 2 – Get with a real estate agent in San Diego That's where I come in. I'd be more than happy to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the Chicagoland area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.

I can also help you get started on your loan. There are some very good mortgage professionals in Chicago and the outer lying suburbs, and I partner with a lot of them, so you'll be in great hands. They'll help you decide which kind of loan is best for you, as well as help you get qualified.

Step 3 – Start house-huntingAfter we meet, I'll begin looking for available homes on the market that are a good fit for you. I'll get a sneak peek of many of the homes and exclude the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.

As we tour houses, I'll show you the good features, as well as negative ones. I'll even ask you what things you like and dislike. It's common for buyers to revise their list of must-haves as we view homes and some features become more essential than others. If that's the case, I'll search the listings once more and narrow it down to the home you've been wishing for.

Step 4 – Understand the housing market
An agent's awareness of the Chicagoland market is an essential component in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I will alert you to which neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for cautiousness.

As we view homes, I'll let you know when the seller's asking price has room for bargaining and also when I trust the house is "priced to sell." Every real estate agent will claim to truly know the market, but be mindful, and be sure to ask your agent lots of questions. If it seems like they don't know everything, just call me at (630) 545-9860 or e-mail me at KatieOakes@kw.com, and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire deal.

Step 5 – Find the house you've been waiting forI'm sure we'll find the house of your dreams in the Chicagoland area. When we do, I'll thoroughly create your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When we present your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is often put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate the dealMost deals don't close on the first offer. It's widely common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.

Market circumstances determine how aggressively we negotiate the deal. We'll also work within your financing constraints. And at the end of the day, we'll create a contract that is best for you.

Step 7 – Get a loan
Upon finishing the contract, you'll start working with your mortgage lender to close the loan. This shouldn't take much time at all if you're already pre-qualified, but you need to stay in close contact with your mortgage lender. And I'll handle all the property information your mortgage lender will need to close the loan.

Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your loan application. The estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy. I'll analyze the estimate and let you know if everything looks all right.

Then it's time to close on your house. This will most often occur at a title company or escrow office and is often a smooth and easygoing occurrence.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, just contact me at (630) 545-9860 or send me an e-mail.