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Buying a Home |
Buyer Services
Whether you are buying your first home or you're an experienced move-up buyer, the process may seem overwhelming. Our RWCA agents bring many years of expertise to assist you, the buyer, to acquire the home that is right for you.
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Knowledge of neighborhoods, community / city services
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Affiliated with the Multiple Listing Service of Northern Illinois (MLSNI). We have access to every home for sale throughout most of Illinois.
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Recommendations for professional services that go along with the purchasing of a home: attorneys, mortgage lenders, inspectors, etc.
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We can help you with the pre-qualification process so you know what you can afford.
Buyer Tips
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Make sure you have a steady source of income and one that is reliable before considering buying a home.
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Obtain a copy of your credit report.
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Examine your debt-to-income ratio (comparison of your gross income to housing and non-housing expenses)--your realtor can assist you .
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Have money saved for a down payment. If this is challenging, ask about FHA, which does not require perfect credit or high down payments.
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Do an "inventory of needs" (e.g., neighborhood, space needed, type of floor plan, schools, distance from work, shopping availability, community resources) before you begin house hunting. Remember to consider future needs, too, not only the present ones.
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Choose a real estate agent that listens well, understands your needs and wants, knows the local area well, has resources and contacts to help you in your house search, and whose judgment you trust.
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Keep in mind that your mortgage interest and real estate taxes will be deductible.
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When viewing a home, ask questions (e.g., Does anything need to be replaced? What things require ongoing maintenance?). Make a list of your questions ahead of time.
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When viewing homes, take photographs of each house (interior and exterio) as memory joggers to help you in your decision-making.
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Avoid wasting time and visiting homes that don't match your needs by frequently communicating what you're looking for with your realtor.
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View top home choices a second time.
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It's a good idea to have a home inspection before you sign a written offer, since once the deal is closed, you've bought the house "as is."
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Realtors cannot give legal advice. Hire a lawyer to answer legal questions and assist with the complex paperwork and legal contracts.
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Consider purchasing a home warranty, which offers you protection for a specified period of time against potentially costly problems (furnace replacement, appliance repairs) that are not covered by homeowner's insurance.
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Mortgage insurance is required primarily for borrowers making a down payment of less than 20%.
How to Avoid Pitfalls
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Do not disclose confidential and material information about your buying needs, finanacial abilities, and negotiating strategies to sellers and their agents.
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Remember that real estate agents are required to point out defects. If they don't say anything, ask if there are any!
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Stay in close communication with your realtor every step of the way.
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