The following tips should help to make your real estate purchase a success...
Get
pre-qualified for a loan before you begin your property search
Contact a mortgage lender to determine
how much you can afford to spend on your home. Pre-qualification can
be done over the phone and is generally free and painless!
Most sellers will not even consider an offer from someone who is not
financially qualified on paper.
Getting pre-approved for a loan is one step better than
pre-qualification
Line up financing for your purchase
prior to finding your dream home and you will be deemed "as good as
cash" by any seller reviewing your offer, when you do find what you
want. If more than one buyer is bidding for the same property,
the person whose financing is strongest is in the best position to
win!
Shop around for the best mortgage rates and terms but make sure
your lender can deliver the loan
All banks and lenders are not created
equal. Be sure to get all quoted rates in writing and be
mindful of the various fees charged for loan processing.
Consider the service when evaluating lenders. Is your lender
available when you call? Is your lender familiar with the type
and location of the property you are purchasing?
The lowest rates/fees does not mean the best service or the surest
closing.
A
buyer's agent works for you
Choose a buyer's agent who
demonstrates extensive knowledge of the market.
A buyer's agent represents your best interests in a real estate
transaction and generally receives compensation from the seller at
the time of closing.
Comparable properties
Your real estate agent should compile
a list of comparable properties prior to writing an offer for you.
The Multiple Listing Service contains a wealth of property
information and should be most helpful in determining price.
Hire a knowledgeable real estate attorney (for Illinois)
Your contract to purchase a home is a
legal document and as such, should be reviewed in a timely manner
(usually within one week) by an attorney.
Your attorney will also represent you at the closing, which usually
takes place in the offices of a title company.
Property Inspection
It's always a good idea to hire a
professional home inspector before purchasing a property. In
fact, the contract should be made contingent upon said inspection.
Your attorney will review the results of the inspection and
negotiate any repairs or credits for repairs, as appropriate.
