Phone: 773.742.5078
Email: agata@agatazabludowska.com


Home buying process in 8 simple steps.


How often do you purchase real estate?
Once, twice, three times in your life time?
So you can hardly be expected to know all the ins and outs of such a major transaction complicated by so many details.

Below are the steps that will explain whole process.
1. Find a real estate agent you will work with.
2. Asses your credit and finances.
3. Asses your wants and needs in a home.
4. Search for a home/offer/negotiations and acceptance
5. Home inspection/ attorney review
6. Obtain a mortgage
7. Final walk thru
8. Close


1. Find a real estate agent you will work with.
As a buyer you need someone to provide complete and honest representation in your real estate transaction. Real estate buyer's agents are responsible for protecting the best interest of their clients - buyers like you and guide you through every step of the process. But the first step, and maybe the most important one, is finding a qualified buyers representative. Buyer’s agent is an advocate for the buyer in real estate transaction and owes full fiduciary (legal) duties, including loyalty and confidentiality, to their buyer- clients and must keep their client's best interest in mind throughout the entire transaction.
Not all buyers’ representatives are equal. Realtors with ABR designation understand the special needs of buyers.

2. Asses your credit and finances.
Financial considerations and preparations are central to any home purchase. In addition to helping you make a better decision about what you can afford in a home, a buyer who already has financing in place is in better negotiating position when it's time to make an offer to a seller. Getting preapproved by mortgage broker will help you to determine how much you can afford to spend and avoid any disappointments with shopping for a home out of your price range.


3. Asses your wants and needs in a home.
Finding a new home can be exiting. But deciding what you truly want and need - and can afford - can be challenging. Making these decisions begins with setting priorities among many different preferences.

4. Search for a home/offer/negotiations and acceptance
Choosing a home also involves choosing a neighborhood. Although it's important to consider future resale value. It's also important to choose a home and neighborhood that you and your family will enjoy living in.
When you've found a home that's right for you, it's time to make an offer. Depending on market conditions, you may have to act quickly, before another buyer steps ahead of you.
When deciding what to offer for a property, current market prices are the most important factor. Your ABR can provide valuable assistance in this regard - counseling you on market conditions, prices ranges and negotiating strategies.
Beyond the price, there are several other factors that can enter into your negotiating position. For example your bargaining position is strong if:
You are all-cash buyer
You are preapproved for a mortgage
You do not have to sell your current home, or meet other contingencies, before you can complete the purchase.
Negotiations begin with an initial offer and conclude with acceptance of the final offer. Keep in mind that if seller accepts your initial offer, or a subsequent counteroffer, it becomes a binding contract. That's why it is important that your initial offer contains the terms and items you want.
Remember that seller have already decided how much money they want from the sale of their property, and have probably planned a negotiating strategy. When your offer is presented, the sellers options are to:
Accept - seller sign the unconditional acceptance
Reject - if the seller reject your offer.
Counteroffer - if the seller likes most aspects of your offer, they may present a written counteroffer that includes the changes the seller want to make. You are then free to accept their counteroffer, reject it or make your own counteroffer to their counteroffer. The process can repeat itself as many times as it takes for you and the sellers to agree on the sales contract.

5. Home inspection/ attorney review
After the offer has been accepted by the home seller, you will have 5 business days to perform inspection and have attorney review. It is always highly recommended to hire a qualified specialist. The inspector should provide you with a written report detailing any flaws found in the home. If severe problems are found, your contingency clause should permit you to cancel the contract without obligation. Alternatively you may want to negotiate performance and payment for any significant repairs noted in the inspection.
If specified in your offer, ask your attorney to review your sales contract and, if desired, schedule his or her participation in your closing.

6. Obtain a mortgage
Securing a mortgage is more complex, and often more expensive than many consumers realize. There are numerous documents and details that must come together in a short period of time. Make sure that you have promptly supplied your lender with everything they ask for so your financing is in place for closing date.

7. Final walk thru
A pre-closing final walk thru is a final check to ensure that the home is in the same condition it was during the inspection, and to make sure all contracted items, such as appliances, are still in the home.

8. Closing
The actual, legal transfer of ownership is called the closing, or settlement. Possession is usually transferred at closing too, but not always. For various reasons, the seller may request to close the sale but retain possession, and pay rent to the buyer until vacating the property.
Participants usually include:
You, the buyer
The seller
The closing agent, the title insurance representative
The real estate agents
Attorneys for the buyer and seller
During the meeting, you will sign many documents including:
The closing statement, kind of a balance sheet of all the funds
The mortgage papers
Truth in lending statement
Any additional documents required by your state
You will need to provide your payment of closing costs, proof of insurance.
After all documentation has been signed and all monies paid, possession is usually transferred and you receive the keys to your home.

Congratulations!!!!
You have worked hard to achieve the dream of homeownership.