2017HomeBuyerPresentationJosephCorporation

Hello, my name is Monica Mancano and I am a full- time REALTOR®, SRES®, MRP, AHWD with Century 21 Affiliated (#1 Century 21® Firm in the World)!

My greatest satisfaction comes from helping my clients achieve their goal of becoming a Home Owner and I get to hand them the key and say!

 CONGRATULATIONS ON YOUR NEW HOME!

                 

                                    

When you're ready,  ­email, call or text me, or connect with me on Social Media.  I look forward to meeting with you and discussing your Home Buying needs.

My goal is to exceed your expectations, give you a peace of mind, keep you smiling, and make sure that you enjoy the journey!                                   

                                       Enjoy our latest video!

                https://www.youtube.com/watch?v=0imDiQ9P_q8

#1 CENTURY 21® FIRM IN THE WORLD 

Our team consists of over 2000+ experienced professionals

covering Illinois, Wisconsin, Indiana, Michigan, Minnesota and now Florida!

                   

           Whether you're a first-time home buyer, seeking to sell, upgrade,

downsize, interested in investment property or are relocating,

my Real Estate Dream Team and I are here for you!

                   (I am SRES® Seniors Real Estate Specialist®, MRP Military Relocation Professional

                                                 and AWHD At Home With Diversity Certified)

 

Call/text me at (630) 669-2401

or email me at mmancano@c21affiliated.com

I will help you through this process every step of the way!­  http://images.c21affiliated.com/Images/76677/480efa6d-bb34-434b-8c01-cfce94dc72a8.jpg

Monica Mancano, REALTOR®, SRES®, MRP, AHWD

 

Check out my Real Estate Website

                           www.MonicaMancano.com

                             (Ranked #1 - Century 21 Affiliated Agents)

to see MLS properties currently available for sale

and for your Real Estate Needs!

 

                                               

Purchasing a home is a major milestone that tops many people's lifetime To-Do-Lists.  It also maybe on their list of financial fears too.  But it certainly doesn't have to be a scary or a stressful experience. With time, care, and research and the right Real Estate Team behind you, you can take control of the Home-Buying Process!

There are going to be many factors and decisions for you to make.  That's why, when buying, it's crucial for you to have all the available resources necessary to make a well-informed decision, together with the time required to make complete use of them.

That's also why you should enlist the help of a trusted REALTOR®. 

Many REALTORS® are Buyer Specialists who focus on helping people successfully find and buy the homes they've always wanted.   A REALTOR® will be able to provide you with expert consultation at each step of the Buying Process.

 

 

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Finding and purchasing a home includes many steps,

which I will be going over with you.

First you will need to

Define your Goals

Buying a home is a big step, it's important for you to educate and prepare yourself as much as possible in advance. 

The first step is to clearly determine why you're buying and what kind of home you're looking for.  It also means checking your current financial situation and not taking on a larger mortgage commitment than you can afford. 

This is why it’s so important to seek help from a financial professional, who can help walk you through an appropriate breakdown, based on your individual situation. 

Your Mortgage Banker will be able to help you figure out which mortgage is right for you and start getting you Pre-Approved.  (The process in which a lender reviews your financial information, like your credit report, W2s and bank statements and commits to giving you a mortgage for a specified interest rate.)

It's a good idea to consider doing this now! 

Currently, it is a Seller's Market and houses are going quickly, sometimes even in multiple offer situations.  You wouldn't want to lose the opportunity of getting your Dream House.  Having the Pre-Approval Letter attached to your offer makes it more attractive to the Seller.  It helps prove to a Seller that you're a Qualified Buyer, and once an offer is made and accepted, the bank will just have to appraise the home and your finances!

 

 

 

 

 

 

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Next you will want to

Contact A REALTOR®

 if you haven't already.

While you're not under any obligation to do so, there are many potential benefits in working with one. 

First of all, a REALTOR® can provide more home access options than you'll find yourself, as well as set up viewing appointments.  One of the many benefits of using their services is that they hear about listings right when they come on the market.  In fact, sometimes even before they're on the market!

And that's just the first step. 

 

 

 

 

When they work for you they will:

  • Educate you about Buyer Agency, outlining their professional responsibilities to you, including complete Disclosure, Loyalty, Confidentiality, Obedience and Accountability.
  • Help you explore your financing options and, if required, refer you to some excellent mortgage professionals so you can make the best possible mortgage decision.
  • Save you time by regularly searching the market for affordable homes that meet your criteria.
  • Email you homes that just came on the market that meet your specific home requirements.  
  • View homes with you and provide Comparative Analysis. 
  • They can also refer you to expert Attorneys, Home Inspectors, Insurance Agents and other Real Estate Professionals that will provide you more in-depth analysis and advice.
  • Provide consultation in relation to your written offer to purchase a home, will all terms approved by you.
  • Negotiate the best possible price and terms for you and take care of all the documentation details.
  • Keep you fully informed about all activities that lead to the transaction closing.
  • Assist you, if necessary, in finding any home-related services you need.

In short, they'll provide you with

comprehensive, high-quality Buyer's service!

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Buying Real Estate is a complex matter, given that there are so many factors to consider and that no two homes or transactions are alike.   Home-Buying can be an emotional process, a REALTOR® can guide you through the property search, give you sales comps, negotiation and transaction processes and can act as a mediator between You and the Seller.

To find someone, interview several REALTORS® until you find someone that is experienced, knows the local market, understands your needs and makes you feel comfortable.

As a final step, check your state's Real Estate Licensing Board's Website to ensure they're registered and don't have any complaints or suspensions logged against them.

For Illinois, click on this link:  http://www.idfpr.com/dre.asp

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Now for the FUN PART, HOUSE HUNTING!!!

Are you ready to be a Homeowner?

There is a lot to think about as you prepare to buy your first home.

Such as:

  • Deciding What You Want
  • Comparison Shopping
  • How Will I Know When I Find The "RIGHT" House?
  • Deciding How Much To Offer?
  • How Can I Negotiate The Purchase
  • How Can I Summit The Offer?
  • What Is Earnest Money?
  • Who Will Negotiate The Final Purchase Price

                             Choosing the right agent does make a difference!

 

 

Deciding What You Want

It’s the rare lucky person who finds the perfect home within their budget. 

The key to the home search process is knowing what you're looking for and distinguishing between "MUST-HAVES" and "LIKES-TO-HAVES".

Before you go house hunting, brainstorm a list of what you absolutely must find in a home and decide which features are simply nice extras.

What style of house do you want?  Ranch, two-story, condominium, townhouse or duplex?  What size do you want?  How many bedrooms and baths do you need?  Do you want a fireplace?  Do you want a basement or garage?  Do you want a yard or would you prefer minimal yard work? Do you want a fenced backyard?  Do you want a short drive to work or be close to family?  

Once your list is made, go back over it and decide what is more important to your lifestyle.  It may be privacy, creativity or recreation.  Decide which items are musts and which you are willing to give up.  Assign each item a priority so that you will know what to look for as you begin your house hunting journey.

Examples of must-haves might include the number of bedrooms and bathrooms, proximity to work and other places you frequent, and access to your preferred school districts. You might also have a strong preference on the amount of outdoor space a house offers and whether it's move-in ready.

 

 

Things that shouldn't be on your must-have list?

The way a house is decorated, well-manicured landscaping, a pool or anything else you can easily fix or install yourself.

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Location, Location, Location

You've certainly heard the phrase enough and may wonder what inspires agents to say the word three times.

In a nutshell, location,  location, location means identical homes can increase or decrease in value due to location.

Deciding where you want to live may be the single most important factor in choosing a home.  Location affects your day-to-day living.  Location to employment centers, shopping centers, schools, major traffic highways or tollways and other attractions are important.  Evaluate location carefully.  Location of a property is one of the most significant influences on value!

Your choice of location may be limited somewhat by the price you can afford.

Also make sure you consider such things as:

  • prices of properties
  • property taxes
  • distance to work, schools, shopping and entertainment
  • and potential hazards such as flooding and noise from a nearby airport or highways.

Type of home and lot

A single-family detached home is attractive to a lot of people because it typically provides more living space and land area than other types of living units (condominiums, townhouses and duplexes).  Typically, the detached structure permits you greater freedom (less restrictions) on remodeling, expanding, painting and altering the appearances of the structure.

If you don't like spending leisure time on yard work, consider attached homes (condominiums, townhouses or duplexes).  These homes are set on small lots and share common garden areas. They sometimes share membership in private recreational facilities such as fitness health centers, swimming, golf and tennis.

New vs. older homes

In selecting the type of home you want, consider new versus preowned homes. 

Preowned homes usually have established yards and usually the neighborhood or subdivision is built-out.  On the other hand, older homes may require more maintenance and need some repairs.

New homes are not without problems.  Although they require less maintenance in the first few years, you may have to put in landscaping and call the builder back to correct faults.  If buildings are still active in the area, you may have to endure nearby construction.

Finally, consider size and style.  You may already have in mind a contemporary house with a sunny deck or a two-story Victorian mansion with a cozy attic.

Or you won't know what you like until you see it!

Either way, your REALTOR® will listen to your preferences and help you find the right home for you!

Refer to this list if you need help down the line making an objective decision between two or more houses, as well as to remind you, of what's really important versus what could be luring you to pay more than necessary.

Use this guide to help you define your home preference priorities.

 

                                 

 

 

                                 

 

                                 

 

 

 

 

 

 

                      Comparison Shopping

A REALTOR® can help you shop for a home, compare homes and compile your unique wish list to find the PERFECT HOME FOR YOU!

That said, here are a few recent facts (National Association of REALTORS® Profile of Home Buyers) about the search process that might put your experience in perspective:

  • Almost 90% of Buyers use the Internet to search for homes
  • The typical Buyer searches for 12 weeks and views 12 homes
  • 81% of Buyers view REALTORS® as very useful in the search process

There are many benefits to starting the search process at a Real Estate Website.  You can view many homes and their details, take video tours and access neighborhood information.

Educating yourself on your local market and think about working with an experienced REALTOR® who can help you narrow your priorities and make an informed decision about which home to choose.

While their property details may seem similar online, homes can actually be very different in terms of layout, design, workmanship and other aspects. 

You should ideally view homes with the help of an experienced and eagle-eyed REALTOR® who will notice things you might miss, provide expert analysis and act as an impartial sounding board.

house hunting

How Will I Know

 When I Find The "RIGHT" House?

Buying is an emotional process.  In the beginning of this process, you identified your wants and needs in a home and once you find homes with that criteria, the emotions start to kick in as you experience each home that will meet your basic needs.

It is normal to harbor fears about making the wrong decision when you're looking at homes to buy. Many First-Time Home Buyers wonder how they will know when they have found the right house.

You will likely have an intuition that you cannot describe when you find the right house!

Love at first sight is every bit as much of a cherished concept for houses as it is for relationships. So how do you know when you've found your dream home? While there are many factors that go into your buying choice, the tipping point is often just a matter of instinct:  You will just know when it’s THE ONE!

Don't second guess your own instincts.

Somebody else could buy your house out from under you while you're deciding. Remember that you're not the only Home Buyer looking for a house to buy with your specific criteria. There are other home buyers with similar intentions looking at homes today in the very neighborhoods where you want to buy.

The last thing you want to hear your REALTOR® say is another Buyer made an offer and it was accepted minutes before your offer was submitted.

Unfortunately, this happens all the time!

When you find that house, make an offer on it!

Here are Ways to Know You Have Found the Right House
 

You Want to Go Inside the House

Part of the excitement of looking at homes is not knowing which could be your new home when you pull up to the curb. Is it the one on the left, or does the house on the right strike your fancy? If it is the house on the right, and you like it better than the house on the left, that could be a sign. It means there is something about this house that appeals to you.

The House Embraces You the Moment You Enter

Within 3 seconds of entering the house, you will know whether it feels warm and comforting. Does it seem to speak to you? Does the house invite you to explore? Does it feel, well . . . right? Like home? Then it probably is.

You Don't Feel Funny in the Bathroom

Sometimes Buyers feel so uncomfortable near a bathroom that they won't walk into the room. They are afraid to let their feet touch that bathroom floor. They will stand outside, grab the door frame, and poke their heads in for a minute. If you can walk into the bathroom and feel compelled to open the shower door or stroke the vanity marble, this is your house!

     You Are Possessive About the House

Maybe your REALTOR® agent points out a flaw and says, "There is a stain in the kitchen sink," and you wonder how they can say something so mean about this house. You want to defend every flaw you see. If you even see the flaws, because right now, flaws do not matter!

     You Begin to Envision Furniture Arrangement

If you walk into the master bedroom and immediately can envision your bed against a particular wall, this might be your house. If you find yourself thinking that the living room window is a perfect spot to put a tree come Christmas, you're already hooked!

    You Can See Yourself Painting a Wall Your Favorite Color

Perhaps deep purple is not your favorite color. Maybe it's blue. Maybe you're thinking those purple walls in the kid's room would look better in a pale blue jean color. In fact, you might even know the name of the paint color you plan to use because you've been thumbing through catalogs and this home looks just like those.

     The House Fits Your Basic Needs

The dynamics might not hit every bullet point on your list, but it meets the basic requirements. The house has the number of rooms and space you need. Maybe it doesn't have a garage, and in a flash of enlightenment you realize that buying a house with a garage is not important. Maybe you suddenly realize you could build a garage. Being flexible about which issues are deal-killers is a good quality.

     You Want to Stop Looking at Other Homes

All of the other homes you've been looking at no longer appeal to you. The homes on that list you've been carrying around seem insignificant. Moreover, the homes you had previously rated a #8 have now fallen to a #2 rating. The homes you have seen pale in comparison. You would feel like a traitor to this home if you went to visit other homes. This is it.

     

     You Can't Wait to Brag About This House to Your Friends

It would not be unusual for you to text message your best friend before you've finished touring the home. You feel excited. The excitement seems to manifest itself.

  • Every Thought in Your Mind Tells You to Buy That House

Except for that nagging little thought that wonders if you should sleep on it, every other thought in your head says this is the perfect house for you. You are consumed. You can't think about anything else apart from owning this house. Dinner? Who needs to eat? You need this house. You wonder if you should be committed or see a doctor. Yup, this is your house!

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                                                 Now that you've found

 

                                                   "THE ONE",

https://www.youtube.com/watch?v=sj1XmjE1604

It's time to make an offer!

 

 

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Deciding How Much To Offer

 

How do you know if the home is reasonably priced?

 

Ask your REALTOR® to create a list of comparable sales (or comps) within the last six months for any house you are seriously considering. 

 

That way, you can see what similar properties have SOLD for in the same neighborhood.

 

You’re now ready to make an offer, you have done all your homework. You know what homes in your area are worth. And you should know how much home you can afford.

 

When making an offer, be realistic and don’t lowball!  This shows you are serious.  Nothing is accomplished by going in with a low-ball offer (except sometimes, in the case of foreclosures or when a home is significantly overpriced and has been on the market for a long time). 

 

If you go in too low, you’re going to insult the Seller.  Sellers love their homes and offering a lot less than what a property is worth won’t win you any points!

Your REALTOR® will work with you to determine a fair asking price, they will have the best read on pricing and marketplace dynamics and can walk through the comps with you.  Your REALTOR can help you determine what a fair discount would be without offending the Seller. 

 

Specific numbers will depend on the market situation. 

 

Currently, it’s a Seller’s Market..

 

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How Can I Negotiate The Purchase

 

Your local Real Estate Association, working with Legal Counsel has developed the contracts that are used for transactions in your area.  These contracts enable you to specify a Sale Price and also include many clauses for specifying various terms of purchase, such as the closing and possession dates, your deposit amount (Earnest Money) and other conditions.

You should carefully review these clauses with your REALTOR® to ensure that they express your desired offer.  In addition to drawing up the Contract, your REALTOR® will be happy to address all your questions and the offer process.

 

A Purchase Offer is a written contract which you sign and submit to the Seller. It is accompanied by a certain amount of “Earnest Money” (a small good faith deposit to show you are serious about buying the home). The written Purchase Offer indicates the amount you are willing to give the Seller for his or her property. If you are working with an experienced REALTOR, he or she will typically provide a standard purchase offer form which you can complete, sign and then hand over to the Seller to sign.

 

Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special issues of practice and problems not present in other transactions.

It is highly encouraged that you have a Real Estate Attorney.

If you do not have one, your REALTOR® will be able to recommend some to you.

A Real Estate Attorney is trained to deal with real estate problems that might occur and has the most experience to deal with them.

Buying a Home

In the typical home purchase, the Seller enters into a brokerage contract with a Real EstateAgent, usually in writing. When the Broker finds a potential Buyer, negotiations are conducted through the Broker, who most often acts as an intermediary. Once an informal agreement is reached, Buyer and Seller enter into a formal written contract for sale, the Purchase Agreement. The Buyer then obtains a commitment for financing. Title is searched to satisfy the Lender and the Buyer. Finally, the property is transferred from the Seller to the Buyer, and the Seller receives the purchase price bargained for in the contract.

This seems simple, but without a Lawyer, the consequences may be more disastrous than purchasing a car that turns out to be a lemon, or a stock investment that was unwise.

 

 

 

 

                         

 

 

 

 

 

 

                     How Can I Summit The Offer?

But before you sign on the dotted line, you should make sure to review the contract thoroughly and understand every single clause.

Pay special attention to contingencies in the contract, which spell out situations when you can back out of the sale to help protect yourself in case something goes wrong. For instance, such scenarios can include if you discover that the home has serious physical defects or if your bank rescinds financing.

Since your written offer forms the basis of a legal contract with the Seller, be thorough. There are some important details you should be sure to talk through with your REALTOR® and make sure are accurately included on your purchase offer,  such as:

 

  • The amount you are offering for the home and how you will pay the Seller (Cash, FHA/VA/Conventional Financing, etc.)
  • Concessions, such as any closing costs or other costs which you would like the Seller to pay
  • The amount of earnest money you are offering
  • The size of your down payment (This will be in your Pre-Approval Letter)
  • The “Earnest Money” deposit.  Your earnest money is typically put towards your closing costs; however, if you enter into a contract with the Seller and then breach that contract, you could stand to lose this money.

 

 

Once you have written the Offer, your REALTOR® will present it to the Seller's Agent.  At that point, the process, given that a home's eventual sale price is subject to Supply and Demand, will depend on the kind of market you're in.  Currently, we are in a Seller's Market. 

After the Seller receives your offer, Seller can Accept Your Offer, Reject It, or Counter it to initiate the negotiation process.  

Successive Counter Offers, with deadlines for responding and meeting conditions, will be exchanged between you and the Seller by their REALTORS® until a mutually satisfactory pending agreement is reached or the negotiations breakdown.

Negotiations can involve many factors relating to different market conditions, homes and Sellers.

Negotiating the transaction is usually the most complex aspect of buying a home.

At the same time, it is the one that can involve the most creativity.  That's why it's important to have an experienced and savvy REALTOR® who has successfully worked through many different transaction scenarios.

That said, what follows are a few strategies for negotiating a good deal in a Seller's Market like this one, all of which involve:

  • Presenting yourself as a serious Buyer
  • Keeping your emotions in check
  • Trying to understand respect the priorities of the Seller
  • Being creative and
  • Where necessary, willing to compromise to get the deal done

 

If you can’t put together a deal on the first property you like, don’t worry. There will be many more homes for sale. It is VERY common to end up finding a home a week later that you like even more than the first. Not taking that first home might be a blessing in disguise.

 

 

 

 

 

 

 

 

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What Is Earnest Money

 

The Earnest Money deposit is an important part of the Home Buying Process.

It tells the Seller you're a committed Buyer and it helps fund your down payment.

Without Earnest Money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. Sellers rarely accept offers without deposits.

Assuming that all goes well and your offer is accepted by the Seller, the Earnest Money will go toward the down payment and closing costs.  In many circumstances, you can get most of your deposit back if you discover something that you don't like about the home.

How Much Should You Put Down in the Earnest Money Deposit?

The amount you'll pay for the earnest money deposit will depend on a few factors, such as policies and limitations in your state, the current real estate market, and what the Seller requires. On average, you can expect to hand over 1-2% of the total purchase price as Earnest Money. 

In some real estate markets you may end up putting down more or less than the average amount. In a real estate market where homes aren't selling quickly, the Seller may only require 1% or less for the earnest money deposit. In markets where demand is high, the Seller may ask for a higher deposit, perhaps as much as 2-3%. You can sometimes win a bid if you give the seller a large deposit. In fact, the Seller may be willing to come down in price a little if you make a bigger deposit.

However, you may wind up having to do some paperwork for your mortgage lender, and the bank may want to verify the source of the funds for larger deposits. It won't be a problem if you can show that you've had the money for at least 60 days.

 

 

When Do You Pay the Earnest Money, and Who Holds It?

In most cases, after your offer is accepted and you sign the purchase agreement, you give your Earnest Money deposit to the Seller's Real Estate Brokerage or Attorney and in some instances the Buyer's Real Estate Brokerage or Attorney may hold the Earnest Money.

Always check the credentials of the firm or broker taking the deposit and verify that the funds will be held in escrow.

Never give the Earnest Money to the Seller; it could be difficult or impossible to get it back if something goes wrong.

After turning over the deposit, the funds are held in an escrow account until the home sale is in the final stages. Once everything is ready, the funds are released from escrow and applied to your down payment.

Can You Get Your Earnest Money Back?

If the deal falls through, whoever holds the deposit determines whether you should get the money back under the terms of the Purchase Agreement. 

Make sure that the purchase agreement or Attorney’s Letter covers how a refund is handled.

Keep in mind that even if you are pre-approved for a mortgage loan, you can be declined when you apply for one. In such cases, standard contracts allow you to recover your Earnest Money Deposit.

You can also usually get your money back if you find problems with the property. 

 Your attorney will take care of this.

 

 

 

 

 

 

 

 

 

 

 

 

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Who Will Negotiate the Final Purchase Price?

The Seller accepted your offer—CONGRATS! 

Your offer now becomes a contract and you are on your way to owning the home!

Now is the time to start thinking about getting the home inspected to see if there are any defects.

If you do not have an inspector, your REALTOR® will be able to recommend one to you.

If there are issues, such as a non-functioning fireplace or an old boiler, you may be able to ask for a price reduction to help cover the cost of repairs. And if you find any deal breakers, such as an unstable foundation or serious mold, you have the option of backing out now!

Once your Inspector confirms that there are no big defects that could affect the home's value, you'll submit a mortgage application. Review all closing costs—the ones you've hopefully saved up 3% to pay for, which might include an attorney's fee, title insurance and partial property taxes.

While it’s not uncommon for prospective Buyers to believe the deal is sealed at the signing, in many cases the negotiations begin afterward.

 

After you’ve conducted a Home Inspection, you ask the Sellers for a cash-back credit at the close of escrow, which can help you complete the project yourself. You can also ask the Seller for a credit to fix certain issues in the interest of offsetting closing costs.  Your attorney will address any issues you have with the Seller's attorney.

 

Be sure to look at ease when walking the property at the inspection — the last thing you want is to mention a gut renovation you’d like only to have the Sellers refuse to make needed repairs.

And if you haven't already, now is the time to check into getting House Insurance.  Real estate insurance protects owners in the event of catastrophe.  If something goes wrong, insurance can be the bargain of a lifetime.

 

 

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                                       Closing Day!

On closing day, do your final walk through one hour before closing (you want to make sure the property is in the same condition as when you placed your offer), bring your photo I.D., as well as any paperwork you received throughout the home-buying process, including insurance and home inspection certificates.

What’s next?

You’ve done it!

You’ve looked at properties,

made an offer which was accepted,

obtained financing, did an inspection, got house insurance,

did the final walk through and went to closing,

After all the paperwork is signed,

You will be handed the KEY!

 You have just become a HOMEOWNER! 

Congrats!

The Home is yours!!!

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Now we can all do the Happy Dance!

Buyers Love Closings

 

 

So when you are ready to buy a home, or if you hear that any of your family and friends are looking to buy, contact a REALTOR® and be sure to take advantage of their advantage  their knowledge, experience and professionalism.

 

 

 

Hello, my name is Monica Mancano and I am a full- time REALTOR®, SRES®, MRP, AHWD with Century 21 Affiliated (#1 Century 21® Firm in the World)!

My greatest satisfaction comes from helping my clients achieve their goal of becoming a Home Owner and I get to hand them the key and say!

 CONGRATULATIONS ON YOUR NEW HOME!

                 

                                    

When you're ready,  ­email, call or text me, or connect with me on Social Media.  I look forward to meeting with you and discussing your Home Buying needs.

My goal is to exceed your expectations, give you a peace of mind, keep you smiling, and make sure that you enjoy the journey!                                   

                                       Enjoy our latest video!

                https://www.youtube.com/watch?v=0imDiQ9P_q8

#1 CENTURY 21® FIRM IN THE WORLD 

Our team consists of over 2000+ experienced professionals

covering Illinois, Wisconsin, Indiana, Michigan, Minnesota and now Florida!

                   

           Whether you're a first-time home buyer, seeking to sell, upgrade,

downsize, interested in investment property or are relocating,

my Real Estate Dream Team and I are here for you!

                   (I am SRES® Seniors Real Estate Specialist®, MRP Military Relocation Professional

                                                 and AWHD At Home With Diversity Certified)

 

Call/text me at (630) 669-2401

or email me at mmancano@c21affiliated.com

I will help you through this process every step of the way!­  http://images.c21affiliated.com/Images/76677/480efa6d-bb34-434b-8c01-cfce94dc72a8.jpg

Monica Mancano, REALTOR®, SRES®, MRP, AHWD

 

Check out my Real Estate Website

                           www.MonicaMancano.com

                             (Ranked #1 - Century 21 Affiliated Agents)

to see MLS properties currently available for sale

and for your Real Estate Needs!

 

                                               

Purchasing a home is a major milestone that tops many people's lifetime To-Do-Lists.  It also maybe on their list of financial fears too.  But it certainly doesn't have to be a scary or a stressful experience. With time, care, and research and the right Real Estate Team behind you, you can take control of the Home-Buying Process!

There are going to be many factors and decisions for you to make.  That's why, when buying, it's crucial for you to have all the available resources necessary to make a well-informed decision, together with the time required to make complete use of them.

That's also why you should enlist the help of a trusted REALTOR®. 

Many REALTORS® are Buyer Specialists who focus on helping people successfully find and buy the homes they've always wanted.   A REALTOR® will be able to provide you with expert consultation at each step of the Buying Process.

 

 

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Finding and purchasing a home includes many steps,

which I will be going over with you.

First you will need to

Define your Goals

Buying a home is a big step, it's important for you to educate and prepare yourself as much as possible in advance. 

The first step is to clearly determine why you're buying and what kind of home you're looking for.  It also means checking your current financial situation and not taking on a larger mortgage commitment than you can afford. 

This is why it’s so important to seek help from a financial professional, who can help walk you through an appropriate breakdown, based on your individual situation. 

Your Mortgage Banker will be able to help you figure out which mortgage is right for you and start getting you Pre-Approved.  (The process in which a lender reviews your financial information, like your credit report, W2s and bank statements and commits to giving you a mortgage for a specified interest rate.)

It's a good idea to consider doing this now! 

Currently, it is a Seller's Market and houses are going quickly, sometimes even in multiple offer situations.  You wouldn't want to lose the opportunity of getting your Dream House.  Having the Pre-Approval Letter attached to your offer makes it more attractive to the Seller.  It helps prove to a Seller that you're a Qualified Buyer, and once an offer is made and accepted, the bank will just have to appraise the home and your finances!

 

 

 

 

 

 

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Next you will want to

Contact A REALTOR®

 if you haven't already.

While you're not under any obligation to do so, there are many potential benefits in working with one. 

First of all, a REALTOR® can provide more home access options than you'll find yourself, as well as set up viewing appointments.  One of the many benefits of using their services is that they hear about listings right when they come on the market.  In fact, sometimes even before they're on the market!

And that's just the first step. 

 

 

 

 

When they work for you they will:

  • Educate you about Buyer Agency, outlining their professional responsibilities to you, including complete Disclosure, Loyalty, Confidentiality, Obedience and Accountability.
  • Help you explore your financing options and, if required, refer you to some excellent mortgage professionals so you can make the best possible mortgage decision.
  • Save you time by regularly searching the market for affordable homes that meet your criteria.
  • Email you homes that just came on the market that meet your specific home requirements.  
  • View homes with you and provide Comparative Analysis. 
  • They can also refer you to expert Attorneys, Home Inspectors, Insurance Agents and other Real Estate Professionals that will provide you more in-depth analysis and advice.
  • Provide consultation in relation to your written offer to purchase a home, will all terms approved by you.
  • Negotiate the best possible price and terms for you and take care of all the documentation details.
  • Keep you fully informed about all activities that lead to the transaction closing.
  • Assist you, if necessary, in finding any home-related services you need.

In short, they'll provide you with

comprehensive, high-quality Buyer's service!

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Buying Real Estate is a complex matter, given that there are so many factors to consider and that no two homes or transactions are alike.   Home-Buying can be an emotional process, a REALTOR® can guide you through the property search, give you sales comps, negotiation and transaction processes and can act as a mediator between You and the Seller.

To find someone, interview several REALTORS® until you find someone that is experienced, knows the local market, understands your needs and makes you feel comfortable.

As a final step, check your state's Real Estate Licensing Board's Website to ensure they're registered and don't have any complaints or suspensions logged against them.

For Illinois, click on this link:  http://www.idfpr.com/dre.asp

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Now for the FUN PART, HOUSE HUNTING!!!

Are you ready to be a Homeowner?

There is a lot to think about as you prepare to buy your first home.

Such as:

  • Deciding What You Want
  • Comparison Shopping
  • How Will I Know When I Find The "RIGHT" House?
  • Deciding How Much To Offer?
  • How Can I Negotiate The Purchase
  • How Can I Summit The Offer?
  • What Is Earnest Money?
  • Who Will Negotiate The Final Purchase Price

                             Choosing the right agent does make a difference!

 

 

Deciding What You Want

It’s the rare lucky person who finds the perfect home within their budget. 

The key to the home search process is knowing what you're looking for and distinguishing between "MUST-HAVES" and "LIKES-TO-HAVES".

Before you go house hunting, brainstorm a list of what you absolutely must find in a home and decide which features are simply nice extras.

What style of house do you want?  Ranch, two-story, condominium, townhouse or duplex?  What size do you want?  How many bedrooms and baths do you need?  Do you want a fireplace?  Do you want a basement or garage?  Do you want a yard or would you prefer minimal yard work? Do you want a fenced backyard?  Do you want a short drive to work or be close to family?  

Once your list is made, go back over it and decide what is more important to your lifestyle.  It may be privacy, creativity or recreation.  Decide which items are musts and which you are willing to give up.  Assign each item a priority so that you will know what to look for as you begin your house hunting journey.

Examples of must-haves might include the number of bedrooms and bathrooms, proximity to work and other places you frequent, and access to your preferred school districts. You might also have a strong preference on the amount of outdoor space a house offers and whether it's move-in ready.

 

 

Things that shouldn't be on your must-have list?

The way a house is decorated, well-manicured landscaping, a pool or anything else you can easily fix or install yourself.

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Location, Location, Location

You've certainly heard the phrase enough and may wonder what inspires agents to say the word three times.

In a nutshell, location,  location, location means identical homes can increase or decrease in value due to location.

Deciding where you want to live may be the single most important factor in choosing a home.  Location affects your day-to-day living.  Location to employment centers, shopping centers, schools, major traffic highways or tollways and other attractions are important.  Evaluate location carefully.  Location of a property is one of the most significant influences on value!

Your choice of location may be limited somewhat by the price you can afford.

Also make sure you consider such things as:

  • prices of properties
  • property taxes
  • distance to work, schools, shopping and entertainment
  • and potential hazards such as flooding and noise from a nearby airport or highways.

Type of home and lot

A single-family detached home is attractive to a lot of people because it typically provides more living space and land area than other types of living units (condominiums, townhouses and duplexes).  Typically, the detached structure permits you greater freedom (less restrictions) on remodeling, expanding, painting and altering the appearances of the structure.

If you don't like spending leisure time on yard work, consider attached homes (condominiums, townhouses or duplexes).  These homes are set on small lots and share common garden areas. They sometimes share membership in private recreational facilities such as fitness health centers, swimming, golf and tennis.

New vs. older homes

In selecting the type of home you want, consider new versus preowned homes. 

Preowned homes usually have established yards and usually the neighborhood or subdivision is built-out.  On the other hand, older homes may require more maintenance and need some repairs.

New homes are not without problems.  Although they require less maintenance in the first few years, you may have to put in landscaping and call the builder back to correct faults.  If buildings are still active in the area, you may have to endure nearby construction.

Finally, consider size and style.  You may already have in mind a contemporary house with a sunny deck or a two-story Victorian mansion with a cozy attic.

Or you won't know what you like until you see it!

Either way, your REALTOR® will listen to your preferences and help you find the right home for you!

Refer to this list if you need help down the line making an objective decision between two or more houses, as well as to remind you, of what's really important versus what could be luring you to pay more than necessary.

Use this guide to help you define your home preference priorities.

 

                                 

 

 

                                 

 

                                 

 

 

 

 

 

 

                      Comparison Shopping

A REALTOR® can help you shop for a home, compare homes and compile your unique wish list to find the PERFECT HOME FOR YOU!

That said, here are a few recent facts (National Association of REALTORS® Profile of Home Buyers) about the search process that might put your experience in perspective:

  • Almost 90% of Buyers use the Internet to search for homes
  • The typical Buyer searches for 12 weeks and views 12 homes
  • 81% of Buyers view REALTORS® as very useful in the search process

There are many benefits to starting the search process at a Real Estate Website.  You can view many homes and their details, take video tours and access neighborhood information.

Educating yourself on your local market and think about working with an experienced REALTOR® who can help you narrow your priorities and make an informed decision about which home to choose.

While their property details may seem similar online, homes can actually be very different in terms of layout, design, workmanship and other aspects. 

You should ideally view homes with the help of an experienced and eagle-eyed REALTOR® who will notice things you might miss, provide expert analysis and act as an impartial sounding board.

house hunting

How Will I Know

 When I Find The "RIGHT" House?

Buying is an emotional process.  In the beginning of this process, you identified your wants and needs in a home and once you find homes with that criteria, the emotions start to kick in as you experience each home that will meet your basic needs.

It is normal to harbor fears about making the wrong decision when you're looking at homes to buy. Many First-Time Home Buyers wonder how they will know when they have found the right house.

You will likely have an intuition that you cannot describe when you find the right house!

Love at first sight is every bit as much of a cherished concept for houses as it is for relationships. So how do you know when you've found your dream home? While there are many factors that go into your buying choice, the tipping point is often just a matter of instinct:  You will just know when it’s THE ONE!

Don't second guess your own instincts.

Somebody else could buy your house out from under you while you're deciding. Remember that you're not the only Home Buyer looking for a house to buy with your specific criteria. There are other home buyers with similar intentions looking at homes today in the very neighborhoods where you want to buy.

The last thing you want to hear your REALTOR® say is another Buyer made an offer and it was accepted minutes before your offer was submitted.

Unfortunately, this happens all the time!

When you find that house, make an offer on it!

Here are Ways to Know You Have Found the Right House
 

You Want to Go Inside the House

Part of the excitement of looking at homes is not knowing which could be your new home when you pull up to the curb. Is it the one on the left, or does the house on the right strike your fancy? If it is the house on the right, and you like it better than the house on the left, that could be a sign. It means there is something about this house that appeals to you.

The House Embraces You the Moment You Enter

Within 3 seconds of entering the house, you will know whether it feels warm and comforting. Does it seem to speak to you? Does the house invite you to explore? Does it feel, well . . . right? Like home? Then it probably is.

You Don't Feel Funny in the Bathroom

Sometimes Buyers feel so uncomfortable near a bathroom that they won't walk into the room. They are afraid to let their feet touch that bathroom floor. They will stand outside, grab the door frame, and poke their heads in for a minute. If you can walk into the bathroom and feel compelled to open the shower door or stroke the vanity marble, this is your house!

     You Are Possessive About the House

Maybe your REALTOR® agent points out a flaw and says, "There is a stain in the kitchen sink," and you wonder how they can say something so mean about this house. You want to defend every flaw you see. If you even see the flaws, because right now, flaws do not matter!

     You Begin to Envision Furniture Arrangement

If you walk into the master bedroom and immediately can envision your bed against a particular wall, this might be your house. If you find yourself thinking that the living room window is a perfect spot to put a tree come Christmas, you're already hooked!

    You Can See Yourself Painting a Wall Your Favorite Color

Perhaps deep purple is not your favorite color. Maybe it's blue. Maybe you're thinking those purple walls in the kid's room would look better in a pale blue jean color. In fact, you might even know the name of the paint color you plan to use because you've been thumbing through catalogs and this home looks just like those.

     The House Fits Your Basic Needs

The dynamics might not hit every bullet point on your list, but it meets the basic requirements. The house has the number of rooms and space you need. Maybe it doesn't have a garage, and in a flash of enlightenment you realize that buying a house with a garage is not important. Maybe you suddenly realize you could build a garage. Being flexible about which issues are deal-killers is a good quality.

     You Want to Stop Looking at Other Homes

All of the other homes you've been looking at no longer appeal to you. The homes on that list you've been carrying around seem insignificant. Moreover, the homes you had previously rated a #8 have now fallen to a #2 rating. The homes you have seen pale in comparison. You would feel like a traitor to this home if you went to visit other homes. This is it.

     

     You Can't Wait to Brag About This House to Your Friends

It would not be unusual for you to text message your best friend before you've finished touring the home. You feel excited. The excitement seems to manifest itself.

  • Every Thought in Your Mind Tells You to Buy That House

Except for that nagging little thought that wonders if you should sleep on it, every other thought in your head says this is the perfect house for you. You are consumed. You can't think about anything else apart from owning this house. Dinner? Who needs to eat? You need this house. You wonder if you should be committed or see a doctor. Yup, this is your house!

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                                                 Now that you've found

 

                                                   "THE ONE",

https://www.youtube.com/watch?v=sj1XmjE1604

It's time to make an offer!

 

 

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Deciding How Much To Offer

 

How do you know if the home is reasonably priced?

 

Ask your REALTOR® to create a list of comparable sales (or comps) within the last six months for any house you are seriously considering. 

 

That way, you can see what similar properties have SOLD for in the same neighborhood.

 

You’re now ready to make an offer, you have done all your homework. You know what homes in your area are worth. And you should know how much home you can afford.

 

When making an offer, be realistic and don’t lowball!  This shows you are serious.  Nothing is accomplished by going in with a low-ball offer (except sometimes, in the case of foreclosures or when a home is significantly overpriced and has been on the market for a long time). 

 

If you go in too low, you’re going to insult the Seller.  Sellers love their homes and offering a lot less than what a property is worth won’t win you any points!

Your REALTOR® will work with you to determine a fair asking price, they will have the best read on pricing and marketplace dynamics and can walk through the comps with you.  Your REALTOR can help you determine what a fair discount would be without offending the Seller. 

 

Specific numbers will depend on the market situation. 

 

Currently, it’s a Seller’s Market..

 

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How Can I Negotiate The Purchase

 

Your local Real Estate Association, working with Legal Counsel has developed the contracts that are used for transactions in your area.  These contracts enable you to specify a Sale Price and also include many clauses for specifying various terms of purchase, such as the closing and possession dates, your deposit amount (Earnest Money) and other conditions.

You should carefully review these clauses with your REALTOR® to ensure that they express your desired offer.  In addition to drawing up the Contract, your REALTOR® will be happy to address all your questions and the offer process.

 

A Purchase Offer is a written contract which you sign and submit to the Seller. It is accompanied by a certain amount of “Earnest Money” (a small good faith deposit to show you are serious about buying the home). The written Purchase Offer indicates the amount you are willing to give the Seller for his or her property. If you are working with an experienced REALTOR, he or she will typically provide a standard purchase offer form which you can complete, sign and then hand over to the Seller to sign.

 

Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special issues of practice and problems not present in other transactions.

It is highly encouraged that you have a Real Estate Attorney.

If you do not have one, your REALTOR® will be able to recommend some to you.

A Real Estate Attorney is trained to deal with real estate problems that might occur and has the most experience to deal with them.

Buying a Home

In the typical home purchase, the Seller enters into a brokerage contract with a Real EstateAgent, usually in writing. When the Broker finds a potential Buyer, negotiations are conducted through the Broker, who most often acts as an intermediary. Once an informal agreement is reached, Buyer and Seller enter into a formal written contract for sale, the Purchase Agreement. The Buyer then obtains a commitment for financing. Title is searched to satisfy the Lender and the Buyer. Finally, the property is transferred from the Seller to the Buyer, and the Seller receives the purchase price bargained for in the contract.

This seems simple, but without a Lawyer, the consequences may be more disastrous than purchasing a car that turns out to be a lemon, or a stock investment that was unwise.

 

 

 

 

                         

 

 

 

 

 

 

                     How Can I Summit The Offer?

But before you sign on the dotted line, you should make sure to review the contract thoroughly and understand every single clause.

Pay special attention to contingencies in the contract, which spell out situations when you can back out of the sale to help protect yourself in case something goes wrong. For instance, such scenarios can include if you discover that the home has serious physical defects or if your bank rescinds financing.

Since your written offer forms the basis of a legal contract with the Seller, be thorough. There are some important details you should be sure to talk through with your REALTOR® and make sure are accurately included on your purchase offer,  such as:

 

  • The amount you are offering for the home and how you will pay the Seller (Cash, FHA/VA/Conventional Financing, etc.)
  • Concessions, such as any closing costs or other costs which you would like the Seller to pay
  • The amount of earnest money you are offering
  • The size of your down payment (This will be in your Pre-Approval Letter)
  • The “Earnest Money” deposit.  Your earnest money is typically put towards your closing costs; however, if you enter into a contract with the Seller and then breach that contract, you could stand to lose this money.

 

 

Once you have written the Offer, your REALTOR® will present it to the Seller's Agent.  At that point, the process, given that a home's eventual sale price is subject to Supply and Demand, will depend on the kind of market you're in.  Currently, we are in a Seller's Market. 

After the Seller receives your offer, Seller can Accept Your Offer, Reject It, or Counter it to initiate the negotiation process.  

Successive Counter Offers, with deadlines for responding and meeting conditions, will be exchanged between you and the Seller by their REALTORS® until a mutually satisfactory pending agreement is reached or the negotiations breakdown.

Negotiations can involve many factors relating to different market conditions, homes and Sellers.

Negotiating the transaction is usually the most complex aspect of buying a home.

At the same time, it is the one that can involve the most creativity.  That's why it's important to have an experienced and savvy REALTOR® who has successfully worked through many different transaction scenarios.

That said, what follows are a few strategies for negotiating a good deal in a Seller's Market like this one, all of which involve:

  • Presenting yourself as a serious Buyer
  • Keeping your emotions in check
  • Trying to understand respect the priorities of the Seller
  • Being creative and
  • Where necessary, willing to compromise to get the deal done

 

If you can’t put together a deal on the first property you like, don’t worry. There will be many more homes for sale. It is VERY common to end up finding a home a week later that you like even more than the first. Not taking that first home might be a blessing in disguise.

 

 

 

 

 

 

 

 

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What Is Earnest Money

 

The Earnest Money deposit is an important part of the Home Buying Process.

It tells the Seller you're a committed Buyer and it helps fund your down payment.

Without Earnest Money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. Sellers rarely accept offers without deposits.

Assuming that all goes well and your offer is accepted by the Seller, the Earnest Money will go toward the down payment and closing costs.  In many circumstances, you can get most of your deposit back if you discover something that you don't like about the home.

How Much Should You Put Down in the Earnest Money Deposit?

The amount you'll pay for the earnest money deposit will depend on a few factors, such as policies and limitations in your state, the current real estate market, and what the Seller requires. On average, you can expect to hand over 1-2% of the total purchase price as Earnest Money. 

In some real estate markets you may end up putting down more or less than the average amount. In a real estate market where homes aren't selling quickly, the Seller may only require 1% or less for the earnest money deposit. In markets where demand is high, the Seller may ask for a higher deposit, perhaps as much as 2-3%. You can sometimes win a bid if you give the seller a large deposit. In fact, the Seller may be willing to come down in price a little if you make a bigger deposit.

However, you may wind up having to do some paperwork for your mortgage lender, and the bank may want to verify the source of the funds for larger deposits. It won't be a problem if you can show that you've had the money for at least 60 days.

 

 

When Do You Pay the Earnest Money, and Who Holds It?

In most cases, after your offer is accepted and you sign the purchase agreement, you give your Earnest Money deposit to the Seller's Real Estate Brokerage or Attorney and in some instances the Buyer's Real Estate Brokerage or Attorney may hold the Earnest Money.

Always check the credentials of the firm or broker taking the deposit and verify that the funds will be held in escrow.

Never give the Earnest Money to the Seller; it could be difficult or impossible to get it back if something goes wrong.

After turning over the deposit, the funds are held in an escrow account until the home sale is in the final stages. Once everything is ready, the funds are released from escrow and applied to your down payment.

Can You Get Your Earnest Money Back?

If the deal falls through, whoever holds the deposit determines whether you should get the money back under the terms of the Purchase Agreement. 

Make sure that the purchase agreement or Attorney’s Letter covers how a refund is handled.

Keep in mind that even if you are pre-approved for a mortgage loan, you can be declined when you apply for one. In such cases, standard contracts allow you to recover your Earnest Money Deposit.

You can also usually get your money back if you find problems with the property. 

 Your attorney will take care of this.

 

 

 

 

 

 

 

 

 

 

 

 

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Who Will Negotiate the Final Purchase Price?

The Seller accepted your offer—CONGRATS! 

Your offer now becomes a contract and you are on your way to owning the home!

Now is the time to start thinking about getting the home inspected to see if there are any defects.

If you do not have an inspector, your REALTOR® will be able to recommend one to you.

If there are issues, such as a non-functioning fireplace or an old boiler, you may be able to ask for a price reduction to help cover the cost of repairs. And if you find any deal breakers, such as an unstable foundation or serious mold, you have the option of backing out now!

Once your Inspector confirms that there are no big defects that could affect the home's value, you'll submit a mortgage application. Review all closing costs—the ones you've hopefully saved up 3% to pay for, which might include an attorney's fee, title insurance and partial property taxes.

While it’s not uncommon for prospective Buyers to believe the deal is sealed at the signing, in many cases the negotiations begin afterward.

 

After you’ve conducted a Home Inspection, you ask the Sellers for a cash-back credit at the close of escrow, which can help you complete the project yourself. You can also ask the Seller for a credit to fix certain issues in the interest of offsetting closing costs.  Your attorney will address any issues you have with the Seller's attorney.

 

Be sure to look at ease when walking the property at the inspection — the last thing you want is to mention a gut renovation you’d like only to have the Sellers refuse to make needed repairs.

And if you haven't already, now is the time to check into getting House Insurance.  Real estate insurance protects owners in the event of catastrophe.  If something goes wrong, insurance can be the bargain of a lifetime.

 

 

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                                       Closing Day!

On closing day, do your final walk through one hour before closing (you want to make sure the property is in the same condition as when you placed your offer), bring your photo I.D., as well as any paperwork you received throughout the home-buying process, including insurance and home inspection certificates.

What’s next?

You’ve done it!

You’ve looked at properties,

made an offer which was accepted,

obtained financing, did an inspection, got house insurance,

did the final walk through and went to closing,

After all the paperwork is signed,

You will be handed the KEY!

 You have just become a HOMEOWNER! 

Congrats!

The Home is yours!!!

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Now we can all do the Happy Dance!

Buyers Love Closings

 

 

So when you are ready to buy a home, or if you hear that any of your family and friends are looking to buy, contact a REALTOR® and be sure to take advantage of their advantage  their knowledge, experience and professionalism.

 

                   

Contact Me
Contact Me

Dedicated To Your Home

Century 21 2017 Media Sizzle

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  • Equal Housing Opportunity
  • Realtor
  • Certified Military Residential Specialist
  • At Home With Diversity
  • Seniors Real Estate Specialist

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