The Buying Process

 

Buying a home is an involved process and requires the guidance of a trained professional.

To assist you in understanding the buying process, I have provided you with some answers to the most common questions I have received from my prior clients.  I am committed to developing a lasting and trustworthy relationship with my buyers as I guide them along their path to their dream homes.

Here are some of the items that we will discuss during our initial meeting. To start understanding the buying process today, see below.  Or, better yet, give me a call at 630-669-2401.  Let's set up a meeting at your earliest convenience and get you into your new home!

  • Qualifying Buyers - Today, TIME is a very precious commodity.  It’s the only thing that you and I have the exact amount in every day.  I want to respect your time as we search for your dream home.   To best utilize our time, I will always pre-qualify my buyers.  Here are some of the questions that I will be asking when we start your search.  1. Determine your real estate wants and needs in relation to your financial capability.  2. Determine everyone’s level of involvement and 3. Determine your motivation and urgency in your home search.
  • Property Showings for Buyers - If you are looking for an agent that simply sends you emails with the newest listings, then I may not be the right agent for you.  My commitment and determination to find you the right property in a location that works for you, at a price you can afford is my goal.  I will share with you my market knowledge to help you find the home of your dreams.  In order to do so, I will need to:

    Know Your Needs, Desires, and Capabilities

    1. Go Beyond Your Stated Needs and Look for Alternative Solutions
    2. Explain Buyer Representation
    3. Share Market Research with You Early On - Roll the Mouse, Not the Wheels
    4. Get Outside of the List Price Box a Little
    5. Group and Schedule Showings for Maximum Efficiency
    6. Keep You Informed About What I Will Be Doing Next

    As we start viewing properties, I will provide you with addresses of properties we will be seeing prior to the set date and time.

    • Map Out the Route So We Won't Get Lost
    • Have a Packet of Pertinent Information on each Property
    • Review the Day's Showings and Ask Questions
    • Be Prepared to Write an Offer
  • Negotiating For Buyers - What Buyers Need to Know in the Negotiation Phase

    I believe in giving my buyer clients an early education in problems that might be encountered, how they are usually resolved, and my role in the process. Negative surprises in the emotionally charged and time-sensitive home purchase process can be avoided in many cases by going through a checklist of instructions to buyers.

    Making a Good Deal

    Everybody wants to make a good deal, and working a motivated seller into a bargain purchase price is the goal of most buyers. My recommendation on a purchase price will be based upon a market analysis for the specific property you are interested in writing the offer. 

    A Really Low First Offer Can Backfire on You

    A slowing market with rising inventory sometimes encourages buyers to make low-ball offers to test the sellers' motivation. In some markets, it's not that unusual, and sellers simply come back with a high counter offer to draw the buyer up to a reasonable price. However, sometimes a very low offer can offend them.

    Offer a Comparative Market Analysis

    When I get the question, "What price should I offer for this home?", you can rest assured that my recommendation is based upon a comprehensive market analysis of similar recently sold properties in that area. This will most likely yield a range and you can then choose an offering price based on accurate market statistics.

    Help You Locate Resources

    There are many partners involved in the purchase of a home.  I will provide you with a list of competent professionals (My Dream Team) to answer your questions. This can include mortgage loan officers, lawyers, inspectors, appraisers, engineers, etc.

    Buyer Representation Agreement

    I want to help you find the home of your dreams, and in doing so, I will devote the time necessary to turn over every rock to locate it. So that you understand my fiduciary duties, I always have a Buyer Representation Agreement with my buyers.  I take my responsibilities to you very seriously.

    Don't Buy That New Furniture Until After Closing

    With many of today's buyers purchasing homes at the top end of what they can afford, there isn't any room left in their loan qualification score. Deals have been lost days before closing because the lender did a final credit check and found several thousand dollars of new furniture had just been purchased on a credit card.  Talk to your lender or myself before you make any significant credit changes or purchases in this critical pre-closing phase.

    Stuff Happens - Don't End Up Temporarily Homeless

    There are so many variables involved in a closing that it's not that unusual for there to be last-minute delays that move a closing a few days farther out. Many times this is due to loan documents, as the lender wants to see all appraisal, survey, title and other documents first. If any of these are delayed, then the closing might be later than expected. As the contract moves along, I will stay in close communication with all of the parties involved, including you.  If necessary, you may need to have a contingency plan should a delay occur.

  • Home Warranty - The last thing a homebuyer wants to worry about after closing is what could possibly break or malfunction in their new home. Since that can cover a multitude of items and systems, for peace of mind, it's a good idea to get a home protection plan.

    There are several providers that I have established a strong relationship with.  The companies offer sensible protection to homebuyers for items that homeowners insurance normally does not cover like a water heater failure, dishwasher breakdown, or an electrical problem.

    Facts according to Home Remodel and Repair, Marshall & Swift LP

    • There is a 68% chance of a home system/appliance failure in a given year.
    • The average replacement cost of a home system/appliance is $1,319.00.
    • The average repair cost of a home system/appliance is $900.00.

    When something goes wrong, a home warranty is the right choice.  I will provide you with several vendors for you to consider.

  • Home Inspection - A professional home inspection can be a crucial step in the buyer's decision-making process.  If a house has defects, we may use an inspection report to request seller repairs to be done prior to purchase.  A home inspection will help a buyer pinpoint the areas that they may want to improve or enhance.  It can also give you peace of mind.

    You will want to know ahead of time what works and what does not work in the house before the sale proceeds.  A complete home inspection report can be a tremendous benefit when negotiating the final sales price.  A thorough home inspection by a reputable company could cover hundreds of items both inside and outside of the house including:

    • Foundation
    • Exterior
    • Walls
    • Roof
    • Attic
    • Basement
    • Kitchen
    • Bathrooms
    • Windows
    • Insulation
    • Air and heating system
  • Closing – Buyer Side - Although - for most people - purchasing a home is the single largest investment consumers will make.  A little knowledge can go a long way towards easing your fears about the process.

    New homeowners are often taken aback by up-front closing costs such as a mortgage and title insurance, attorney fees, recording fees, and loan points, which can run into the thousands of dollars. But there is no need to be afraid of these charges.  With my help, along with your lender's help, you will come to understand these costs, what their purpose is, and how they are applied. Examples of closing costs are:

    Non-recurring costs (paid one time)

    • Title policies
    • Escrow or closing
    • Notary
    • Wire fees
    • Courier/delivery
    • Attorney fees
    • Endorsements
    • Recording
    • State, County, or City transfer taxes
    • Home protection plans
    • Insurance premiums
    • Property taxes
    • Prepaid interest
    • Recurring costs (paid time and again)
Monica Mancano

Monica Mancano

REALTOR®, SRES®, MRP, AHWD
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Dedicated To Your Home

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