Looking to purchase your new home? Orland Park Realtors can help.
For a lot of people, purchasing a home can be intimidating. However, with some planning ahead of time, it's not very confusing. We like to furnish buyers with a road map of the entire deal so they understand exactly what they can expect. Here are our nine steps to buying a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to address questions you have about this information.
Step 1 – Get ready to buy
There are plenty of things you'll want to consider before beginning your home search. When you begin your search, you'll probably want to create an index of items you want, plan for what neighborhoods you'd like to live in, and start planning around your budget. A good rule to go by is that your mortgage payment should be less than 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent in Orland Park
That's where we come in. We'd like to schedule a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the Orland Park area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
We'll also help you get started on your loan. Our affiliate company, Avalon Mortgage Services, Inc., an Illinois Residential Mortgage Licensee, NMLS#: 283614, IL license#: MB.0003198, phone: 708-403-5181 can assist you in deciding which type of loan is best for you and help you get approved so you can rest assured that you're in great hands!
Step 3 – Begin looking for a home
After our initial meeting, we'll start finding available homes on the market that are a great fit for you. We'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
As we tour houses, we'll identify good features and negative ones. And we'll ask you to talk about things you like and don't like. Frequently, buyers revise their must-have list as we view houses and some things become far more crucial than others. If such is the case, we'll go back through the listings once more and trim it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
An agent's understanding of the Orland Park home market is a leading factor in your home search. We're familiar with the neighborhoods, schools, community center, park districts, dog parks, forest preserve trails, shopping malls, restaurants and more.
As we tour homes, we'll be sure to tell you when the list price has room for negotiation and when we trust the house is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions. Call us at 708-873-1400 or e-mail us at firstname.lastname@example.org, and we'd be glad to answer any questions you might have. Our market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
We're certain we'll find the home of your dreams in the Orland Park area and surrounding suburbs. When that happens, we'll write up and submit your real estate purchase offer tailored with your needs in mind. We know when the time is right for the attorney's review, ordering the inspection and applying for financing. When turning in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is most often put towards the cost of closing. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer – it's extremely common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the deal. We'll also work within your financing constraints. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Obtain your loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan. This won't take very long at all if you've been pre-qualified and our affiliate company, Avalon Mortgage Services, Inc., an Illinois Residential Mortgage Licensee, NMLS#: 283614, IL license#: MB.0003198, phone: 708-403-5181 can assist you with this process. And we'll work closely with your lender to insure that your loan will close smoothly.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your loan application. The estimate depends on the loan amount. RESPA laws require that it has to involve all closing costs and be within a precise range of accuracy.
Then it's time to close on your house. This will likely happen at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call us at 708-873-1400 or send us an e-mail.