Buying a new home in Chicago with MICHAEL SORENSEN SHORT SALE GROUP @ REMAX CITY CHICAGO ILLINOIS

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Step 1 – Get ready to purchase
Before you commence your home search, there are plenty of things you'll want to consider. You'll most likely want to put together a checklist of items you want, get a feeling for what school districts and neighborhoods you'd like to live in, and start working on your budget. Keeping your mortgage payment around a third of your monthly income is a good rule of thumb to go by.

Step 2 – Contact a real estate agent in Chicago
This is where MICHAEL SORENSEN SHORT SALE GROUP @ REMAX CITY CHICAGO ILLINOIS can help. I'd be more than happy to arrange a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans. We'll talk about neighborhoods, schools in the Chicago area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.

I can also help you facilitate the loan process. There are some excellent mortgage professionals in Chicago, and I work with a lot of them, so you can rest assured that you're in great hands. They'll assist you with figuring out which kind of loan is best for you and help you get approved.

Step 3 – Start your search
Following our initial meeting, I'll start looking for available houses on the market that suit your needs. I'll get a sneak peek of many of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.

When we tour the houses, I'll point out positive features and negative ones. And I'll ask you what things you like and dislike. It's widely common for buyers to change their must-have list as we view homes and some items become more necessary than others. If such is the case, I'll go back through all the listings one more time and narrow it down to the home you've been wishing for.

Step 4 – Know the market
My understanding of the Chicago home market is an indispensable resource in your house search. I am informed of all the neighborhoods and schools, and I can communicate certain neighborhoods are "hot" and demand immediate action and some that are "cold" and allow for careful examination.

As we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be careful and be sure to ask lots of questions. Every REALTOR^® will convince you they truly know the market. If things don't add up, contact me at 847-696-1664 or e-mail me at sorensenhomes@yahoo.com, and I'd be happy to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire process.

Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream home in Chicago. When that happens, I'll carefully create your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.

When submitting your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property and is most often applied to the closing costs. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most contracts don't close on the initial offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.

How aggressively we negotiate the contract depends on market circumstances. In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a contract that's best for you.

Step 7 – Get a loan
After the contract is complete, you'll begin working with your mortgage lender to close the loan. If you're pre-qualified, this shouldn't take long at all, but you'll need to keep in close contact with your mortgage lender. And I'll care for all the property information your mortgage lender will need to close the loan.

Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your loan application. The estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a precise range of accuracy, and I'll examine the estimate and let you know if it all looks all right.

Then it's time to close on your home. This will most often occur at a title company or escrow office and will most likely be a smooth and stress-free occasion.

Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 847-696-1664 or send me an e-mail.