Buyers Guide
Home Buyers guide
Buying a home is usually your largest investment. That’s why you need an experienced partner with the resources and expertise to simplify the home buying journey for you. It’s a relationship built on communication and trust. One that your Dream City Realty Agent never takes for granted. Need help finding an agent? Check out our Agent list page to select a Dream City Agent. If you would just like further information, click here to contact us.
FIND AN AGENT
Decide how much you can afford
Before you begin house hunting, see a Illinois Mortgage Corporation loan officer for a certified pre-approval. This is a guarantee that you can qualify for financing to a maximum purchase price and loan amount, enabling you to write a strong Offer to Purchase. In a today's market, almost every seller and his agent will request pre-approval letter with your Offer. Also, you can close on your new home sooner, easier and with far fewer worries.
You’ve found the home that’s right for you. Now it’s time to write an Offer. It’s an exciting, emotional and sometimes challenging experience. You’ll be glad you have an experienced Real Estate Agent at your side to guide you through negotiations. We will go through the whole contract with you, explaining everything and making sure that your buying experience is least stressful. When you submit an offer, be prepared to make an earnest money deposit. This sum of money indicates the seriousness of your offer. All money is held in an escrow account by the broker. At closing it is applied to the purchase price.
Hire an Attorney
Even though, Dream City Agent will into details explain the Purchase Contract, you will still need to hire Real Estate attorney. After you Offer has been accepted, you should take a copy of the contract to your attorney.
Let the Dream Team Agent find your Dream Home
Your Dream City Agent will search for homes, that meet your criteria. Then, he/she will schedule appointments that fit your schedule. Your buyer’s agent will offer you valuable advice, complete a free market analysis and work with your best interests in mind. Together, you’ll have access to all available homes on the market, and be confident that the home you choose to purchase is worth the money you pay.
Contact your Dream City Realty Agent to begin your home search. Tell us what you are looking for, and we will email you list of available homes.
Make an Offer
Submit earnest money
Think about Home inspection
To get beyond surface impressions, a professional home inspection is an essential step. Here, a professional inspector will go beyond the "cosmetics" to survey the entire house, including structure, roof, exterior and the major systems (electrical, plumbing, heating, cooling and ventilation). An inspection reveals the need for replacements or repairs before you buy, for fewer surprises and extra peace of mind.
Apply for a loan
When you apply for a loan, your lender will give you a good faith estimate of your closing costs and order an appraisal of the property you wish to purchase to confirm it is adequate security for the mortgage. Once the lender has verified the information you’ve given and reviewed your credit history and appraisal, you’ll receive a commitment letter. This document is a promise from the lender to give you a loan.
Purchase homeowners insurance
Once your loan has been approved, and closing date is set, visit your local insurance agent to purchase your homeowners insurance. A lot of times, agent that insures your car, or your apartment will give you an extra discount for multiple insurance policies. Call couple of reputable companies and compare the rates before making a commitment.
Congratulations, today is the Closing day!
Your dream of owning a home becomes reality today. Dream City Realty full service continues right through the closing. We will be at the closing with you, along with your attorney. Here you’ll settle all the financial details, transfer the title to your new home and receive the keys to your new home. There will be several papers and checks to sign, and you’ll need to remember to bring the following:
- A homeowner’s insurance policy and a receipt showing payment of one year’s premium.
- A certified or cashier’s check for your closing costs. Call your lender a day before closing to find out the exact amount.
