MetroEastRealEstate.com

Helpful information for buyers

Doyle Team's Buyer Guide

Judy and Chad Doyle will work hard to find you the right home and protect your best interests. The following information is for you and we hope it will be helpful in the buying process. If you have any questions, be sure to ask!

Did You Know?

We can show and sell you any property in the Metro East Area. We can show and sell you homes for sale by any Real Estate company, New Construction by all builders & even "for sale by owners"! The Advantages of Working with One Realtor...

The Advantages of Working with One Realtor'..

We represent you as a Buyer's Agent & our duty and service to you is to find you the best home, terms & financing available.· You will not get confused by having so many Realtors calling you that you cannot remember who you talked to about what· When a Realtor knows you are a loyal customer...and not going out with every agent in the book...they work much harder for you because you are their client!

We Listen to You'..

Once you have told us what your desires are, we will prepare a package of homes that best meet the areas & needs that you have. A time will be set to show you homes when you are available. · We will help you see the benefits and negatives of each home...our goal is to show you the best homes for the right price up front...& not waste your time! · The number of homes you may see will vary...Some people find their homes in the very first "3" they see...the very first time they go out! There is nothing wrong with that if that home is the right one for you! However, some people see 10 or more homes before they have found one that will work. A lot of this sometimes depends on the price range and limits of the Buyer. · It will not matter to us how long it takes for us to work with you...our goal is to help you...we will never pressure you on anything...we make that commitment to you right up front. · Our goal is to be your Realtor & make buying your home (whether it be your first or last) a fun and rewarding experience...to assist you through the entire process from start to closing. Common

Questions:

What if I drive by a home and I want to know the price and additional information?

Call Us!!

We will pull up the address on our computer system and get you the information....Call anytime! What if I see an ad in the paper or a Homes Magazine or the Real Estate Book? Call Us! We will get the information right away! What if I go into an open house held by another Realtor? Please tell them you have a Realtor and give them our name or card. The real professionals in the business protect each other's clients...remember, that Realtor is representing the seller of that home...not you! If you like it, we will go back with you and take a look at it again.

Your Home Loan

Getting Pre-qualified:

Getting Pre-Qualified

It is in your best interest to talk to a loan representative prior to looking at homes. This can be done over the phone or in person. They will ask you about your income and monthly debt obligations. This is so they can work your qualifying ratios & tell you the amount of the mortgage you qualify for. They will also offer to run your credit history. If there are any credit problems or late payments, there are programs that you will still qualify for in most cases. It is important that we both know what types of financing are available to you prior to looking at homes...this way when you find a home you like; you will not be disappointed because you cannot qualify to buy it.

Getting Pre-Approved for Your Mortgage

You can schedule an appointment with a Loan Officer and make a Loan application while we are looking at homes...look at our service provider's list for of loan officers.

Advantages to Being Pre-Approved

You can lock in an interest rate! What does lock-in mean? The lender will guarantee you for a specified amount of time. (Normally 60-75 days) that you can have the rate you agreed upon. This protects you in case rates should go up while you are looking for the right home! The seller will be more apt to seriously consider your offer when they know they have and offer from a serious buyer that has already made application for their loan. You will lessen the time between your first offer and closing because your financing will already be secured. Information You Will Need at Loan Application Last 2 years income, W-2, pay stubs to cover previous 30 days Residence address (including landlords) past two years Names and addresses of each employer, past 2 years Names, addresses, account #'s, balances and monthly payments of all open loans Certificate of Eligibility & DD214's (on VA buyers only) if self-employed'last 2 years' tax returns 3 months Bank Statements on all accounts Making An Offer Getting Started We will go to the office and put your offer in writing. Bring your checkbook! When we make the offer on a home, you will need to put up an earnest money deposit.

Why Do I Need an Earnest Money Deposit When Submitting an Offer?

So the seller will know you are making a serious offer and not wasting their time. I have always found if a Buyer puts up a decent deposit, it reflects very favorably on the seller. If a buyer puts up a trivial amount ($100?), the seller does not take them very seriously in many cases. We want you to have the best chance of the seller accepting your offer. This check is NOT cashed until the contract has been accepted by both buyer and seller.

What Happens to the Earnest Money?

Your check is deposited into an escrow account with the agency that you made the check out within 24 hours of an accepted contract (or by next business day before 2 pm) This is required by Illinois Statutes. This money is credited to you at closing and is applied toward down payment and/or closing costs.

Writing the Offer

We will go over the Real Estate Contract in full detail with you, answer all your questions and make sure you have a clear understanding of the contract. Once we have executed the contract and it is signed, we will present your offer to the seller and/or listing agent.

Negotiating the Offer

We will try our very best to get your offer accepted by the seller. Here is what you can expect. The seller may accept your offer that we presented. The seller may not be willing to accept your offer. In most cases, the seller will then make you a counter-offer. This means the seller will come back with another offer that they would be willing to accept. This is a counter-offer. We would then look at their counter-offer and see what you are willing to accept. This is called the negotiating process and we are committed as Your Agent to get you the best possible price and terms that this particular seller will accept. Your contract has been accepted'what's next?

Home Inspection

It is absolutely recommended that you have a home inspection. You now have 10 days to have an inspection performed on the home you are purchasing. We went over the Inspection Addendum on the contract when we filled in the contract. We are happy to provide you with a list of professional home inspectors; however you can choose anyone you want to do your home inspection. We recommend an ASHI certified, license inspector. This inspector is hired by you and you will pay their fee at the time of the Inspection. As your Realtors, we will set the appointment, or you can and just let us know so that we can clear with seller and provide access for any inspections. It is always recommended that you attend the inspection if at all possible. Once the inspection is completed, you will be given the report and after you have reviewed it, we will review it with you and discuss the results, any concerns or issues as a result of the report, then decide on any appropriate actions, if any, are deemed necessary by you. If any repairs are required, we will stay in contact with the other Realtor/seller regarding the work. (Note: if you have purchased a New Construction Home, we will go to a final walk through to make sure your home was completed to your satisfaction and is acceptable to you. You may want a home inspector to accompany you to this walk through) If you have purchased a pre-owned home, we will go to a final walk through to do a final check before closing.

Termite Inspection

It is absolutely recommended that you have a termite inspection. As we review on the contract, unless you are a VA buyer, you are paying for the termite inspection and therefore you may want to contact a termite inspection company to inspect on the same day as the Whole House Inspection. This fee is paid for at the time of the inspection or at the closing.

The Appraisal

Will Be Ordered By Your Lender What is the Appraisal for? The appraiser will justify the fair market value of the home using comparable homes in the area that have sold recently. This protects you and the lender and ensures that the home is worth what you are paying for it. Do not confuse the appraiser with an inspector. An appraiser has nothing to do with determining the condition of the property. This is paid for by you at the lender. Homeowner's Insurance for Your Home You now need to decide which company you are going to get your Homeowner's Policy through'it's never too early to get that accomplished'get that started today! Ask your insurance agent to provide the insurance information to your lender and the title company that will be handling your closing. Utility transfer, Phone, Cable and Trash A few days before closing, contact the Utility Companies to have your services transferred into your name. In some cities, an occupancy permit is needed before this can occur. The phone should be called in advance of a few days if you want service when you are moving in.

The Closing

I You will need to bring a CASHIERS CHECK or CERTIFIED FUNDS to the closing. The title company cannot accept a personal check. The dollar amount that you need to bring will be provided to you prior to closing. You will need to have photo identification at closing (Driver's license, etc.) At the closing, you will be given the keys & Congratulations!!!!!!!!!!