THE PROCESS
1. Buyer Consultation
First, we will connect for an initial consultation to discuss what you are looking for in your next home so we can help guide your search.
2. Buyer Representation Agreement
We will establish a mutual business agreement. This document is designed to increase transparency by laying out our obligations to you, in addition to details on term lenght, compensation, exclusivity, representation, and property criteria. Once we are all aligned with the terms of the agreement, you will be asked to sign before we can show you or send you any properties.
3. Get Pre-Approved
If you are obtining financing, getting a pre-approval letter from a lender before submitting an offer is important, as it shows you are more likely to meet the propsed settlement date. A pre-approval letter and a good faith estimate from a lender will also give you insigt into the projected down payment, closing costs, and expected monthly payment.
4. Find Properties That Meet Your Criteria
We will activate a ‘collection’ or specialized search for properties as they hit the market until we find a home you love. As we visit homes together, through appointments and open houses, we will identify your ideal home’s location and amenities. We will keep you notified of any off-market or private market homes that you may be interested in. We will run market analyses on comparable properties in the area to give you a clear understanding of current market value.
5. Submit and Negotiate Offer
Once we find the right home, we will collaborate on a competitive offer. The offer is an agreement to pay a certain price for the home and may include other terms, such as financing, whether you are waiving any contingencies and closing date. It is our jobe to guide you through this process to ensure you are confident with our offer.
6. Sign Contract
Your contract is the agreement between you and the seller to purchase the property for a specific price. Also defined in the contract of the sale is the settlement company, date of close, and earnest money deposit. Illinois is a legal state and you will be required to hire a real estate attorney to handle the close, the transfer of title and tax prorations. (We know great attorneys we can refer.)
7. Home Inspection, Disclosures, Reports, and Repairs
It is our responsibility to coordinate all desired home inspections wintin the agreed timeline and contractual contingencies. We will review and discuss the discuss the disclosures. You may approve or negotiate credits and/or repairs. Prior to closing, we will schedule a final walk-through of the property to verify property is still in acceptable condition and any negotiated repairs were done.
8. Loan Appliation and Appraisal
If you are obtaining financing, your lender will let you know the list of financial documents necessary. Your lender will have an appraisal done on the property. Typically, you will have a mortgage contingency of the agreed upon length to obtain a mortgage commitment. Once your lender has all of the documents, they will review them an issue a clear-to-close, which means your loan is complete and the file will be sent to the title company for closing.
9. Closing
Once all the conditions of the contract have been satisfied, the closing is held. The closing documents are signed, payment is exchanged, and you receive the keys to your new home!
10. Welcome Home!
Congratulations! You are now a homeowner. Woot!
50 THINGS WE DO AS BUYER’S AGENTS TO ENSURE A SUCCESSFUL TRANSACTION
We will meet for a buyer consultation.
Align on the best communication plan throughout the entire process.
Encourage you to reach out to a lender for pre-approval and provide recommended lenders (at least 3) if requested.
Collect market data and recent comparables in neighborhoods you’re interested in.
We will complete a buyer questionnaire to understand your needs and objectives.
We will research off-market opportunities for you to find additional suitable inventory.
Create a ‘Collection’ so you’re aware of listings that fit your criteria.
Select properties to show you based on your criteria.
Pull market trend data to understand what’s happening within the broader region.
Coordinate showing appointments to gain access to desired listings.
Learn relevant details and attributes of the properties shown, including the number of bedrooms, bathrooms, square footage, and acreage.
Attend broker tours to view other available properties on the market.
Stay connected to local buyers, sellers, and other agents to maintain a constant view of what drives the market.
Reach out to agents with similar listings to understand traffic and buyer demand.
Provide objective advice and help you evaluate the pros and cons of different properties.
Prepare a Comparative Market Analysis (CMA).
Understand the property’s current condition for negotiation purposes with the assistance of experts.
Advise you on potential offer strategies that reflect current market conditions.
Help you determine where to obtain HOA documents if needed.
Review all transaction documents with you in advance of writing any offer.
Review the disclosure package.
Coordinate additional access to the property, if necessary.
Assist in scheduling a meeting with your experts about desired improvements, including landscaping, painting, fixture updates, minor and major renovations, etc, if applicable.
If requested, recommend at least three vendors with the needed expertise to assist you on your specific request.
Maintain consistent communication to provide market updates.
Monitor any changes in the market to refine offer strategy and make needed updates (revising price, terms, etc.) accordingly.
Explain the offer process, timeline, and recommended preparation.
Align on offer strategy and prepare the offer on your behalf.
Notify the listing agent you are submitting an offer.
Advise and strategize with you on counteroffer response.
Negotiate terms as needed with the listing broker and seller in writing
Notify you when terms are agreed upon.
Assist with the review of the final contract, disclosures, pre-qualification letter, and wiring instructions, if applicable.
Coordinate the signing of the final agreement.
Facilitate deposit of earnest money and down payments.
Create and execute closing timeline and transaction review.
Stay in close contact with all relevant parties through the next steps.
Share the estimated timeline and all documents with the client and Attorney(s), if applicable.
Coordinate and confirm inspection, and assist with negotiations post-inspection, if applicable.
Coordinate and confirm that the appraisal has been received.
Confirm loan approval has been received.
Coordinate final walk-through and address issues that may arise by communicating with the seller’s agent.
Remind you to order home warranty (if applicable).
Remind you to order homeowners insurance and set up utilities.
Request final closing figures from the attorney.
Advise you to carefully review closing figures with the settlement service provider.
Facilitate closing for you and the seller.
Confirm recording of deed, if applicable.
Transfer of keys and property access.
Welcome you to your new home!
Communication & Working Together
Working Together
Searching for a home is exciting, but can sometimes feel overwhelming. Establishing clear expectations for our working relationship from the outset will make the experience more pleasant and fruitful for everyone.
The personal and time sensitive nature of a real estate transaction has some highs and lows. We want you to think of us as guides on this journey, and with open communication we will navigate these roads together.
Weekly Work Rhythm
Real estate is a 7-day a week job. You will be receiving emails from us as part of the Collection we will set up of homes that match your criteria. One of the best ways for all of us to stay in the loop is to comment on the homes that you receive. We can see what homes you like, what homes you dismiss and will answer any questions you put in the comments. We will also be sending you homes via email that are off-market and match your criteria.
Communication Tools
Aside from the Collection Comments you can reach us via text messages and emails. We will respond to all text messages and emails within a few hours between the hours of 8am and 9pm.
Scheduling Tours
Scheduling home tours involves coordinating your schedule, our schedule and the seller & seller’s agents schedule. 48 hours notice, minimum, is required to ensure we can get into all of the homes you wish to see. If there is a ‘hot home’ (a home that is getting a lot of attention and matches your criteria) we will alert you to these properties and do our best to get in as soon as possible, always striving to be flexible.
Communications During Active Negotiations
While we are in an offer process or active negotiation, it is ‘all players on the field!’ It is game time! We will be dealing with the selling parties, the agent and the sellers, and we will need to respond in a timely manner. The phrase ‘time is of the essence’ is in the real estate contract. One or both of us will always be available. Please let us know if you have any schedule constraints during the active negotiation period.
Coverage Arrangements
One of the advantages of working with our team, is we make sure that one of us is always available to respond. If we are both out in the field or unable to respond, we will let you know in advance and make sure a teammate can cover our business. In most circumstances, one or both of us will be available.
Post Closing
Our goal is to be your trusted resource during the search, the offer, the inspection period, the close and well after you are in your new home. Please continue to let us know how we can support you! We have tried and true vendor relationships we love to refer. We love to offer professional input on updates/modifications to your home that help with potential resale value, etc. Real estate is one of your most significant assets and we treasure the opportunity to support and assist you any way we can.
KEY TERMS
Get a better understanding of common real estate language and practices.
Appraisal
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Assessed Value
Value placed upon property for property tax purposes by the tax collector.
Closing Costs
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, and title insurance.
Contingency
Certain criteria that have to be met in order to finalize the sale.
Debt-to-income ratio
The percentage of an individual’s monthly gross income relative to the amount of debt owed.
Earnest Money Deposit (EMD)
A good faith deposit the buyer makes with an offer to show that you are serious about buying the property. In exchange, the seller agrees to stop marketing the property.
Final Walkthrough
The buyer reviews the house just before closing to make sure everything is in the same condition and that all home inspection items are fixed.
Inspection
An expert conducts a formal review of the property to find visible issues that need to be repaired. Buyers typically make their offers contingent on an inspection, but sellers can conduct a pre-offer inspection to appeal to buyers. The buyer may choose to do additional inspections like radon and a sewer scope.
Lien Search
A background check on the property and the seller to ensure there are no outstanding debts or claims upon the property.
Pre-Approved
Advanced approval from a bank or other lending institution for a home mortgage.
Pre-Qualified
Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for.
Title Insurance
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Recording Fees
A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.