Chaz Walters

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Buyers

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Deciding to Buy

Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why Do You Want To Buy?

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Has Your Income Grown?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

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Preparing to Buy

Before you start shopping for your property, it is a good idea to make some preparations.

Build Your Green File.

A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

Check Your Credit Rating.

Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.

Be Careful With Your Finances.

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.

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Choose a Real Estate Agent

Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.

Here are some factors to consider when choosing your real estate professional:

  • Look for a full-time agent – one who has experience completing transactions similar to yours.
  • Interview a few agents: Are they familiar with the area in which you are interested?
  • Ask how much time the agent will have for you, and if they are available at night and on weekends.
  • Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
  • Does the agent return your calls promptly? Time is money when attempting to buy a property.
  • Ask for a list of properties they have sold or a list of references.
  • Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.
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Time to go shopping

Once those preparations are out of the way, it is time to find the right property for you.

Take a Drive.

Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.

Narrow Your Search.

Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.

Time to Buy.

Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Escrow inspections & appraisals

The Process, Step-by-Step

The Initial Agreement and Deposit.

An effective agreement is a legal arrangement between a potential purchaser and the property’s seller.

Some important tips to keep in mind to streamline the process:

  • Keep written records of everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and to convert them into written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything.
  • Stick to the schedule. Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements. During the process we will keep you constantly updated, so you will always be prepared for the next step.

Either a title company or an attorney will be selected as a closing agent. The closing agent will hold the deposit in escrow and will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property.

You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.

Property Inspection

Once your offer has been accepted by the seller, you will need to have the property inspected by a licensed inspector within the time frame specified in the purchase agreement.

You may choose to hire additional specialists to evaluate specific areas of the property, such as the roof, HVAC system, or structural components. If you are purchasing a commercial property, your lender may also require an environmental assessment of the site. We are happy to recommend qualified inspectors for your needs.


After the Inspection

Depending on the inspection results, one of the following outcomes will typically occur:

  1. Move Forward with the Purchase. If the inspection is satisfactory and all contractual milestones are met, the contingencies are removed, bringing you one step closer to closing.
  2. Renegotiate the Contract. If the inspection uncovers concerns, you may request repairs, ask for concessions, or renegotiate the terms of the contract—most commonly the purchase price—before moving forward.

It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.

If the property that you are purchasing is conditional upon an association approval, request the rules, regulations, and other important documents from the seller as soon as you have an effective agreement to purchase. Make sure that the application documents and processing fees are submitted to the appropriate person at the association by the required time. Fill out all of the information completely and legibly so there is no delay in processing the application. If you are required to meet with the association for your approval, make an appointment as soon as possible for the interview. Most associations require a certificate of approval before move-in. Your closing agent will request that the original copy of this approval letter be brought to the closing, so that it can be recorded with the deed in the county public records.

Homeowners Insurance

If you are financing your property purchase, your lender will require you to obtain homeowners insurance. The amount of coverage required will typically depend on the lender's requirements and the purchase price of the property.

Shopping around and comparing insurance providers can help you save money on your annual premium. Here are a few ways to reduce your insurance costs:

  • Choose a higher deductible. Increasing your deductible by a few hundred dollars can significantly lower your insurance premium.
  • Ask about available discounts. Many insurers offer reduced premiums for homes with safety features such as deadbolt locks, smoke detectors, alarm systems, storm shutters, or fire-resistant roofing materials. Additional discounts may also be available for long-term customers or homeowners over the age of 55.
  • Insure the home—not the land. The land itself is not at risk of being destroyed by most disasters. When determining your coverage amount, insure the structure rather than the total property value to avoid paying for unnecessary coverage.

We will be happy to recommend experienced knowledgeable insurance agents for every property type.

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Moving In

Closing Day

If you have come this far, then this means that it is almost time for congratulations, but not yet. Do not forget to tie up these loose ends:

More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.

We will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.

We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.

Seller's Guide

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Contact Details

Chaz Walters

Phone

(773) 405-8707

Email

[email protected]

Address

1910 N Clybourn Ave Chicago, IL 60614

Submit a Message

By providing your contact information to Chaz Walters, your personal information will be processed in accordance with Chaz Walters's Privacy Policy. By checking the box(es) below, you expressly consent to receive marketing or promotional real estate communication from Chaz Walters in the manner selected by you. For SMS text messages, message frequency varies. Message and data rates may apply. Consent is not a condition of purchase of any goods or services. You may opt out of receiving further communications from Chaz Walters at any time. To opt out of receiving SMS text messages, reply STOP to unsubscribe. SMS text messaging is subject to our Terms of Use.

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