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.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.
My goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. I am dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
DeMarcus goes out of his way to match up his clients with the best choices for them. He is always available to answer questions, and works with your schedule! Beyond that, he is a great guide with a cool head.
Demarcus was very helpful at every step of the process from listing to closing. He provided all the information to prepare our condo to be sell ready, provided contacts that help with all other parts of the process - attorney, ...
In a challenging market, DeMarcus brought us so much peace of mind. From the beginning, he invested in every aspect of our experience, making sure to actively engage and ask questions in order to curate a list of properties tha...
I recently worked with DeMarcus to rent my 1bdr condo in Irving Park. DeMarcus is an absolute professional! He took care of every detail while still making sure I was in the loop throughout the process. He was able to find a te...
I would highly recommend DeMarcus. I admit my partner and I were skeptical as we had listed the property with another brokerage the previous year without success. DeMarcus worked quickly to determine a fair market value as well...
DeMarcus did an amazing job. I started my house search at square one. I've been living in Chicago for several years, but as a native Californian I'm less knowledgeable about Chicago. DeMarcus provided comprehensive, grounded ad...
DeMarcus was extremely helpful in the process of buying my condo from start to finish. He was with me every step of the way and was an excellent source of knowledge. I am a first-time home buyer and I am grateful that I got to ...
Could not be happier with my experience working with DeMarcus. His support and expertise were incapable and it made the process very easy. From the initial showings of the units, through navigating the offer, to dealing with th...
I met DeMarcus 2 years ago when my credit was on the rebound, at the time I was looking for just another apartment. From our initial conversation DeMarcus was super professional and transparent about everything. He is very pers...
DeMarcus is an excellent professional in the real estate industry. We purchased a beautiful apartment with DeMarcus’s support and could not be happier! He is very helpful, highly knowledgeable, patient and kind, answering all o...
I have lived in and explored many parts of this beautiful city, and look forward to sharing my expertise with you whether you are buying or selling in the Chicagoland area. Let me welcome you home.
