Just getting started? Here are a few resources for buyers to get going.
Buying a Home
Though the prospect of buying a home is exciting, it can also seem a bit overwhelming whether it's your first home or you're moving to another home. I will help negotiate the best possible terms, deal with purchase agreements, counteroffers, inspections, closing matters and more. I will be there for every step of the home-buying process.
Your Representation
Sellers list homes with the help of an agent who acts in that person's best interests. As a buyer, you want someone that offers the same level of support.
With a Buyer's Agent Agreement, I will represent you as a buyer, giving you the tools necessary to make the most informed purchase.
I will point out negative as well as positive features, negotiate in your favor and maintain loyalty to you, helping you find the right home.
2. Getting Pre-Approved
Before starting your home search, I recommend you find out how much home you can afford. A Wisconsin Mortgage Corporation's Loan Officer can pre-approve your mortgage before you start house hunting. To get pre-approved or apply on-line, click here.
A pre-approval gives you the assurance that you can qualify for financing to a maximum purchase price and loan amount. This enables you to write a stronger Offer to Purchase.
In a competitive market, pre-approval could mean the difference between acceptance of your offer rather than another buyer's offer.
When you apply for a loan, be sure to get a good faith estimate of your closing costs.
3. Finding a Home
I work with my clients to find the right home for them and schedule in-person or virtual tours at their convenience. But there are many elements that make up a home to consider. Every client has different needs, but here are a few considerations to discuss:
Finding the right home in the right community that fits you and your family's needs.
We'll talk about your lifestyle and what's important to you from the importance of school to living near restaurants and shops, to the type of neighborhood.
We will explore what you need and want in a house. Style, lot and house size to bedrooms and baths, we'll help narrow your search.
4. Making an Offer
When you find the home that's right for you, I will write an offer to purchase and present it to the seller's agent.
5. Order a Home Inspection
Once your offer is accepted, you will put down a deposit to show how serious you are about buying the house. Then, you will want to hire a professional home inspector who sees beyond the "cosmetics" and surveys the entire house, including structure, roof, exterior and major systems (heating, plumbing, cooling, electrical, ventilation, etc.).
6. Closing
Congratulations, this is the final step in becoming a homeowner! My service continues right through the closing day and here are some things to keep in mind:
At the closing, you will settle all the financial details.
The title to your new home will be conveyed.
You will receive the keys to your new home.
FAQs
Who pays the realtor when buying a home?
The seller of the home is typically responsible for paying a commission from the sale of the home.
What happens if I put less than 20% down?
If your down payment is less than 20% your lender will require private mortgage insurance (PMI), an added insurance policy that protects the lender if you can't pay your mortgage for some reason. This additional monthly fee varies but will cease once you've built up 20% equity in your home. I work with my clients to help them have a clear financial picture so they can make the decision that's right for them.
When should I talk to the bank?
I recommend home hunters talk to their bank lenders before even looking at homes. Southeastern Wisconsin can be an incredibly competitive market so being financially prepared and ready to make to make an offer on a home is key to landing the home you want. We when have our first consultation, I will walk you through the necessary steps and answer any questions you might have.
Should I buy another before selling my current home?
There are many benefits to buying a home before selling you own, the largest of them being time. Time to find the right home, time to remodel your current home, time to stage it properly and the list goes on. However, the financial burden of having two mortgage payments can be restrictive for some buyers. It's important to have a very clear picture of your personal finances before you start looking for a home.
What happens if I want to back out of my accepted offer and I don't want to buy the home?
If you’re having second thoughts and want to back out of an accepted purchase offer, there can be repercussions depending on your agreement. The easiest time to back out of a deal is during the contingency period. If you back out of an offer based on a contingency (like the home inspection or for finances), you can do so with little fuss and still get your earnest money deposit back. If it's after this period, you may run the risk of losing your earnest money or legal repercussions. The most important thing is to ask questions and have open conversations with me during the home buying process so I can help outline your options.
Should I have an Accredited Buyer's Representative when buying a home?
An Accredited Buyer's Representative (ABR®) is an official designation by the National Association of Realtors for an agent that has undergone special training as well as ongoing learning. Although I am an Accredited Buyer's Representative (ABR®), no accreditation is a substitute for experience within your market, the amount of homes they've sold (and how quickly) and their approach to working together.
What is a short sale?
A short sale is defined by when a house is sold for a price that is less than the amount still owed on the mortgage. The homeowner initiates the sale of the home but because everything is dependent on the lender's approval process, it can be lengthy and unpredictable—even if the homeowner and the potential buyer agree on terms.
What is a foreclosure?
A foreclosure differs from a short sale in that the homeowner does not initiate the sale, the bank takes ownership and the homeowner is unable to make payments. Buying a foreclosed home typically takes less time than buying a short sale home because the lender is trying to liquidate the assets as quickly as possible.
How do I pick the right greater-Milwaukee neighborhood?
Each neighborhood has its own character and benefits and it's important to find an area that's going to align with your wants and needs. When we work together, we'll sit down and discuss things like walkability, school systems, proximity to retail stores, noise factors and so on. Whether you know exactly where you want to live or you're looking for advise, I've been living and helping people find homes in the greater Milwaukee area for over 20 years and I'm happy to discuss and answer any questions you may have.
How do I decide on a closing date?
Closing dates typically range from 30-60 days from when the offer is made and is set by the buyers. This time allows for the bank to process the necessary paperwork to close on the home. Setting a closing date that's sooner can have an impact on how desirable an offer is to the sellers. I always encourage my clients to let me know their timeline and if there is a specific date so I can best accommodate their needs.
Are there special loan programs for veterans?
The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA). Learn More.
In addition to the price of the home, what other upfront costs will I have to pay?
In the state of Wisconsin, the seller pays all real estate transaction closing costs and fees, any fees you pay are due to your specific lender. In addition to the down payment, the buyer is also responsible for lender's closing costs which can vary depending on the price of the house and a variety of other factors like mortgage insurance, home owners insurance, title and assessment. Before putting in an offer, it's best to understand and discuss your situation with your lender and myself.
Is a buyer treated differently if they are a first time home buyer?
It doesn't matter if this is your first home of your fifth, every home and home buying experience is different and I'm here to provide free consultation to help you with your circumstances. If you are first-time buyer, there may be special loan programs available to you that I can help consult with you on.
In general, how long does it take from submitting an offer to getting the keys?
Although there are exceptions, a buyer who is taking out a mortgage should typically anticipate 30-60 days from when their offer is accepted to the closing date. During this period, the process includes time for an inspection, the lender to issue an appraiser, considerations for contingencies and any other negotiations that may need to take place.