QuestionsQ: What will an agent do for me? A: The most important is to help you find the home that will best fit your wants and needs in your price range.
Once you have agreed on a price, the agent will call different banks to find the current interest rates. Once you have applied for your loan, the agent will keep in close contact with the bank so your loan will go as smoothly as possible. Q: Should I call the agent from the sign or ad in the paper to look at a home? A: No, you should find an agent that you like to work with and have them show you any houses that you wish to see. That agent can show you any house on the market. Note: Realtors do not get paid unless they "close" on a property. So if you choose to change Realtors during your search, make sure it is for a good reason, because they will have worked for free if they are not with you when you purchase your home. It is common courtesy in the Real Estate Profession to ask if you are already working with an agent. Q: What do I need to do to get ready to look for a home? A: The most important thing is to get pre-approved by a bank or mortgage company of your choice. Sellers will take your offer more seriously if you are pre-approved when you present your offer. If two offers arrive at the same time, they will most likely choose the offer from a pre-approved buyer. Q: What does it cost to get pre-approved? A: Usually you will only be charged for a credit report ($40 estimated). Some banks charge a small fee, but deduct it if you do use that bank to finance your home. This encourages you to work with their bank when you finally make an offer. Q: How long before I get approval? A: It can take 2-3 weeks Q: How long before we can start looking for a home? A: We can get started right away, while you are waiting for approval. Just call me at (217) 351-7653. Q: What do we do when we find a home? A: We write an offer and negotiate a price. You will also put earnest money down at that time. This shows the seller you are serious. Please note that your check will be deposited when an agreement is reached. The bank will have the house appraised, and all of this can take up to a month. Once you have all the information to the bank, you just have to wait. When we hear back from them, we will set the closing. The day before the closing, we will do a walk-through, to be sure everything is like it was when you made the offer. Please note that this should take about 45 to 60 days from the application to the closing. At the closing, you will sign the paperwork for the loan, the title, and tax paperwork. When you are finished, you get the keys to your house!
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