Buying Process

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Evaluate your finances and credit

ASSESS YOUR CREDIT AND FINANCIAL STATUS

 The thought of purchasing a property, whether it be a condo or home, can be scary. Not only because it’s a potential lifetime investment, but simply because it’s a very large step in settling down. Don’t let the thought of Credit, or even Finances make the decision for you. With programs like DPA (Down Payment Assistance) and Credito Conifa (Credit Repair), there is more help available to you today, than ever before. It may take time, but there is always an opportunity for anyone, and everyone to make the investment of buying a home or condo.

EVALUATE YOUR CURRENT POSITION

As stated in the aforementioned article, purchasing a home can be quite daunting. On the contrary though, receiving the keys to your new home is an unexplainable feeling. With endless opportunities in shaping and building a property to be uniquely yours, and even reducing your taxes or building equity, the pros significantly outweigh the cons.  

Before jumping the gun and making a choice on your new home, you must stop and take a look at your situation and assess what exactly you’re looking for. How much can you really afford? Are you looking for a lifetime investment, or something temporary? What amenities best fit your lifestyle? Is this the right neighborhood for you? These and many more factors must be taken into consideration anytime you dive into the home buying process. 

STEPS BEFORE BUYING

These five steps will help you decide whether you’re ready to buy a home, take into consideration it’s a big decision and process. 

  1. You have a steady income, and reliable employment.

Your chances of a loan approval significantly increase after having a steady job for at least two years. Being able to hold a job for two years, almost always also means you’re financially stable enough to take on a mortgage.

  1. Making repairs won’t be an issue

Whether it’s fixing a broken, oven, refrigerator, or even plumbing, You can no longer call a landlord and have the issue taken care of, at no cost. You will be responsible for any and all repairs in your home. Although buying a home warranty and home insurance will take a bit of the load off, it rarely will come without a cost to you.

  1. Being able to financially afford a mortgage

Your payments are calculated using, your income versus how much debt you have. Usually this ratio is recommended to be at 36% to financially afford a mortgage payment. Mortgage payments are more often than not similar to rent, so if you’re struggling with a rent payment, odds are you will with a mortgage payment for a home of equal size.

  1. You don’t have bad credit.

Having amazing credit is no longer a large requirement for a loan approval. But having a score below 600 isn’t exactly ideal either. Similar to employment, having a good credit, like having a steady employment history, can work out in your favor. Exceeding a score of 650 can drastically improve your approval total and chances.

  1. You can efficiently save up for a downpayment. 

There are various costs associated with buying a home. Some are upfront costs, and the biggest will be your down payment.  You can expect to pay anywhere from 3 – 20% as a downpayment for most loans. Although DPA (Down Payment Assistance ) programs can help qualifying buyers, it doesn’t completely waive the down payment, and you’ll still be looking at a certain percentage to pay upfront.  

MEET WITH ONE OF OUR EXPERT AGENTS

With thousands of Real Estate agents in Illinois, choosing one can be slightly overwhelming. At YUB Realty we have made it easy to choose. Whether you want our Managing Broker, the award winning TOP 1% Producer in Illinois or one of the fully vetted professionals in our team, you are sure to he fully satisfied with the best customer service in the State. We each take pride in making personal connections with each of our buyers and sellers. We also give our clients access to each and every resource we have. This is something that makes us stand out.

Having access to agents and professional service providers we can recommend, who not only have the highest certifications, training standards, and extensive knowledge of the Chicago Metro Real Estate Market, is one of the many benefits you can have by working with YUB Realty. We are know for offering easy, 24/7 assistance, open communication, winning negotiation skills, and we can guarantee that we will be by your side, ready to answer any questions you may have, every step of the way. So book a meeting with one of our featured agents below, and come experience what it’s like to have true professionals work for you.

THIS WEEK’S FEATURED REAL ESTATE BROKERS

Ariana Cornejo

Associate Realtor Excellence Team
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Antonio Villa Jr

Associate Realtor Excellence Team
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Yolanda Ekonomo

Associate Realtor Excellence Team
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FIND YOUR PERFECT MATCH

After finally meeting all the criteria needed to buy a home, and after meeting and consulting with one of YUB Realty’s agents, it’s time to start your search! By utilizing our advanced search engine, you can search for a new home by filtering through, size, location, amenities, and so much more. Instantly showcasing thousands of listings all across Chicago.

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MAKING AN OFFER: WHAT GOES INTO IT

With the help of your YUB Realtor, you’ve found your dream home, congratulations! Taking all the price, amenities, location and size into consideration,as well as a variety of other factors, you present an offer to the seller, that not only is fair to you, but fair to them.  After taking all the factors into consideration, you will have to follow the process below. 

  1. Generate your offer:  Your purchase offer will contain all the details and terms of your offer such as, how large your down payment will be, the final price, your closing date, and much more. 
  2. Submit the offer:  By making an effort to try and submit your offer in person, your YUB Realtor will have the opportunity to further explain the details of your offer. Upon receiving the offer, the sellers agent will then discuss and possibly make a counter offer. 
  3. Negotiation: Most times, your first offer will not be accepted.  This is when your YUB Realtor, and the sellers realtor will negotiate to get you, and the seller the best terms and offer possible. Lucky for you, All of our YUB Reltors have great negotiation skills that will guarantee a good deal. 
  4. Seller Accepts your offer: Congrats! Both you and the seller have agreed on a deal, your offer is now legally binding and you’re within arms reach of your new home!

GET IN CONTACT WITH ONE OF YUB’S REALTORS

Having a great team of realtors who are experts in the Chicago Real Estate market is what sets us apart. With great experience, and extensive knowledge in every neighborhood in Chicago, We can connect you with the perfect realtor, feel free to fill out the form below, and one of our expert realtors will be in touch with you soon. 

CLOSING & BEYOND

This is it, the final stretch, this is what you’ve been looking for, and working towards, the closing. More often than not, the closing will happen as scheduled. This final step will involve multiple people from each party. This includes attorneys, realtors, and lenders. On the rare instance that it doesn’t whether it be a failed inspection, failed income verification, or other factors, your YUB Realty Agent will be by your side every second of the process.  

ready to get started?

Now that you’ve gotten acquainted with the process of buying a home, it might be time to sit down with a Yub Realty realtor and discuss your options. Fill out the form below or chat with us online to connect to a broker today!

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