The buying process: What are the steps?

1. Contact a Realtor. Realtors have access to all listings of homes for sale in any area of Wisconsin, a Realtor can provide valuable advice and guide you through the negotiations, keep on top of the different stages of the buying process, and make sure that all deadlines are met through the closing of escrow.

When you contact us, you can secure a team of real estate professionals to represent your interests. Remember that real estate agents selling homes represent the sellers, not you. We can dig up very valuable information to you: how long has the property been in the market, what price would be acceptable for the seller, what is the true market price based in comparables, etc.

We pay close attention to your needs, making sure that when we find homes for sale in WI for you, you do not waste valuable time visiting homes that do not interest you.

2. Securing Financing. Unless you're buying with cash, you will need to make arrangements for a home loan, and the wise thing to do is to take the first steps in that direction before you start visiting homes for sale.

Start shopping around for mortgage loans: look for the best mortgage interest rates, terms and conditions of the loans. There are so many choices today: the traditional 30 year loans, 15 year, 7, 5, or 3 year ARMs, and many new financial products, you have to be careful and do your homework, and the earlier you start the better.

Get pre-approved: A lender will look at your assets, your debts, credit score, income and expenses, and will determine your buying power: how much house can you afford. The lender will then provide you with a Pre-Approval letter indicating how much they are willing to lend you.

Most sellers today won't even consider offers without a pre-approval or pre-qualification letter from the buyer. They do not want to be tied to a buyer that has not secured financing yet. On the other hand, it is logical to talk to a lender to figure out how much you can afford. Then, when the right home comes your way you'll be ready to make an offer.

3. Find the home. Sometimes it can be difficult finding a realistic balance between what is affordable and getting all the features you want in a home. Do not make the mistake of buying the most house you can buy! With all the "creative" loan products available today, you can get into a property that can be very hard to meet the payments later, not just the mortgage, remember you must pay taxes and insurance. Maxing-out on a home purchase can be the first step towards foreclosure later.

As your professional team of real estate agents, we will search for homes for sale according to what you described. Don't be surprised if we find the right home for you within the first few properties and show you homes that exceed your expectations. The good thing is you won't be "pressured to buy" at any time! Buying is a decision you should be comfortable with.

4. Make an offer. The offer, if accepted, becomes a contract, so you have to be careful here. We know how to prepare the contract and can provide advice on the terms of the offer. The "insider knowledge" of your Buyer's Agent can save you thousands of dollars: if the home has been on the market for a long time, had previous contract fell through, or there have been no offers the owner may be more willing to bargain.

The seller can choose to counteroffer, amending the terms, or setting the price higher than your offer. If everybody agrees with the final offer, you have a contract. It is time now to order a home inspection.

The home inspection is a very important step that should not be waived, unless you know the property very well. A thorough home inspector can find any potential problems, and you want those problems fixed by the seller before you take possession of the home. If there's disagreement about the repairs, and you can not work out the differences to your satisfaction, you can cancel the contract without penalty.

If an agreement was made to do repairs, remember to do a walk through inspection before closing on the property.

5. Closing Time. In preparation for closing, there are several things we will do to be certain that your real estate transaction will close on time.

The day before closing, we will provide you with a copy of your final closing statement (HUD-1). We will go over all the calculations to be certain that you are given credit for your security deposit and any items agreed upon between you and seller. We will also review all the lender, title, and escrow fees, to be sure they are what you had been told.

Before closing we will help you be certain that all the conditions of the purchase contract have been met and all directions given to the closing agent have been performed. Before signing your name to any closing documents, check and double check that everything is correct, interest rate, fees charged, and condition of the property.

Buyer Information...