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BUYING

Although every buyer's wants and needs are completely unique, there is a sequence of events that should be followed when searching homes for sale to make the home buying process easier. It is recommended that some actions be done prior to others simply because it is to your advantage to do so. Based on over 25 years of experience selling Janesville real estate, our sequence of events is outlined below.

1. Select a REALTOR® and establish an agency relationship. It is recommended that you have your REALTOR® represent your interests as a buyer's agent/broker. We suggest you visit this page describing Buyer Agency. You should expect to be treated with respect and dignity. You should feel like the agent's only client, not sale #41. You should expect total confidentiality. You should expect to have your best interests represented. You should expect your agent to work as hard for you as if he/she were buying or selling their own home. You should expect the highest skills and professionalism available. After your transaction is complete, your agent should be your trusted advisor that you can call anytime. You should be able to call your agent a friend.

2. Have your REALTOR® give you their recommendations for a bank or credit union and start shopping for a lender. Select your lender and get "pre-approved for a mortgage before starting your home search. This is different from a "pre-qualification". A pre-qualification is merely an estimate of what you can afford and is no guarantee that they will give you a mortgage loan. With a pre-approval, the lender verifies your employment, finances, and credit and agree to give you a mortgage loan for a maximum specified amount. You will then know the price range of homes that you can afford. When you submit an offer to purchase, it will be more seriously considered since the seller knows you have the finances to complete the purchase.

                         Financing               Mortgage 101

3. Select "the" home. Look at enough houses to be comfortable with your decision. The proper number may be one, or ten or even more. When you find a home that fills your wants and needs, be prepared to act quickly. Any delays at this point may mean losing the best home to another buyer.

                                    HOME SEARCH

4. Make an offer to purchase. How much should you pay? Should you offer 5% or even 10% below the listed price or should you offer the full listed price. There is no right answer to that question. Some agents and sellers list at market value. Others list above market value for "negotiating" room. Look at Neighborhood Sales and expect to pay a comparable price. Negotiating too hard may cause you to lose the home that you want.

5. Offer accepted--you now have a legal contract. The contract will require that certain actions must be completed by given dates. Your agent will help make sure that all dates are met.

6. Inspect the home. This must be done within the time limit in your offer or your right to inspect may be lost. Specific procedures for the inspection will be outlined in your offer. Inspections

7. Obtain your formal loan commitment. The lender will order an appraisal of the property and may re-verify some application information. This too, must be done within the time limit in your offer.

8. Close the deal. The closing will be handled by your mortgage lender or a title company. You will be required to bring proof of homeowners insurance to closing. Your lender will inform you of the exact amount of funds that you will need for closing. This amount must be provided by you in the form of a cashiers check or money order.

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