Tag Archives: Buyers

Everything You Need To Know About Buying a Saint Clair County IL Home – Part III

17 Jul

After you’ve made your lists of “must haves,” and you’ve identified desirable neighborhoods, it’s time to seriously shop for your Saint Clair County IL home.

Your agent will email you listings which meet your criteria, and you can “visit” many of them online via a virtual tour. Once you have narrowed down your choices, your Realtor will arrange for you to visit those properties. A few bits of advice here:

saint clair county il home1) Take notes on each home you tour.

2) Look past the owner’s furnishings and décor.

3)  Consider the potential of the property.

4) Listen to both your head and your heart. Sometimes a property really does “speak” to you.

Once you decide to make an offer on your chosen Saint Clair County IL home, your agent will provide you with comparable prices of similar homes which have recently sold to help you decide what you will offer. He/she will prepare a contract which will include price; down payment, deposit, financing; inspections; conveyance of items, settlement date; and any contingencies you add.

Once your Realtor presents your offer to the seller, negotiations may begin. The seller may counter your offered price or any other part of the contract, and you may, in turn, counter such requests. You may have to offer more money in price, but you can also ask the seller to cover all or some of your closing costs or to make repairs that ordinarily would not be covered. The best solution, of course, is to reach an agreement that makes both the buyer and the seller happy.

Once the deal has been finalized, you will proceed to having a home inspection, a HVAC inspection, and an environmental test (asbestos, mold, radon). Your Realtor can arrange for these inspections to ensure that the property meets expected standards. He/she will also deal with the seller to take care of any exposed discrepancies and/or unexpected problems

What‘s next? Preparation for your closing, a walk-through of the property, and then the actual settlement on your Saint Clair County IL home!

Search all Saint Clair County IL Real Estate And Homes For Sale.

Holly Nortonoffers unparalleled service in the Saint Clair County IL real estate market. Holly assists buyers looking for Saint Clair County IL real estate for saleand aggressively markets Saint Clair homes for sale. Holly serves the entire Saint Clair County Illinois real estate market including the surrounding communities such as Fairview Heights, Belleville, Swansea, Shiloh, O’Fallon, Freeburg, Smithton, Mascoutah and Millstdat area.

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Everything You Need To Know About Buying a Saint Clair County IL Home – Part II

17 Jul

Now that you have analyzed your financial situation, received prior loan approval, and determined your needs/desires for your first house, you will want to secure a mortgage for your Saint Clair County IL home.

saint clair il homeAs with any major purchase, you will want to shop around for the best deal. Contact several lenders (bank, savings and loan, credit union, private mortgage company, or a state or federal government lender.) Before doing that, however, you need to familiarize yourself with mortgage types, terminology, and options. Your Realtor will be helpful in this mission, as will the internet. Click here for help in determining which type of mortgage is best for you. This site will help you with options, terminology, calculators, and much, much more.

Another good source of information for first-time home buyers of a Saint Clair County IL home is HUD, an agency which oversees FHA loans. This type of loan is particularly useful if you have little money for a down payment (generally 3% is required), less than great credit, or large monthly bills. Because interest rates are higher and you must also pay loan insurance, however, be sure to research this type of loan carefully before committing to one.

When you have done all of your homework and are ready to actually apply for a mortgage, be sure that you have all the figures, information, and paperwork required by the lender.  It’s an extensive list, but your loan application cannot be processed until your file is complete.  State Farm has a handy online checklist for your convenience.

As always, to avoid mental stress, financial strain, and even real estate fraud/scams such as bait and switch or loan flipping while purchasing your Saint Clair County IL home, be forearmed with accurate information and heed the sound advice of your Realtor.

Coming next!! Part III–finding your perfect first home, making an offer, and preparing for the closing.

Search all Saint Clair County IL Real Estate And Homes For Sale.

Holly Norton offers unparalleled service in the Saint Clair County IL real estate market. Holly assists buyers looking for Saint Clair County IL real estate for sale and aggressively markets Saint Clair homes for sale. Holly serves the entire Saint Clair County Illinois real estate market including the surrounding communities such as Fairview Heights, Belleville, Swansea, Shiloh, O’Fallon, Freeburg, Smithton, Mascoutah and Millstdat area.

Everything You Need To Know About Buying A Saint Clair County IL Home – Part 1

28 Jun

Everything You Need To Know About Buying A Saint Clair County IL Home – Part 1.

Thinking of Buying a Saint Clair County IL Home? First Get Pre-approved!

22 Jun

Few people can buy a home for cash. According to the National Association of REALTORS® (NAR), nearly nine out of 10 buyers of Saint Clair County IL homes finance their purchase, which means that nearly all buyers — especially first-time purchasers — require a loan.  The real issue with real estate financing is not getting a loan (almost anyone willing to pay lofty interest rates can find a mortgage). Instead, the idea is to get the loan that’s right for you — the mortgage with the lowest cost and best terms.

Realtors routinely urge prospective buyers to get pre-approved for a loan before they even begin saint clair county illooking at Saint Clair County IL homes. They also stress the importance of obtaining a letter of pre-approval rather than of pre-qualification.  Although many homebuyers use these two terms interchangeably, there are significant differences between the two.  Simply stated, pre-qualification lets sellers know that a prospective buyer of their Saint Clair County IL home is likely to qualify for a loan, whereas pre-approval, although not an absolute guarantee, indicates that a loan officer has determined a borrower is credit-worthy and financially able to qualify for a certain loan.

The advantages of searching for a Saint Clair County IL home with evidence of pre-approval in hand are many.  In essence, they include the following:

  • Mortgage preapproval is going to tell you exactly how much money you can borrow. This way, you will know how much your mortgage payment is going to be ahead of time.
  • You won’t waste time (or be sorely disappointed) by looking at houses you can’t afford.
  • Sellers and Realtors will take you seriously.  They are much more comfortable with the certainty that you can obtain a loan (and that the deal won’t fall through), and thus may be more willing to negotiate.
  • Once you find a home, the mortgage process can proceed more quickly because your lender will already have.

Although lender requirements for pre-approval may vary somewhat, be prepared to supply the following information:

  • Purchase Agreement
  • Social Security Number and Date of Birth
  • W-2/1040 Forms
  • Recent pay stubs
  • Bank account statements
  • Credit card statements
  • Debts and liabilities
  • Mortgage or rental histories
  • Investment properties
  • Employers
  • Asset statements
  • Personal property
  • Current and previous statements

Supplying all this information may seem like a time-consuming process, but in the end of your house-hunting journey, you’ll be glad you did it!

Search all Saint Clair County IL Real Estate And Homes For Sale.

Holly Norton offers unparalleled service in the Saint Clair County IL real estate market. Holly assists buyers looking for Saint Clair real estate for sale and aggressively markets Saint Clair homes for sale. Holly serves the entire Saint Clair County Illinois real estate market including the surrounding communities such as Fairview Heights, Belleville, Swansea, Shiloh, O’Fallon, Freeburg, Smithton, Mascoutah and Millstdat area.

Get the Saint Clair County IL Market Report!

You can reach Holly by sending her an email or give her a call, 618-779-9966.