Buyer Services

Whether this is your first home or tenth, there is no feeling in the world then the feeling of owning your own home or property. Until you walk in your home for the first time, you can not truly appreciate the feeling of home ownership. This guide has been designed to prepare you for the home buying process.

A common question We are asked is, “How much do I pay for your services ?” The answer is Zero. As a buyer, you do not generally pay me to help you find a home. The Sellers pay the sales commissions. Only in rare instances would a buyer be obligated to pay a real estate agent the sales commission.

Keep in mind that it does not matter what type of home you are looking to buy, new construction, or even a for sale by owner, We can represent you.

So why do people turn to a professional real estate agent when looking for a home ? Because as professionals, we are organized and experienced in finding people homes. It is our job and livelihood. We are here to help and guide you step by step. We will do all the research, work and negotiations. You have little work to do. Like going through the car wash, simply put your car in neutral and release the breaks, We do the rest. We will lead you through the entire process and answer any questions you may have.
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The Complete Buyer Service Program

* Please note that all buyer services will not necessarily be the same as each buyer will require their own special needs. Individual needs will be assessed for the best and most appropriate service programs. Furthermore, We offer to match any advertised competitor programs .

The Complete Buyer Services

Welcome, And thank you for selecting me as your Real Estate Agent. Below is a complete list of the primary service programs that We offer all our clients. Please take a few moments to review and compare my programs to those of other agents

We are full service, full time Real Estate Agents

Regardless of where you live, We will be able to find a home that is best for you.

An initial introduction session will be conducted to determine your home buying needs

Property reports will be provide to you on a weekly/biweekly basis, detailing all homes available today based on the criteria you selected. This report can be mailed, e-mailed or even faxed.

On site home shopping experience. We can personally visit you and show you homes currently available on the

Home tours and showings will be scheduled for any time and day that is convenient for you. We will visit all the homes that you would like to see. Simply look over the property report and call me with the homes you would like to visit. How many times have you called an agent to ask about a home, only to find that the home advertised has been sold or is under contract ? Never again.

Service providers and leads. Don’t have an attorney or loan officer ? We can provide you with numerous leads.

Complete guidance and monitoring of all activity. Even after a contract has been accepted by the seller. You will not be left in the dark. We will constantly keep in touch to update you on progress.

New Construction Tour. If you decide you would like your home to be newly built, I will take you to visit any areas that you might be interested in. We will also provide you with advise and additional services.

Complete support. Even after purchasing your home, We will be available to help you with any problems or questions you may have.

Market Analysis and evaluation will be done on any home you decide to purchase. This will insure that you are not overpaying for the home and opening the initial offer with a fair reasonable price.

Much, much more
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Determine How Much Home You Can Afford

The first thing that needs to be determined is how much home can you afford ? Many first time home buyers are under the impression that they need a huge down payment like 20%. This is not true today. There are numerous options/mortgage plans. Contact me for details or leads to a preferred lender. Or you may visit your own Bank representative for a free consultation. a Loan officer can run your status and determine a comfortable price range.

Depending on you situation, owning your own home may be the same if not cheaper in the long run then renting an apartment. The after tax savings of owning a home may make it more beneficial to own rather then renting.

It is well advised to determine your level of affordability before you begin searching for a home. The reason is because you may be looking at homes out of your price range. Or even qualify for more than they might otherwise think.

A more important reason why you may wish to get pre qualified or approved is to determine your credit qualifications. You may find that an old credit card account is still active, or late fees have created problems for you. These items may require a few months to be cleared up before you can successfully apply for a loan. Always keep in mind that there are banks ready to give a mortgage to just about anyone regardless of past credit problems, even bankruptcy.

Be prepared to answer questions.
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Tax Advantages Of Owning A Home

Why are you still renting an apartment or home when you could begin enjoying the many benefits of owning your own home. Its easier than you think. How many years have you been renting. Have you even stopped and considered how much money you have spent on rent so far? If, for example, your rent is $800 a month and you have rented for just two years, you have spent $19,200. And what benefit have you gained ? None, You are simply helping your landlord pay his mortgage. Stop and think for a moment $19,200 Spent and nothing to show for it. Nothing.

Did you know that you may be able to purchase your first home with little money down ? And with the tremendous tax advantages that the IRS allows homeowners, you can write off your mortgage and property taxes paid.
You gain no tax benefits from renting. In the above example, If this was a mortgage instead and you filed your yearly income taxes you would receive a refund or tax liability reduction of $2,880 if you were in the 15% tax bracket, or up to $5,376 if in the 28% tax bracket. By renting you get no tax benefit. So why don’t more people stop renting and buy a home?

Did you know that a home appreciates in value each year. So if you buy a home today at $150,000, and it appreciates a modest 5% ($7,500). The same home would be worth $165,375 after 2 years. That’s a profit of $15,375. And what kind of a profit did you make renting for 2 years at $800 a month ? None, you spent $19,200. For each year that you own your home, the greater the potential appreciation value. While owning an apartment your landlord reams all the tax benefits and appreciation. You gain nothing. This sounds harsh, but unfortunately it’s true.

If you enjoy the carefree maintenance of living in an apartment, perhaps a condo or townhouse is best for your needs. Many can also be purchased for less than a detached home. Most Condos and Townhouses do not require you to mow the lawn, rake leaves, shovel snow or maintain the landscaping. Instead, they impose a monthly assessment fee to cover the cost of these services. So what are you waiting for ?
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What Are You Looking For In A Home?

Now that you have determined how much home you can afford, you can start selecting the criteria you are looking for. What exactly do you want in a home ?

3 common types of homes include; a Free standing home (referred to as a detached) or a townhouse or condo (referred to as attached housing). The difference between the two is that townhouses and condos have association fees. Because you do not own the common grounds, rather share them, there is a monthly association fee (non tax deductible) that is charged to each owner. This fee can range from a few dollars to a couple hundred. The fee covers the expense of cutting the lawn, maintaining the grounds, shoveling the snow and care and maintenance for landscaping as well as common grounds. Sometimes the association fees may include the use of a clubhouse, swimming pool or sports facilities. It is the equivalent of living in an apartment where you do not have to worry about doing any work. Prices of townhouse and condos vary greatly depending on area. As well as parking facilities, property taxes, and association rules.

If you feel like you want the privacy and control, then a single family home is a better option for you. They to vary greatly in price. You can choose from a home that needs some minor work to a newly built home.

Once you have decided which type of home is best for you, write down the facts that are most important to you. Here are just a few items to consider:

Number of bedrooms

Number of Full/half Bathrooms

Garage space for x cars

Full or Partial Basement: finished or unfinished

Square footage of the Home

Age of the home

Style of the home

Lot size/Acreage

Yearly Property Taxes

Distance to Work, Schools and Shopping

And so on.

Once you have this information we can begin your search. When you first speak with me, I will ask you all these questions. I will enter this search criteria in the computer.
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Yard Signs, Magazine And Newspaper Ads

Everywhere you go, you will be overwhelmed by Yard signs from many real estate firms, newspaper ads and even the free home magazines at your local grocery store. You are free to search for your future home anywhere. If you are asked if you are currently working with a Realtor, please show them my card or simply let them know that you are represented. You will notice that many of the houses advertised may be sold or pending contract. And you wonder why are they still being advertised ? or why did’t the yard sign say “no longer available or sold” ? This is due to many reasons.

First of all, yard signs will remain until the property is sold and then closed. Until the house is closed, we do not remove the yard sign. this is because the deal may fall apart, has not closed, or to generate further leads. When you see homes advertised in magazines, newspapers and trade publications, keep in mind that it takes a while for those advertisements to be assembled, printed and then distributed. Because of this, many homes are sold by the time the ad books reach you. Don’t be discouraged, use these homes to get more ideas or samples of what your looking for in a home.
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The Internet As A Source

Visit the home search links that We have available under my current listings tab. These links will bring you to the most popular search engines. on the Internet. These sites are commonly used by buyers to find homes. Keep in mind that even these sites might not necessarily have current information. This is because these sites do not maintain and update the sites as frequently as the Royal service Realty. As Licensed real estate agent's, We have access to the MLS, most commonly called the Multiple Listing Service. The MLS is nothing less than a collection of all most every single home available on the market within a certain geographical area. Our common area here is Northern Illinois. It even encompasses parts of Indian and even goes as far north as Wisconsin Dells. We have up to the minute, immediate information.

Even thought the public web sites are not maintained as frequently, they still provide for an excellent source of leads and home buyer information.
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New Construction, Before You Go Alone

Even if you decide to buy new construction, We can still represent your needs. Many people think that they can negotiate a better price because they take the real estate agent out of the picture. This is not true. Many sales associated who work at these new construction sites and help you select your lot, home site and options get paid commissions. Suffice to say that the more they get you to spend, the more they earn. Real Estate agents generally get paid a standard commission percentage based on the base price of the model. This means that you can pick the best oven/range or refrigerator or the standard, and We do not make a penny more. With this in mind, We remain neutral, and protect your interests and you won’t feel pressured by unnecessary purchases. The sales associates on the other hand do earn a better commission if they get you to buy that better kitchen cabinet or carpet upgrade.

Contact us before you visit a new construction site. If you do decide to go by yourself, tell the associates that you are working with a Realtor, better yet, give them our card.
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Open House

Feel free to visit any open houses you come across. If you come in contact with another agent, or are asked if you have a real estate agent that you are working with, simply give them your agent's card or mention their name so that they know you are represented. Otherwise they may solicit you unknowingly.

Open house are generally conducted by agents or many for sale by owners. Should you find a home you like, contact me immediately. Your agent will assist you in the purchase process.
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For Sale By Owners

Whenever we hear that someone has bought "For Sale By Owner", the first thing that comes to my mind is “Hmmm, wonder how much they over-paid”. The bottom line is, you cannot sacrifice for the lack of seeking expert advise. If you are interested in seeing a home that is advertised as "For Sale By Owner", simply contact your agent to schedule a showing and they will accompany you. That’s all, you need to do nothing more. Most will cooperate with you even if you do have a real estate agent.

Be aware that many for sale by owners may try to negotiate with you. But without being adequately represented by a licensed real estate agent, you may not know if the home is overpriced. You may also lack the courage to say NO or negotiate properly. Bottom line is: Would you call upon a police officer to visit a domestic dispute (a professional) or would you walk into the situation yourself and try to settle the dispute. It would be foolish not to call a professional. As a professionals, we will not be intimidated when it comes to negotiating the best price for you. If you do it alone, your simply asking for problems that may be over your head.
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Finding That Perfect Home

Once you have found that perfect home, the search is over. You may want to get a second opinion from a friend or family member. Once you make the final decision that this is the right home for you, it is time to make an offer.
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Presenting An Offer

Once a Contract has been drawn, Your agent will contact the sellers Agent. He or She will notify the Seller’s agent that they have an offer on the home. They will ask the Seller’s agent where they would like them to deliver the offer, then wait until they receive a reply. The Seller will either accept your contract as written with no changes. Or will make a counteroffer, thereby; negating and voiding the first offer.

Keep in mind that we are Agents and not Attorneys. We cannot provide you with legal advice.
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Counteroffers And Negotiations

Counteroffers are commonly conducted over the telephone. Your agent will contact the Seller’s Agent and go over any changes or alterations to their counteroffer. At this point the Agent will notify his Seller and then contact us again with Acceptance of the terms or with a new counteroffer. This may continue on for several hours or even days. But once both side reach a mutual agreement. Any changes will be made on the Original Offer and we will make arrangements to meet with you to go over the Contract one final time and to Obtain All Signatures of All Sellers.

At this point we will have a Valid Legally Binding Contract. As Real Estate Agents, we can no longer change any portion of this contract. It will be forwarded to your Attorney and the Seller will do the same. The Attorneys will take over from this point. They can negotiate, re-negotiate or try to change any part of this contract (For Example; Negotiate a new closing date, extend your mortgage Contingency Deadline...)But they cannot change the Excepted and agreed upon Price. This is very important to remember.

For your safety and protection your Attorney will review the Contract. S/he will even examine it for omissions, as even agents are not infallible. But you will need to consult your attorney once a contract is Accepted and signed by both side.
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The Accepted Contract

Once you the Buyer sign, and the Seller signs the Final Contract, we have a Valid Legally Binding Contract, Your selected Attorney will represent you and guide you from this moment forward. It is his or her responsibility to review the contract and prepare you for the closing.
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Contacting An Attorney

If you do not have an attorney, We can give you several leads to select from.

We will notify your attorney that you have a contract to purchase a home. We will also send and fax your selected attorney a copy to the contract for review.

Keep in mind that your attorney may make modifications to the final contract.

Fact: the respective attorneys for the parties may approve, disapprove or make modifications to the contract, other than stated purchase price, with 5 business days after the date of acceptance. Must be in writing. If within 10 business days after date of acceptance written agreement on proposed modification(s) cannot be reached by the Parties, Contract is null and void.
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Contract Facts For The Buyer

Once the contact has been accepted, it is important that you understand your options specified in the contract. This is a quick overview of some key points. Please note that it will be your responsibility to secure an attorney to review the contract and assist you with your rights and options from this point forward.

Earnest Money and the original Contract signed by both parties will be held by the Listing Company as “Escrowee”, in the trust for the mutual benefit of the Parties.

Mortgage Clause; Contract is contingent upon Buyer obtaining an unconditional mortgage commitment by the date specified. Buyer shall make written application within 7 calendar days after the Date of acceptance. Failure to do so shall constitute an act of default under the Contract. If Buyer having applied for the loan specified, is unable to obtain a loan commitment and serves written notice to Seller within the time specified, the Contract shall be null and void and earnest money refunded to Buyer upon written direction of the Parties to Escrowee.

Residential Property Disclosure; if the Seller gives a buyer the form after the execution of a written agreement binding the Buyer to the transaction and the form reveals a material defect, then the Buyer may, within 3 business days after the receipt of the form, terminate the contract. Written notice of termination must be personally delivered to at least one of the sellers identified in the contract personally or be mailed by certified or registered mail.

Home Inspections; Buyer may at own expense, conduct a home, radon, lead-based paint and/or wood insect infestation inspection(s). Buyer shall serve written notice upon Seller or Sellers attorney of any defects disclosed by the inspection(s) which are unacceptable to the Buyer, with a copy within 5 business days. (10 for lead based paint). If within 10 days after date of acceptance written agreement cannot be reached by parties w/respect to resolution of inspection issues, either party may terminate the contract by written notice.

Final walk through; Buyer shall have the right to inspect the Real Estate, fixtures, and personal property within 72 hours prior to closing to verify that all is in substantially the same condition as of the date of acceptance.

Attorney Review; The respective attorneys for the parties may approve, disapprove or make modifications to the contract, other than stated purchase price, with 5 business days after the date of acceptance. Must be in writing. If within 10 business days after date of acceptance written agreement on proposed modification(s) cannot be reached by the Parties, Contract is null and void.

Buyer’s Specified Party Approval, within 5 calendar days after the acceptance. In the event the specified party does not approve, written notice must be given within the time frame and the contract will be null and void.

* If written notice is not served within the time specified for any of the above options/contingencies, Buyer shall be deemed to have waived the said contingency.
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Home Inspections

You are always advised to have a home inspection done. They will generally cost you $225-350. Your agent or your attorney can give you several leads to select from. You do not have to have a home inspection, the choice is yours.

Once you order an Inspection date, We will be contacted by the Inspector and schedule a time that is accommodating to both you and the Inspector. You do have the option of accompanying the home inspector. S/he will walk you through the home and explain findings during the inspection process. The main purpose of the inspection is to search for major defects that need to be repaired or addressed.

Fact :The Buyer may at own expense, conduct a home, radon, lead-based paint and/or wood insect infestation inspection(s). Buyer shall serve written notice upon Seller or Sellers attorney of any defects disclosed by the inspection(s) which are unacceptable to the Buyer, with a copy within 5 business days. (10 for lead based paint). If within 10 days after date of acceptance written agreement cannot be reached by parties w/respect to resolution of inspection issues, either party may terminate the contract by written notice.

As Buyer, you have 5 Business days from the time the contract has been accepted in order to conduct a home Inspection. Your Attorney should contact you with the results of the home inspection. You may still conduct a Home Inspection after this time, However; you may not be able to use its findings as a way to Void the Contract or force the seller to make repairs deemed major. Consult your attorney regarding this topic.

You may request a copy of the inspection report from the inspector or your attorney.
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Monitoring And Follow Up

During this process and even past the closing, my duty is to Monitor and Observe all activity. This is done in order to ensure a smooth transition. We will constantly be in touch with you, Your Attorney, the Buyers Agent, Buyer’s Attorney, Home Inspectors, Loan Officer or Broker, Closing Coordinator and many others, to ensure a smooth Closing.
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Final Walk Thru

Fact: Several days prior to closing, We will Contact you and schedule a Final Walk thru. This is conducted to ensure that the property is in the same condition as it was when it was agreed to purchase.

Fact: Buyer shall have the right to inspect the Real Estate, fixtures, and personal property within 72 hours prior to closing to verify that all is in substantially the same condition as of the date of acceptance.

If there are any concerns or issues at this point, you need to notify your attorney immediately. Your attorney will contact the Seller’s attorney. And notify him of your concerns. Your attorney will notify you of the results of the conversation. If, for Example, there is a leak in the basement and the carpet is stained, you may ask the seller to either clean/replace it or allow a credit (reduction of purchase price). If a credit will not be issued, you may again schedule a Final walk thru to ensure that it was fixed to your satisfaction.

Closing dates may be postponed if things are not to your satisfaction. This is more common than you might think.
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Closing

Your Attorney should contact you far in advance of your closing date.

Your attorney will notify you of anything you need to bring to closing. The closing generally will take place at a time and location previously agreed upon by both Attorneys. The Closing will be conducted by a Title Company. Their duty is to act as a type of Coordinator for proper distribution of all funds. They will ensure that funds are distributed according to Agreement. For Example, they will make out all the checks and pay the Attorneys their fees, the Real Estate Agents their Commissions, The State their Tax, The Bank the Credit Report Fees, etc............

Closings can take 45 minutes to All Day. Sometimes they run into a second day. There may be a few obstacles that occur at a closing. Please be prepared so that you are not worried or stressed out. A common problem is that Banks may wait till the very last minute to disburse the funds to the Title Company. If the bank does not disperse the proper funds to the proper escrow account, this to can slow down the closing.

If the Title company does not receive the funds from your bank, then a closing Without the funds cannot take place, since there is no money!
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After The Closing

Once the closing is complete our services still continue. Should you ever need anything, please do not hesitate to contact us.
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