STEPS TO HOMEOWNERSHIP

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by us will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Buyer Consultation

First, we will connect for an initial consultation to discuss what you are looking for in your next home so we can help guide your search.

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Step 2: Buyer Representation Agreement

We will establish a mutual business agreement. This document is designed to increase transparency by laying out my obligations to you, in addition to details on term length, compensation, termination, exclusivity, representation, and property criteria. Once we are both aligned with the terms of the agreement, you will be asked to sign before we can show you or send you any properties.

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Step 3: Get Pre-Approved

If you are obtaining financing, getting a pre-approval letter from a lender before submitting an offer is important because it shows you are more likely to meet the proposed settlement date. A pre-approval letter and a good faith estimate from a lender will also give you insight into the projected down payment, closing costs, and expected monthly payment.

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Step 4: Find Properties That Meet Your Criteria

Using the Compass CMA tool, we will run market analyses on comparable properties in the area to give you a clear understanding of current market value. Together, we'll identify your ideal home's location and amenities, and attend open houses in a range of areas. We will listen to your continued feedback and activate a 'collection,' or specialized search for properties as they hit the market until we find a home you love.

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Step 5: Submit and Negotiate Offer

Once we find the right home, we will collaborate on a competitive offer. The offer is an agreement to pay a certain price for the home if accepted and may include other terms, such as whether you are waiving any contingencies or in how many days you are willing to close. It is our job to guide you through the decision-making process to ensure you are confident with our offer.

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Step 6: Sign Contract

Your contract is the agreement between you and the seller to purchase the property for a specific price. Also defined in the contract of sale is the settlement company, date of settlement, and earnest money deposit amount.

If required, an Escrow Deposit is the amount of money that the buyer will put in an escrow in good faith to demonstrate to the Seller that they are serious about purchasing the property. The money will only be deposited if the contract is signed and agreed by both parties.

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Step 7: Home Inspection, Disclosures, Reports, and Repairs

It is our responsibility to coordinate all desired home inspections within the agreed timeline and contractual contingencies. We will also review and discuss the disclosures and preliminary title report. You may approve or negotiate credits and/or repairs. Prior to closing, remember to schedule a final walk-through of the property to verify property is still in acceptable condition and any negotiated repairs were done.

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Step 8: Loan Application and Appraisal

If you are obtaining financing, your lender will let you know the list of financial documents necessary to provide to the lender, including a couple months of bank statements, tax records, pay stubs etc. Typically, you will have a mortgage contingency of the agreed upon length to obtain a mortgage commitment. Once your lender has all of your documents, they will review them and issue a Clear-to-Close, which means your loan is complete and the file will be sent to the title company for closing. Your lender will have an appraisal done on the property.

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Step 9: Closing

Congratulations! You are now a homeowner. Welcome home!

BUYER REPRESENTATION AGREEMENT

Before we start seeing properties, we ask clients to sign this agreement that allows Compass and us, as your agents, to legally and exclusively represent you and your interests. It establishes a formal relationship between us and outlines the terms and conditions under which we will represent you with your property search.

Essential Components of the Buyer Representation Agreement:

Request My Buyers Guide

Work With Us

At Hasselbring Partners, we value relationships, both with clients and within the community. Flor's reputation and longstanding presence in the North Shore area attest to our dedication to building trust and delivering exceptional results. Complimented by Tracy's family's history in the community and his extensive career working on notable architectural projects across Chicago, we bring unique insight to the home buying and sales process. We believe in a no-pressure yet timely and effective sales approach, ensuring a positive experience for all involved. Please Join Us!