December 2013

10 Things all Naperville First Time Home Buyers Should Know

1. Visit a housing counselor at a nonprofit organization Because owning a home requires a substantial investment of money, time, and energy, this decision should not be made quickly. A housing counselor would be able to provide objective unbiased advice and recommendations to specifically meet your needs of being a first time homebuyer in the Chicago area. 2. Get your finances in order Find out what your credit report and credit score is and correct any issues. A credit score will show how often you use credit, how timely your bills and paid, and how much money you owe so this will determine your ability to borrow money. Lenders look at four factors called the four Cs of credit. Credit history, (timely bill paying), capital (money available for a down-payment), capacity (income versus debt), and collateral (the value and condition of the house). You need to make sure that you…

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Making an Offer: Final Details On Your Home Search

Once you’ve found the perfect home for you, it’s time to make an offer. Before you commit to anything, make sure this is really the house that you want. Contracts are binding, so once you’ve committed, it’s too late to change your mind. It’s important to know what houses in the area with comparable amenities have sold for. The better you know your market, the better prepared you’ll be for negotiating. A lot of times people will want to start the bidding by coming in with a “low ball” offer. If the sellers are highly motivated to sell, this may work, but more often, a better strategy is to make a realistic first offer. What you offer and what the seller will accept depends on the strength of the market and the circumstances of the seller. Your Realtor can help advise you on how much to offer by showing you…

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