Roxanne Platz, First Weber Real Estate

Buying Checklist

Congratulations! You've decided that now is the time to start looking for a house to buy in Wisconsin. Prices are low, interest rates are low, you're ready to settle down in one spot for a while, saved up for a downpayment, are financially secure with a steady job.  Now that you have that foundation, where do you really start?

1. Contact me for a referral to a preferred lender to assist you with:

• Understanding your mortgage options and get preapproved
• Determining how much you can put down as a downpayment
• Learn about the various loan types: first-time buyer programs, arm (adjustable rate), fixed, and others
• Attractive interest rates

2. Decide what you want in a home: size, bedrooms, baths, single family or condo, amenities.

3. Narrow down your locations. Pick a county, a few cities/towns.  Consider your commute time.  Are schools a priority?  Visit our comprehensive Community Information Database to help you learn about each community you are interested in. 

4. Start searching for your home right here!  By creating your own My First Weber account right here on my website, we can interact with each other about your home searches, favorite properties, price trackers, and more.

5. Learn about Buyer Agency in Wisconsin, and the home buying process.

6. Don't depend on online listings only.  You must see properties in person for a full picture. Contact me to schedule private showings at your convenience!

7.  When you find the right house, it should be apparent to you.  Together, we will prepare an Offer to Purchase and I'll walk you through the process step by step.  Key items to consider include contingencies (financing, home inspection, etc.) and timing (such as closing date and occupancy). The seller has three choices with every offer: accept, reject or make a counter offer in which some of the terms of the offer are modified.  You, too, can then accept, reject or make your counter offer to the counter offer.

8. Once both parties come to an agreement, much more goes on:  an appraisal, home inspection, arranging for home insurance, completion of the loan process with the lender and doing a final walk through before closing, among other things.

9. Prepare for closing. You must have proof of home owners insurance and you'll need your downpayment/closing costs. Find out the amount you'll need to bring to closing and get a cashier's check. Tranfer the utilities into your name. Remember to bring a photo ID to the closing!

10.  At closing, paperwork will be explained to you and you'll have to sign numerous documents. At the end of a successful closing, you are given the keys to your new home!

11. Move in and unpack!

Buying a home is not a simple 11 step process - most of the steps above are actually multi-item processes. This page is meant to provide a guideline or a checklist for home buyers new to the homebuying process so they know where to start on their home buying journey and what happens as things move along. I will guide you through it all until you are finally a homeowner! 

Happy buyers and sellers are the backbone of my business. Click here to read what some of my past clients and customers have to say about me!   

Please visit the First Weber Group blog for more articles for First Time Home Buyers!

 

photo credit http://www.flickr.com/photos/cambodia4kidsorg/3737216640/

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The home buying process

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Buyer’s guide

Your understanding of the purchasing process is invaluable and deserves your special attention. For your benefit, it is essential that your First Weber agent ask questions to understand your needs, wants, and ability to purchase.

Showing process

Your First Weber Agent will assist you in selecting homes for viewing in accordance with your needs. Please feel free to inspect all aspects of a home during the showing and make notes regarding each home.

Communication during showings

Feedback is essential. Specific comments help your First Weber Agent determine exactly what you’re looking for and should result in finding a suitable home and making an offer.

The offer

After an offer is written, your First Weber Agent will contact the listing agent who will present your offer to the sellers.

The sellers have the following alternatives:

• Accept the offer
• Reject the offer
• Write a counter offer (Should a counter offer be written, your First Weber Agent will then discuss whether it is in your best interest to accept, reject, or counter back.)

Once the offer is accepted, your First Weber Agent will notify you immediately.

Mortgage application

It is extremely important that you apply for a loan immediately after your offer is accepted. Your First Weber Agent can recommend several lenders for you to contact. The lender may require a loan application fee to be used toward a credit check, appraisal, etc.

Processing your loan

In order to speed the process along, have your bank account and credit card numbers available as these will need to be verified by your lender. Your First Weber Agent will check with your lender throughout the processing of your loan to ensure things are progressing smoothly.

Time and place of closing

Once your loan is approved, the time and place for closing, as agreed upon in the offer, will be scheduled.

Prior to closing

• Have all utilities transferred to your name as of the date of closing. Notify post office and telephone company of your address change.
• You will have the opportunity to make a final inspection of the property.
• A one year Home Warranty Plan will be made available for purchase by you if it was not part of your offer to purchase.
• Your lender may require you to obtain a homeowner’s insurance policy and have a paid receipt to begin coverage on your new home at closing.
• Obtain a certified check for the exact amount of money to be paid at closing. This figure will be made available to you prior to closing.

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Understanding Buyer Agency

Wisconsin Agency Law Provides for Different Types of Relationships Between Buyer and REALTOR®

The Traditional Buying Process

In the traditional buying process, a real estate agent working with a buyer without a Buyer Agency contract is, by law, working as an agent of the seller. An agent working without a Buyer Agency contract must still be fair in his/her dealings, but is prohibited by law from giving the buyer critical advice such as a professional opinion of a price or in suggesting negotiation strategies.

Buyer Representation

Buyer Representation (Buyer Agency) was created in response to buyers’ desires to have agents work in their best interests as opposed to the sellers’ best interests. First Weber was one of the first brokerages to embrace buyer agency and First Weber agents are encouraged to work as Buyer Agents for buyers if at all possible.

Designated Agency

With Designated Agency, a buyer under Buyer Agency with a broker continues to receive full client services even when purchasing a property listed with another agent in the same brokerage. First Weber Group, as a full service broker to both buyers and sellers, offers Designated Agency to better serve both buyers and sellers.

The benefits of Buyer Representation

Services provided:	Buyer Representation	Traditional Buying Process
• Express a professional opinion of the seller’s asking price, based on a Comparative Market Analysis prepared for YOU	Buyer Representation: YES	Traditional Buying Process: NO
• Recommend and assist YOU with negotiation strategies for best price and terms	Buyer Representation: YES	Traditional Buying Process: NO
• Negotiate exclusively on YOUR behalf throughout the transaction	Buyer Representation: YES	Traditional Buying Process: NO
• Critique a seller’s property beyond disclosing defects	Buyer Representation: YES	Traditional Buying Process: NO
• Advise on, write the offer, and draft provisions in YOUR best interests	Buyer Representation: YES	Traditional Buying Process: NO
• Protect your confidentiality	Buyer Representation: YES	Traditional Buying Process: YES
• Treat you honestly and fairly	Buyer Representation: YES	Traditional Buying Process: YES
• Respond honestly and accurately to questions concerning the property	Buyer Representation: YES	Traditional Buying Process: YES
• Provide community data and current market conditions	Buyer Representation: YES	Traditional Buying Process: YES
• Present contract proposals in an objective and unbiased manner	Buyer Representation: YES	Traditional Buying Process: YES
• Accompany you to the closing and assist you throughout the process	Buyer Representation: YES	Traditional Buying Process: YES
• Disclose “adverse material facts” about the property	Buyer Representation: YES	Traditional Buying Process: YES

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Obtaining financing

Wisconsin mortgage lenders from First Weber Concierge Desk