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When you are in the market for a new Plainfield or Naperville home, don’t let the fear of the unknown keep you from the owning a piece of the American Dream! Here are some answers to these common questions.  “Who does what… and when?”

• Your Plainfield or Naperville Realtor® will probably ask you to contact a mortgage lender or broker to get pre-approved.  This is important because the lender/broker will help determine the price range you can  afford based on your income.  A pre-approval letter will help validate your offer when you are ready to make one.  Contacting  an attorney and home inspector even before you are ready to make an offer will save you time later.

• You’ve taken a tour of several homes Plainfield and Naperville with your Realtor® and you’ve found your dream home.  Now it’s time to make an offer!

• After your offer is accepted, you’ll need to contact both your attorney and the home inspector to over-see the transaction.  The cost of the services of both professionals is anywhere from $250-$400 for an attorney and $250-$350 for a licensed home inspector.  The cost of the attorney can be included in the closing costs, but the home inspector will need to be paid for at the time that the services are rendered.

• After the attorney and and lender have the signed contract in hand, they will both “get to work” on your file.  The attorney will review the contract within the time allowed on the contract for attorney review (usually 5 days) and the lender will begin the process that leads up to underwriting your loan and have it approved on or before the loan commitment date.

• A copy of the home inspection report will be supplied to both you and your attorney, and any repairs or requests will be negotiated by the attorney’s on both sides of the transaction.  Necessary repairs will either be made or compensated for, or the buyer will have recourse to back out of the transaction provided that the inspection took place within the time-frame alloted by the contract.  It is then at the buyers discretion whether or not to proceed with the transaction, if the seller refuses to make any necessary
  repairs.

• A loan commitment must be provided by the date in the contract.  Providing timely financial information to your lender will ensure the execution of  a timely approval process in accordance with the contract for purchase.

• Once you have your loan commitment… Pack your bags!  It should be smooth sailing from here.  It looks like you’ve got yourself a new home!
  

I have worked with countless buyers over the last few years and this post answers the timeless questions regarding the responsibilities and obligations of both the buyers and sellers in any given transaction.  I love working with buyers because the excitement that comes from owning a new home is contageous!  Buyers looking for new home have an energy that can’t be beat.

If you’re looking for a new home in Plainfield or Naperville, IL I can help you find it!  Call me at 630-673-6233 to reserve you time with me to preview properties this weekend.

Read also: How to pay your Plainfield or Naperville House off Sooner!