KARIMAH'S BUYER GUIDE
This your guide to purchasing your very first home! Black women are constantly defying challenges and limitations with all things, especially homeownership. I'm excited to support you in achieving this amazing accomplishment! My combined experience as a community member, real estate professional, property manager, and homeowner will offer you an unparalleled buyer experience in this market. Remember, in 30 years (assuming you get a 30 year mortgage), you'll have a fully paid for asset that you can use for income, equity, and many other things. I want to help set up current and future Karimah for success, and I hope this guide gives you more insight on how we'll do it. My plan is to become a lifelong friend and advisor to your family and integrate my various skills, relationships, and resources to support you for years to come.
manager among a team of 4 others supporting more than 300 units across southern California. Simultaneously she achieved a Bachelor’s degree and 2 minors from California State University Long Beach. Thereafter, achieving her Real Estate License and diving into the commercial real estate space by assisting the acquisition of more than 60 units by a small commercial real estate firm in Los Angeles.
After a brief time spent in commercial real estate, Ila found her passion within the residential industry, and the potential to help Americans create security through housing and homeownership. For a year, Ila worked with 9 of the leading home builders in Southern California facilitating the purchase and sale of newly constructed housing and starting a real estate portfolio of her own. Coupled with volunteer work, Ila saw firsthand the challenges of the real estate industry and the damaging effects of housing insecurity for her community.
With a desire to be at the forefront of innovative solutions to a traditional industry, Ila’s career developed substantially during her work with a
start-up focused on a modern approach to buying, selling, and financing real estate. Ila worked as a key stakeholder in developing a platform of over 70,000 real estate professionals, helping them and their clients maximize their equity and avoid the threats of iBuyers/discount buyers. In 2021 alone, she led a team to close more than $80M in transaction volume across numerous states, with a laser focus on value-add services for the American homeowner. Separately, Ila’s free-time has included serving apartment communities across Los Angeles, and in the non-profit housing space dedicated to serving those experiencing homelessness.
In 2022, Ila began a new journey with Bay Street Capital Holdings, a black-owned wealth management firm. Since joining the team, Ila closed $10.4M in real estate and secured more than $2.2M in AUM during her first 6 months as a licensed Investment Advisor Representative. As the SVP of Real Estate Operations and Advisory services for the firm, she also manages acquisitions for the newly launched private equity fund, Resthaven Properties. As the travel industry grows, over $109B is spent annually by black travelers, while less than 1% goes to black-owned hospitality organizations. As an avid traveler and conscious consumer, Ila understands the needs of the diverse community for safe & accessible accommodations and has supported Resthaven in amassing allocations of $25M from like-minded investors as well as acquiring multiple properties.
RE# 02062651
WHY WORK WITH ILA CORCORAN
Tenacity
Ila Corcoran’s tenacity is what has earned her various experiences and achievements. As a member of Generation Z, gaining the trust and respect of clients, fellow professionals, and investors has been a result of a strong commitment to learning how to show up consistently and outperform. Regardless of age or tenure, representing a client’s best interest is the strongest priority for Ila, as it has been since her first ‘client’ in 2008, her family.
Creativity
After years of start-up experience, Ila has seen firsthand what it takes to innovate. In addition to her work experience, Ila spent 6 years at the Orange County School of the Arts before graduating in 2016. Being around various creatives, and participating in a rigorous dance curriculum while tending to her academic obligations taught her lots about time management and creative problem solving.
Respect
Leading from a place of respect and compassion is a pillar of Ila’s identity. Understanding how to navigate both favorable and unfavorable outcomes with respect and compassion for all sides has helped her succeed in all environments. “When others can tell that you have respect for them as well as yourself, they’re more likely to extend the same to you and your clients, and create a better working environment for everyone to succeed. And compassion is an important part of respect because it requires acknowledging that other people’s differences are a result of their personal experiences that you may not always understand.” -
Ila Corcoran
BUYING A HOME WHAT YOU NEED TO KNOW
On the following page you’ll find an overview of the home buying process for new construction.
STEP 1: FIND A BUYER’S AGENT FOR NEW CONSTRUCTION
Although you do have the option of buying new construction without a real estate agent representing you, it’s recommended that you find a buyer’s agent; Stephen Cooley, a top-selling real estate agent in North Carolina with 34 years of experience, explains why:
“When you walk in a new construction site, that on-site agent that’s working in that model home, they’re friendly and nice — and they do not represent the buyer. They’re representing the builder, and it’s their job to get the builder top dollar and under the best conditions.”
I am honored to support you in this process as the representative of your needs.
STEP 2: RESEARCH NEIGHBORHOODS
Just as if you were buying an existing home, when it comes to buying new construction, you’ll want to do your research when it comes to location. What’s c nsidered important to keep in mind will vary with individual lifestyles, but may include:
School districts
Commuting time to work
Convenience to grocery stores, restaurants, home improvement stores, and so on
Proximity to recreational spaces like parks, fitness centers, or swimming pools
Entertainment options (think movie theaters, bowling alleys, or anything else you may enjoy)
STEP 3: GET PREQUALIFIED WITH A LENDER
A mortgage pre-approval is a quick way to see how much a lender is willing to extend you when you’re ready to start house hunting, and it’s often recommended that your pre-approval is complete before you make an offer on a house.
During the pre-approval process, you’ll find out the following:
The maximum amount of mortgage you qualify for
What your estimated monthly payments will be
What your interest rate will be
This part – the fun part – is where you’ll work with me to select the best builder and development
When you’re choosing the style of your home, I recommend planning into the future and choosing a house style that will fit your evolving life.
When you visit communities, there are almost always model homes available to walk through. Remember that these homes are showcase pieces and will nearly always have the most swank upgrades available. If you see something you like and you’re unsure of whether that particular material or fixture is the standard option, be sure to ask for clarification.
FINALIZE HOME DETAILS
After you choose the style of the home, you’ll get to pick out the finishing touches from the builder’s selection of standard options. This means you’ll be able to select many of the details, such as paint color, flooring, countertops, cabinetry, light fixtures, appliances, and tiling. Some builders allow for more customization than others, so it’s important to weigh your options and avoid being upsold on items you don’t need.
HAVE YOUR NEW HOME INSPECTED
One would assume that if you’re buying brand new, it’s going to be problem-free, right? Wrong! Even if you hired the best builder in your area with the best reputation, there could still be some issues. That’s why it’s crucial to inspect their work and assess it with a third party (not the
SIGN AND REVIEW THE WARRANTY DOCUMENTS
Warranties are a big part of the new construction homebuying process, and it’s important to know which type of warranty you will have. Builders generally offer one of two types of will cover workmanship defects that will have a significant impact on the home’s livability, habitability, and safety. These warranties typically have a 10-year liability period, and they tend to use vague language.
clearly define the problems the builder is responsible for fixing. This warranty will state the length of the warranty and how the homeowner should dispute issues.
FINAL WALKTHROUGH
Your final walkthrough is exactly what it sounds like: It’s the last time we’ll walk through the home before officially taking the keys and signing off its completion.
By this point, inspections, repairs, and re-inspections should be fully completed — and it’s in your own best interest not to take possession of the house until all items are resolved and you have no
Do, however, be forgiving of everyday dust and other signs of recent human activity. Unless your purchase documents specified that a professional cleaning will take place prior to your move-in, your builder isn’t on the hook for things like vacuuming, mopping, or polishing your countertops.
At last, it’s time to close on your new construction home, and the process is complete!
Your lender and I will guide you through any action items on your part in the lead-up to closing day. Be ready to answer your phone, respond to emails, and gather necessary paperwork to
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