Buyers Guide
JESSICA TAYLOR
OUR ROOTS
Chicago native John Greene moved to Naperville in 1969 He came here because he was inspired by the unique opportunities that were surrounding him More than four decades and 145,000 residents later, Naperville and the surrounding areas are admired as great places to live, raise families, and retire
Initially, John worked with a large Chicagoland brokerage. While the brokerage experienced successful growth, the quality of service and their ability to make real-time, locally-based decisions began to decline John saw an opportunity to add value to the local market through a new model that focused on personal relationships, hand-picked agents and local expertise The vision for the company was captured in the tagline “A Better Way”
Since that day, we have been committed to helping its communities grow, not just growing its business. As a result, john greene Realtor is revered as a family-owned boutique brokerage that brings the reach of an expansive global network of independent real estate companies to each and every one of its clients
As the next generation of family leadership guides john greene Realtor into the future, we remain committed to the people and values that built this company
"I don't think anyone should wake up in a home that they don't love."
John Greene, 1976. Grand Opening of john greene Realtor.
OUR STORY
We are john greene Realtor®, a family-owned and operated company founded in 1976 by John Greene
Our company is a full-service residential brokerage firm that is filled with hand-picked agents who share the same vision, sensibilities, respect and dedication as our founder.
We proudly maintain our reputation for excellence, innovation, and delivering a five-star client experience
EXCEPTIONAL PEOPLE
WE HIRE THE BEST
c ted team of f ull-time &
highly traine agents. We seek to hirethe best an d
most dedicate d agents in the industry, and we inve st
heavily in th eir success. Our talentedteam prides
itself in pro viding excep tional clientcare and
consistentlyexceeding ex pectations.
MARKET EXPERTISE
Our local age nts and comm unity cultureplay a majo r
role in provi ding you the best local m arket knowle dge,
and making su re your home is priced ri ght from the
start. We pri de ourselves on our perso nal market
expertise andour ability to provide v aluable
information t o better ser ve our clients on buyers,
competition, and the mark etplace.
RESULTS
Our team consistently ran ks at the topof the indu stry
and consisten tly outperfo rms the compe tition. We a re
committed toproviding th e highest lev el of servic e
and getting h omes sold.
Exceptional People
The Path to Buying Your Home
Buying a home is a complex process. Our job is to make this journey as stress free as possible and get you across that finish line. Your john greene agent will assist you all through the search, comparable homes sold, making an offer, inspection, repair, and appraisal processes, as well as help you find the best value, neighborhood, and quality for your budget and requirements. We will guide you through every step of your search to help you find the perfect home, and will work to make the process of purchasing your home seamless, providing guidance and resources throughout the transaction to closing and beyond.
Buyer
consult ationand
agreement Get pre-qualified. Make your wish li st.
The Buying Process
1. Sign Buyer Agreement with a john greene Realtor Agent:
Your real est ate professi onal should
be an expert in the area where you
want to liveand familiar with the typ e
of home you w ant to buy. Your agent
has experienc in your ne ighborhood
and can offerthe best ad vice on
homes in yourrange.
4. View Properties:
No home is pe rfect, so do n’t let minor
flaws influen ce you. Thin k long-term.
Which home be st suits the activities
and needs ofyour househo ld now and
in the yearsahead? Don’t buy more
than you needor can comf ortably afford.
2. Get prequalified:
Your lender w ill look at your income, credit scores, revolving debts, obligations s uch as child support as
well as the type of loan you choose.
Other factorsthat impact how much
home you canbuy is the d own payment; smaller down pay ments mean higher m onthly payme nts. Last,
the interestrate and ter ms (30-year,
fixed or adju stable rate) will
determine wha t you can af ford in
monthly payme nts.
5. Make an offer:
Your offer de pends on the current
market. If ahome has bee n on the
market a longtime, you c an ask the
seller for aprice reduct ion, but if it’s
new on the ma rket, the se ller is
unlikely to acept a low offer. Ask your real est ate agent fo r advice.
3. Make your wish list:
Decide whereyou want to live and
how many bedr ooms and bat hs you’ll
need. Consider lifestyle - condos offe r
shared amenities, with li ttle
responsibility. Single-fa mily homes offer more spce and priv acy, but
much more ext erior and ya rd maintenance.
7. Get an appraisal:
The bank appr aisal determ ines market
value. If thehome doesn’ t appraise
for the purch ase price, t he bank will
refuse to mak e the loan u nless you
renegotiate w ith the sell er. If it
appraises, th e lender wil l move toward
closing.
8. Go to closing:
Once final ne gotiations a re complete, the parties t o the transa ction meet at the escrow office, along with the title
company, andreal estate attorney, or whatever is c ustomary in your area.
All paperwork is signed b y both parties. The lender pays the seller,
minus any lies against t he home
such as the s eller’s mort gage. Once
all the disbu rsements hav e been
made, you getthe keys to your new
home, accordi ng to your a greement.
6. Get an inspection:
A home inspec tion is a pr ofessional
third-party o pinion of th e home’s
condition. Th e inspector will point ou t
the age of sy stems, and l arge and
small repairsthat are ne eded, so
you’ll know w hat you’re f acing as the
next owner.
P R E P A R E
Understanding Your Budget
Before starting your home search process, it is important to evaluate your financial situation, confirm your budget, and familiarize yourself with mortgage options.
AFFORDABILITY
Your monthly payments should be comfortable for you to handle, in relationship to your total obligations, about 28% of gross monthly income Your house payment and your debts should not exceed 36% of your income, including revolving credit, student loans, and child support You should also pick the correct loan for your needs. A fixed rate is more expensive, but offers more protection than an adjustable rate mortgage that can reset to a higher amount, making your monthly payments higher.
Working with your Realtor™ and your lender, you will evaluate: will •
An integral part of the financial process is getting pre-approved by your lender. When making an offer on a home, the pre-approval letter shows sellers and their agents that you are a serious, qualified, and committed buyer.
In addition to the mortgage payment, additional costs to take into account when determining your budget include:
Mortgage Loan Checklist
Bank Statements (all pages even if blank)
Last two months from all accounts
Retirement
Last two months of retire ment/pension, 401K and so cial
security 1099 statements
Pay Stubs
Last 30 days
Tax Returns
Last two years of 1040 fe deral tax return, last tw o years of
federal corporate and/or partnership tax returns ( if
self-employed), last two years of W-2 forms
Valid I.D. copy
Driver’s license, social security card, passport
Earnest Money
Copy of earnest money che ck deposit
Award letters (if applicable)
For retirement/pension in come, social security, di sability inco me
Divorce (if applicable)
Decree and separation agr eement
Mortgage Statements (if applicable)
Property tax bills and ho meowners insurance
statements for all real e state owned
Bankruptcy (if applicable)
Petition andDischarge
Preparing For A Home Loan:
10 do’s and dont’s 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Don’t apply for new
credit of any kind.
Don’t max out or
overcharge exi ting
credit cards.
Don’t consolidate
debt to one or two
credit cards.
Don’t make major purchases.
Don’t make
uncharacteristically
large payments
into your accounts.
Do keep all existing credit card accounts
open
Do be prepared to pay off
collections i f required b y underwritingor the loan program guidelines.
Do provide documentation for satisfied judgments o r paid tax liens.
Do stay current on payments for all existing monthly obligations.
Do call your Realtor™ bef ore making any financial decisions or changes to your normal f inancial routine. We are here to h elp you through the process.
Creating the Wish List
Features
Make a list of must-have features so you can narrow your home search A front porch, a two-car garage, hardwood floors, and eat-in kitchen can all add to the enjoyment of your home Just as important is how your home is designed The number of bedrooms and baths should suit your household members, and the layout should suit your lifestyle If you like to entertain, you should have plenty of dining space and storage for dishes and cookware. If you frequently work at home, you’ll need a home office or at least a quiet designated workspace Just make sure the home you choose allows room for your family to grow
After you talk to your lender to see what you can qualify to buy, talk with your john greene agent about the home you have in mind With professional guidance, you should be able to find and buy the home of your dreams, where you ll be happy for a long time to come We recommend that all decision makers on the purchase of the home rank or circle your top needs independently and compare notes to ensure alignment in your home search
List of Wants & Needs
Price of home
Style of home
Neighborhood
Views
Near work
Near schools
Near shopping
Freeway acces s
Near recreation areas
Neighborhoodcovenants/re strictions
Overall look/feel of hous e
Number of stories
Garage size
Upgrades
Number of bedrooms
Number of bathrooms
Closet/storag e space
Type of heat
Fireplace
Eat-in kitche n
Master bedroom
Office
Finished basement
Large backyar d
Landscaping
Guest quarter s
Other:
Other factors to be considered when purchasing a home include:
• How long do you plan on living in this home?
• Will you need a ho
• Are you approaching ret irement?
Identifying Your Goals
With the dramatic rise and fall of housing prices over the last decade, consumers have new respect for homes as investments But the flip side is that your investment is still a home, one you’re likely to occupy for several years or more.
Ownership
or most people, buying a home is about giving hou sehold members more comfo rtable living
arrangementsand putting them closer to jobs, favo rite activities, other fa mily and friends. What ar e your
goals for buying a home? You might want a better h ome and neighborhood. You might want adifferent
kind of living experience , such as moving from an apartment toa single-fam ily home witha private
garage and yard. Your fam ily may be growing, so yo u have to think about sch ool districtsand proximi ty
to parks andother recrea tion. If you’re not certa in, you might think about what would change about your
situation over the years if you becamea homeowner . If you’re l ike most hom ebuyers, youexpect to st ay
in your new home about 10 years.
Equity
You’ll also build equity for yourself,instead of for someone else. Every p ayment you make, plus the rules
of inflationwill eventua lly allow you to recoup m ost if not al l of your in vestment, or make a profi t when
you sell. Affordability m ay also be an important f actor for you. The combin ation of low interest rat es and
low prices al lows you to buy more home for the mon ey. Rents are rising, mak ing ownershipmore
affordable than renting i n many areas, especially when you factor in tax in centives suchas mortgage
interest deductions and p roperty taxesallowable a s deductionsagainst your income.
When you buy, make your g oals long-ter m. Choose th e home you think will ser ve your household’s needs
the best for the longest period of tim e, as it’s b een proven that the longe r you own a home, the mor e
equity you’ll build. Toda y’s market conditions and affordability make it mo re likely that you will r each
your home buying goals, n o matter what they are.
U R S U E
FINDING THE RIGHT LOCATION
Location is about convenience, and you’ll pay a premium to be closer to work centers, parks, shopping and transportation. You can buy a smaller home, or you can buy a home in need of updates to get closer to where you need to be. Think about your commutes to frequent destinations, including jobs, schools, family and friends. To get “more house,” you may have to move further away from core city centers.
After you understand your finances and what you can afford, your john greene agent will assist you in identifying neighborhoods and homes in your price range.
Factors that should be considered when determining the right location(s) for your home search include:
• School system and location
• Is the neighborhood family friendly?
• Commute times
• Access to highways or train station
• Proximity to shopping
• Lifestyle and neighborhood environment
• Location of amenities
• Re-Sale Values
Narrowing the Search
DON’T EXPECT PERFECTION
There’s no perfect home. You may want all thelatest ameni ties of a new home, but eve n new homes may not be perfect, perhaps coming w ith longer commutes andbigger price tags.
Many sellersdon’t repain t or re-carpe t prior to selling, so if y ou’re shoppin g for an olderhome, expect to do some cosmetic work
Homes that need updating are priced below homes t hat are up t o the minute and move-in erady. That c ould be to your financia l advantage, so try to look beyond outdated fixtures and focus instead on th e floorplan and dimensions. I gnore the seller’s tastes and imagi ne each room clean and clear of clutte r with your own things inthem.
Most cosmeticchanges are relatively inexpensive,and you can even pay for them with you r mortgage l oan, in some cases. Talk t o your lende r.
THINK LONG-TERM INVESTMENT
Buying a homecan be a wi se financial investment,fi you buy we ll and hold your home forlong-term g ain. Because of closing an d moving cos ts, it’s nearly impossible tobuy a home and sell it immediately for a large gain,but it is possibl e to sell af ter a coupleof years with nocapital gai ns tax, shoul d you make a profit.
According tothe National Association of REALTORS®,home equity growth beats inflation by about one to two percent annually, not to mention government subsidies for home ownership inthe form of tax relief an d other incentives.
However, if y ou look at o wning a home strictly as a n investment , you’ll miss many pleasures.
P U R C H A S E
The Value of a Home
Size:
Square footag e impacts ho me values because they’re built usingmore materia ls. Larger lot si zes mean mor e privacy.
Location:
The closer ahome is to j obs, parks,rtansportatio n, schools,nad community services, themore desira ble it is.
Condition:
The closer ahome is to n ew construction, the more it will retain its value . It’s perceived asmore modern, up to date,and perhaps safer. Homesthat are not updated or inpoor repair sell for les s. It’s a go od idea forohmeowners to keep their homes updatedand in top repair.
Features & Finishes:
Features suchas outdoor kitchens andspa baths ma ke a home mor e luxurious. A home finishedwith hardwo od floors andgranite cou ntertops isoging to cost more than a home w ith carpet a nd laminateocuntertops
Number of Bedrooms and Baths:
Over time, median homes h ave grown larger. Decades ago, household members shared bedrooms and baths without complaint. But t oday, familie s want more privacy. Themedian home purchased today is a thre e-bedroom, two-bath home. Your real estate professi onal can helpyou determi ne the trueavlue of your home.
Curb Appeal:
From the street, the home looks clean,fresh, and inviting. Fresh landscapi ng and flowers won t change the size or location, but the y certainlydad charm.
Preparing an Offer
Once the right home has been found, your john greene agent will confer with you to prepare an offer to purchase The details of the offer typically include:
upon which the contract becomes fina l such as satisfactory inspection a nd financingapproval
Buyers shouldbe aware th at the offer is a binding , legal docum ent and indi cates a serious intent to purchase. Whi le there are safeguards that are buil t in for thebuyer, when you decide tomake an offer for a home, you mus t be ready tobuy. Your o ffer may be accepted righ t away, or there may be negotiations. Once the offer has been submitted , the seller can respond by acceptingor
rejecting your offer, or by counteringyour offer with a different price or closing dateor other terms. This begins the pr ocess of negotiation that will continue until both parties agree or decide that an agree ment will no t be reached. Your john g reene agent w ill provide you guidanceand expertise in the negotiat ion process.
Common Contingencies
1. ATTORNEY REVIEW
The attorney review perio d is specified within the contract
and providesa specified amount of tim e that your attorney
can review the contract, recommend changes to prot ect you
from any unintended oblig ations, and m ake addition s
reflective of negotiation s that were agreed to but not
included in the original contract. If, during the attorney
review period, the contra ct is deemedunacceptable to either
party and a remedy cannot be agreed on, either par ty has a
right to cancel the contr act. Either side can walk away within
the first 5 days for any reason otherthan price.
2. INSPECTION
CONTINGENCY
The home inspection is de signed to give buyers a b etter
understandingof the syst ems and overall condition of the
home they’rebuying. It i s often a key contingency in a
purchase contract, and it typically runs at the sa me time as
the attorney review. The home inspector is an inde pendent
person, hiredby you, to provide an objective opin ion on the
overall condi tion and str uctural integrity of the home. You
may find an inspector on your own, or your john gr eene
agent can provide some re commendations
When you hire a home inspector, there are a few things you need to know.
No home is perfect.
c
Exterior, porch and deck (contiguous)
Foundation an d walls
Chimneys androofs
Windows, door s and attics Electrical
Basement/craw
You should attend the inspection.
Appraisal
Walk through the home with the inspector so he or she can point out conditions to you that will go into the written report you will receive and so you have the opportunity to ask questions of the inspector Make your own notes so you can discuss the findings with your real estate agent.
3. MORTGAGE CONTINGENCY
Home inspectors may have differing qualifications.
Make sure your home inspector is an expert, with a background in plumbing, HVAC, electrical work or general contracting, or is a member of a professional organization such as the National Association of Home Inspectors, Inc. (NAHI). Ask your inspector for credentials and certifications.
After the inspection, you will receive a detailed report of the inspection which will allow you to make an informed decision. Since you are the one who hires the inspector, the sellers side does not receive a copy of the final report.
Final Walk through & Closing
If issues are found, your john greene agent will guide you on remedies such as renegotiating the purchase price to account for necessary repairs, negotiate repairs to be made by the seller before the final purchase of the property, or if no acceptable remedy can be identified, cancelling the contract
A mortgage contingency stipulates that you will purchase the home subject to securing a mortgage on the home. One key component of the final mortgage approval is the appraisal report that will be ordered by the lender in order to ensure that the loan will be guaranteed by the value of the property. If a mortgage cannot be obtained within the terms and timeline outlined in the contract, the contract is void Before the mortgage company will provide a loan, they require insurance on the title of the property Homeowner’s insurance will also be required.
L O S I N G
CLOSING ON THE HOME
As closing da y nears, you r john greeneagent will monitor the progress withyour lender and your attorney to avo id last minut e issues that c ould arise. You can expec t to be in regular communication wit h your attorney, lender, and agent throughout th e process.
On the day of closing:
Bring your Driver’s Licen se,
State ID Card , Passport o r
other officia l photo ID. Just
make sure it is not expir ed.
CLOSING FEES
Your lender will provide you with a Loan Estimate at the beginning ofthe loan pro cess. Closingcosts will include items such as lende r fee, title company fee,title searc h, and transaction ercording fee . Additionalfees can inc lude, but arenot limited to, a ttorney fees and escrow a mount for ta xes and homeowners insurance. As a general rule, closing c osts often ru n at 1 - 2% ofthe purchase price.
Your attorneyand lender
will be in co ntact with y ou
prior to closing with fin al
figures. Brin a cashier' s
check/electro nic transfer
as specifiedby the title
company for t he amount
At the closin g you verify
and sign all paperwork to
complete thetransaction and pay all r equired clos ing
costs and fee s. At the
conclusion ofthe closing , legal property ownership is
iv you the
opportunity t o confirm th at
all repairs o r modificati ons
agreed to bedone by the
sellers havebeen
completed.
due payable t o the title
company. Yourattorney
and/or lendermay
recommend tha t you
include an ov erage amount
to account fo r any last
minute itemsthat may
arise.
transferred t o your name.
You will lega lly take
possession an d are able
to move in toyour new home.
NOTES:
NOTES:
About Me
The Realtor who puts YOU first and does it with a smile and enthusiasm! With a background in sales and marketing, new home construction, and residential sales, I find joy in partnering with my clients to get them the best possible results with the least amount of stress. My goal is to provide 5-star service throughout the entire process.
Areas of expertise include Fox Valley and the surrounding western suburbs of Chicago. I wholeheartedly live out the john greene motto: "live, love, local". I am happily married with 4 children, 2 rescued pups, and a barn cat. Born and raised in the Chicagoland area, we currently reside in Oswego.
When not helping clients, you might find me jogging along the fox river, teaching a fitness class at the park district, or on the sidelines of one of my kids' games. We are currently involved in Oswego Youth Tackle Football, Oswego Softball Association, Chiefs Rugby, and our local church.
JESSICA TAYLOR
