Buyer Guide: WHAT
TO EXPECT NEXT
Thank you FOR CHOOSING US AS YOUR TRUSTED
REALTOR
I would like to take this opportunity to thank you for selecting us t o handle the purchase o f your home. We understand this could be a stressful time for you, however, you can be sure that we will devote the efforts of our entire team to find you the perfect property.
My team is the absolute best trained individuals for negotiating you the best possible deal for your property and navigating you to the closing table. Bottom line is, we get results.
Our team will be working alongside you to show you homes, prepare market analyses and give you the best advice for offering to a seller. Every single one of us on this team has a mission to CARE about you and your family, SERVE you at the highest level possible, and GIVE back to the community.
Thank you for the opportunity to offer the highest degree of professional services possible.
~The Repta Residential Team
COUNTDOWN TO THE Keys
BUYER CONSULTATION
First, we will meet to discuss what it is that you are looking for in your new home. We'll share with you the recent updates in the market and how they will affect you. We will also discuss your options for financing and securing a pre approval letter.
SET UP ON HOME SEARCHES
With our exclusive client relations management system; you will have direct access to the MLS. This means, we can set you up on a search of your home desires and the moment a home hits the market you will be notified!
PREVIEW PROPERTIES & ADJUST CRITERIA
Next, we will begin to show you homes You may see one home before you fall in love or 20 homes! There is no limit! As you are previewing properties, we may need to adjust your criteria to find the perfect home
WRITE AN OFFER
The day will come when you find the perfect home! Once that occurs, we will complete a competitive market analysis for you to determine the value in today's market If you agree with the value, we will write and negotiate an offer
CLOSING TABLE
Once we negotiate past inspection and appraisal, we will guide you to the closing table! Once everything successfully closes, you will either receive keys at closing or shortly thereafter depending on your contract! Congratulations!
HOME LOAN
Pre-Approval
TO GET PRE APPROVED
W2s (from the last two years) -
Include name, employer, pay period, and year-to-date earnings
1040 Federal Tax Returns (for the last two years)
Two most recent pay stubs
Your two most recent back statements (all pages) with full account number
Copy of driver's license
LAWS OF LENDING
All large deposits must be documented
Do not change jobs, become self-employed or quit your job
Do not buy a car, truck or van (or you may be living in it)
Gift Funds (from an acceptable donor) can be used for down payment and closing costs If you are to use a gift, a gift letter is required and the funds documented
Do not use charge cards excessively or let your accounts fall behind
Do not spend money you have set aside for closing
Do not omit debts or liabilities from your loan application
Student loans cannot be in forbearance status
Do not originate any inquiries into your credit
Do not make large deposits without first checking with your loan officier
Do not change bank accounts
Do not co-sign a loan for anyone
HOME PURCHASE TIMELINE
the home appeals to your taste and if you can instantly see it becoming your own.
Getting a first impression of the neighborhood and surrounding homes is going to be a huge deciding factor when it comes to buying a home. If you don't have time to visit, be sure to check out Google street view!
When you move to a new home, you ' re not just moving to a new floorplan You're also moving to a brand-new neighborhood with new people and new surroundings Because of this, it's important to research the area where you'll be moving. (Examples: Commutes, Schools, Shops, etc.)
EXCLUSIVE HOME SEARCHING
REPTA RESIDENTIAL HOME SEARCH
By using our custom search engine you will be notified as soon as a home hits the market meeting your criteria! This system allows easy communication between agent and buyer Buyers have the ability to mark properties as "favorites," request showings right from the mobile app and even share with friends and family
Within your personalized private notebook, you can review properties at your leisure and leave notes about what you like and don't like to remind yourself later on! List pros & cons and even see what food, gas and shopping is nearby!
NON MLS HOUSES ON ZENLIST
One of the biggest advantages we offer our buyers at Repta Residential is access to Zenlist Zenlist gives you real-time access to listings including private and pre-market opportunities directly from the MLS You can search, share favorites, comment on homes, and collaborate with us all in one place, ensuring you never miss the right property In a competitive market, having instant updates and direct communication can be the difference between seeing a home and securing it
OPEN HOUSES
Open houses allow you to experience a property beyond the photos When attending an open house, always let the hosting agent know you are represented by Repta Residential It’s important not to share personal details including your motivation, timing, or financial information as the agent hosting the open house represents the seller, not you Protecting your position preserves our negotiating power and ensures your best interests remain the priority
SHOWING AGENT Advantage
We hear too often of buyers with other agencies losing an opportunity to preview a home due to their agent's schedule. Here, at Repta Residential, we want to ensure that you are always the first buyer to walk through a new listing, which is why we created the Showing Agent Advantage!
Our talented Showing Agents are trained specifically on showing homes. This means, they are going to have availability to do showings with in 24-48 hours; point out things the naked eye typically wouldn't recognize and provide their suggestions to ensure you find the best home of your dreams
When working with a Showing Agent, they will be your main point of contact for setting up showings and previewing homes. Once you find a property you are interested in, your Realtor will provide their market opinion of the home and begin to work with you to formulate an offer to present to the sellers.
MEET OUR SHOWING AGENT...
stands that purchasing a home is iggest decisions. She is committed e process as seamless and stressble, whether it's coordinating sisting with negotiations, or guiding gh inspections and closing Her goal uyers feel confident and supported the way.
ndi Taylor
OWING AGENT
BUYING POWER CHECKLIST
Your buying power plays a key role in how competitive you can be in today’s real estate market By using the checklist below, you can gauge where you currently stand and identify areas to strengthen your offer The more checks you accumulate, the higher your buying power becomes, allowing you to move from limited buying power to excellent buying power. With a solid strategy in place, you'll be well-positioned to make a successful offer and secure the home of your dreams.
FINANCIAL CHECKLIST
Consider market conditions and your financial position and try to check off 2-3 items from this list:
☐ Offer over asking price (5-15% depending on market)
☐ Pay cash
☐ Purchase via conventional financing
☐ Buyer credit towards seller cost
☐ Pay seller's transfer taxes
☐ Pay seller's title insurance (pay seller's closing cost)
☐ Pay seller's moving expenses
☐ Guarantee you'll pay amount or % over appraised value
☐ Provide a larger earnest money deposit (3-5%)
☐ Provide a non-refundable earnest money
☐ Provide more money down on loan
☐ Escalation clause (try to be at a 2k minimum)
☐ De-escalation clause: accept this above-ask offer by [TIME] or offer decreases
PEACE OF MIND CHECKLIST
What can you do to help the seller during their transition and/or how can you tug at their heart strings? Check off 1-2 items from this list:
☐ Offer the seller free occupancy post closing
☐ Offer the seller extended occupancy
☐ Leave as is! (Allow seller to leave what they want behind)
☐ Love letter/video from buyer's agent to listing agent (showcase their expertise and track record)
CLOSING TABLE CHECKLIST
What can you do to guarantee the seller that your offer will make it to the closing table quickly & without issue? Check 2-3 items from this list:
☐ FHA addendum - zero cost
☐ Waive the appraisal
☐ Assume the city inspection (if applicable)
☐ Waive the home inspection (not recommended)
☐ Inspection for safety concerns only
☐ Waive home warranty
☐ Do not ask for unlisted appliances or repairs
☐ No contingencies on sale or close
☐ Provide a full lender approval letter
☐ Provide multiple pre-approvals
☐ Provide proof of funds for downpayment or appraisal
☐ Using seller's pre-approved lender / title company
☐ Have lender reach out to listing agent
☐ Appraisal and inspection to take place within 5 days
☐ Shorten your timelines
☐ Daily penalty for not closing on time
INSPECTION- The purpose of a home inspection is for the buyer to have the opportunity to have a professional examine the property to look for latent defects Ex- Plumbing leaks, a furnace with a cracked heat exchanger, moisture or mold in the attic are prime examples The inspection ins NOT to renegotiation phase If the inspector says it’s “OLD”, old does not equal broken Just like new does not equal perfect If part of your strategy is to attempt to renegotiate after inspection, please rethink We don’t want you to waste your money on an inspection
EARNEST MONEY
Your earnest money deposit must be delivered to your Realtor within the timeframe outlined in your contract (typically 48 hours)
The earnest money check is made payable typically to the sellers brokerage or assigned attorney/title company.
If your inspection contingency is not satisfied, the appraisal comes in low, or your financing is denied, you will typically receive your earnest money back.
If the transaction moves forward, the earnest money will be applied toward the total amount due at closing
ATTORNEY & TITLE
Title is handle through your real estate attorney in Illinois
The title company works to make sure you can purchase the property with clean title without liens or other title issues
Your attorney will finalize the amounts you will bring to closing in coordination with your lender
INSPECTION
Your home inspection must be completed by the deadline outlined in your contract
You may choose any inspection company you prefer
The inspector will walk you through the property, reviewing everything from foundation to roof. They will identify safety concerns and items you should plan to repair or replace in the future.
The inspection period is also a great time to invite family members to see the home. Take measurements for furniture and begin planning how you’ll use each space
OBTAINING HOMEOWNERS INSURANCE
Your insurance agent will need to know if you are going to establish an escrow account for your annual premium
You will need to complete and sign an application with your insurance agent and your lender will need proof of said insurance for your loan, called a binder.
A binder offers temporary insurance coverage for a stated period of time to complete the underwriting and issue the policy. It will outline how much coverage you ' ve obtained and your yearly premium
The first day of coverage will be the day of closing
APPRAISAL
The appraisal represents the bank’s opinion of the home’s market value. The lender selects a neutral third-party appraiser to complete the report. The appraisal fee is paid by you at the time it is ordered by the lender. Appraisal results are typically available within 5–10 business days
FINALWALK-THROUGH
Our team will coordinate with you when you would like to do your final walk-through This is typically within 24 hours of closing
At the walk-through we will confirm inspection repairs are complete and the home is ready for closing
CLOSING
Bring your photo ID
Your attorney will walk you through all closing documents from both title company and lender Officially receive keys to your new home!
SETTING UPYOUR UTILITIES
Repta Residential will connect you with Replace to make your utility transfers simple and stressfree Instead of contacting multiple providers individually, Replace coordinates the setup and transfer of your utilities in one streamlined process It saves you time, prevents service gaps, and ensures everything is ready to go by closing day so you can focus on settling into your new home.
OUR TRUSTED
We take care of the stress of interviewing for you! We work with multiple hard working businesses o n a daily basis that we know and are honored to be partnered with. Each of our trusted affiliates will provide you with the best service possible every step o f the way.
Our recommended lender partner, Brian Augustine, brings extensive experience. Brian and his team provide a seamless loan process for all purchases.
Contact Brian: (847) 204-5710
Our recommended attorney partner, Michael Murphy, has 25 years of experience and focuses on prompt communication and a positive client experience
Contact Michael: (224) 633-1976
Have a sense of safety and security with Achosa home warranty coverage. Multiple plans available to suit your home's needs.
Contact Kim: (847) 975-6706
Northern Illinois Title Company
Northern Illinois Title provides title insurance to allow you to have the peace of mind when buying or selling a home. They handle the removal of any liens and judgements to ensure your home stays your home!
