Berkshire Hathaway HomeServices Chicago Ready To Buy? Don’t Know Where To Start? This Is Your Guide To HONI KHIZIRAN BROKER/CERTIFIED NEGOTIATOR “SELLING DREAM HOMES SINCE 2003” Berkshire Hathaway HomeServices Chicago hkhiziran@bhhschicago.com | 847-845-4806 honikhiziran.bhhschicago.com
HOME SEARCH 2 TOTAL REPRESENTATION • Receive exclusive representation. • Important to understand the various agent representation/relations: FREE TOOLS & RESOURCES STARTING THE PROCESS • One-hour meeting with your real estate agent. • Discuss the home buying process. • Develop an action plan. BUYER’S AGENT: represents only the home buyer’s best interest throughout the home buying process. SELLER’S/LISTING AGENT: represents only the home seller’s best interest through the home selling process. DUAL AGENT: represents both the buyer and seller ethically and honestly, safeguarding the confidentiality of both clients. • HomeSnap • Prosperity App • InTouch • MLS • Market Reports • Realist • Pocket Listing • HomeMap • PLN I Want to Buy a Home
DETERMINE YOUR NEEDS • Set maximum home buying price, location and criteria. PROPERTY SEARCH • Search the database for homes that meet your needs, including new construction. • Outline the “pros” and “cons” of each property to narrow your search. 3 • Range of purchase price/down payment. • Income verification, credit history and asset information. • Determine a monthly payment comfort level. • Budgeting for closing costs. • 1–2 month(s) of pay stubs • 2 years of W2s/1099s/K1s • 2 years of 1040s (tax returns) • 2 months of broker/bank statements (checking, savings, 401K, etc.) • Online Account Authorization MEET WITH YOUR PROSPERITY HOME MORTGAGE CONSULTANT INFORMATION COVERED DURING THE PRE-APPROVAL PROCESS Start gathering documentation: Step 1: Develop a Plan Shop with Confidence! Traditional XLR8
Corinne Guerra Mortgage Consultant NMLS# 807154 Cell: 312-802-8204 corinne.guerra@phmloans.com www.simplyhomefinancing.com 2110 Central Street Evanston, IL 60201 NMLS State Licenses: IL ©2024 Prosperity Home Mortgage, LLC. (877) 275-1762. 3060 Williams Drive, Suite 600, Fairfax, VA 22031. All first mortgage products are provided by Prosperity Home Mortgage, LLC. Not all mortgage products may be available in all areas. Not all borrowers will qualify. NMLS ID #75164 (For licensing information go to: NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Licensed by the Delaware State Bank Commissioner. Georgia Residential Mortgage Licensee. Massachusetts Mortgage Lender and Mortgage Broker MC75164. Licensed by the NJ Department of Banking and Insurance. Licensed Mortgage Banker-NYS Department of Financial Services. Rhode Island Licensed Lender. Rhode Island Licensed Loan Broker. Rhode Island Licensed Third-Party Loan Servicer. Also licensed in AK, AL, AR, AZ, CO, CT, DC, FL, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV and WY.
4 YOU FOUND A HOME • Consider making an offer. • Ask your agent to pull recent comparable sales information. • Determine the fair market value of the home. PRESENTING THE OFFER • Once an offer is created, your agent will present to the seller. • If the offer isn’t accepted, discuss seller’s counter offer with your agent. • Repeat until an accepted offer is reached. Step 2: I Love This Home
ATTORNEY REVIEW — CONTINGENCY #2 • Attorney will review the accepted sales contract and handle legal notifications of inspection issues. • Attorney may attend closing to review all documents with you. MORTGAGE CONTINGENCY — CONTINGENCY #3 • Complete mortgage application • Provide mortgage commitment letter (final loan approval). • Provide evidence of a written mortgage commitment letter (clear to close). 5 FIVE AREAS TO CONSIDER WHEN CHOOSING A HOME INSPECTOR HOME INSPECTION TIPS & STEPS • Talk with your inspector about also attending the home inspection. • You will receive a detailed inspection report. • This report will be forwarded to your attorney. They will notify the seller attorney of deficiencies and will request to repair or credit. HOME INSPECTION — CONTINGENCY #1 1. Qualifications — determine what’s included in your inspection and if it warrants specific certifications/specialties. 2. Sample Reports — request a sample to determine their style. 3. References — request contact information from past clients. 4. Memberships — not all inspectors belong to national/state associations, but memberships often mean additional education. 5. Errors & Omission Insurance — determine what the liability of the inspector or company is once the inspection is over. Step 3: My Offer is Accepted
6 AFTER LOAN APPROVAL • Once you receive your final loan approval from lender, the attorney will schedule closing with seller attorney. • You will receive a Closing Disclosure from lender at least 3 days prior to closing, reflecting the actual terms of your loan transaction, as well as the final amount due (closing costs). CLOSING COSTS: Also known as settlement fees, closing costs are fees charged by the people representing your purchase — lender and other third parties. These fees are typically between 2-5% of your purchase price. 1. Do tell your mortgage loan officer or loan originator about all debts or liabilities. 2. Do continue to make all your payments on time. 3. Do contact your mortgage loan officer before changing your jobs, quitting your job, becoming self-employed or any changes to your income. 1. Don’t authorize any inquiries into your credit (that is, don’t apply for any new financing including credit cards, furniture, appliances, vehicles, boats, cell phones, cable, alarm companies, etc.) 2. Don’t incur any additional debts, including increases in credit card balances and cosigning for others. 3. Don’t close any open accounts. 4. Don’t sign-up with any credit repair or “consolidation” company. 5. Don’t spend money you have set aside for closing. PREPARING FOR YOUR CLOSING DAY Step 4: My Loan is Approved DO DON’T
CLOSING DAY WHAT YOU NEED ON CLOSING DAY • A valid driver’s license, proof of insurance and the required funds needed for closing. • When buying in Illinois, any amount greater than $50,000 must come by wire. Always confirm with the title company before wiring any amount of money! • Your agent and your Mortgage Consultant will NEVER send wire instructions by email. SET-UP A FINAL WALK THROUGH • Preferably arrange walk through 72-hours in advance. • However, can be arranged as soon as 24-hours. Step 5: Closing Day 7
WIRE FRAUD WARNING TO CONSUMERS We provide you with this disclosure to alert you to a serious nationwide threat of fraud in real estate transactions. EMAILS ATTEMPTING TO INDUCE FRAUDULENT WIRE TRANSFERS OF YOUR FUNDS ARE COMMON AND MAY APPEAR TO COME FROM A TRUSTED SOURCE. Such requests, even if they seem legitimate, may be part of a scheme to defraud you. Electronic communications, such as email, text messages and social media messaging, are neither secure nor confidential. While Berkshire Hathaway HomeServices Chicago (“BHHS Chicago”) has adopted policies and procedures to aid in avoiding fraud, even the best security protections can still be bypassed by unauthorized parties. Therefore, by this Disclosure, BHHS Chicago is providing you with information on what to do if you receive instructions to transfer funds. NEVER TRANSFER FUNDS BASED ON EMAILED WIRE INSTRUCTIONS WITHOUT VERIFYING THE INSTRUCTIONS BY PHONE AS SPECIFIED BELOW. If you receive any electronic communication providing wire instructions for the transfer of funds, EVEN IF THE COMMUNICATION APPEARS TO BE FROM BHHS Chicago OR YOUR REAL ESTATE AGENT, do not respond unless you have verified the information as follows: • To verify instructions related to wiring earnest money, call the BHHS Chicago Accounting Department at 847- 853-4030. • To verify instructions related to wiring closing funds to Fort Dearborn Title, call the Fort Dearborn Title at 847-853-6050. • To verify instructions related to wiring closing funds to any other title company, call that company using a phone number you look up yourself, not a phone number in the email.However, can be arranged as soon as 24-hours. 8 Wire Fraud Disclosure
HONI KHIZIRAN BROKER/CERTIFIED NEGOTIATOR “SELLING DREAM HOMES SINCE 2003” Berkshire Hathaway HomeServices Chicago 2630 Valor Drive Glenview, IL 60026 Cell 847-845-4806 hkhiziran@bhhschicago.com hkhiziran.bhhschicago.com JAMES LUXEM MORTGAGE CONSULTANT NMLSR ID: 1831090 Prosperity Home Mortgage, LLC Office: 847-501-0196 james.luxem@phmloans.com jamesluxem.phmloans.com M Meet the Team 9 CORINNE GUERRA MORTGAGE CONSULTANT NMLSR ID: 807154 Prosperity Home Mortgage, LLC Cell: 312-802-8204 corinne.guerra@phmloans.com corinneguerra.phmloans.com
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV and WY. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) ©2021 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Berkshire Hathaway HomeServices Chicago