Thanksgiving Wishes!

At this time of Thanksgiving celebration my thoughts turn gratefully to my dear family, friends and clients.

With warm appreciation, thank you for your continued well wishes and support.

Wishing you and all those close to you a very blessed holiday!

- Cindy Voss

Western Springs a small town with lots to offer

Western Springs a small town with lots to offer.

Western Springs a small town with lots to offer

Western Springs a small town with lots to offer.

Fewer mortgages going bad but foreclosures expected to increase

Fewer mortgages going bad but foreclosures expected to increase.

Preparing for the Closing

At this point, paperwork is being gathered and verified through a variety of sources. Your loan is being processed and a home appraisal is completed. Your realtor, attorney and loan officer will keep you informed of any paperwork or activities that are required in order to ensure a smooth process.

Things you will need to do prior to closing:

- You will want to take a final walk through of your new home prior to closing. This is to confirm that the home is in the same basic condition as when you first wrote your offer.
- In some cities, the buyer has to purchase Village Stamps. Be sure to ask your attorney if they will get the stamps and charge you, or if you need to go to the village and obtain the stamps yourself. This must be done before closing.
- You will need to show proof at the closing that you purchased a homeowners insurance policy.
- Make sure you put all utilities in your name prior to closing to ensure uninterrupted service.
- You will need a cashiers check at closing for the balance of the funds needed. (Your attorney or lender should provide you with the amount needed the day prior to closing.)

During the Closing:

- Your attorney will explain all the documents you are signing and you will received copies.
- You will receive things like the keys to your home and the garage door opener. (We recommend you change the locks on your home after the closing for security purposes.)
- Ask your attorney when you should be expecting a copy of the deed in the mail.

Home Inspection

You typically have five business days from contract acceptance in which to complete your home inspection. The inspector is looking for material defects in the home. He will also be making note of items that are a not defect, but are typical maintenance items that your home will need on an ongoing basis.

Be sure to bring your checkbook to the home inspection as more home inspectors require payment on the date of the home inspection.

Keep in mind that the purpose of the home inspection is to find major repairs that may be needed. It is not meant to renegotiate the contract.

Attorney Approval

It is important to hire an attorney to protect your real estate investment. Although you may already have an attorney who represents you for business, litigation, personal injury or tax planning, you should consider a specialist for your real estate transaction. We have found that the attorneys who specialize solely in real estate law generally tend to provide their clients with a smoother experience during their real estate purchase.

It is also helpful to hire an area attorney. Laws and common practice vary in different areas, and this is very important in order to get the best possible representation at the most favorable cost.

The Home Buying Process – Cindy Voss

It is my desire that you understand every part of the home buying process. The unknown can be a bit daunting, but when you are aware of the process and know what to expect it will be an enjoyable and exciting experience. If you have any questions the answer is just a call or e-mail away!
• First I will meet with you to find out what your needs /wants are.
• Meet with a lender and get preapproved! This is a very important step. You can not submit a serious offer on a property without a pre-approval. Cindy has may qualified brokers/lenders that can help with this step.
• It is time to view homes! We can take a look at properties that meet your criteria.
• Once we find the home of your dreams we can write an offer , with the offer we also submit the following:
o Earnest Money- This is a small sum of money that is collected when a contract is written to show that the buyer/buyers are serious about following through on the contract. This money is typically given the listing agent after the purchase contract is accepted and signed by all parties.
o Pre-approval letter- this can be obtained from a lender or broker, and shows that you have been approved by a bank to be qualified to obtain a mortgage in the amount of the home you are attempting to purchase.
• Acceptance: We have an accepted contract! Now there are a few things that have to occur. They are listed below:
o Inspections: There are many different types of inspections that you may have the option of doing. The inspections that you want to conduct can be best decided by you and your Realtor. These inspections typically are paid for by the buyer, depending on the inspection the seller may pay. Make sure to discuss this with your Realtor.
o Even though pre-approved: You need to fill out your mortgage application. This is more involved than your original pre-qualification letter. Talk to your mortgage lender and see what they require.
o Pick a lawyer: If you have not already done so, pick a real estate lawyer. If you are not sure where to find one, Cindy has some well qualified lawyers that she can refer to you.
• Contingencies are items that must be satisfied prior to closing. These may be different depending on where you are purchasing. (i.e. home inspection, attorney review, loan approval)
• Closing: Prior to closing the Title Company will have preformed a title search, survey, and purchased title insurance. You will need to contact your lawyer and they will inform you all of the things that you will need to bring to closing. At closing typically you will receive keys and other items that are conveyed with the home such as appliance manuals, as well as garage door openers, ect…

You Have Found the Perfect House….Now What?

You and your agent will complete a sales contract. (A pre-qualification letter from your lender should accompany all offers.) Be sure to bring your checkbook (for earnest money). Your agent will contact the seller’s agent and present your offer. Once all parties are in agreement, your agent will get your final approval and signature on the contract and deliver it to the seller’s agent for their signature.

Make sure, if necessary, you transfer funds for the earnest money deposit. Your agent will send a copy of the contract to your lender and attorney. The home inspection should take place the first few days after the offer has been accepted. This will give your attorney time to resolve any home inspection issues that may arise before the end of the attorney review period. You should plan on being at the home inspection.

Make sure you provide your lender with all the necessary paperwork as the mortgage contingency date is part of the sales contract.

Previewing Homes/Contract and Purchase – TIPS

-Always remember…this owner may be the one you negotiate with fore your home purchase. Don’t share too much information!
-Before properties can be shown, we will have to contact the owners or showing service to schedule an appointment. In some situations, the owners require 24-48 hours notice so please try to give as much notice as possible before you decide to view properties.
-Make every effort to be on time. The showing time is scheduled in advance, sellers usually try to make arrangements to be out of the house during a certain time frame.
-It is often hard to remember the homes you have seen, we suggest you take notes as you preview properties.
-Wear comfortable shoes that are easy to take on and off. (Most homes require that you remove your shoes.)