Buying a home is usually the largest, single investment a person will make in their lifetime. This is why you need an experienced local real estate agent with the resources and expertise to simplify the home buying experience for you. This is a relationship built on trust and communication, one that your Heritage Real Estate Agent never takes for granted. Please refer to our Sales Team page to select a Heritage Sales Associate.
Your Heritage Sales Associate will recommend several local, experienced mortgage lenders for you to contact. This lender will determine your spending limit by analyzing your income and debt. Financial institutions typically follow the 28/36 rule: monthly mortgage payment should total no more than 28% of your net paycheck (take-home pay). Total debt, including car payments and student loans, should not be greater than 36% of your net paycheck.
Before you begin house hunting, request a preapproval letter from your lender. This is an initial assurance of your ability to qualify for financing, stipulating a maximum purchase price and loan amount – up to a specified date, allowing you to write an Offer to Purchase with confidence. A preapproval letter strengthens your Offer and proves to the seller that you are a serious buyer. In fact, in a competitive market, a preapproval letter may be the difference between your Offer being accepted rather than another buyer’s.
Your Heritage Buyer’s Agent will search for homes, both listed in the Multiple Listing Service and unlisted properties, that meet your criteria. This search will likely include inputting your specific housing parameters into the MLS allowing you to receive email fact sheets with numerous pictures and detailed information of listed homes that match your wish list! Remember, your Heritage Sales Associate can show you any home, listed by any real estate company, at anytime – that’s why the Multiply Listing Service (MLS) exists.
Your Heritage Sales Associate will be available for showings at times that are convenient for you. Looking at homes with your Heritage Sales associate is an important educational process that will provide you with firsthand knowledge of varying homes in your price range. Take time to determine what is, and what is not, important to you in a home. Your Heritage Buyer Agent will offer valuable advice, provide market analysis and work with your best interests in mind.
You’ve chosen the home that meets your needs and is perfect for you. Now it’s time to write an Offer to Purchase. Your Heritage Sales Associate will guide you through negotiations. This stage in the home buying process can be emotional and sometimes challenging. Be pleased that you have an experienced Heritage Real Estate Agent at your side, expertly advising you through negotiations.
It is typical in our local market, to write an Offer to Purchase, that when accepted will require the buyer, within a specified number of days, to provide an earnest money deposit. Earnest money shows the seller, the buyer’s good faith in the transaction. The amount of earnest money indicates the seriousness of your Offer. Typically, earnest money is held by the Listing Broker in a trust account. At closing the earnest money will be credited toward the buyer’s down payment.
Your Heritage Sales Associate will recommend several local, experienced mortgage lenders for you to contact. Upon submitting an application for a loan, the lender will provide a good faith estimate of your closing costs and will order an appraisal of the home, to confirm that it is adequate security for the mortgage. When the lender has verified the information and documentation provided on your loan application and reviewed your credit history and the appraisal report, you will receive a lette of loan commitment. The loan commitment is a guarantee that the lender will provide you with the loan.
To get beyond obvious impressions, a professional home inspection is an essential step. Your Heritage Sales associate will provide a list of local, experienced home inspectors for you to choose one. A Wisconsin Registered Home Inspector will inspect the entire house including the structure, roof, exterior and the major mechanical systems (electrical, plumbing, heating cooling and ventilation). An inspection discloses necessary replacements or repairs, eliminating surprises and providing the buyer with peace of mind.
To protect from the cost of unexpected breakdowns of major systems and appliances during the first year of home ownership, you will want to purchase a home warranty plan. Please ask your Heritage Sales Associate for more information.
Heritage Real Estate’s full service continues right through closing. Today you and your Heritage Real Estate Agent will attend the closing at the title company. You will settle all the financial details with your lender, transfer the deed into your name and receive the keys to your new home. Congratulations, your dream of owning a home has become a reality!
Thank you for choosing Heritage Real Estate, Inc. to successfully guide you through the home buying experience!