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The Home Buying Process

Let the knowledgeable professionals at Heritage Real Estate, Inc guide you
through the home buying experience.

The journey’s easier with a guide

Buying a home is usually the largest, single-most 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. It’s a relationship built on trust and communication. One that your Heritage Sales Associate never takes for granted. Please refer to our Sales Team page to select a Heritage Sales Associate.

Buyer Agency. A proven advantage for buyers

A common approach in real estate today is “Buyer Agency.” This is where the real estate professional works exclusively for the buyer, not the seller, representing your best interests at every step – including establishing market value on property that you would like to purchase. Ask your Heritage Sales Associate about the advantages of Buyer Agency.


The steps to home ownership:

1.) Find out how much you can afford

Your Heritage Sales Associate will recommend several local, experienced mortgage
lenders for you to contact. Your lender will determine your spending limit by analyzing
your income and your debt. Financial institutions typically follow the 28/36 rule: your
monthly mortgage payment should total no more than 28% of your net paycheck (take-
home pay), and your total debt, including car payments and student loans, should not
be greater than 36% of your net paycheck.

2.) Get preapproved for a loan

Before you begin house hunting, request a preapproval letter from your lender. This
is an assurance that you can qualify for financing to a maximum purchase price and
loan amount, up until a certain 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.

3.) Find your home

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 most likely
include your Heritage Sales Associate inputting your specific housing parameters in the
MLS, allowing you to receive , via email, fact sheets and pictures of each newly listed
home that matches your parameters! 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 your time to determine what is, and what is not,
important to you in a home. Your Heritage Buyer’s Agent will offer you valuable advice,
provide market analysis and work with your best interests in mind. Together, you’ll have
access to all available homes on the market and you’ll be confident that the home you
decide to purchase is worth the price you pay.

4.) Make an Offer

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. You’ll be pleased you have an experienced Heritage Sales Associate at your
side, advising you through negotiations.

5.) Earnest money

It is typical in the Lakeshore 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.

6.) Apply for a loan

Your Heritage Sales Associate will recommend several local, experienced mortgage
lenders for you to contact. Upon submitting your application for a loan, your lender will
provide a good faith estimate of your closing costs and order an appraisal of the home
to confirm it is adequate security for the mortgage. Once the lender has verified the
information and documentation you’ve provided, reviewed your credit history and the
appraisal, you’ll receive a letter of loan commitment. This document is a guarantee from
the lender to give you a loan.

7.) Schedule a home inspection

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 from. Here, a Wisconsin Registered Home Inspector will
inspect the entire house, including the structure, roof, exterior and the major systems
(electrical, plumbing, heating, cooling and ventilation). An inspection discloses necessary
replacements or repairs, eliminating surprises and providing the buyer with peace of

8.) Purchase a home warranty

To protect yourself from the cost of unplanned breakdowns of major systems and
appliances in the first year of home ownership you may want to purchase a home
warranty plan. Ask your Heritage Sales Associate for more information.

9.) Closing day

Heritage Real Estate’s full service continues right through closing. Today you will attend
the closing at the title company where 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 guide you through your home buying


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