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The Home Buying Process

From the initial search to the closing sale, there’s plenty that goes along with finding the right home. Rest assured that we are prepared to guide you through every step.

Step 1: Get Ready for Home Ownership

Buying a home can involve a multitude of details that are ever-changing and can be confusing and overwhelming. Your initial phone call with one of our trusted and caring Buyer Specialists will help you navigate through the process and make it fun, simple, and exciting. Your personal Buyer Specialist will help you establish your vision and goals and prepare you for the home search process.

Step 2: Let’s Talk Financing

Building a trusting relationship and open communication with your Buyer Specialist is the key to helping you find the right home. The next step is to select a mortgage lender that will assist you with getting pre-approval and discuss the different financing options available to you. If you do not have a mortgage lender or want to compare your options, we can assist you by recommending a reputable local lender with a proven track record of competitive rates, low fees, and great service.

Step 3: Home Search

Once you and your Buyer Specialist have determined your wants and needs, a customized Client Portal based on the specific locations, price, and amenities you are looking for in your new home will be created. The portal will automatically email you the minute a new home that matches your criteria becomes available. In today’s market where homes are selling so quickly, this is a great tool that will give you an advantage over other home buyers.

Step 4: Making an Offer & Negotiations

As soon as you have found the right home, your Buyer Specialist will advise you how to present the best offer based on the current climate in the local market. We will explain in detail the contract, your options, and negotiate the best deal on your behalf.

Step 5: Home Inspection

After your offer on your home has been accepted, the next step is to have a home inspection. The main goal of the home inspection is to make sure that there are no major defects with the property you are purchasing. Once the home inspection is completed by a licensed inspector, a report will be provided to you and your Buyer Specialist. If there are any issues that need to be addressed, we will work on your behalf to have those corrected prior to the closing.

Step 6: Contract to close

Now that your offer is accepted and the home inspection process is completed, our Transaction Coordinators will begin the processing of the file to ensure that everything that is required from mortgage companies, home inspectors, title companies, etc. is submitted and reviewed. You and your Buyer Specialist will be provided regular status updates regarding the progress of the file. Once the file has been approved and ready to close, the Transaction Coordinator will schedule the date, time, and location of the closing, as well as provide you with the final details needed the day of closing.

Step 7: Closing Day

Closing on your new home is an exciting day. Our team hopes we will have made this a pleasant experience and that you will make the Odegard Real Estate Team your real estate professionals of choice that lasts a lifetime.
Big open space hall with stairs to the second floor and chandelier.

Helping You Through Every Step

Whether you’re looking to buy your first home or your next home, the Odegard Real Estate Team is here to help. Our agents understand that the home buying process can be exciting, but also daunting. That’s why we’re dedicated to working closely with you to meet your needs and take care of all the details.

Located in Schererville, IN with a close commute to downtown Chicago, we can assist you in finding available homes across Indiana’s Lake and Porter Counties, and the Southeast suburbs of Chicago. From searching for your ideal home to selling your current home, we can help to ensure a successful real estate experience.

Frequently Asked Questions

How much can I afford to spend on a home?

Determining how much you can afford to spend on a home depends on factors such as your income, debts, credit score, and the down payment you are able to make. As a general rule of thumb, your mortgage payment should not exceed 28% of your gross monthly income.

What are the steps involved in the home buying process?

The home buying process typically involves steps such as pre-approval, house hunting, making an offer, home inspection, appraisal, and closing. Working with a real estate agent can help guide you through the process and make sure everything is completed on time.

How much of a down payment do I need to make?

The down payment amount varies depending on the type of loan you are getting and the lender’s requirements. Generally, a down payment of 20% of the purchase price is required to avoid paying private mortgage insurance (PMI).

How do I get pre-approved for a mortgage loan?

To get pre-approved for a mortgage loan, you will need to provide your financial information to a lender. This includes your income, debts, credit score, and employment history. The lender will then determine how much you are eligible to borrow.

What are the different types of mortgage loans available to me?

There are several types of mortgage loans available, including fixed-rate, adjustable-rate, FHA, VA, and USDA loans. Each has different requirements and benefits, so it’s important to research and compare them to determine which is best for your situation

How do I choose the right real estate agent to work with?

When choosing a real estate agent, consider their experience, reputation, and knowledge of the local market. Ask for references and read reviews from previous clients to ensure you are working with someone you trust.

What should I look for when viewing potential homes?

When viewing potential homes, look for factors such as location, size, layout, condition, and amenities. Consider how the home fits your lifestyle and whether it meets your needs.

How do I make an offer on a home?

To make an offer on a home, you will need to work with your real estate agent to determine a fair price based on market value and any needed repairs. The offer will then be submitted to the seller, who can accept, reject, or counter the offer.

What happens during the home inspection process?

During a home inspection, a professional inspector will examine the home for any issues or defects. The inspector will provide a report detailing their findings, which can then be used to negotiate repairs or a lower purchase price.

How long does it typically take to close on a home purchase?

The time it takes to close on a home purchase varies depending on factors such as the type of loan, the complexity of the transaction, and the availability of all parties involved. Typically, the process takes between 30 and 60 days.

Ready to find your dream home? Contact us today!

Connect

Phone: 219-671-1111
Fax: 888-864-7593
Email: info@odegardteam.com

Business Hours

Monday - Friday:
9:00 AM - 5:00 PM

Saturday:
9:00 AM - 3:00 PM

Sunday:
9:00 AM - 12:00 PM