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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a Real Estate Agent? Technically, yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, and this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Passion & Expertise

My goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. I am dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

Testimonials

Success Stories

"Judy was responsive, thoughtful and very knowledgeable about our area. She put together professional selling brochures and a wonderful drone video that was instrumental in drawing people to our home in a very difficult market. Judy is a good listener and really values knowing what is important to the client. We sold our home in 90 days in a market where homes have been listed for much longer. I would recommend Judy, she is a true professional with a wonderful work ethic."
"Judy was responsive, thoughtful and very knowledgeable about our area. She put together professional selling brochures and a wonderful drone video that was instrumental in drawing people to our home in a very difficult market. Judy is a good listener and really values knowing what is important to the client. We sold our home in 90 days in a market where homes have been listed for much longer. I would recommend Judy, she is a true professional with a wonderful work ethic."
Kelly S.
"It was a pleasurable experience working with Judy. We were in sync right from the start, and she responded to all my questions and concerns quickly. We got a couple of offers on my home within 25 days of listing with Judy’s hard work and advise. The house is now sold, and I couldn’t be happier."
"It was a pleasurable experience working with Judy. We were in sync right from the start, and she responded to all my questions and concerns quickly. We got a couple of offers on my home within 25 days of listing with Judy’s hard work and advise. The house is now sold, and I couldn’t be happier."
Seller
"Judy was an excellent guide during a stressful process. We were happy to have her experience and counsel while trying to navigate selling our existing condo. Virtual staging was a nice touch!"
"Judy was an excellent guide during a stressful process. We were happy to have her experience and counsel while trying to navigate selling our existing condo. Virtual staging was a nice touch!"
Seller
"As a new time homebuyer, the process was really overwhelming and confusing. Judy was a helping hand throughout it all. She listened and understood what I was looking for, and with her many years of experience she was able to point things out as we were touring homes that I would have never considered! She's attentive to details and always available by phone or email. She always provided her guidance without being overbearing. She was a strong negotiator, and we were able to get a great deal on the house. Couldn't have found our new home without her!"
"As a new time homebuyer, the process was really overwhelming and confusing. Judy was a helping hand throughout it all. She listened and understood what I was looking for, and with her many years of experience she was able to point things out as we were touring homes that I would have never considered! She's attentive to details and always available by phone or email. She always provided her guidance without being overbearing. She was a strong negotiator, and we were able to get a great deal on the house. Couldn't have found our new home without her!"
Buyer
"Judy Gibbons explained the whole process and gave us some great advice, definitely very valuable. Great professional and very patient! I would definitely call you again if I need to buy or sell a new home or property."
"Judy Gibbons explained the whole process and gave us some great advice, definitely very valuable. Great professional and very patient! I would definitely call you again if I need to buy or sell a new home or property."
Seller
"It is our very great pleasure to offer the highest possible professional recommendation of Judy Gibbons. My wife and I have contracted with Judy to sell and purchase properties over many years. Each time was extremely successful. Judy sold our home in Hawthorn Woods after it had been under contract with two prior agents, who were unsuccessful over almost a year on the market. Judy sold the property quickly. After a number of years out of state, we decided to return to Illinois to be near family, and Judy helped us find an outstanding property. She successfully guided us through several complicated issues, which led to a purchase of an extraordinary home in a beautiful area, which we are very happy to have. Real Estate transactions can get complicated. Complications can generate substantial stress for buyers and sellers. We believe everyone should have the very best counsel they can find. Judy Gibbons is experienced and provided consistent, professional support and counsel throughout our purchase. She anticipated problems and concerns and provided expert assistance and solutions throughout the process. She is always available and responds quickly to calls, emails and text messages. This is very important to me and my wife. If you are looking for an experienced, resourceful, professional to represent you in any real estate transaction, you will be very happy with Judy Gibbons, We can assure you of that."
"It is our very great pleasure to offer the highest possible professional recommendation of Judy Gibbons. My wife and I have contracted with Judy to sell and purchase properties over many years. Each time was extremely successful. Judy sold our home in Hawthorn Woods after it had been under contract with two prior agents, who were unsuccessful over almost a year on the market. Judy sold the property quickly. After a number of years out of state, we decided to return to Illinois to be near family, and Judy helped us find an outstanding property. She successfully guided us through several complicated issues, which led to a purchase of an extraordinary home in a beautiful area, which we are very happy to have. Real Estate transactions can get complicated. Complications can generate substantial stress for buyers and sellers. We believe everyone should have the very best counsel they can find. Judy Gibbons is experienced and provided consistent, professional support and counsel throughout our purchase. She anticipated problems and concerns and provided expert assistance and solutions throughout the process. She is always available and responds quickly to calls, emails and text messages. This is very important to me and my wife. If you are looking for an experienced, resourceful, professional to represent you in any real estate transaction, you will be very happy with Judy Gibbons, We can assure you of that."
Tim & Pam B.
"Judy was prompt and professional throughout our home buying process. This was our first home purchase and Judy answered all our questions, no matter how small. Would recommend Judy to anyone looking to buy or sell a home in Chicagoland!"
"Judy was prompt and professional throughout our home buying process. This was our first home purchase and Judy answered all our questions, no matter how small. Would recommend Judy to anyone looking to buy or sell a home in Chicagoland!"
Ben Wilson R.
"Judy has helped us buy and sell four homes over the last decade. In each transaction, she was committed and professional. She kept in touch throughout the entire process and ensures that every step was completed. We highly recommend Judy for your real estate needs."
"Judy has helped us buy and sell four homes over the last decade. In each transaction, she was committed and professional. She kept in touch throughout the entire process and ensures that every step was completed. We highly recommend Judy for your real estate needs."
Seller
"If you are considering purchasing or selling a home in the Barrington area, Judy Gibbons is your agent. Judy’s been in the business for decades, knows the area inside and out, and works with you to find the perfect home. Additionally, her network of contractors and designers are there to support you after your purchase. Highly recommended."
"If you are considering purchasing or selling a home in the Barrington area, Judy Gibbons is your agent. Judy’s been in the business for decades, knows the area inside and out, and works with you to find the perfect home. Additionally, her network of contractors and designers are there to support you after your purchase. Highly recommended."
Buyer
"Judy is fantastic. She helped us make immediate changes to help showcase our home. She was patient, positive and focused. Her attention to detail was great, and she knew exactly what was needed to market and sell our home. I appreciated her direct and straightforward communication. She was professional at all times. I highly recommend Judy!"
"Judy is fantastic. She helped us make immediate changes to help showcase our home. She was patient, positive and focused. Her attention to detail was great, and she knew exactly what was needed to market and sell our home. I appreciated her direct and straightforward communication. She was professional at all times. I highly recommend Judy!"
Seller

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