1.  
Should I use a Real Estate Broker?  
According to the US Dept of Housing and Urban Development, using a real estate broker is “a very good idea…A good real estate professional can guide you through the entire process and make the experience much easier…And you don't have to pay the broker anything! The payment comes from the home seller - not from the buyer.”
 
2.
What should I expect from you as my Real Estate Broker?
We will always address all of your questions and concerns. When you meet with us, we will give you a complete overview of the buying process. We will ask you detailed questions about the house you want to buy, and where you want to live.

Then, based on your criteria, we will help you find the right property for you. We will email you new property listings as soon as they come on the market. We’ll guide you throughout the entire process. This will range from helping you to figure out what type of financing for which you are eligible to helping you negotiate the best deal possible and assisting you until the property is yours.
 
3.
When can we start looking at property?
Your time is valuable, and you don't want to waste it looking at properties outside of your price range. This works both ways. Uninformed buyers underestimate their buying power just as often as they overestimate it.

You will need to obtain a pre-approval from a lender which lets you and the prospective seller know exactly how much you can afford. Do not assume you are not qualified because of credit issues. Contact us, and we will direct you to lenders who specialize in the type of financing you need.
 
4.
What’s the difference between a pre-qualification, a pre-approval, and an approval?
There are important differences between being pre-qualified, pre-approved and approved for a mortgage.
  • Pre-qualification is an informal assessment of your borrowing power based on information you provide to a lender. Actual financial documents are not used or verified when determining this estimate.
  • Pre-approval is an estimate of the amount you can borrow based on a lender's verification of your financial documents, employment and credit history. While a pre-approval is adequate backup to enter into a real estate contract, it is not an actual loan
  • Approval is the actual, written loan commitment, which states that the lender has examined and verified the property as well as your information, and will issue a loan for a specific amount.
    5.
    What happens when I’m ready to make an offer?
     
    We will guide you through the negotiating process and explain how much that property is worth and why it’s worth that much. We will help you review all of the terms and conditions included in the offer. Then, we will discuss the pros and cons with you. We will also provide you with updated information on the market value of your property and consult with you regarding all counteroffers.

    Once the offer is accepted, there can be many obstacles that may need to be overcome during the process. We will be your problem-solvers. We will follow-up with attorneys and lenders to ensure that everything is going according to schedule. You can rest assured that we will do our best to help resolve any issues that may arise.

    To ensure a smooth closing, we will be there every step along the way. If needed, we can also save you time and energy by providing you with a list of professional vendors we use ourselves like Real Estate attorneys and building trades contractors.
     
    6.  
    Can you recommend a Real Estate Glossary?
     
    Sure, just click here.
     
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    Golden Arrow Realty
    6743 W. Belmont • Chicago, IL 60634
    Toll Free Office: (877) 427-9778 • Office: (773) 622-1100