Establish “big picture”:
What are we trying to accomplish? Timing, other considerations, etc.

Determine initial home search criteria:
Location, style, features, price range, schools, etc.

Get “Pre-qualified”:
Pre-qualification for a home mortgage gives you a better negotiating position and no surprises.

Identify and inspect homes:
Process of elimination, develop a sense for comparative value.

Evaluate best choices:
Estimate market value and negotiating position based on neighborhood value, sales of similar homes, owner’s motivation, etc.

Submit written offer:
Price, inclusions, earnest money, financing, closing date, etc.

Negotiate an acceptable contract:
“Signed, sealed, delivered.”

Satisfy contract contingencies:
Financing, inspections, attorney’s approval if applicable.

Prepare for closing:
Insurance policy, balance of down payment, change utilities over, etc.

Move Into New Home!!!

Buying a home is big decision and a personal one.

Some things to look at. . .
The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be.  We suggest you start by completely reading this section of our web site to more fully understand each of the steps. In our "Find a Realtor" section of the website, find a realtor that you feel comfortable with, and contact them. Dig out the calculator; you will need every tool available.  From initial planning to selecting the home that's right for you, there are many resources that can help.  Use them!  Understand the process!  It will make a difference in your buying experience. Remember though, your most valuable resource is your Bear Realtor, they are there to explain and assist you throughout the entire transaction.

Choosing a Realtor. . .
Smart home buyers only work with a buyer representative, whom they hire specifically to represent them. State law governs the duties real estate licensees owe to consumers.  Since a buyer representative represents the buyer, he owes the buyer very important duties, such as working in the buyers best interest.

In making the important decision of which Realtor to work with, you should consider:

• Their personality type, is it compatible with yours?
• Will the Realtor work for you as a buyer's agent or as a sub-agent of the seller?
• Designations the Realtor holds such as GRI, ABR or CRS
• Additional education and experience the Realtor has

Once you have found the right Realtor, you are ready to continue the process of locating the right place to live.

Making a game plan. . .
To make the entire process more manageable and less overwhelming, let's begin by looking at those elements that you should review prior to looking at a home or entertaining an offer.  These areas of action are:

• Becoming an educated buyer
• Assessing what you need, want and don't want in a new home
• Fine-tuning your credit rating
• Exploring mortgage pre-qualification and pre-approval to determine what you can afford (contact one of our Realtors to assist you in finding a lending institution)

Assessing your credit, wants, needs & finances. . .
Even if you're sure you have excellent credit, it's wise to double-check in the beginning.  Order a copy of your credit history report or have your lender get a copy for you. Many lenders will do this for free as part of a pre-qualification or pre-approval process. If problems or errors pop up, there are many resources that can help you straighten out disputed items. You should also begin assessing your finances to see exactly how much house you can afford by meeting with a loan officer at a bank or mortgage company. Once finished, you will be better prepared to locate an affordable home that is right for you.

Making sure you end up with the right home also involves figuring out exactly what you need, want and don't want. At this point, it might be helpful to list on paper the things you want in a home and the things you need in a home. The difference between the two is that your wants are features in a home that would be nice, however, if a particular home didn't have it, you might still buy it anyway. A need is something you must have in a home or you absolutely will not buy it. An example here is if you have children and absolutely need to have a 3 bedroom home. An example of a want in this situation might be to have a fourth bedroom. While it would be nice to have, it is really not an absolute necessity (i.e. need) and therefore you could do without it.

Many buyers initially think that all of their "wants" are "needs" and will not settle for anything less than a home that satisfies all their wants. As they look at more and more homes, they realize that they will never find a home that satisfies all their wants but find many that satisfy their needs. While a list of wants may be in the dozens of items, your list of needs should be much smaller, less than a half dozen. Before starting your search, you need to discuss these items with your Realtor so they can assist you in narrowing down the many potential properties that are available that will fill your needs.  Sorting out the wants from the needs before looking at the first home will bring you that much closer to your end goal, buying a home.

WE ARE EASY TO DO BUSINESS WITH. Our salespeople will treat you courteously and honestly, provide you all the information you need to make informed buying decisions and then let you make them!

WE WILL FIND YOU A GOOD HOME and help make your move as pleasant as possible. We offer you the following home finding services:

• Buyer Representation
• Coordinate Accommodation Needs
• Area Tours
• Financing Analysis and Objective Recommendations
• Supplying Area and School Information
• Local Service Recommendations/Vendor Network
• Writing of the Purchase Contract
• Follow Through To and After Closing

WE WILL LISTEN TO YOU! Let us know what you would like, and we will narrow down the number of available homes so that you will find the one that best fits your needs, preferences, budget and time frame.

YOU WILL HAVE ACCESS TO EVERY HOME listed for sale in Southeastern Wisconsin! Our office is fully computerized to keep you up to the minute on new listings, price changes and sales.

FINANCING YOUR HOME is second nature to us. We will help you determine the most suitable type of financing, impartially recommend good lenders, help you get “pre-approved” and keep you current on the latest mortgage rates.

WE KNOW KENOSHA COUNTY, and are happy to pass along what we know to you! Our salespeople are all Kenosha County residents who are familiar with the towns, schools, parks and organizations that may be important aspects of your home buying decision.

WE ALSO KNOW REAL ESTATE! Our salespeople are fully trained and experienced in helping with offers, contracts, contingencies, negotiating and taxes. We can also help you obtain any other professional help that we cannot provide (home inspectors, attorneys, etc.).

YOU WILL HAVE EXPERT HELP! We will be by your side to help you find the best home, estimate its fair market value, structure an offer and negotiate the most favorable terms for you.

YOU WILL ALWAYS BE “IN THE LOOP”. While you are looking for a home, while your offer is being negotiated, and right up to the closing, we will keep track of all the details and make sure you always know what’s going on.

A Bear Realty Buyer Representative is a very valuable ally ready to serve your best interests, negotiate the best terms and provide you with the necessary information to make the best decisions.

In the past, real estate agents served primarily the home seller, acting as a subagent of the listing broker while working with the buyer to help the buyer find a home. This meant that the agent was legally bound to obtain the best terms and price for the seller. But now, as a Buyer Representative, your Bear Realty sales associate will work for you . . . the buyer . . . so that your best interests will be represented!

Bear Realty is a leader in the real estate sales industry and we understand your needs as a buyer. Now you can feel secure knowing that professionals with our recognized expertise are here for you.

What a Buyer Representative Does For You:

• Provides all the information needed to help you make an educated decision.
• Uses unique Bear Realty technology and tools to help you find the right location and home.
• Helps you evaluate specific properties.
• Helps you determine a fair market value for property before you write an offer.
• Works with you to develop negotiating strategies specific to the property and seller.
• Assists you in determining the most favorable price and terms to offer.
• Assists you in closing the transaction.
• Provides access to the full range of services available through Bear Realty.

Below is a list of expenses to the buyer that come up during the purchase of real estate. While every transaction is different, these are the common expenses which occur. Also, keep in mind that the one expense which usually does not occur is a fee to your Realtor. In almost all real estate transactions, the Realtor is paid a portion of the commission the seller pays to their agent. So, whether the agent represents the buyer or the seller, the buyer gets the benefit of the service without paying for it directly.

Paid in advance of closing:

• Earnest Money (Applied Toward Purchase Price)
• Home Inspection
• Lender’s Application Fee
• First Year’s Homeowner’s (Fire) Insurance Policy

Paid at closing:

• Balance of Down Payment (Applied Toward Purchase Price)
• Title and Recording Fees (In Addition to What is Paid by Seller)
• Attorney Fee (If Applicable)
• Lender’s Charges, Some of Which May Include:
  • Point(s) (1 Point is 1% of Mortgage Amount)
  • Service Charge
  • Origination Fee
  • Interest (From Closing Date to End of Month)
  • Private Mortgage Insurance (Not Included in Mortgage Rate)
  • Misc. Lender Charges (Varies With Lender)

Purchase costs are a function of many factors including the cost of your home, amount and type of financing, date of closing, items negotiated with seller and fees charged by your lender. The majority of purchase costs are associated with the financing. Once most of the above variables are determined, your lender can give you an estimate of all financing costs and your Bear Realty agent can estimate all the others.

You've decided to meet with a bank or mortgage company loan officer to see how much of a house you can afford before you go out and look at homes. Or, you've got that offer to purchase accepted on your dream home and are ready to apply for a home loan. Either way, the following checklist covers most of the information you and any co-borrower will need to supply.  Some lenders have slightly different information requirements, so you should ask your lender what to bring to your initial loan interview.

• Social Security Number and Birth Date
  Your social security number and birth date and those of any co-borrowers
• Paycheck
  Your most recent pay stub showing year-to-date earnings.
• W-2 Tax Forms
  Your W-2 tax forms for the past two years.
• Employers
  The names, addresses, and telephone numbers of your employers for the past two years.
• Accounts
  You will need the account number and current balance of your checking account, savings account and any other accounts you have.
• Current Assets
  Current assets such as Individual Retirement Accounts (IRAs), certificates of deposit, stocks, and bonds.  If you own securities, your lender may require a current brokerage statement with name of the stock(s), amount per share, and number of shares owned.
• Personal Property
  Value of personal property including life insurance face value, employee retirement accounts, furniture, cars, collections, and other valuable property.
• Liabilities
  For each loan, provide the lender with the name and address of each creditor and include both the monthly payment and total amount due.  Liabilities would include auto loans, student loans, credit cards, and other installment debt.
• Current and Previous Addresses
  If you now own a home you will need the property address, current market value, mortgage payment, and outstanding mortgage balance due.  If you rent,  you will need the property address, name and address of the landlord, the current monthly rent, and previous address/landlords.  (You'll only need to provide information about your former addresses if you've lived in your current address for less than two years.)
• Offer to Purchase Contract
  If you have already completed an Offer to Purchase on a home, bring along a signed copy of that agreement and any amendments to it, a copy of the listing form for the property you wish to purchase, legal description of property, and receipts for earnest money or down payment deposits toward that property.  If you don't have a signed offer to purchase contract, you will not be applying for the actual loan at this time but will be pre-qualified or pre-approved by the lender.

You've found a Realtor you feel comfortable working with and you've been pre-approved by a lender so you know exactly how much home you can afford. Now comes the fun part (and the hard part); it's time to start looking. So, from the hundreds of potential homes to buy, where do you start from?

Choosing a neighborhood. . .
One way to begin this process is by first identifying what neighborhoods are right for you.  Factors to consider when evaluating a neighborhood are:

• Quality of Schools
• Property Values
• Traffic
• Crime Rate
• Future Construction
• Proximity to:  Schools, Hospitals, Employment, Public Transportation, Shopping, Freeways, Airports, Beaches, Parks, Stadiums, and Cultural Activities (museums, concerts, theaters, etc.)

Under the Fair Housing Laws it is unlawful for a real estate professional to engage in conduct that is discriminatory on the basis of race, religion,  color, national origin, sex, handicap or familial status. Therefore, your Realtor cannot direct you to or away from any given neighborhood.

Choosing a home. . .
It's time to pick out a few homes to view.  Now you can refer back to your assessment of wants and needs and see which features are absolute requirements and which ones you'd like to have if possible.  To narrow down your home search, have your Realtor produce a computer printout of the homes for sale using the following criteria:

• Sales Price
• Location (if you have specific areas you want to live in)
• Number of bedrooms (if you have a minimum requirement)
• Other needs you have identified

Once you have gotten to this point, you are now ready to move forward, and look at some homes to find the one that is right for you.  The most important thing to remember at this point is to keep an open mind.  Every Realtor has stories to tell about a couple who looked far and wide for their dream home, and finally found it. But, it was just the opposite of what they said they wanted in a home. This again goes back to clearly defining between wants and needs. This couple probably had a long list of things that they said they had to have in a home but eventually fell in love with a home that fulfilled all their needs and maybe one or two of their key wants.

Once you've found your dream home, don't delay on the next step of the process - making the offer. At peak market times in the year, homes can be sold within hours of going on the market.

Oral promises are not legally enforceable when it comes to the sale of real estate.  Therefore, you need to enter into a written contract that conforms to all state and local laws. This proposal not only specifies price, but all the terms and conditions of the purchase.

We use a variety of standard forms (including Residential Offer to Purchase agreements) that have been utilized thousands of times and are kept up-to-date with the changing laws.  When you use our Realtors, these forms will be available to you.  In addition, our Realtors are there to offer assistance to the buyer and cover the questions that need to be answered during the process. If you are working with your Realtor as a buyer's agent, they will offer you advice on what price to offer and in how to structure the offer to your best advantage.

After the offer is drawn up and signed, it will be presented to the seller by either your Realtor or the seller's agent.

What the Offer Contains
The offer to purchase  you submit, if accepted as it stands, will become a binding sales contract. It's important, therefore, that it contains all the items that will serve as a blueprint for the final sale.  These offer to purchase items include such things as:

• Address (sometimes legal description) of the property
• Sale price
• Terms (all cash or subject to your obtaining a mortgage for a given amount)
• Seller's promise to provide clear title (ownership)
• Target date for closing (the actual sale)
• Amount of earnest money deposit accompanying the offer or when it will be paid, and whether it's a check, cash or promissory note (and how it's to be returned to you if the offer is rejected, or kept as damages if you later back out for no good reason)
• Method by which real estate taxes, rent, fuel, water bills, and utilities are to be adjusted (prorated) between buyer and seller;
• Provisions about who will pay for title insurance, survey, termite inspections and the like
• Type of deed to be given
• Other requirements, which might include a chance for attorney review of the contract, disclosure of specific environmental hazards, or other clauses specific to this transaction
• A provision that the buyer may make a last-minute walk-through inspection of the property just before the closing
• A time limit (preferably short) after which the offer will expire
• Contingencies, which are an extremely important matter

Contingencies
If your offer says "this offer is contingent upon (or subject to) a certain event," you're saying that you will only go through with the purchase if that event occurs.  The following are some common contingencies contained in an offer to purchase:

• The buyer obtaining specific financing from a lending institution.  If the loan can't be obtained, the buyer won't be bound by the contract
• A satisfactory report by a home inspector "within 10 days (for example) after acceptance of the offer." The seller must wait 10 days to see if the inspector submits a report that satisfies you; if  not, the contract would become void
• The sale of your current home

Your Realtor will be there to make sure that all the details are nailed down in the written contract.

Negotiating
You're in a strong bargaining position (meaning, you look particularly welcome to a seller) if:

• You're an all-cash buyer; or
• You're already pre-approved for a mortgage; and
• You don't have a present house that has to be sold before you can afford to buy.

In those circumstances, you may be able to negotiate some discount from the listed price.  On the other hand, in a "hot" seller's market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other offers.

It's very helpful to find out why the house is being sold and whether the seller is under pressure.  Keep these considerations in mind:

• Every month a vacant house remains unsold represents considerable extra expense for the seller
• If the sellers are divorcing, they may just want out quickly
• Estate sales often yield a bargain in return for a prompt deal
• Earnest Money: This is a deposit that you give when making an offer on a house.  A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show "good faith".  The seller's Realtor usually holds the deposit, the amount of which varies from transaction to transaction.  This deposit will become part of your down payment upon closing the sale. Keep in mind, the more earnest money you put down, the more seriously the seller will take your offer.

The Seller's Response to Your Offer
You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally.  The offer becomes a firm contract as soon as you are notified of acceptance.  If the offer is rejected that's that, and the sellers cannot later change their minds and hold you to it.

If the seller likes everything except the sale price, the proposed closing date, the basement pool table you want left with the property or any other terms in the offer, you may receive a written counteroffer with the changes the seller prefers.  You are then free to accept or reject it or even to make your own counteroffer.

Each time either party makes any change in the terms, the other side is free to accept or reject it, or counter again.  The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side's proposal.

Withdrawing an Offer
Can you take back an offer?  In most cases the answer is yes, right up until the moment it is accepted, or even, in some cases, if you haven't yet been notified of acceptance. If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters.  You don't want to lose your earnest money deposit, or find yourself being sued for damages the seller may have suffered by relying on your actions.

Why a Buyer Needs a Home Inspection:
A home inspection gives the buyer more detailed information than an appraisal; information you need to make a wise decision. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

• Evaluate the physical condition: structure, construction, and mechanical systems.
• Identify items that need to be repaired or replaced.
• Estimate the remaining useful life of the major systems, equipment, structure and finishes.

What Goes Into a Home Inspection:
A home inspection gives the buyer an impartial, physical evaluation of the overall condition of the home and items that need to be repaired or replaced. The inspection gives a detailed report on the condition of the structural components, exterior, roofing, plumbing, electrical, heating, insulation and ventilation, air conditioning and interiors.

Be an Informed Buyer:
It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection.

Once you've found the house you want and closed the deal, you're now ready to face the job of moving.  For many home buyers, this is the biggest job of all.  Whether you are moving immediately or have the luxury of proceeding slowly, preparation is essential.

Making a plan. . .
Spending the time making a moving plan will be one of the most beneficial things you do.  If you are moving a considerable distance across state, county or even another city, you would be wise to begin your plan immediately.  By developing  an outline of moving costs, making a moving checklist (for an example, click here) and investigating moving companies, you will have made a solid start towards eliminating many of the surprises and hassles a residential move can bring.

Costs, insurance,  packing & income tax. . .
One of the greatest surprises to first and even second-time buyers is the variety of costs associated with a move.  They can include everything from packing materials and phone/cable/utility hookups to professional movers and the insuring of your valuables.  When selecting a mover, begin the process by calling at least two and request, at no obligation, a free written estimate.

You can expect professional movers to come to your home, discuss your move in detail and provide many recent referrals.  Check out their referrals and have them provide proof of some level of insurance for your move.  Three of the most common forms are basic liability, declared value protection or actual cash value and replacement value coverage.  You may need to buy more.  If you intend to save money, you can do some or all of the packing yourself.  For this, you'll need boxes and other packing materials.  Finally, many of your moving expenses may qualify as income tax deductions.  If your move is closely related to a job transfer or a new job at least 50 miles from your old home, you will be eligible to deduct expenses.  See a local tax preparer for details.

8 WEEKS BEFORE

• Remove unnecessary items from your attic, basement, storage shed, etc.
• Use things you don't want to move, such as frozen foods and cleaning supplies.
• Secure a floor plan of your new residence and determine furniture placement.
• Start a possessions inventory.
• Solicit estimates from three moving companies.
• Call your homeowners insurance agent to find out to what degree your move is covered.
  Create a file for documenting all moving papers and receipts.
• Arrange to transfer your children's school records.

6 WEEKS BEFORE

• Contact the IRS and/or your CPA for tax-deductible information.
• Evaluate your possessions inventory.  Can you donate anything?  Do you need it all?
• Notify your friends, relatives, professionals, creditors, subscriptions, etc.
• Begin the off-site storage process (if applicable).
• Locate high-quality healthcare professionals and hospitals in your new location.
• Complete a change of address via post office cards or an on-line service for the following:
  • Banks
  • Charge Cards
  • Religious Organizations
  • Doctor/Dentist
  • Relatives and Friends
  • Income Tax Bureau/Social Security Administration/Union
  • Insurance Broker/Lawyer/CPA/Stockbroker
  • Magazines
  • Post Office
  • Schools
• Clean your closets.
• Hold a moving/garage sale or donate items to charities.
• Choose a mover.
• Contact your mover to make arrangements and inquire about insurance coverage.
• If relocating due to a job, contact your employer to see what costs, if any, they will cover.

4 WEEKS BEFORE

• Send furniture, drapes and carpets for repair/cleaning as needed.
• Gather auto licensing and registration documents; medical, dental and school records; wills, deeds, stock, and other financial documentation, etc.
• Contact gas, electric, oil, water, telephone, cable TV, and trash collection companies for service disconnection/connection at your old and new addresses.  Also ask for final readings.
• Request refunds on unused homeowner's insurance, security deposit with landlord, and prepaid cable service.
• Notify your gardener, snow removal service, and pool service (if applicable).
• Contact insurance companies (auto, homeowner's, medical, and life) to arrange for coverage in your new home.

3 WEEKS BEFORE

• Make your travel plans
• Arrange to close current bank accounts and open new accounts in locale (if necessary).
• Notify your state's motor vehicle bureau of your new address.
• Arrange for childcare on moving day.

2 WEEKS BEFORE

• Arrange special transport for your pets and plants.
• Service your car for the trip.
• Contact your moving company and review arrangements for your move.