Anant Deoras at @Properties. Today's video I want to talk about the buyer consultation. It's a complimentary service that I provide all my perspective buyers. The in office home buyer consult is step #2 in my home buyer series buying a Chicago home. It's very important to have one of these regardless if you're 15 days, 30, even up to 180 days out from actually making a purchase decision. The consultation properly sets expectations. My process is setup into two parts. Watch the video then read below on the two parts!
The first part, which I like to call the fun uncle part, is looking at properties. Who doesn't love looking at properties, HGTV basically highlighted that. The second part, which I kind of talk about being where I actually sometimes have to be a parent, is the more serious and contract and closing parts. Both sections we sit down for about 30 to 45 minutes and talk in depth, answer any of your questions that you have, and it's very beneficial that we conduct this, specifically in my office. Actually you can see in the back, I basically fire up my website, I walk you through how the website works, and show you a couple of documents. Basically you get a tangible packet that you could use as a takeaway.
If you're short on time you can have the consultation first at the office and then we can go through properties, we can do it all in one day. Make sure you schedule your free consultation. I can be reached at 312.884.9793. Have a great day.
Hi, there. Anant Deoras, @properties. We're in my third video here. The first video, I explained why you should be using my website, anantdeoraschicagore.com. Two was having the in-person buyer consultation which is very critical. Here in the third video we want to understand your wants and needs, right, so customizing the home search. Customizing the home search, or searching homes for sale, is third step in my complete video series "Buying a Chicago home" Remember: my website has some distinct advantages over the standard portal sites like zillow and realtor dot com. To watch my “importance of the real estate website” video again or see it for the first time please click here the Do you want up to 300,000, two bedrooms, three baths? That's the basics kind of standard searches. Watch the video below!
My website, I have it broken down to if you want to pay a certain amount of taxes a year, your assessments if you're buying a condo, if you want parking, pets, right? Pets are like family. You can actually filter certain properties that allow pets. Not a lot of associations allow pets. You can filter by dogs. You can filter by cats, so customize your way. Make sure as you're getting the sites going there, if you have any questions, it does get a little difficult when you're in the back end of my website. Call me, (773) 490-6151. That's my direct cell phone number. I'll be happy to help.
It's more ideal to meet in person, but I totally get it. Your time horizon to purchase may be several months away, you don't want to meet. That's fine. I just want to make sure that I'm meeting your needs. You are my priority. I may be reached at 312.884.9793 or email@example.com. This video was about the wants and needs, a very critical third step in my buying a Chicago home video series. I hope you enjoy the search. Happy searching!
Hi. We're in Video Four. Video Four. I'm hoping you're enjoying the content so far. In this Video Four, I want to talk about open houses. 3 things to look for during open house visits is my fourth step in my video series “Buying a Chicago home”. There's going to be situations ... Hopefully by now we're working together, and there's going to be situations where either you're very busy or I may be assisting other clients, and there's an open house where I can advise you to go to and check it out on your own. That's a great way to kind of see a large amount of properties. They're on the weekends, so it's very convenient for many professionals. Watch my open house video below.
I want you, when you're at the open houses, just don't go to the open houses and kind of do a quick walk. I want you to really focus on three factors, three things you need to look at. The three things, number one, before you even walk into the property, exterior condition. Just do a visual. My job when I'm doing a private showing with you is, that's my job to kind of look at those items. Just look at it superficially. If you see any type of deterioration, ask the showing agent who's hopefully the listing agent, not always the case, but ask them if they know the age of the building. If you do notice and deterioration, ask them when they did any projects be it roof work, parapet work, or any of the exterior type pointing ceiling of the building. I can explain that more when we hopefully meet, if we haven't met yet. That's one, exterior condition.
Two, interior condition. How's everything looking? How are the floors looking? Ask about the mechanicals. Not all old buildings or old units are bad. Some of them have been updated by the seller recently be it condenser, AC condenser, or the HVAC. So, make sure you ask. If it's a 20 year old building and all the mechanicals are 20 years old, that's going to raise a red flag. It doesn't necessarily mean that it's bad, but of course we need to kind of dive a little bit deeper in that. So, look, use your eyes, look around, look at the kitchen, ask if they appliances have been updated if you can't tell.
Three, ask about the financial viability of the association if you're looking at a condo. Ask them, "What are the reserves?" Again, if it's simply an open house agent, they may not have the information, but make sure either you hear a verbal from that open house agent that they will personally follow-up with you, or more likely in a better solution, is let me know. When you're kind of doing your priority list, let me know which properties you like and I will personally, of course, follow-up with that listing agent.
So, I hope you found those three factors beneficial when you're going to open houses on your own. Three things, exterior condition, interior condition, mechanicals, appliances, floors, and financial viability, asking about the reserves of the association. Happy searching. Any questions at all, 773-490-6151. Take care.
Hiya, Anant Deoras here with @properties. In today's video, this is particularly important if you're looking at condos. Five elements. Five elements of the mortgage payment. This video is step 5 of a 13 part video series of buying a Chicago home. Okay? Number one, principal of course. Two, interest. Three, taxes. Four, condo insurance, home owners insurance. The fifth element, I think that was a movie, right? The fifth element is home owners association fees. That's something that you have to consider if you are looking to purchase a condo versus a regular fee simple home. Those are the five elements, just want to repeat them. Principal, interest, taxes, home owners insurance, condo fees, home owners association fees. I hope you enjoy this really quick video and searching on this site, I'm always available to answer your questions. Until next time, have a great day. Watch the video below for more insights!
Hey, I'm Anant Deoras again from @ properties. Today's video I'm talking about buyer closing costs. Buyer closing costs is step #6 in my 13 part video series buying a Chicago home. Watch to learn more!
A majority of them are variable costs. The one fixed is the transfer taxes. Both buyers and sellers have to pay transfer taxes when you're dealing with residential property in the city of Chicago, it's $7 and fifty cents per 1000 of purchase price. OK? So that's simple calculation and that it's fixed. So you can write off the bat, that's what you're going to be paying. As far as other variable important variable costs, uh, let's kind of go through them real quick. Um, we have, uh, your lender fee, your lender will be charging, which is going to depend on the lender you choose. I'm happy to refer you a lender, however you have ultimately is your choice.
So I would your mark anywhere up to a thousand dollars and that can change. It could be a little bit more, a little less for the lender fee, right? Closing fee. Every title company, in the city here, the title company will charge a closing fee if you are financing, if you're financing for your cash buyer, that is typically either waived or split with the seller, um, but you will be paying a closing fee. Again, you're probably up to a thousand dollars and three, you have three costs, appraisal, which is part of the lender fees, your attorney and your home inspector. So let's quickly go through each of those. Appraisal fee is going to be anywhere from 250 to $400 to get the appraisal to your attorney. Fees will range anywhere from 500 to 800 home inspector, one of the most important things. You cannot stress enough. I'm an, I'll probably have a video on the later regarding beds specifically, but that I'm inspector fee will be based on square footage of the property of your choice.
You don't pay my commission, the commission is paid by the seller. And basically that commission is what is called a cooperatively shared between both the listing agent and myself, the buyer's agent. OK. So that's when I am. the bottom line here is kinda devote up to three percent of the purchase price to these closing costs. I call the inspector and the attorney more of like contract that closing costs. But overall closing costs and what at least up to three percent and of this doesn't include the down payment. So definitely buying is not a cheap endeavor. I'm just trying to properly set expectations. But with the right lender and the right kind of stakeholders in there, you can save money here and there. I'm happy to help you on that. Or of course you can choose your own.
Anant Deoras here @properties. Today's video I'm talking about the importance of a lender and the pre-approval. This step, #7, is part of a 13 part series of buying a Chicago home. Watch to learn more!
If you're receiving this video and you haven't consulted with the lender, you need to do so ASAP, particularly, of course, if you're looking to purchase over the next 90 days. Anything longer than that, you can probably wait, but it's better, sooner rather than later, to at least have the discussion with the lender. So why? Two reasons. One, purchase power. You kind to need to know, based upon your specific financial situation what properties you should be looking at. You shouldn't be looking at $400,000 properties if the purchase power, based upon the lender's consult says, up to 300, right. That's obvious. Two, sellers. All sellers require proof of funds, if it's cash. If it's financing, a pre-approval document together with a professional offer. So those are two reasons. Any questions at all, contact me.
Anant Deoras, another great video today, really important one here. You've looked at properties, you've lined up your financing, talked with a lender, you're pre-approved. You're ready to pull the trigger. Awesome, right? 3 steps to submitting a great offer is step #8 in my 13 part video series buying a Chicago home.
So how do you put your best foot forward in submitting an offer? So before we discuss a couple of items there, I want to make it very clear here: In many neighborhoods of Chicago, we have a severe shortage of inventory, right? So if you remember back, if you took it, Econ 101, supply and demand, low supply, what happens to demand? What's happening is it's resulting in a upward pressure of pricing, and you're sAnant Deoras, another great video today, really important one here. You've looked at properties, you've lined up your financing, talked with a lender, you're pre-approved. You're ready to pull the trigger. Awesome, right? So how do you put your best foot forward in submitting an offer? So before we discuss a couple of items there, I want to make it very clear here: In many neighborhoods of Chicago, we have a severe shortage of inventory, right? So if you remember back, if you took it, Econ 101, supply and demand, low supply, what happens to demand? What's happening is it's resulting in a upward pressure of pricing, and you're seeing it in the marketplace. All the properties you've been viewing on my website, a lot of them are more expensive than they were last year. So what does this all mean? In a seller's market, buyers have to have everything, ducks lined in a row, okay? So let's get into it.
First thing, earnest money, want to make sure that earnest money is significant. Doesn't have to be a lot, and a quick 101: Earnest money is deducted from overall, it's inclusive of your down payment, so if you have a ten percent down payment, you're not paying additional earnest money. It's all-inclusive. So basically at closing, it's just the net. What I typically do with my buyer is I like to do up to five percent, possibly a little bit more, if their property is above 400,000, so a pretty strong earnest money, that's initial and final, is critical.
Two: Speed of the offer. These properties here, and you're going to be seeing as you search, they're flying off the market, so the quicker we can get all our ducks in a row, and for me to submit that offer, the higher probability the seller can look at it, and if it's a really strong offer, the buyer may accept it before possibly the open houses happen on the weekend. A lot of times they'll wait, because they want to have multiple offers. So speed in getting that offer, your earnest money, those are two things.
And three, in rare cases, I don't do it as much, really it kind of depends on what neighborhoods, in some of the popular neighborhoods it's a little bit more common, price escalator. What does that mean? In a price escalator, particularly when I'm feeling the market, and I advise that, "Well, we're probably going to have multiple offers," what I'll insert into offers along with the pre-approval is a price escalator, which says, "Mr. Seller, this is our offer. If there are multiple offer situations, we will increase the purchase price up to a certain amount, as long as we're giving a bonafide offer." So what does that all mean? Let's say we have a $200,000.00 property, and we submit a full list offer, 200,000, and there happens to be another property that's at 201, or 202. If we include that particular rider, the price escalation rider, we can say, "Okay, buyer will increase the offer to 205, but we need to see that bonafide offer, and then we will increase it basically up to 205." Since the bonafide offer was 201, we would increase it by X amount, and typically I do 1,000 or 2,000. So in that situation, the buyer would pay, if it's a thousand, would pay 1,000 over the competing offer, which is 201, so then 202 would be accepted; typically accepted by the buyer, but then it's not strictly on price. So just because we may beat them on price, there may be other factors that the seller ... Unfortunately it's everything, right now, how the market's going is skewed a little bit more to the sellers. This may have been a little bit confusing, but if you've got any questions, give me a call.
Hiya. Anant Deoras, back again at it, with a great new video. I'm hoping you're enjoying the drip of purely educational videos. I hope you find that you them informative and of course, any questions let me know. Today, importance of the home inspection. Home inspection is step #9 in a 13 part video series to buying a Chicago home. Watch the video to learn more!
This may sound common sense but I do get a lot of buyers asking, "I've got all these costs Anant, why do I got to buy, pay for a home inspector?" Look, you have to. Okay? And frankly, I would strongly advise you to first of all never waive the inspection contingency, okay? As I mentioned, the cost, 250 to 450, what does the inspector do? The inspector's job here, okay, you call them, book it. Allocate at least 120 minutes, if not more, it could be less depending on the size of the condo. Unfortunately a lot of times the inspectors work business hours, so you're just going to have to take some time out of the day. And what the inspector will do is go through, and ensure all of the appliances, the mechanicals in the property are operational, right? So basically, in order for the contract and the closing to happen, your basically rights are, you know the appliances could be 25 years, they could be five years old, as long as they're operational, you really need to move forward, right? Obviously you can cancel the deal, but I was advised, as long as they're operational, that, if you wanted to get new appliances, it's typically going to be your expense. Of course that could always be negotiated. So they're going to look at all that. They're going to look at the floors, they're going to look at the roof, critical, right? Roof could be a very expensive cost element. If you're in an association that's shared expense, so they're going to basically examine it and provide guidance. Exterior, ceiling, typically with tuck pointing that needs to be done every seven to nine years, if you have a 15 year association that hasn't been done that could raise a red flag, and the inspector's there to inspect that. At the end of the day, you're buying the biggest asset of your life, so you need to make sure that it's properly protected and one of the ways to help on the long term cost aspect is to pay the money up front for the inspector. So that's a little bit of a high level, and of course, I have inspector names again, similar to my lenders that I trust and I always refer out to my clients, however, as always, if you have someone that you trust, you want to use, that's fine. But again, make sure you need to devote at least a couple of hours, and of course, I'll meet you also at the property and provide you some additional guidance during the home inspector. Okay? Any other questions, give me a call, Thank you.
Today's topic in my video series is the importance of the attorney. Yes, you got to get one, okay? In Illinois we are an attorney state. What that means is in a lot of other states attorneys aren't required for the closing table, agents will handle that paperwork, but here in Illinois you need to have an attorney. Importance of the attorney is step #10 in my 13 part video series buying a Chicago home. Watch the video to learn more
At the end of the day, you're assigning a legal document, okay? I'm not an attorney, so any legal matters, and a lot of times with residential real estate it's pretty straightforward, okay? But in some other situations it can get a little hairy on the legal side, so you need an attorney in your corner. As I mentioned in my costs, buyer costs video, expect to pay anywhere from 500 to $800, so understand if you have two sides of the transaction, meaning, if you happen to be listing your home, which of course I can help with too, and buying a home, I do have attorney partners that will provide a slight discount for those two transactions. However, typically expect to pay between 500 and $800, all right? The attorney's involvement basically kicks in as soon as the contract is executed. I will forward it over to the attorney and basically they will review it, they will schedule a follow up call with you, review all, any questions you have, review the Ts and Cs, the terms and conditions of that contract, and then basically they will work with the seller's attorney to bring final figures together. Probably one of the most important things is they're always there. From contract to closing, of course, they're always there to answer your questions, but one of them, one a little bit more high level, one of the major benefits is the reviewing of all the paperwork at the closing table. That is their responsibility. I will be there, of course, if there's any last minute questions, but it's the attorney's responsibility to sit down with the buyer and go through all of the paperwork. Hope you found this video, the importance of the attorney. It is additional costs, but it's a very important cost. Remember, your biggest asset of your life, you want to have someone, you want to have legal representation. You have agent representation and you also want to have legal representation. Any other questions, feel free to call me, Thank you.