Buying Milwaukee Area Property
If you are looking for a home in in the Milwaukee area this site is the place to start your search. It is your complete resource for homes and condos in Milwaukee and surrounding suburbs including Brookfield, Burlington, Menomonee Falls, Muskego, New Berlin, Racine and Waukesha.
Every listing displayed on this site comes with a walk score. Using this tool you can find a list of local amenities plotted on a map starting with the closest one to the property you are looking at with distances, locations and times it takes to get there by car, bike or walking. Amenities included shopping, grocery stores, schools, parks, restaurants, entertainment and bars. You will also find in-depth school information for each listing.
Buying a Home in a Competitive Real Estate Market
Some preparation in advance of house hunting will increase your chance of getting your the home you want and not losing it to another interested buyer instead of losing it to another buyer. These tips actual apply to every type of market.
- Get prequalified for a mortgage. You’ll be able to make a stronger offer to buy which will make your offer more desirable to the seller.
- Make sure your real estate agent can reach you so you find out about new listings and be ready to go see a house as soon as it goes on the market.
- Stay on top of Internet sites, newspaper ads, and drive through your target areas.
- Be ready to make a decision. Discuss what you want and how much you want to spend in advance. When a property that meets your needs becomes available it makes the decision much easier.
- Make a competitive offer. Count on your agent to advise you on an effective negotiatng strategy.
- Minimize contingencies if possible. A home sale contingency can put you at a disadvantage, Discuss the pros and cons of how to handle your current property.
Buying a Home - Real Estate Key Factors
The traditional key factors in selecting real estate are:
To end up with the best home for you, start thinking about the key factors. Even before you start to look at your first property, analyze your ability to pay, where you want to live and what kind of condition you want your new home to be in when you buy it.
In most cases, the price of the home you can afford is determined by the combination of your down payment and the maximum amount you can borrow through a mortgage loan. The best way to determine how much of a mortgage you can get is to be prequalified by a lender. Some of the factors that will determine the mortgage amount include your income, your debts, credit score, job history and interest rates. Note that interest rates can change as often as several times a day which can affect your buying power. Also it is a good idea not to take on new debdt just prior to looking for homes
Where do you want to live? Factors that may come in to play include the prices of homes in the community, type of homes available (age and style) proximity to work, unique chararcterstics of communities such as parks, recreational opportunities, shopping and schools,
Are you willing to repair or improve the home you buy? If so you may be able to buy a home that would be out of your price once it is fixed. It is a good idea to consider maintenance of your potential home. Will you have to spend money because your home is due for repairs. Also with condition, consider the features that are important to you. Are those features must have or really nice to have but not deal breakers.
After running through your price, condition and location pre-buying analysis, you are now better prepared and ready to start your search.
Looking for Homes - The Search Begins
There are numerous ways to find homes for sale. A lot of legwork can be done from your computer. One of the best places to search is directly from this site but there are many other sites which have listings. Note that not all information may be current on some sites but you can definitely get a good idea of what is out there.
Once you contact an a agent they will start to suggest properties based on your wants and needs. Your agent uses the Multiple Listing Service to find homes listed by various local brokers. One big advantage to having a good agent represent you is that your agent may be able to find properties for you before they are on the market using their network of contacts.
The next step is to actually visit properties. Your agent will make appointments for you and accompany you through the properties. It is helpful to make notes about the various properties to keep them fresh in your mind. After looking at several properties, your ideas of what you want in a home and the areas you are interested in may change. This is normal. Remember to communicate with your agent, the more that they know about your likes and dislikes, the more they can help you.
There is no rule of thumb for the number of properties you should look at. Sometimes the first property is the right one and sometimes people look at a great number. Once you have found a property you want to buy, the next step is to right an offer to purchase.
Offer to Closing
An offer to purchase will be prepared which shows the terms you agree to in order to buy the home. Some of the terms my include sale price, getting a mortgage, earnest money and down payment, building inspection and closing date as well as other terms. The terms of the offer are open to negotiation. A good agent can help you decide on a strategy to help you get the property you want.
Once an offer is accepted in most cases the buyer will have to apply for and get approved for a mortgage and the property will be inspected to assess the condition of the property and if there are any defects in the property or repairs that may be needed. If there are problems with the inspection, the buyer and seller will have some decisions to make on who if anyone is going to make repairs or if the issues can be resolved. Assuming the contract issues are resolved and the motgage is approved the next step is to schedule a closing.
At closing, you will need to have a certified check to cover the balance of the down payment and closing costs. A homeowners insurance policy with proof that it has been paid will be required. A variety of documents will need to be signed to complete the transaction. Once this is completed, you own a new home. Congratulations!