If you have not read our last two posts about buying a home in Barrington Hills Illinois, stop and take a minute to do that. Our goal is to help you consider all things related to buying a luxury home:
- Buying Luxury Homes in Barrington Hills Illinois
- Finding your own Realtor if Buying in Barrington Hills Illinois
Now we’ll move forward with all the puzzle pieces need to get your dream home from contract to closing.
Time To Search and View Homes in Barrington Hills Illinois
Now you’ve selected a Realtor you need to start viewing homes in Barrington Hills. In a community with high priced homes it’s likely most homes are listed with Realtor’s, with very few if any being for sale by owner. A good buyers agent will know how to work with for sale by owner sellers and therefore will be able to show these properties too. We should look at homes broadly in your budget range and that have the basics on your wish list. Large luxury homes can take a while to tour, they are never a quick 10 minute in and out. Take the time you need to decide if each home is what your dream looks like.
If you have no time constraints you may be looking at homes for a while. At some point one or two of them are going to seem like a really good fit for you. Along the way I’ll be pointing out any potential issues I see. Whether I notice a poor location or some deferred maintenance, it matters and matters a lot that you get some input from me. In the end the decision is yours, I just want all my buyers to be educated before contracts are written and offers made on any Barrington Hills property.
Making Offers on Homes in Barrington Hills Illinois
When it’s time to make an offer, we always suggest and prefer them to be in writing. It reduces the misunderstandings that can occur with verbal offers. So bear with me while I gather information from you to prepare your offer. To decide what is the right price to pay for a home we’ll look at comparable sales, average sale to list price ratios and consider differences in age, accommodations and upgrades.
You’ll need to consider when you want to close. Our contract has inspection and loan contingencies written in but when buying large luxury homes my opinion is the time-frames suggested are too short. So allow enough time to do your due diligence, have whatever inspections you need and get your loan approval done. Cutting the time-frame too short will just lead to frustration by all involved. 45 days is fine for simple small home purchases but I suggest at least 60 with luxury purchase, they are more complex. Your attorney can help extend time frames as needed.
Offer Accepted The Process Begins
Our paperwork is signed by buyers and sellers and the home is now under contract. After that it’s time for any inspections you want. I highly recommend at the very least a general inspection. Radon, Mold and Lead based paint may be advisable too. A buyer has the right under the inspection contingency to have any inspection wanted of the property. Often an original inspection may lead to another more focused inspection. The buyers are responsible for all inspection costs except well and septic reports. These are provided by the seller a little way down in the process.
You’ll also need to be calling your insurance company, submitting your loan application if you need a mortgage, your attorney will be reviewing your contract. The better the lines of communication are between all parties, the easier this process is. Any buyers agent who having written your contract disappears until closing is doing a grave disservice to their clients.
Realtors need to be involved from start to finish. It’s the difference between hiring the first agent you meet and hiring an experienced buyers agent who is used to selling high end homes.
Most of the continued work is administration in nature; we will be available by email, text and phone to answer any questions that come up or provide any documents as needed. More importantly we’ll attend your home inspection. For large Barrington Hills properties this can easily be an all day job. Our presence is not to become involved in the inspection, we are not licensed inspectors. However I will always listen and if you are not there I can help by being your eyes and ears.
Puzzles Pieces Falling Into Place
As we move along the process, with your attorney you’ll pass the review and inspection period, it’s likely the loan contingency is next. The goal is to get a clear to close by your contingency date. Your attorney will be keeping a close eye on that date, and so will I. Once that’s cleared it’s really a matter of waiting for closing. I will not have much to do during this period of time but you will. You might be starting to organize the physical move, that can take a lot of organizing, patience and decisions. All this while trying to work too!
Your lender or the title company that has been requested to close the sale will be sending you information about how much you need to bring to closing and how to get it there. You may be juggling funds and wiring money a few days prior to closing. Just be sure to get this done in time!
Last Steps Before Closing a Barrington Hills Illinois Home Purchase
Just prior to closing you and I need to re-visit the property to achieve a final walk through. Contrary to what some might think, this is not the right time to be showing family the new home, or taking photos, or deciding on furniture placement. The focus is to make sure the property has not materially changed since you decided to buy it. It’s a big house and often a seller would like to meet you and talk to you about how the house operates. This can be extremely beneficial for luxury homes with size-able square footage.
Finally we’ll attend your closing with you and answer any final questions you may have.
Of course you always have my phone number for after closing questions.
There’s no doubt that buying real estate is a stressful and time consuming process with a lot of puzzle pieces that need to fit together. Having a buyers agent in your corner is the way to keep interlocking the puzzle pieces one by one until it’s all complete. Working with luxury home buyers takes more effort than some Realtor’s give. It’s usually a matter of not understanding the magnitude of the purchase. We help buyers find luxury homes in all the Barrington areas and often work in Barrington Hills Illinois with local home buyers and relocation buyers.
Ready to Buy in Barrington Hills Illinois? Need help? Ready to hire a Realtor that specializes in luxury home buyers? Fill in our quick contact form, we’ll be in touch.