The Doyle Team Buyer’s Guide
Prepared Especially For YOU
www.MetroEastRealEstate.com
Over 50 Years Combined Experience in Real Estate
Serving St. Clair, Madison, Clinton and Monroe County
Full-Time Real Estate Agents with an Administrative Assistant
Named Top Real Estate Agents in 2013, “Best in Client Satisfaction”
As Published in St Louis Business Journal, April 2012
Steps In the Home Buying Process
- Working with The Doyle Team to Find the Right Home
- Getting Pre-Approved for Your Mortgage
- Making the Offer
- An Accepted Contract
- Closing on Your Home
Home Buying Process – Step 1
Working With The Doyle Team To Find the Right Home
As your REALTORS®, The Doyle Team will work hard to find you the right home and protect your best interests!
Did You Know?
- We can show and sell you any property in the Metro East Area
- We can show and sell your homes for sale by any real estate company or agent, new construction by all builders and even ‘for sale by owners’
The Advantages of Working With One Full Time REALTOR®
- We represent you as a ‘Buyer’s Agent’ and our duty and service to you is to find you the best home, terms and financing available
- You will not get confused by having so many different realtors calling you, that you can not remember who you talked to about which property
- Because of our team system, we will have more time to spend with you – you get the benefit of a team of specialists, all committed to helping you find a home
How We Can Help You Find the Right Home?
- Once you have told us what you are looking for, we will prepare a package of available homes that meet the areas and needs you have, and set you up to receive daily email updates with new homes/price reductions that have hit the market
- A time will be set to show you homes when you are available
- We will help you see the benefits and negatives of each home – our goal is to show you the best homes for the right price up front, without wasting your time
How Long Will It Take to Find the Right Home?
- The number of homes you will see will vary. Some clients find their homes in the very first two or three properties that they see, the very first time they go out! That could happen to you if one of the first homes is the right one for you. However, some clients see ten or more homes before they have found one that will work for them. A lot of this depends on your particular needs and price range.
- It will not matter to us how long it takes to work with you – our goal is to help you. We will never pressure you on anything – we make that commitment to you right up front. Our goal is to be your realtors and make buying your home a fun and rewarding experience. As your realtors, we will assist you through the entire process from start to close on your new home.
Common Questions
- What If I Drive By a Home and I Want to Know the Price and Home Information?
Call us right away! We will pull up the address on the Multiple Listing Service Program and provide you with all the details on the home.
- What If I See an Ad in the Newspaper or a Homes Magazine?
Call us right away! We will get all the information you need on the house.
- What If I Go Into an Open House Hosted by Another REALTOR®?
Please tell them you are working with The Doyle team and give them our business card. The real professionals in the business protect each other’s customers – remember that realtor is representing the seller of that home – not you! If you like the house, we will go back with you and take a look at it together. Call us right away!
It is in your best interest to talk to a loan representative prior to looking at homes.
Getting Pre-Qualified for your loan – Step 2
How Do I Get Pre-Qualified?
You should call a Loan Officer and tell them you are starting your home search and that you would like to get pre-qualified. If you don’t know the name of a lender to call, we can provide you with a list of names and numbers that The Doyle Team ahs worked with.
Advantages of Getting Pre-Qualified
- You will look very strong to a seller when we present an offer on a home
- The seller will be more apt to seriously consider your offer when they know it is from a serious buyer that has already made application for a loan
- It is important that we all know what types of financing are available for you prior to looking at homes – then when you find a home you like, you will not be disappointed because you cannot qualify to buy it
What To Expect When You Meet With a Lender
- They will ask you about your income and monthly debt obligations so they can work your qualifying ratios and tell you the amount of a mortgage for which you will be qualified. They will also offer to run your credit history. If there are any credit problems, or late payments, there are still programs that you will qualify for, in most cases
- Some lenders will allow you to lock-in an interest rate while you are still shopping for homes. Some will lock-in after you have an accepted contract. (Lock-in means the lender will guarantee you a particular rate for a specified amount of time – normally 30-75 days) *note: over 30 days lock may require a fee. Ask your lender.
- When you apply for a loan, the lender will require a credit report. The lender will ask for a check to cover the cost – usually about $50
- Once you have a contract on a home, the lender will require a check for the appraisal – usually about $350. (We will talk more about appraisals on page 5)
- So, you will be required to pay approximately $400 of your closing costs at the time of mortgage application to process your loan
Information You Will Need at Loan Application
- Last Two Year’s Income, W-2 Forms
- Pay Stubs For Two Most Recent Pay Periods
- Names and Addresses of All Employers, Last Two Years
- Names, Addresses, Account Numbers and Balances on All Checking and Savings Accounts – Along With Bank Statements From the Last Three Months
- Names, Addresses, Account Numbers, Balances and Monthly Payments on All Open Installment Loans (Credit Cards, Car Loans, Student Loans, Etc)
- Certificate of Eligibility and DD214’s (VA Buyers Only)
- If Self-Employed, Last Two Years’ Tax Returns
Home Buying Process – Step 3
Making the Offer
You have found the right home! Now it is time to make an offer.
How Do I Make an Offer?
- We will meet with you and complete a sales contract to offer to the seller
- We will review the Contract for Sale and Purchase in full detail to you, answer all your questions and make sure you have a clear understanding of the contract. Once we have prepared the contract and it is signed we will present your offer to the seller
- You should bring your checkbook – when you make an offer on a home you will need to give an earnest money deposit
Why Do I Need to Make an Earnest Money Deposit?
- The seller will know you are making a serious offer and not wasting their time. We have always found if a buyer puts up a good deposit, it sends a favorable message to the seller
- If a buyer puts up a trivial deposit ($100), the seller does not take them very seriously in many cases. We want you to have the best chance of having your offer accepted
What Happens to My Earnest Money Deposit?
- Your check is placed into an escrow account of the agency directed on the contract by the next business day before 2pm, after the contract is accepted, as required by Illinois statutes
- In the event that we do not negotiate a sale on the property, your deposit will be refunded in full. There may be a delay of a couple of days until your check has cleared the bank, but your deposit will be refunded
- Your deposit is credited to you, towards the purchase price of your home, at closing
What Happens After I Make an Offer?
- The seller may accept your offer, as written
- The seller may not be willing to accept your offer. In most cases, the seller will then make you a ‘counter-offer’ – which means the seller ahs come back with another offer that they would be willing for you to take. We would then look at their counter-offer and see what you are willing to accept. This is called the ‘negotiating process,’ and we are committed as your Realtors to get you the best possible price and terms that this particular seller will accept
- We will help you negotiate back and forth with the seller until we reach an agreement
Home Buying Process – Step 4
An Accepted Contract
Congratulations! You are now well on your way to being a home owner! After you have an accepted contract, here are the next couple of steps in the process. As a reminder, you will receive a letter from our Administrative Assistant, Karen, outlining the process.
The Home Inspection
You now have 20 days to have an inspection performed on the home you are purchasing. We went over the Inspection Addendum on the contract with you, when we wrote the offer. A Home Inspection is a thorough visual explanation of the structure and operating components.
Who Should Have a Home Inspection?
- A Home Inspection is for your security and peace of mind. Knowing a home’s condition makes for a fair and smooth transaction
- The inspection will uncover problems with the house that may not be obvious a non-professional – it will give you a full understanding of the property
How Do I Set Up a Home Inspection?
- You will hire a home inspector by calling and setting up an appointment. Let us know the day and time of the appointment so that we can inform the seller’s agent. We are happy to provide you with a list of professional home inspectors. But you may choose anyone you want to do your home inspection
- You will pay the inspector’s fee at the time of the inspection
- It is always recommended that you attend the inspection, if possible
What Happens After the Home Inspection?
- Once the inspection is completed, the inspector will provide you with a complete report of his or her findings
- We will review this report with you and discuss the results. Then we can decide on any appropriate actions, if any are deemed necessary by you
- We will then submit a “Response to the Inspection’ back to the Seller – along with a list of items you would like the seller to repair/remedy as a condition to the sale
- We will then negotiate back and forth with the seller until an agreement is reached
- Note: Painting, decorating or other items of a cosmetic nature, regardless of the cost to remedy, shall not constitute a defect for the purpose of the property inspection contingency.
The Appraisal
An appraisal will be required by your lender to determine the value of your home. The appraisal will be ordered by your lender.
What is the Appraisal For?
- The appraiser will justify the fair market value of the home using comparable homes in the area that have recently sold. This protects you and the lender that the home is worth what you are paying for it
- Do not confuse the appraiser with an inspector – an appraiser has nothing to do with determining the condition of the property
The Final Mortgage Process
- Once the appraisal has been completed and the lender has received all the verifications they need, your loan will be submitted to the ‘underwriter’ for final loan approval
Termite Inspection
- The termite inspection will be ordered by you and performed by a license pest control company, as required by contract
Homeowner’s Insurance
- You now need to decide which company you are going to get your Homeowner’s policy through. Provide that information to the lender and title company that will be handling your closing within 10 days of the accepted contract.
If Any Repairs Were Required
- We will coordinate any necessary repairs for you and inform the seller’s agent
An Accepted Contract
Final Walk Through
- If you have purchased a New Construction home, we will go to a final walk-through to make sure your home was completed to your satisfaction and acceptable to you
- If you have purchased a pre-owned home we will go to a final walk-through to do a final check before closing. At this time we will do a last check too if you have received or purchased a Home Protection Plan
- You need to contact the utility and phone companies to have your services transferred to your name. In some cities, an occupancy permit is needed before this can occur
Service Providers
Mortgage Companies
- >Bankers Home Lending, Patti Dieu: 618-222-7119
- Bank of Edwardsville, Dave Demond: 618-781-0664
- FCB Swansea, Jeff Burgner: 618-239-9000
- FCB Collinsville, Bruce Cope: 618-346-9000
- Gershman Mortgage, Jason Stauffer: 618-792-4597
- Midwest Capital Mortgage, Jody Talick: 618-539-5968
- Midwest Capital Mortgage, Ryan Luchtefeld: 618-624-0066
- Pulaski Home Mortage, Jeff Birger
Home Inspection Companies
- AHIS, Mark Perry: 618-570-8045
- Mark Oldfield Inspection Service: 618-628-2369
- Sure Home Inspections: 618-344-9220
- Dan Mansmith: 618-223-0247
Termite/Pest Inspection Companies
- A-1 Bush Termite and Pest Control: 618-233-5424
- Allied Termite and Pest Control: 618-235-1400
- All-State Termite and Pest Control: 618-235-4500
- Bi State Termite and Pest Control: 866-646-7378
- Brad’s Termite and Pest Control: 618-344-3835
Additional Services
Home Repairs, Handyman
- The House Helper, John Hibbard: 618-660-6393
Siding, Roofing, Windows & Home Remodeling
- F-M Contracting LLC, DJ Ficken: 618-540-4072
Painter
- Certa Pro Painters: 618-239-9300
Business Cards, Stationery, Rubber Stamps & More
- Pearson’s Printing, Margaret Pearson: 618-537-9505
Financial Advisor
- Paul Baeske, Morgan Stanley: 18-628-2244
Digitizing, Embroidery, Quilting and Custom Gifts
- Creating Stitched Memories, Candy Alford: 618-248-1230
Credit Fraud
- MCS – The Benefits Company, Robert Stewart: 618-632-2656
DSL, Internet Dial Up and PCS Wireless Phones
- HTC Technologies, Craig Brown: 618-939-9321
Business Cards, Stationery, Rubber Stamps & More
- Pearson’s Printing, Margaret Pearson: 618-537-9505
Chiropractic Physician and Acupuncture
- Stock Chiropractic, Dr. Ann Stock: 618-236-0028
Title & Escrow Agency
- Benchmark Title Company, John Howe: 618-239-3750
Insurance – Auto, Home, Life, Long-Term Care, Annuities
- Farmers Insurance Group, Dee Schweill: 618-277-5048
Landscaping
- AJD Landscaping, Derek Johnson: 618-530-7135
Water Purification Systems and Gift Books
- Reynolds Marketing, Robert E Reynolds: 866-631-8008
Computer Repair and Networking
- SBA Computers, Inc, Rick Scaiefe: 618-628-9590
Advertising
- O’Fallon Progress, Judy Weatherly: 618-632-364
Home Buying Process – Step 5
Closing On Your Home
The Closing
- You will need to bring a CASHIER’s CHECK or CERTIFIED FUNDS to your closing; the Title Company can not accept a personal check or cash.
- The dollar amount that you need to bring will be provided to you prior to closing
- You will need to bring identification at closing (Driver’s license, etc.)
- At the closing, you will be given the keys to your new home (unless the seller has made previous arrangements to retain possession for some period of time after closing)
You Are Now a Home Owner! Congratulations! From… The Doyle Team!
Judy, Chad and Karen
Call us right away! We will pull up the address on the Multiple Listing Service Program and provide you with all the details on the home.
Call us right away! We will get all the information you need on the house.
Please tell them you are working with The Doyle team and give them our business card. The real professionals in the business protect each other’s customers – remember that realtor is representing the seller of that home – not you! If you like the house, we will go back with you and take a look at it together. Call us right away!
It is in your best interest to talk to a loan representative prior to looking at homes.
Getting Pre-Qualified for your loan – Step 2
How Do I Get Pre-Qualified?
You should call a Loan Officer and tell them you are starting your home search and that you would like to get pre-qualified. If you don’t know the name of a lender to call, we can provide you with a list of names and numbers that The Doyle Team ahs worked with.
Advantages of Getting Pre-Qualified
- You will look very strong to a seller when we present an offer on a home
- The seller will be more apt to seriously consider your offer when they know it is from a serious buyer that has already made application for a loan
- It is important that we all know what types of financing are available for you prior to looking at homes – then when you find a home you like, you will not be disappointed because you cannot qualify to buy it
What To Expect When You Meet With a Lender
- They will ask you about your income and monthly debt obligations so they can work your qualifying ratios and tell you the amount of a mortgage for which you will be qualified. They will also offer to run your credit history. If there are any credit problems, or late payments, there are still programs that you will qualify for, in most cases
- Some lenders will allow you to lock-in an interest rate while you are still shopping for homes. Some will lock-in after you have an accepted contract. (Lock-in means the lender will guarantee you a particular rate for a specified amount of time – normally 30-75 days) *note: over 30 days lock may require a fee. Ask your lender.
- When you apply for a loan, the lender will require a credit report. The lender will ask for a check to cover the cost – usually about $50
- Once you have a contract on a home, the lender will require a check for the appraisal – usually about $350. (We will talk more about appraisals on page 5)
- So, you will be required to pay approximately $400 of your closing costs at the time of mortgage application to process your loan
Information You Will Need at Loan Application
- Last Two Year’s Income, W-2 Forms
- Pay Stubs For Two Most Recent Pay Periods
- Names and Addresses of All Employers, Last Two Years
- Names, Addresses, Account Numbers and Balances on All Checking and Savings Accounts – Along With Bank Statements From the Last Three Months
- Names, Addresses, Account Numbers, Balances and Monthly Payments on All Open Installment Loans (Credit Cards, Car Loans, Student Loans, Etc)
- Certificate of Eligibility and DD214’s (VA Buyers Only)
- If Self-Employed, Last Two Years’ Tax Returns
Home Buying Process – Step 3
Making the Offer
You have found the right home! Now it is time to make an offer.
How Do I Make an Offer?
- We will meet with you and complete a sales contract to offer to the seller
- We will review the Contract for Sale and Purchase in full detail to you, answer all your questions and make sure you have a clear understanding of the contract. Once we have prepared the contract and it is signed we will present your offer to the seller
- You should bring your checkbook – when you make an offer on a home you will need to give an earnest money deposit
Why Do I Need to Make an Earnest Money Deposit?
- The seller will know you are making a serious offer and not wasting their time. We have always found if a buyer puts up a good deposit, it sends a favorable message to the seller
- If a buyer puts up a trivial deposit ($100), the seller does not take them very seriously in many cases. We want you to have the best chance of having your offer accepted
What Happens to My Earnest Money Deposit?
- Your check is placed into an escrow account of the agency directed on the contract by the next business day before 2pm, after the contract is accepted, as required by Illinois statutes
- In the event that we do not negotiate a sale on the property, your deposit will be refunded in full. There may be a delay of a couple of days until your check has cleared the bank, but your deposit will be refunded
- Your deposit is credited to you, towards the purchase price of your home, at closing
What Happens After I Make an Offer?
- The seller may accept your offer, as written
- The seller may not be willing to accept your offer. In most cases, the seller will then make you a ‘counter-offer’ – which means the seller ahs come back with another offer that they would be willing for you to take. We would then look at their counter-offer and see what you are willing to accept. This is called the ‘negotiating process,’ and we are committed as your Realtors to get you the best possible price and terms that this particular seller will accept
- We will help you negotiate back and forth with the seller until we reach an agreement
Home Buying Process – Step 4
An Accepted Contract
Congratulations! You are now well on your way to being a home owner! After you have an accepted contract, here are the next couple of steps in the process. As a reminder, you will receive a letter from our Administrative Assistant, Karen, outlining the process.
The Home Inspection
You now have 20 days to have an inspection performed on the home you are purchasing. We went over the Inspection Addendum on the contract with you, when we wrote the offer. A Home Inspection is a thorough visual explanation of the structure and operating components.
Who Should Have a Home Inspection?
- A Home Inspection is for your security and peace of mind. Knowing a home’s condition makes for a fair and smooth transaction
- The inspection will uncover problems with the house that may not be obvious a non-professional – it will give you a full understanding of the property
How Do I Set Up a Home Inspection?
- You will hire a home inspector by calling and setting up an appointment. Let us know the day and time of the appointment so that we can inform the seller’s agent. We are happy to provide you with a list of professional home inspectors. But you may choose anyone you want to do your home inspection
- You will pay the inspector’s fee at the time of the inspection
- It is always recommended that you attend the inspection, if possible
What Happens After the Home Inspection?
- Once the inspection is completed, the inspector will provide you with a complete report of his or her findings
- We will review this report with you and discuss the results. Then we can decide on any appropriate actions, if any are deemed necessary by you
- We will then submit a “Response to the Inspection’ back to the Seller – along with a list of items you would like the seller to repair/remedy as a condition to the sale
- We will then negotiate back and forth with the seller until an agreement is reached
- Note: Painting, decorating or other items of a cosmetic nature, regardless of the cost to remedy, shall not constitute a defect for the purpose of the property inspection contingency.
The Appraisal
An appraisal will be required by your lender to determine the value of your home. The appraisal will be ordered by your lender.
What is the Appraisal For?
- The appraiser will justify the fair market value of the home using comparable homes in the area that have recently sold. This protects you and the lender that the home is worth what you are paying for it
- Do not confuse the appraiser with an inspector – an appraiser has nothing to do with determining the condition of the property
The Final Mortgage Process
- Once the appraisal has been completed and the lender has received all the verifications they need, your loan will be submitted to the ‘underwriter’ for final loan approval
Termite Inspection
- The termite inspection will be ordered by you and performed by a license pest control company, as required by contract
Homeowner’s Insurance
- You now need to decide which company you are going to get your Homeowner’s policy through. Provide that information to the lender and title company that will be handling your closing within 10 days of the accepted contract.
If Any Repairs Were Required
- We will coordinate any necessary repairs for you and inform the seller’s agent
An Accepted Contract
Final Walk Through
- If you have purchased a New Construction home, we will go to a final walk-through to make sure your home was completed to your satisfaction and acceptable to you
- If you have purchased a pre-owned home we will go to a final walk-through to do a final check before closing. At this time we will do a last check too if you have received or purchased a Home Protection Plan
- You need to contact the utility and phone companies to have your services transferred to your name. In some cities, an occupancy permit is needed before this can occur
Service Providers
Mortgage Companies
- >Bankers Home Lending, Patti Dieu: 618-222-7119
- Bank of Edwardsville, Dave Demond: 618-781-0664
- FCB Swansea, Jeff Burgner: 618-239-9000
- FCB Collinsville, Bruce Cope: 618-346-9000
- Gershman Mortgage, Jason Stauffer: 618-792-4597
- Midwest Capital Mortgage, Jody Talick: 618-539-5968
- Midwest Capital Mortgage, Ryan Luchtefeld: 618-624-0066
- Pulaski Home Mortage, Jeff Birger
Home Inspection Companies
- AHIS, Mark Perry: 618-570-8045
- Mark Oldfield Inspection Service: 618-628-2369
- Sure Home Inspections: 618-344-9220
- Dan Mansmith: 618-223-0247
Termite/Pest Inspection Companies
- A-1 Bush Termite and Pest Control: 618-233-5424
- Allied Termite and Pest Control: 618-235-1400
- All-State Termite and Pest Control: 618-235-4500
- Bi State Termite and Pest Control: 866-646-7378
- Brad’s Termite and Pest Control: 618-344-3835
Additional Services
Home Repairs, Handyman
- The House Helper, John Hibbard: 618-660-6393
Siding, Roofing, Windows & Home Remodeling
- F-M Contracting LLC, DJ Ficken: 618-540-4072
Painter
- Certa Pro Painters: 618-239-9300
Business Cards, Stationery, Rubber Stamps & More
- Pearson’s Printing, Margaret Pearson: 618-537-9505
Financial Advisor
- Paul Baeske, Morgan Stanley: 18-628-2244
Digitizing, Embroidery, Quilting and Custom Gifts
- Creating Stitched Memories, Candy Alford: 618-248-1230
Credit Fraud
- MCS – The Benefits Company, Robert Stewart: 618-632-2656
DSL, Internet Dial Up and PCS Wireless Phones
- HTC Technologies, Craig Brown: 618-939-9321
Business Cards, Stationery, Rubber Stamps & More
- Pearson’s Printing, Margaret Pearson: 618-537-9505
Chiropractic Physician and Acupuncture
- Stock Chiropractic, Dr. Ann Stock: 618-236-0028
Title & Escrow Agency
- Benchmark Title Company, John Howe: 618-239-3750
Insurance – Auto, Home, Life, Long-Term Care, Annuities
- Farmers Insurance Group, Dee Schweill: 618-277-5048
Landscaping
- AJD Landscaping, Derek Johnson: 618-530-7135
Water Purification Systems and Gift Books
- Reynolds Marketing, Robert E Reynolds: 866-631-8008
Computer Repair and Networking
- SBA Computers, Inc, Rick Scaiefe: 618-628-9590
Advertising
- O’Fallon Progress, Judy Weatherly: 618-632-364
Home Buying Process – Step 5
Closing On Your Home
The Closing
- You will need to bring a CASHIER’s CHECK or CERTIFIED FUNDS to your closing; the Title Company can not accept a personal check or cash.
- The dollar amount that you need to bring will be provided to you prior to closing
- You will need to bring identification at closing (Driver’s license, etc.)
- At the closing, you will be given the keys to your new home (unless the seller has made previous arrangements to retain possession for some period of time after closing)
You Are Now a Home Owner! Congratulations! From… The Doyle Team!
Judy, Chad and Karen
