BUYER GUIDE
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ALWAYS GROWING
FULTON GRACE REALTY A STORY OF CONTINUED SUCCESS
Our exponential growth has been honored by the prestigious Crain’s Chicago Business Fast50, which recognizes the fastest-growing companies in Illinois. Additionally, we have been honored on the Inc. 5000 list every year since 2015. This award recognizes the 5,000 fastest- growing independently-owned companies nationwide! We have achieved such astounding growth through the amazing efforts of our talented team and the unwavering support of our expansive and loyal client base.
We are Fulton Grace, one of Illinois’ fastest-growing residential real estate firms. Our vision is to inspire growth, achieve shared success, create boundless opportunities and approach every situation with personalized support.
How did our story begin? It began in 2009 in Chicago. After 2008’s financial crisis left the real estate market in a state of deep uncertainty, Fulton Grace saw an opportunity to start working with homeowners and tenants by offering apartment rental and property management services. When owners couldn’t sell their properties, we offered an alternative solution to weather the bad sales market. We secured quality tenants for our clients and professionally managed their properties until the sales market rebounded. Once the market started to improve, Fulton Grace rapidly expanded its services to include working with buyers, sellers and investors. Today, Fulton Grace is proud to offer its clients a full suite of residential real estate services, property management, sales and rentals. Our real estate brokers and staff are amongst the most intelligent, happiest and hardest working professionals in the industry. They share a collective mission, to provide unparalleled customer service coupled with cutting-edge tools and in-depth, local knowledge. Everyday, Fulton Grace brokers work to build lasting and meaningful client relationships. It is their highest priority to be the best advisors possible and to ensure their clients reach their respective goals. A passion for excellence and strong commitment to our clients drive our continued growth and are at the core of the Fulton Grace brand.
GETTING NOTICED
Don’t just take our word for it. Fulton Grace and its brokers have been featured in countless local and national periodicals, such as NBC Chicago, Chicago Magazine, Chicago Tribune, and Chicago Broker Magazine, as leaders in Illinois residential real estate.
We would be honored to put our commitment and experience to work for you as you search for your next home!
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MY STORY
101.2% LIST PRICE TO SALE PRICE
Leticia Andrade became licensed as an Illinois Real Estate Broker in 2005 and has bilingual communication skills in English and Spanish. Born and raised in Chicago, Leticia has an in-depth knowledge of the many diverse neighborhoods in the Chicago market. Leticia’s strong work ethic led her to have successful careers with State Farm Insurance, Countryside Home Loans, and JP Morgan Chase Bank. She continues to build on her success as a highly respected professional in the Chicago real estate market. Leticia is actively involved with the Women’s Council of Realtors, Young Professionals Network, National Association of Hispanic Real Estate Professionals, and Realtors to the Rescue. She has achieved certification as an Accredited Buyers Representative and a Short Sales and Foreclosures Resource. Upon embarking on her professional career in the banking and lending industries, she quickly discovered her affinity for real estate by purchasing her first home at the age of 23. Leticia posses passion, determination, and boundless energy and often calls on her lending background to assist and guide her clients through what can sometimes be a complex process. Leticia understands that the real estate market can be intimidating for some. Her strong market knowledge and lending experience help bring confidence to the table that, in conjunction with her warm demeanor, puts clients at ease throughout the process. As the purchase of one’s home is often one of life’s most important decisions, Leticia’s clients appreciate her compassionate and ethical approach. Leticia’s financial background and her dedication to keeping clients informed throughout the process truly set her apart in a competitive industry. As a mother of two amazing daughters, Leticia is devoted to their education and athletic activities. Leticia attended Barat College in Lake Forest, IL, where she was a theater major. Since then, she has developed a passion for mentoring young women who aspire to build their careers. Leticia maintains her energy and enthusiasm through her dedication to fitness, including participation in the Warriors Running Group with Push Fitness.
2022 AND 2023 CHICAGO AGENT MAGAZINE WHO’S WHO
OUT PERFORMING THE MARKET BY 2% 98.2% MARKET AVERAGE
CHICAGO AGENT MAGAZINE 2023 “MY STYLE” FEATURE
23 AVERAGE DAYS ON THE MARKET OUT PERFORMING THE MARKET BY 22 DAYSS 45 AVERAGE DAYS ON THE MARKET
LETICIA ANDRADE REAL ESTATE BROKER
773.383.2223 soldbyleticia@gmail.com
TOP AGENT MAGAZINE 2023 FEATURE
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A real estate broker brings a wealth of knowledge and experience to the business of buying a home. In fact, a licensed real estate professional provides much more than the service of helping you find the home of your dreams. Realtors are not just sales agents. They are expert negotiators, seasoned financial advisors, and superb navigators around the local neighborhood. They are members of the National Association of Realtors (NAR) and must abide by a code of Ethics and Standards of Practice enforced by the NAR. A professional Realtor is your best resource when approaching to buy a home. WHY DO YOU NEED A REALTOR?
5 ITEMS WE NEGOTIATE
PRICE
TERMS
LET ME BE YOUR GUIDE:
• Working with a Realtor can save you endless amounts of time, money and frustration. • Realtors know the housing market inside and out and can help you avoid many a “wild goose chase.” • We can help you with any house even if it is listed elsewhere, or is being sold by the owner directly. • We work with some of the best lenders in the area; can help you get pre-qualified for a mortgage; and discuss down payments, closing costs, and monthly payment options. • Growing up and living in the Chicago area my entire life, I am an excellent source for general information about the community, specific information about schools, churches, shopping, transportation, plus tips on house inspections and pricing. • We are experience at drafting and presenting your offer to the homeowner (or agent) and can help you through the process of negotiating the best deal. I will bring objectivity to the buying transaction, and can point out advantages and disadvantages of a particular property.
INCLUSIONS
POSSESSION
CONTINGENCIES
And the BEST thing is that all this help typically won’t cost you a cent. Generally, the seller pays the commission to Realtors®. However, that doesn’t affect my dedication or the spirit of teamwork that I will put into helping you find and buy the home of your dreams. After all, my success depends on your success.
We’ll work through all of these together... this is my commitment to you!
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Leticia is simply the best! She made sure our home buying experience was smooth and accommodated all our needs. From searching for the right home, to scheduling the appointments, Leticia made sure that it was done. You can count on Leticia’s knowledge and experience when making your decisions. –Tyrone V.
SUCCESS STORIES
I cannot begin to explain how wonderful my home-buying experience was thanks to Leticia. Being new to the area, I found myself overwhelmed with the idea of buying a new home. Leticia assisted me patiently. I have never worked with such a knowledgeable, kind, and thorough realtor; she made my husband and I feel comfortable throughout the entire process. Fortunately, Leticia’s expertise and negotiation skills guided us to our wonderful new home at little costs out of our pocket. Needless to say, I trusted Leticia’s advice every step of the way and I couldn’t have imagined a better outcome. I have recommended Leticia to all of my friends and will definitely call upon her if I ever want to sell my house. Her marketing skills are awesome and she provides useful information for both buyers and sellers. –Karlotta M. Leticia is such a kind and thoughtful guide to take along on the home buying process. I tried working with two other agents during my home search before I found Leticia… She was proactive in helping me understand the process. She was patient and took the time to explain things to me when I was confused or unclear about what’s supposed to be happening. Leticia was the only agent I tried working with who took the time to meet with me and walk with me through the logistics of the entire home buying process from homesearch to closing. That first meeting was so helpful for me because it allowed me to always feel like I know what’s going on and know what to expect next. Before I started this process, I was advised to work with an agent who has the heart of a teacher. Leticia fit that ideal perfectly. I highly recommend her for any first-time buyers like myself. She will help you find what you’re looking for and won’t force you into something you won’t be happy with no matter how long it takes… I thank God that I got to work with her on this monumental task. –Zillow Reviewer The moment we first met Leticia, we felt she was someone we could trust and depend on to help us find our future home. She listened to all of our questions and concerns as first time home buyers, and then walked us step by step through the process so we would know what to expect. She was always willing and ready to share her expertise and experiences. Leticia got to know exactly what we wanted for our home. During home walkthroughs, she was thorough in pointing out what she noticed and made us aware of things we wouldn’t have noticed. She was alway just a call or text away and was great at communicating with us often. During the time when we were waiting to close, she would check in on us to see how we were doing or if we had any questions. She truly goes above and beyond! She helped us find exactly what we wanted in our first home. Leticia was truly amazing! We are forever grateful for having her guide us through this stressful process. –Ernesto I.
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HOME SEARCH TO CLOSE
Consult a Fulton Grace real estate broker for professional referrals (attorney, lender, etc.) 1 | ESTABLISH YOUR TEAM Learn the homebuying process from beginning to end 2 | ESTABLISH YOUR PROCESS
6 | OFFERS
Identify your team of professionals: Your FG broker, mortgage lender, home inspector, moving company MARKET EDUCATION & PREPARATION
Create and negotiate offers utilizing a market based approach
7 | ACCEPTANCE
Secure accepted and executed contract!
Secure financing within the stipulated time 8 | FINANCING CONTINGENCY
3 | AGREEMENTS
Execute Exclusive Buyer Broker Agreement Review contract for purchase Understand disclosures
Learn the steps of obtaining a mortgage
Speak to a preferred lender to obtain a mortgage pre-approval
Begin the process of choreographing the move of your home to its next location 9 | THE MOVING PROCESS
4 | STRATEGIZE
Learn the conditions of the current real estate market for buyers, including the national, regional and local market conditions
Build a market-based offer strategy to meet or exceed your goals
10 | CONGRATULATIONS
Contract closes! Move into the next phase of your life!
5 | COMMUNICATION
Gather and discuss feedback throughout the showing and purchase process
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UNDERSTANDING YOUR NUMBERS
FINANCING OVERVIEW
BUYER EXPENSES
TYPICAL COST
HOME INSPECTION FEE
$350+/Visit
The lender will obtain your credit report and preliminary financial information
APPRAISAL
$250 - $500
CREDIT REPORT
Obtain a pre-approval letter from the lender
$30 - $75 per borrower
LOAN ORIGINATION FEE
$750 - $1,250
Once you are under contract for home purchase, you and your broker will provide the lender with the signed real estate contract and disclosures You will supply the lender with all of your detailed financial information, including the completed loan application, tax returns, bank statements and any other information requested by the lender
PROCESSING FEE
$150
TAX SERVICE FEE
$75-$100
ATTORNEY FEE
$600 - $1,000+
ESCROW/SETTLEMENT FEE
$1,275 - $2,000*
BUYER’S TITLE CHARGES
$1,300 - $1,800
The lender will schedule an appraisal of the property, coordinated through the seller’s listing broker
RECORDING FEE
$75 - $250
MUNICIPAL TRANSFER TAX
VARIES
The lender will request a condo questionnaire from the condominium association (if applicable), which will contain certain relevant information about your purchase A “clear to close” notification will be provided by the lender, which is an unconditional mortgage approval and the last step in the financing process!
HOMEOWNER’S INSURANCE
$300 - $400**
INTEREST PER DAY
Loan amount x rate/365
INITIAL ESCROW (FOR PROPERTY TAXES)
1-9 months*** (if applicable)
INITIAL ESCROW (FOR HOMEOWNER’S INSURANCE)
1-3 months (if applicable)
The figures above are intended to give you a general idea of costs and could be less or more then the amounts stated. Actual costs vary per lender, loan amount, property type and other factors. *If cash transaction, shared equally between buyer and seller. **Premium listed represents coverage for a condo. Premiums for a single family home range between $1,300 - $2,000, depending on coverage selection. ***Partially offset by property tax credit from seller.
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LETICIA’S PREFERRED TEAM
THE BUYER’S TEAM
Real Estate Attorney In Illinois, all buyers and sellers of real estate are strongly encouraged to be represented by a licensed attorney. Your attorney will review the important documents associated with your purchase, such as the real estate contract, loan and mortgage documents, and title policies. Not only will the attorney walk you through the “legalese,” but they will also make sure everything is in order so that you can be confident in your purchase. Home Inspector A professional home inspection is an important step in the home-buying process. Home inspectors provide a thorough and systematic evaluation of your new home. During a home inspection, the home inspector may uncover certain defects that were not visible during the showing. They will generate a detailed inspection report, which will allow you (in consultation with your agent and attorney) to request the seller make recommended repairs.
Lender A lender, whether a mortgage broker or banker, will help you secure financing for your purchase. It is important to make contact with a lender to obtain a “pre-approval letter” before you begin your home search. A pre-approval letter is a document stating that a lender has reviewed your financial information and believes you are qualified to purchase a home for a certain price. Your lender will be your primary point of contact for all questions and concerns related to your mortgage options and payments. Insurance Agent An insurance agent plays a crucial role in the home buying process by providing essential protection for homeowners. They specialize in crafting insurance policies tailored to individual needs, covering aspects like property damage, liability, and personal belongings. By carefully assessing risks and offering comprehensive coverage options, insurance agents ensure homeowners have the financial security and peace of mind they need. Their expertise aids in navigating complex policies, making them invaluable partners in safeguarding one’s home investment.
JAVIER GARCIA
JOSEPH F. NERY
Lawyer & Partner Nery & Richardson, LLC 773.582.7000 | jnery@neryrichardson.com
Senior Vice President The Federal Savings Bank 312.479.5705 | jgarcia@thefederalsavingsbank.com
Javier Garcia, your trusted Mortgage Banker with over 23 years of experience, is here to simplify your home financing journey. Offering the best market rates and a range of loan options and down payment assistance option’s, Javier ensures an efficient and worry-free home buying process. With a proven track record in
Joseph F. Nery, a Partner and Co-founder of Nery & Richardson, LLC, is a highly experienced attorney with 21 years of expertise across various legal specialties. As a leading legal mind at the firm, he handles diverse matters for individuals and businesses in the Chicago area, specializing in residential and commercial real estate law, estate planning law, bankruptcy law, general business law, and litigation. With a law degree from Hofstra University
sales leadership, he excels in building top-performing teams focused on exceeding goals. Partnering with The Federal Savings Bank, Javier brings a common- sense approach and high-touch customer service to homebuyers nationwide. Experience a seamless lending process with a professional dedicated to your financial security and success for years to come.
School of Law in 1998, Mr. Nery brings decades of legal experience to provide sound advice and proven strategies for success in your case.
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STEP BY STEP
LETICIA’S PREFERRED TEAM
Here’s your own personal checklist to help guide you through the home buying process and keep track of your progress.
DANIEL DE LA CRUZ State Farm® Insurance Agent State Farm ® 630.516.0092 | dan.delacruz.rl8a@statefarm.com
STEPHEN SANTOS
Hire a Buyer’s Agent • A buyer’s agent will represent only you and have fiduciary responsibility to look out for your best interests. • Buyer’s agent may ask you to sign a buyer’s broker agreement, but it is the seller who pays the commission. Get Pre-approved • Ask your agent for a referral to a mortgage broker, but also compare rates offered by your own bank and/or credit union. • Ask the lender to give you a loan pre-approval letter, which means it will verify your income and pull a credit report. • Determine your maximum loan amount, but choose only a mortgage type that you understand and a payment level with which you feel comfortable (this may very well be less than the maximum for which you are approved.) Look at Homes for Sale • Ask your agent to set up an auto search on the MLS for homes in areas you would like to live. • Narrow your search to those homes that fit your exact parameters to find that perfect home. • Ask your agent to give you MLS print-outs of comparable sales in your targeted neighborhood. • Consider all homes on the market, including fixer-uppers, REOs, foreclosures, short sales and those overpriced homes with longer DOM. (The differences in these types of sale is addressed later in this packet) • Observe open house etiquette. • Tell your agent which online home listings you are interested in previewing and ask for additional input. Write a Purchase Offer • Your real estate agent will draft the contract for you. • Ask your agent for a referral to an experienced real estate lawyer if you don’t have one. The lawyer will review executed contracts, disclosures, and amendments to ensure your best interest. • Consider writing seller’s market offers in sellers markets and buyer’s market offers in buyer’s markets. • Select a home offer price based on the amount you feel a seller will accept or counter. • If you are considering a low-ball offer, ask your agent to substantiate this price for you. • Prepare for multiple offers if the home is considered desirable in a hot location. • If you offer is rejected, ask your agent to explain why so you don’t repeat the mistake with your next offer.
Owner & Principal Inspector Above Grade Home Inspectors, LLC 773.610.9883 | stephen@abovegradechicago.com
As a seasoned home inspector, Stephen bring nine years of experience meticulously assessing properties. From foundation to roofing, he has developed an astute eye for detail, identifying potential issues and ensuring the safety and functionality of homes. His dedication to delivering comprehensive reports and commitment to excellence have established him as a trusted professional in the realm of home inspections.
Daniel graduated from Dominican University in 2001 and embarked on a fulfilling journey with State Farm Insurance. His initial role as an auto adjuster allowed him to assist families in recovering from unexpected events. His office specializes in a range of insurance services, covering auto, life, health, and commercial insurance. Beyond insurance, his team collaborates with various vendors to offer competitive financial services.
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Comply with Lender Requirements • Lenders may ask for additional information. • Do not make home buying mistakes such as altering your financial situation while in escrow. • When the file is complete, the lender will submit it for final underwriter approval. Order Homeowners Insurance Policy • Call your insurance company and ask about Homeowners Insurance. If you do not have a specific insurance company in mind, please ask your Realtor for a referral. • Order your homeowners insurance early. • Sometimes previous claims by a homeowner can make it difficult to get insurance. • Get replacement coverage. Do Final Walk-Through • Do not pass up doing final walk-through. • Inspect the property to make sure it’s in the same condition as you agreed to buy it. • If you find a serious issue, address it now before you close. Deposit Funds • Bring a certified check payable to escrow. • Expect escrow to pad the amount, so you will receive a refund after closing. • Consider asking your bank to wire the funds to escrow, saving the hassle of waiting in line at the bank. Close on Property • Your property deed, seller’s re-conveyance and deed of trust will record in the public records. • Title will notify you and your agent when it records. • After recordation (unless your contract specifies otherwise) the property is yours! Change the locks immediately.
Negotiate and Write Counter Offers (Realtor will do this on your behalf!) • Expect the seller to issue a counter offer. • If the seller counters at full price, continue to negotiate. • During offer negotiation, share personal information about your family to give the seller a reason to care about you. Executive Final Draft of Contract • Review final contract to ensure all contingencies and dates are correct. • Make sure all parties involved sign and initial contact. • Ask for copy of executed contract. Approve Seller Disclosures • Read and question items you do not understand on each disclosure. • Disclosures may include: Mold Disclosure, Real Property Disclosure, Radon Disclosure, Lead Disclosure, etc. • Read every document in its entirety; ask questions about all seller disclosures. • Make an Earnest Money Deposit (Usually within 24-48hrs after execution of contract) • When you offer is accepted, deposit your earnest money check with the appropriate party. • Do not ever make your check payable to the seller. • Your off should contain contingencies that will return your earnest money deposit to you if you cancel the contract. Schedule and Conduct Home Inspection (Within 2-3 days of execution of contract) • Hire a reputable home inspector. • Bring a home inspection checklist with you. • Attend the home inspection. Issue Request for Repair • If the home inspection turns up health and safety issues, issue a request for repair by asking the seller to address those issues or give you a credit for them. • Realize no home is perfect, and the inspector will find faults.
CONGRATULATIONS! YOU’RE NOW A HOMEOWNER!
• Be reasonable. Order Appraisal
• Your lender require an advance payment for the appraisal. • If you receive a low appraisal, discuss options with your agent. • Ask for a copy of the appraisal.
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FULTONGRACE.COM
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