BUYER GUIDE
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FINDING HOME, TOGETHER.
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IRAIS TORRES
Born in Illinois but spent the majority of her foundational years in North Hollywood and Mexico, Irais Torres returned to the states and settled into Chicago. She began several businesses including pastry catering and dog walking services that covered a myriad of Chicago neighborhoods and surrounding suburbs. This not only granted her the integral insight to neighborhood nuances but also honed her entrepreneurial expertise and small business management. Irais then went on to ideate, manage and fine tune operational and tech systems for a local real estate investor. Through her work with the group, Irais gained integral insights into the industry and investing as an opportunity for passive income. She became hooked. Now driven to develop and diversify her own investment portfolio, Irais loves helping her clients do this as well, especially those new to the idea. She maintains rentals and single-family home sales but is invigorated most by investment opportunities, like flipping, buy and hold properties, and multi-unit properties. When not studying the real estate landscape, you can find Irais diving into a new self-help book, optimizing her personal growth, and likely starting a new side-hustle…shes self proclaimed serial entrepreneur!
Irais is continuously boarding her education about real estate and how to help clients just like you.
NAR’S - REAL ESTATE INVESTING CCIM’S - CI 101: INVESTMENT ANALYSIS FOR COMMERCIAL REAL ESTATE NAR’S - SHORT SALE FORECLOSURE RESOURCE CERTIFICATION NAR’S - MILITARY RELOCATION PROFESSIONAL CERTIFICATION COURSE
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WHAT PEOPLE ARE SAYING
Irais is amazing and I’m so lucky I found her! This was my first time buying a home and she walked me through the entire process. We began looking at the very end of January and I closed on my place the first week of March! She was quick and responsive to my million questions, and explained everything to me so that I could understand what was happening. She worked so hard to help me get my place and I can’t recommend her enough!!
Irais is the best realtor i’ve ever had! She is beyond helpful, responsive and was very patient with me. Super outgoing, everything that I was looking for she was able to find! I would recommend her to literally anyone looking for a new place!
JACOB W
Great experience working with Irais! Recommend to anyone looking for a home!
AMANDA P
YARA M.
Irais did such an amazing job helping me find my first property and tenants! Very knowledgeable and resourceful for this newbie! Highly recommend!
TRINA G
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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 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. FULTON GRACE REALTY A STORY OF CONTINUED SUCCESS
Since 2009, we have continued to attract the city’s most talented brokers. Additionally, Fulton Grace has been named one of Chicagoland’s top workplaces by both Crain’s and the Chicago Tribune! Let us put our commitment and experience to work for you and guide you through the process of finding your next home.
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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GIVING BACK
ALWAYS GROWING
We regularly coordinate in-office toy, clothing and food drives and even blood drives. We embrace opportunities for our staff and brokers to come together and volunteer at local food pantries and donation centers. Fulton Grace also makes frequent financial donations to local charities to support the vibrant communities in which we serve.
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.
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.
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OUR OFFICES
At Fulton Grace, we’re locally grown and proud of the deep roots we’ve planted in our communities. We remain highly active in our local real estate markets and neighborhood associations, keeping us grounded and abreast of ever-changing conditions. Our strong local presence allows us to better serve our clients. Several intentionally designed and strategically placed offices throughout Chicago and the suburbs, spread the essence of Fulton Grace throughout our communities. Whichever Fulton Grace office you visit, you will be greeted with a smile and offered the highest level of guidance and advice. Our brokers are always available to help our neighbors in “Finding Home, Together.”
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SUPERIOR BROKERS
COACHING & EDUCATION
OUTSTANDING CUSTOMER SERVICE
Our brokers receive thorough training coupled with advanced ongoing education opportunities. They’re continually sharpening and expanding their skills every day. The end result — advanced, savvy and knowledgeable brokers ready to guide you through your home purchase.
We don’t just get the job done. We go over and above to give our clients the best possible experience along the way. We are proactive, provide regular feedback, thoughtful recommendations, and a genuine passion to give our clients 110%.
COMPREHENSIVE TOOLS
PROVEN EXPERIENCE
Fulton Grace brokers are among the top brokers in Illinois. Years of collective experience, knowledge and wisdom create an exceptional client experience.
We provide our brokers with cutting-edge tools to market properties, stay connected and streamline processes, allowing our brokers to stay focused on what’s most important — serving their clients.
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6 | OFFERS
Consult a Fulton Grace real estate broker for professional referrals (attorney, lender, etc.) 1 | ESTABLISH YOUR TEAM
Create and negotiate offers utilizing a market- based approach
Learn the homebuying process from beginning to end 2 | ESTABLISH YOUR PROCESS
7 | ACCEPTANCE
10 STEPS FOR BUYER SUCCESS
Secure accepted and executed contract!
3 | AGREEMENTS
Secure financing within the stipulated time 8 | FINANCING CONTINGENCY
Execute Exclusive Buyer Broker Agreement Review contract for purchase Understand disclosures
Begin the process of choreographing the move of your home to its next location 9 | THE MOVING PROCESS
4 | STRATEGIZE
Build a market-based offer strategy to meet or exceed your goals
5 | COMMUNICATION
10 | CONGRATULATIONS
Gather and discuss feedback throughout the showing and purchase process
Contract closes! Move into the next phase of your life!
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Identify your team of professionals: Your FG broker, mortgage lender, home inspector, moving company MARKET EDUCATION & PREPARATION
Learn the steps of obtaining a mortgage
Speak to a preferred lender to obtain a mortgage pre-approval
Learn the conditions of the current real estate market for buyers, including the national, regional and local market conditions
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FINANCING OVERVIEW
The lender will obtain your credit report and preliminary financial information
Obtain a pre-approval letter from the lender
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
The lender will schedule an appraisal of the property, coordinated through the seller’s listing broker
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!
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UNDERSTANDING YOUR NUMBERS
BUYER EXPENSES
TYPICAL COST
SELLER EXPENSES
TYPICAL COST
HOME INSPECTION FEE
$350+/Visit
COMMISSION
6% of purchase price
APPRAISAL
$250 - $500
ATTORNEY FEE
$600 - $1,000+
CREDIT REPORT
$30 - $75 per borrower
TITLE INSURANCE (SELLER)
$2,000-$3,500*
LOAN ORIGINATION FEE
$750 - $1,250
RECORDING FEE
$75 - $250
PROCESSING FEE
$150
MUNICIPAL TRANSFER TAX
VARIES
TAX SERVICE FEE
$75-$100
STATE TRANSFER TAX
$1.00 per $1,000 of sales price
ATTORNEY FEE
$600 - $1,000+
ESCROW/SETTLEMENT FEE
$1,275 - $2,000*
COUNTY TRANSFER TAX
$.50 per $1,000 of sales price
BUYER’S TITLE CHARGES
$1,300 - $1,800
SURVEY
$500 - $1,000**
RECORDING FEE
$75 - $250
WATER CERTIFICATION
$125 - $150
MUNICIPAL TRANSFER TAX
VARIES
ZONING CERTIFICATION
$175 - $200
HOMEOWNER’S INSURANCE
$300 - $400**
INTEREST PER DAY
Loan amount x rate/365
PROPERTY TAX CREDIT TO BUYER
105 - 110% of last tax bill
INITIAL ESCROW (FOR PROPERTY TAXES)
1-9 months*** (if applicable)
MANAGEMENT COMPANY PROCESSING FEES
$250 - $500***
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 than 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.
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. *Title insurance premiums vary depending on the size of the sales price. **Not applicable for condo sales. ***If applicable, usually condos only.
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FULTONGRACE.COM Our responsive, custom-built website is the perfect place for you to locate your next home. Homes are indexed directly from the MLS, resulting in one of the most powerful property search sites in Illinois, optimal for both buyers and renters. Be the first to know about any upcoming Fulton Grace listings -- FultonGrace. com displays its exclusive “Coming Soon” listings, which have yet to hit the market! Save your searches, mark your favorites and receive notifications about any new listings that match your criteria. If you are looking for a new home on the go, you will enjoy our mobile-friendly website, designed for use on all devices. Easy navigation, including property searches make for a smooth user experience.
THE SEARCH
Learn the entire process of looking for and purchasing a home
Identify the specific type of property you are interested in by price and location
Obtain a pre-approval letter from a trusted lender
Select several properties that match your requirements and schedule showings
Identify a few top choices and schedule a second (or even third) showing to confirm your top choice
Consult with your broker to prepare to write an offer on the property
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NEGOTIATIONS & ACCEPTANCE Once an offer is submitted, your broker will lead you through negotiations, providing as much counsel as needed. Our primary goal is to achieve the most favorable terms possible by ensuring you make the best decisions based on current market conditions. Your broker will:
Create a market-based offer strategy
Establish negotiation strategy which balances your objectives with current market conditions
Create counter offers that align with overall offer strategy
Confirm financing with lender
Facilitate executing the sales contract
Send executed contract to all parties expediently
Advise on how and where earnest money should be delivered (check, cashier’s check, wire transfer)
Facilitate access for buyer and their licensed home inspector
Mediate or negotiate any issues raised by the attorneys and/or inspection
Assure the appraiser has access to property and provide comparable properties Monitor all contract deadlines and purchase contingencies
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TRANSITION MANAGEMENT
Your broker will manage the entire process from guiding you through the buying process to helping facilitate the move to your new home. We are your resource choreographer and partner for all things real estate. Your broker will:
Provide moving company and cleaning service referrals
Advise on utility shut off times and mail forwarding to your new home
Advise on creating new utility accounts for your new home
Schedule the final walk through of the new property
Choreograph moving from previous property and into new property
Transfer keys to your new home!
Give recommendations for a stager to give guidance on laying out your new home
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WELCOME HOME!
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IRAIS TORRES REAL ESTATE BROKER 847.769.9722 IRAIST@FULTONGRACE.COM
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