1 BUYER GUIDE
FINDING HOME, TOGETHER.
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FULTON GRACE REALTY A STORY OF CONTINUED SUCCESS We are Fulton Grace, one of the 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 agents 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 agents 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. We would be honored to put our commitment and experience to work for you as you search for your next home!
Since 2009, we have continued to attract the most talented agents. 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.
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GIVING BACK We regularly coordinate in-office toy, clothing and food drives and even blood drives. We embrace opportunities for our staff and agents 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.
ALWAYS GROWING Our exponential growth has been honored by the prestigious Crain’s Chicago Business Fast50. 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 agents have been featured in countless local and national periodicals, as leaders in residential real estate.
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SUPERIOR AGENTS
COMPREHENSIVE TOOLS We provide our agents with cutting-edge tools to market properties, stay connected and streamline processes, allowing our agents to stay focused on what’s most important — serving their clients. COACHING & EDUCATION Our agents 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 agents ready to guide you through your home purchase.
OUTSTANDING CUSTOMER SERVICE We don’t just get the job done, we go above and beyond 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%. PROVEN EXPERIENCE Fulton Grace agents are among the top agents in Illinois and Arizona. Years of collective experience, knowledge and wisdom create an exceptional client experience.
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6 | OFFERS Create and negotiate offers utilizing a market-based approach
1 | ESTABLISH YOUR TEAM Consult a Fulton Grace real estate agent for professional referrals (lender, escrow, etc.) 2 | ESTABLISH YOUR PROCESS Learn the homebuying process from beginning to end 3 | AGREEMENTS Execute Exclusive Buyer Agent Agreement Review contract for purchase Understand disclosures 4 | STRATEGIZE Build a market-based offer strategy to meet or exceed your goals
7 | ACCEPTANCE
Secure accepted and executed contract!
10 STEPS FOR BUYER SUCCESS
8 | FINANCING CONTINGENCY Secure financing within the stipulated time
9 | THE MOVING PROCESS Begin the process of choreographing the move of your home to its next location
5 | COMMUNICATION Gather and discuss feedback throughout the showing and purchase process
10 | CONGRATULATIONS Contract closes! Move
into the next phase of your life!
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MARKET EDUCATION & PREPARATION
Identify your team of professionals: Your FG agent, mortgage lender, home inspector, moving company 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 agent 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 agent 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 AS A SELLER
UNDERSTANDING YOUR NUMBERS AS A BUYER
SELLER EXPENSES
TYPICAL COST
BUYER EXPENSES
TYPICAL COST
COMMISSION
LOAN ORIGINATION FEE
6% of purchase price
$1,000 - $2,000
PROPERTY TAXES
PROCESSING FEE
$1200 - $1500
$400 - $600
OWNER’S TITLE INSURANCE
CREDIT REPORT
$1,400 - $3,500
$25 - $50
ESCROW FEES
APPRAISAL
$600 - $800
$400 - $600
HOA TRANSFER FEES
HOME INSPECTION
$200 - $400
$400 - $500
HOME WARRANTY
ESCROW FEES
$400 - $600 (If applicable)
$500 - $800
MORTGAGE PAYOFF
TITLE INSURANCE
VARIABLE
$1,600 - $2,500
LOAN RECONVEYANCE FEE
HOMEOWNERS INSURANCE
$50 - $65 (If applicable)
$200 - $300
RECONVEYANCE RECORDING FEE
PREPAID TAXES AND INSURANCE
$30 - $40 (If applicable)
$800 - $1,500
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 and Arizona, 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 agent to prepare to write an offer on the property
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NEGOTIATIONS & ACCEPTANCE
Once an offer is submitted, your agent 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 agent 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 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 agent 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 agent 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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