The Purchase Process

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Buyer Designated Agency Disclosure

  This Disclosure of Buyer Designated Agent is required by the State of Illinois. If you haven’t signed it yet, we will send you a copy by Digisign to sign. If you’ve signed it already, you can ignore this video. Basically it talks about disclosing our agency, which means who we work for. An agency…

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Buyer Loyalty Agreement

This document is the Ruth Sheahan Team’s Buyer Loyalty Agreement. It states that you are hiring us on purpose to help you find a home and that we all agree on whose job is whose and how we will get paid in the end. Remember, we don’t get paid for showing you houses or for…

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FSBO

  Something else you might encounter in your home-buying journey is what we call a FSBO. That’s F-S-B-O, and it stands for For Sale By Owner. The reason you need to be careful of FSBOs is … Well, there’s a few factors involved. First of all, the reasons someone would choose to try to sell…

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Earnest Money

  What is earnest money? Where does it come from and who does it belong to? Who gets to keep it if something goes wrong? Earnest money is good faith money. The buyer puts money down on a property to say, “We are serious about this. We are going forth with this purchase in good…

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Tax Proration

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Home Warranty

  What’s a home warranty? Should you have one? Well, in my opinion, you should. A home warranty is basically a small insurance policy that covers things like appliances, mechanicals, some systems. Different companies cover different things. They have different premium amounts, they have different deductibles, so it’s not free typically, and you might not…

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Closing Date

  What’s a closing date? Where does it come from? Who gets to pick it? And does it really matter? When we write an offer, closing date is one of the items we put in that is a negotiable item. We’re going to talk to you. We’re going to talk to your lender. Your lender…

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