Elkhart County is based in the state of Indiana and has a population of close to 200,000. Post the huge recessionary period in 2007, this little county began to grow rapidly, all thanks to its flourishing RV industry. In the northern parts of Indiana, Elkhart County is also referred to as Michiana. Among its notable claims to fame are:
- RV manufacturing (Elkhart County manufactures one of every two recreational vehicles on the road today – source AmishCountry.org)
- It is also home to a sizable Amish population.
For those planning to make a move, Elkhart county would be an interesting place to consider. It has everything that you will need for a good lifestyle as well as way of life. The neighborhoods are friendly. There are a number of schools to consider. Recreational outlets are available for almost every interest. There are also theme parks and restaurants and of course churches. In short, everything you will need for a comfortable life.
Thanks to its location, the climate for business and the River Walk Commons development, the hospitality industry here has grown immensely. Every form of accommodation can be found and had here. Most popular are the Amish Bed and Breakfasts.
Over time, Elkhart County has had a number of folks turn to it for housing. It has some pretty favorable demographics. For example:
- The cost of living as of January this year in Elkhart County is around 81.9 percent, which is low compared to the rest of the country’s 100 percent.
- The median contract rent for this area is $590
- The value of a condominium is around $123,200
- Independent houses as of 2009 stood at a value of $151,488
- Town houses are at $128,007
- Mobile homes stood at $70,833
If you are planning to buy a home in Elkhart County, there are procedures that one will have to follow. Here is an idea of what they are and how you can go about getting things done smoothly.
Financing your purchase
The first thing you need to get in order is of course your finances. There are three ways to look at it – the first is making sure you are pre-qualified. This will mean going to a loan officer and making sure that you are qualified for a loan. They will look into your loan history and ensure that you are qualified for a loan. This however, does not really give you any negotiation power in the deal. In a pre-approval, all the necessary details will be taken by the loan officer and submitted to an underwriter who will then look into the kind of credit history you have. The only thing you have to make sure of is that the documents and details regarding you and the property remain unchanged. Before you get into a loan commitment of any sort, make sure that the highest amount payable to the lender is mentioned on your agreement. Also, make sure that the amount goes with both of your principals as well as interests.
Finding the Perfect Realtor
Getting the right real estate agent should be a top priority, especially if you are from out of town. If you have friends in the neighborhood, do make your inquiries on who would be the right person to approach. Also, make sure that they have the ABR designation to their name. This designation says that they have been through the Real Estate Buyer’s Agent Council and are completed committed to finding the right homes for potential clients. They have also received professional training, which takes them a step further from the minimal qualifications needed to be a real estate agent. Once you find the right kind of real estate agent, finding the right kind of home will be all the more easy.
Finding the Elusive Perfect Home
There is the traditional way of using a realtor to show you homes that are based on the description of your wants and needs. If you are however using the Internet to find homes in Elkhart County, then you will find that realtor professionals who are certified with the Realtor e-Pro Designations are the ones that are best capable of helping you find that perfect home. This designation ensures that they have the training that is required to perform via the Internet. The professionalism you are greeted with is unrivalled.
Getting the Best Deal
Once you are done with seeing a few homes it would be best to sit down and chart out all the amenities that you know will fit in your budget. Narrow down on homes you like based on this. Once you are done and are ready to make an offer, ask your agent to make a Comparative Market Analysis (CMA) for you. This is basically an evaluation of the current market to determine the best possible price for the house that you like. Once this is prepared, the realtor will be able to submit your offer to the seller of the house and you can take things forward.
The Final Details
As you approach the final step of negotiations and getting close to your dream home, there are a few aspects that you will need to look into. First, your agent will let your lender know that you are almost done with the finalizing on the house. The lender will be given the contract copy and also any information that is deemed necessary for him to know. This is where being pre-approved comes in handy. You can move to the next step of the bank appraisal of the property and things will move faster.
House inspections are a very important aspect and your realtor will give you all the copies of the inspections as and when he receives them. Make sure you review each and every one of them and do not take things for granted. Any doubts you have must be cleared at this stage.
Title insurance is the next stage once an offer has been accepted. The main reason for this is so that the lender is not liable to any claims based on disputes related to the property. Getting yourself home owners insurance at this point is also a good idea. Once you are settled on the insurer you will have to give a copy of a year’s worth of payment receipts to your lender.
Closing is the last step – this is when the bank as well as the title company get together and draw up the closing papers. Any money transactions here will have to be in the form of a cashier’s check. You will be given the papers for review a day before closing. Also give yourself about an hour on closing day since you will have a large number of papers to sign. Once you are done with the closing you will have to call all the utility companies and have everything transferred into your name.
The process of finalizing on a home can take anywhere from 15 days right up to 90 days. In includes the time it will take for all the formalities in between. If there are any complexities involved in the transaction, then you can be sure it will take a bit longer. To smooth out the process for you, your real estate agent should:
- Be able to tell you in advance the entire process involved. He should be able to anticipate your queries and answer them all.
- Based on the contract that you sign with the real estate agent, he should work in close quarters with the seller’s broker and ensure you are getting everything that has been agreed on.
- He should also be in constant touch with the settlement officer, the officer for the title deed, as well as your lender and anyone else involved in making the process a bit smoother.
- He should also be in constant touch with you so that you know exactly what is happening in your deal.
