Six Lakes Realty

The Home Buying Process

1. Know what you can afford.

While there are many affordable vacation homes, year-round residences, recreational land and building lots in Chetek, the price of these properties vary depending on location, water access, size and amenities, and so on. It pays to be pre-approved for your mortgage so you can shop according to your means. A mortgage pre-approval also shows sellers that you’re a serious buyer, which puts your offers in a better light. Visit our mortgage approval guide for tips!

Financing for second homes/vacation properties and vacant land works a little differently than a year-around residence. Mortgage financing is available for a vacation home or recreational land, but there are specific underwriting rules that come into play. Fortunately, we have great relationships with local lenders, and we can refer you to a trustworthy mortgage professional who will be happy to work with you.

2. List Your Priorities

You may wish to be on the lake, or be located within walking distance to town. Maybe you’re looking for privacy, or a good school district. List your preferences by location and lifestyle, and then start thinking about the property itself.

For a home, list how many bedrooms and bathrooms you’ll need. Think about how you’ll be spending your time. Do you need a big home for an active family, or just a cozy getaway? How about the garage? Do you need storage room for a boat, ATVs, snowmobiles?

Your wish list may be limited by how much you can afford, so focus on the priorities first. Be prepared to be a little flexible.

3. Begin Your Search!

Once you know your price range, target area, and requirements, we can begin the search! At Six Lakes Realty, we have access to detailed listing information that goes well beyond public websites. We invite you to browse properties for sale on our website! We are also happy to keep you up to date with new listings that meet your needs.

When you’re ready to visit properties for sale, contact us! We will coordinate the appointments and provide you with a personal tour of each property.

4. Negotiations

When you find the right property, it’s time to write an offer! Ultimately, it’s up to you how much you should offer on a property, but we can tell you whether or not the asking price is in line with area values.

You may want to list contingencies in your offer to protect yourself. The most common types of contingencies are “financing and appraisal” and “home inspection.” We will guide you concerning appropriate contingencies.

We will then negotiate your offer with the seller and seller’s representative. The seller may accept your offer, or present a counter-offer. Negotiations can go on for several rounds before a deal is made, which is why you need real estate professionals who are expert negotiators. Six Lakes Realty has the local expertise you need for success!

5. Due Diligence

Once you have an active contract, the clock is ticking toward closing! Promptly order your property inspection. We can give you a list of local qualified home inspectors!

Stay in continual contact with your mortgage lender. Promptly respond to your lender’s requests for any updated financial paperwork. Be sure your mortgage lender knows your closing date.

You also need to apply for your property (homeowner’s) insurance policy for your new property. Coverage should be made effective as of the closing date.

6. The Closing

This is the formal process of transferring property ownership from the seller to you. At closing, you will need to
present a check for your down payment and for any out-of-pocket costs that are not included in the mortgage.

  • You will present your proof of property insurance.
  • You will be shown the proration of property taxes between the seller and yourself, and how these are applied in the settlement document.
  • You will be given paperwork to review and sign. If you do not understand a piece of documentation or its purpose, it’s OK to ask questions!
  • You will be given copies of the paperwork, and the keys to your new property!
    Ready to get started? Contact Six Lakes Realty today!
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