HOME BUYING PROCESS IN THE CHICAGO METRO AREA (a real estate attorney’s perspective)

HOME BUYING PROCESS IN THE CHICAGO METRO AREA (a real estate attorney’s perspective)

First, talk to a trusted real estate professional.  This should be your first point of contact.  As a buyer, a real estate agent is free to you!  Sellers pay for the real estate agent’s commission – so make sure you chose a real estate agent you are comfortable with. 

Get a pre-approval letter from a loan officer or bank.  This is important as you do not want to begin searching for homes until you are sure you are qualified to purchase the home you wamt.  Sellers are more likely to accept your offer if you have a pre-approval letter from a trusted financial institution.  

 Find the home that is right for you with your real estate agemt.  Once you find the property you are in love with its time to make an offer.  Your real estate agent will help you decide the appropriate purchase price for the property based on comparable properties that recently sold in the area.  

After the Contract is accepted, it is time to deliver earnest money to the seller or seller’s agent.  Earnest Money is a deposit which helps ensure the seller that you are serious about purchasing the home.  Earnest Money can range from be as low as $1,000.  It is up to your agent to help you decide the appropriate Earnest Money amount.

INSPECTION.  You have 5 business days after the Contract is signed by all parties to perform an inspection.  The inspection report will show any deficiencies or repairs needed in the property.

ATTORNEY REVIEW.  Most residential real estate transactions involve attorneys that help guide you through the contract process.  Your attorney will be there to help negotiate any repair items you request from the sellers (must happen within 5 business days after contract signing). 

Your attorney will also help review and explain the Contract to you and even make modifications to the Contract if necessary.  Attorneys in the real estate transaction context are not expensive and most do not charge unless you transaction is Closed.  

After all items in the Contract have been agreed to between the Buyers and Sellers and a final loan approval is issued, the parties then schedule the Closing.  The Closing is the final step in the process.  Make sure to do a final walk through with your real estate agent prior to Closing to ensure .   Your attorney will be at Closing with your to make sure you understand all the responsbilities that come with being a home-buyer.