Get Pre-approved for a Loan. This is more important than ever! Lending guidelines have changed dramatically in the past few years. So, start off on the right foot by getting pre-approved so we will have no surprises. There is no cost or obligation. We’re happy to recommend qualified lenders to assist you. Once you’re pre-approved, it’s time to go shopping for your new home!
Find a Home. There are plenty of wonderful homes, condos, lofts and town homes from which to choose. Explore Chicago’s best neighborhoods by using one of our many search options.
Make an Offer. Once we find the right property, we’ll do some research to see how long it’s been on the market, what the owner paid for it and recent sales for the area. We will use this information (and more) to come up with an offer price. In Illinois, verbal offers are none binding, so all negotiations will be in writing. Our offer will also specify who will pay closing costs. We will also propose a closing date, usually 30-45 days from our agreement date. The offer will also include a time period for inspecting the home, appraisal contingency and finance contingency.
Inspect the House. Our current Chicago Association of Realtors (CAR) contract offers two primary ways to accept a home’s condition. The primary means is an “attorney review” period. Our contract will specify the number of days for our Attorney Review period. During that time, you have the right to review condo documents (if appropriate) and have a home inspection. You can buy the property “as is”, which means you accept it with all of its faults. Selling a property “as is” does not relieve the seller from disclosing any known defeats. It is still highly recommended that you inspect the home with the right to cancel the contract with full return of earnest money.
Negotiate Repairs. When we’re finished our inspection, we will make a list of the items we would like the Seller to address. This is a second round of negotiations for the home. The Seller considers our repair request, and can accept, reject, or counter it. If the Seller’s response is acceptable, then you move forward to closing. If the Seller’s response is unacceptable, then you have the right to cancel the contract with full refund of your earnest money (in nearly all cases) and start again with finding a home.
Final Loan Processing. Once we’re through the attorney review period, there’s usually about two weeks where everyone else springs into action. The loan officer puts the loan through final underwriting, reviews the appraisal, produces loan documents, and the Seller has any repairs completed that were negotiated.
Walk-through and Signing. We’ll go back to the property and do a final walk-through, to make sure that it’s in the same condition as when we went under contract then we will head to the title company’s office.
Closing. Finally! You’ll sign, sign and sign some more papers. Congratulations homeowner!
Contact Us and let’s get started!