Steps To Buying a Home In Chicago and How We Can Help
Helping Buyers is Our Expertise
We represent buyers in everything residential from new to resale homes and condos. We are Chicago area experts with a deep understanding of the important factors that make up your home selection criteria such as schools, communities, values and trends. Our clients consistently praise our performance and refer us to their friends and neighbors, and we hope you will, too.
Below is an overview of the buying process and how we help you along the way and know we’re here to help you buy your next Chicago home!
DETERMINE YOUR GOALS
SET UP & REVIEW INSPECTION
UNDERSTAND YOUR FINANCES
MAKE AN OFFER
CONDUCT FINAL NEGOTIATIONS
SEARCH FOR HOMES ONLINE
NEGOTIATE A CONTRACT
CLOSE ON YOUR HOME
1. DETERMINE YOUR GOALS
Whether you’re purchasing your first house, moving up to something larger, downsizing or considering a pied de terre, buying a new home is often both a financial goal and a major event in your life. A home is one of the biggest investments you’ll ever make and one you’ll probably live with (and in) for years to come.
2.ASSESSING YOUR FINANCIAL SITUATION
How much can you afford? In today’s home-buying environment, a mortgage pre-approval is not only essential; it is also incredibly easy to obtain – whether online, over the phone or in-person. A mortgage pre-approval lets you know exactly what you can afford to buy.
￼The first thing you’ll need to determine is what your long-term goals are and
￼then how home ownership fits in with those plans.
3.SEARCH FOR HOMES ON HAUSHUB.COM
We’ve created what we believe to be the best Chicago search tool available in the Chicago land area. Use our site to get to knowChicago neighborhoods and Suburbs. Through our search tool, you can sign up for new listing alerts to receive emails whenever a new listing matches your search criteria. We’ve found that when buyers use our site to search for homes they are much more educated about the market than those who don’t, and are able to make better decisions when it comes to making an offer.
Once you have obtained a mortgage pre-approval and selected a real estate agent, you are ready to begin your home search: One of our HausHub Realtors will help prepare a list of homes to visit. The list will include homes you specifically request to see, and others your HH agent has researched that you may not know about. Your HausHub agent will schedule showings and accompany you on each appointment.
5. MAKE AN OFFER AND NEGOTIATE A CONTRACT
Chances are, when you find a home you absolutely love, someone else may love it too. So it’s important to act quickly and make an educated offer based on a rational approach to pricing and negotiating that you and your agent have discussed. To start the process rolling, your agent will draw up a contract that includes your offering price and other terms and contingencies. Buyers often focus on price, but there are other important terms to a real estate contract. You can include any terms you like, but the more you add, the more likely the seller is to object. Here are the most common elements of a real estate contract:
6. HOME INSPECTION AND FINAL NEGOTIATIONS
From the time you sign the contract to your actual close date is typically around 35 days. During this time, we will ensure that you perform all your contractual duties (e.g. deliver option money, earnest money, etc.) and help you perform a thorough evaluation of the property by hiring an independent home inspector. We will help you with any additional negotiations that arise based on the inspection report. Once you are satisfied with the property and final contract, the next step is to close!
7. CLOSING TIME
Your HausHub agent will work closely with you, your lender, your attorney, and the seller’s agent to make sure everything is in place for a smooth and efficient closing.
8. AFTER YOU BUY
The costs of owning a home include many factors. Make sure your prepared to know what the costs of home ownership include.