GUIDE TO BUYING

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Whether you’re a first time buyer or new to the Chicagoland area, I’m here to help you every step of the way. No matter what sort of property you’re looking for, I’ll provide expert, caring and candid advice throughout what will be one of the most important transactions of your life. That’s my professional commitment to you. 

You should always talk to a bank or lender to obtain a pre-approval letter before looking at homes to help you understand exactly how much you can afford.  Knowing what your budget is can help narrow down your home search to suitable properties and eliminate the risk of disappointment caused by falling in love with a home you can't afford. 

Buying a home can take anywhere from 2 months to 2+ years depending on your search.  Once a home is selected and an offer is accepted, the average escrow period is 45-90 days (under normal market conditions).  Market conditions play a major role in how fast or slow homes are sold.  A spike in home sales can impact the availability of property appraisers and home inspectors and increase the time for loan underwriting. 

There are little to no fees when it comes to working with a buying agent.  Buyer's agents are compensated by the seller's agent for bringing home buyers to the table.  When a home is sold, the seller's agent splits their listing fee with the buyer's agent. 

There are a variety of programs available for first-time home buyers.  Depending on your qualifications, some programs require little to 0% down on your home purchase.  It is best to speak to your bank to find out what programs you qualify for. 

Once you have talked to you bank and determined your budget, it is time to go shopping!

• Narrow your search - Start exploring different cities and neighborhoods to help you narrow your search to the areas that most suit your needs. If your agent is knowledgeable in the areas you are interested in, they can be a great resource to ask questions and give you personalized insight.
• Select your property - After looking at various properties, you have now found your future home.  Your agent will work with you and the seller's agent to agree to an offer for the home.  
• Contract - Once the seller has accepted your offer, you are now under a legal agreement for the sale and purchase of the property.  It is highly recommended that you hire a lawyer to help you through the closing process.  Your real estate agent cannot give legal advice or draft legal documents.  The lawyer will assist the buyer in reviewing all documents and walking them through any questions or concerns.  
• Inspections - You should always hire a licensed property inspector to inspect the property within the time frame that was agreed upon in the contract.  The property inspector will prepare a report to the buyer with details on the condition of the property.  At this point, the buyer can either choose to eject the findings and cancel the contract, accept the findings and continue on, or ask the seller to renegotiate the terms based on the findings. ​
• Appraisal and Lending - Buyers should keep in constant communication with their lender to ensure mortgage all documents are completed in a timely manner.  If the contract has a financing contingency, than the lender will arrange for a third-party licensed appraiser to determine the property value.

The are additional recurring costs associated with home ownership that you do not incur as a renter.  A typical rent can expect to pay rent, renter's insurance and utilities (electric, gas, water, cable, internet, etc.)  Some landlords may even include the costs of some utilities in their rent.  As a homeowner, you can expect to pay your utilities in addition to your mortgage (principal and interest), property taxes, homeowner's insurance and homeowner association due (if you live in an attached home).  There may be additional costs too such as flood insurance, private mortgage insurance, etc. In addition, as a homeowner, you will be responsible for any home maintenance and repairs.