The Process of Buying a House
Buyers: You found your dream home and your offer is accepted.
You cannot pinpoint the exact length of each transaction; a general estimate would be two weeks for each item on the below list – this includes the scheduling, reviewing, approval and completion. A copy of the contract is given to the buyers, the sellers, the mortgage team and all attorneys (we can recommend some of the best in Chicago). An initial earnest check is given to the seller’s broker from the buyers.
The process of buying a house begins with an inspection of the property (we can recommend some of the best in Chicago) is scheduled and completed within 3-5 days of the acceptance date on the contract.
Buyers: Fill out all paperwork required by your new building and pay any moving fees, etc.
The Attorney Review
The contract and all building documents, rules, budget, association meeting minutes, home docs/bylaws and inspection reports will be reviewed with you. This is the time you and the sellers make your “demands” about what you want in regard to the home.
Sellers: During the attorney review, you will generally fix any issues that come up from the inspection or, perhaps, provide a credit to the buyers so they can complete any inspection issues on their own. Upon agreement of the terms and conditions of the contract – by each parties’ attorney – the contract becomes binding. An appraisal is then done for the mortgage team.
Buyers: You will turn in the earnest balance to the seller’s broker. You can give a cashier’s check or wire (instructions will be given to you) the balance.
Buyers: Your lender will order an appraisal; once all finances are in order and appraisal info is approved you will get a clear to close. The attorneys will begin process of scheduling closing.
Once the closing is scheduled…
Buyers: You can request a final walk-through, customarily 24 hours in advance of closing or prior to the closing time. The final walk-through is done after the sellers move out and before the closing. At this time you can inspect that there was no damage that occurred during the move out.
Buyers: At the closing, you will receive final transaction documents and the keys to your new home.