Create a folder with all of the necessary documents you could possibly need during this process – whether that be pay stubs, tax documents or even a copy of your credit report.
Check Your Credit!!!
It’s simple and easy…get your credit checked and make sure it is in great shape. I recommend freecreditreport.com.
Let’s Get Pre-Approved
Meet with a mortgage broker (call us, we can help you find a perfect match!) and get pre-approved before you start looking.
Know Your Limits
Make sure you have a set budget in mind…it is not okay to be “house poor.” Set a realistic budget and make sure that includes any fees, upgrades and moving expenses.
Know your neighborhoods. Visit our neighborhood page to learn all about Chicago neighborhoods and their maps to help educate you on the location.
Document Your Search
You may see several homes in one day – bring along your notepad (or iPad!) and camera to take photos of the tour and what you like/don’t like.
Let’s make a deal. We are here to help you make an offer that’s right…for you. We have an extensive amount of experience in trusted negotiation and will move at the pace that is most comfortable for you.
The Deal is Sealed
You found your dream home and your offer is accepted. What’s next? Below is a step-by-step process that MRP will walk you through.
- A copy of the contract is given to you, the sellers, the mortgage team and all attorneys (we can recommend some of the best in Chicago)
- You submit an initial earnest check to the seller’s broker
- You schedule an inspection of your property (again, MRP will recommend some of Chicago’s best)
- If you are purchasing a condo: fill out all of your new building’s necessary paperwork and pay any moving fees, etc.
- The attorneys review the contract and all building documents, rules, budgets, association meeting minutes, condo docs/bylaws, the inspection report and then review it all with you.
- During the attorney review, the sellers generally fix any issues that come up from the inspection. This is the time you and the sellers make your “demands” about what you want with regard to the home.
- Once everyone has agreed to all demands from both the sellers and the buyers, the attorneys will document this. An appraisal is done for the mortgage team.
- Turn in the earnest balance to the seller’s broker. You can give a Cashier’s check or wire the balance (instructions will be given to you).
- Closing is then scheduled; once this happens, you can request a final walk-through. The final walk-through is done after the sellers move out and before the closing. At this time, you can confirm that there was no damage that occurred during the move.
At the closing, you will receive final transaction documents and the keys to your new home!
Additionally, it is of the utmost importance to have the following professionals be part of your team while buying real estate in Illinois.
- Attorney specializing in real estate law – keep in mind that their fee is usually a flat one rather than an hourly rate
- Mortgage broker
Buyer Estimate of Closing Costs
For an estimated breakdown of closing costs, check out this helpful document.