Buying a house in Chicago is so exciting! There are so many wonderful options. If you are a first time home buyers, or even if you haven’t been in the market for a while, the process can also seem confusing and overwhelming. The good news is that simply by understanding the steps involved in buying your home, you can take the mystery out of the process.
Steps for Buying a Home in Chicago
- Find a Trustworthy Realtor – Your first step should be finding a professional on whom you can rely for solid information and advice.
- Lender Consultation/Pre-Approval – Spend a little time with a lender and understand your loan options and qualifications. Once you find the right loan for your needs, they will issue a pre-qualification letter which lets sellers know you can afford the home.
- Search for the Home – This is the fun part. Use online sources and your agent to view homes and take in-person tours of possible properties.
- Write an Offer – Your agent will help you understand the market value of the home and guide you in writing an offer.
- Home Inspection – Once you are under contract with the desired home, hire a certified home inspector to provide a comprehensive inspection report on the home.
- Ask for Repairs/Concessions – Based on the findings of the inspection report, you might wish to ask for the sellers to make repairs or provide monetary concessions so you can make repairs. This is a negotiation point and you will discuss with your attorney.
- Appraisal – Your lender will order an appraisal to ensure the price you offered is a fair market value for the home.
- Final Mortgage Approval – Once the appraisal is entered and all negotiations for repairs is complete, your lender will issue a final loan approval
- Final Walk Through – Before you close on the home, you should do a final physical walk through of the home to ensure no damage has occurred since the time you wrote the offer.
- Closing – Congratulations….you now own your new Chicago home!