Friday, January 27, 2006

Chicago Home Buying Tips

The following is a list illustrating the average steps when buying real estate in Chicago. It was compiled by a top producer I worked with. I find this helpful, especially when consulting first time buyers.

Initial Consultation (Screen/Interview Buyers Agents) *
Mortgage Preapproval *
View Prospective Homes *
Identify a Property *
Present Purchase Contract To Listing Agent *
Initial Earnest Money ($1,000 Made Out To Listing Office) *
Negotiate Offer (Counteroffer, Price, Terms, Close Date) *
Acceptance Of Offer by Seller (Agreement) *
Final Signatures And Initials On Original Contract *
Contact, Fax Documents To Attorneys, Lenders, Etc. * Contingency Periods Begin (Mortgage, Home Sale--Ususally 30 Days) *
Attorney Period Begins (Usually 5-10 Business Days From Acceptance) *
Acquire Budget And By-Laws (Condominium) *
Professional Home Inspection *
Attorney Approval on Contract (5-10 Business Days After Acceptance) *
Balance of Earnest Money Due to Listing Office (5-10%) *
Appraisal (Lender) *
Loan Committment *
Communicate With All Parties *
Acquire Homeowners Insurance Policy *
Interview With Condo/Co-Op Board (Usually In Highrise Buildings) *
Await Closing *
Transfer Utilities & Change Of Address *
Schedule Movers *
Estimate Of Funds Needed At Closing (Good Faith From Lender including $7.50 per $1,000 City Transfer Stamp to be paid by Buyer) *
Final Walk Through Or Punch List (New Construction) *
Closing *
Celebrate! You're A Home Owner!!

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