Buying a home? How hard can it be?

Buying a home can be complicated, but you can make the process easier by following some tips. In Illinois, you need a mortgage pre-approval or Proof of Funds (if you are paying in cash); hiring a real estate attorney to review the contract & conduct the Closing; & getting a good Inspector. These are things I assist with as your Buyer’s agent & REALTOR®.  For me, you’ll need to have a signed Buyer’s Agreement so we can begin the process.

House hunting is the fun part. Make a list of your must-haves & the things that are negotiable for you & your family.

Steps to Buying a House

• Get Mortgage Pre-Approval: Secure a lender to understand your budget and show sellers you are serious.
• Conduct your Home Search & Make an Offer: I’ll assist with putting together a competitive offer, as well as negotiate the Closing date & Earnest Money payment & amount.
• Attorney Review & Inspection: Within 5 days of an accepted offer, attorneys begin a review period. Schedule a home inspection to check for issues like radon, which is common in Illinois.
• Finalize Financing & Appraisal: The lender hire an Appraiser to determine the value of the home & finalize your loan. If there are any discrepancies, we’ll negotiate those, too.
• Closing: Review all documents, pay closing costs (typically 2-5% of the purchase price), and receive the deed.

Important Illinois-Specific Considerations

• Attorney State: Attorneys are highly involved in reviewing/modifying contracts, negotiating inspection issues, and managing title work.
• High Property Taxes: Illinois has the highest property taxes in the US; research the tax rates for specific neighborhoods, as they vary widely (e.g., Cook County can exceed 2%).
• Radon Testing: Always include a radon test in your inspection.
• Closing Timeline: Most Illinois transactions close within 30 to 45 days.

Don’t forget that I offer a complimentary Buyer’s Guide to Real Estate! Send your request to karen.daugerdas@cbrealty.com or call 847.494.1102.