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Buy a Home in Chicago
The process of buying a home in Chicago requires quite a bit of mental energy (Just think about all of that paperwork you have to fill out!) But, as long as you know what to expect, buying a home in Chicago can be one of tghe most exhilarating experiences of your life.
To buy a home in Chicago, follow this step-by-step process to ensure that you're investing your money wisely.
Do your homework before you purchase a home in the Chicago area
- Check your credit report
- Take the time to learn about credit reports so that you understand your credit history and know which type of mortgage you'll qualify for
- Research the home buying process in Illinois, then check out the local customs
- Interview a Chicago real estate buyers' agent for specifics
Get your mortgage pre-approved
- Ask your lender to explain the particulars of your credit history
- Have your lender write an official mortgage qualification letter (Pre-approved financing will make you a more attractive buyer to sellers.)
Decide what you're looking for in order to use your house-hunting time wisely
- Decide on a price range
- Make a wish list of all of the items that would be in your ideal home
- Make a list of the items that you absolutely do not want
- Make a list of possible locations
Check out Realtors
- Search for a local buyers' agent who will work for you and advise you throught the home-buying process
- Interview several agents before making a decision
- After the interviews, contact the Realtor which wihich you have the best rapport
Find a home by searching:
- MLS
- Print magazines (often found at local grocery stores)
- Internet sites
- Newspaper classified ads
- Newspaper real estate section
- Home For Sale signs
Complete your due diligence
- What is the resale potential?
- Are the heating and cooling systems efficient?
- Does the house need renovation?
- Check with the city to see if there are any planned projects that would affect the property or its resale value.
Make an offer
- Make an offer based on the value of comparable sales in the area
- Do not make your offer so low that the seller will not take you seriously
Home Inspection
- Before closing, a home inspection should be done
- Complete all paperwork and close the deal
As you can see, buying a home in Chicago is not stressful if you begin with a good Chicago real estate agent to watch out for your interest and guide you through the process.
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