Home Buying in Chicago and Suburbs

You've come to the right place if you're thinking of purchasing real estate in Chicago or the southwest suburbs. Following is a quick guide to give you an idea of the home buying process. If you have more time please check out my Home Buyer FAQ's and detailed Step-By-Step Tutorial. Also, here's a Real Estate Glossary with definitions. If you're a first-time buyer you might want to watch My First Place on HGTV.

1. The first thing you should do before you start looking at Chicago suburb homes is to get pre-qualified or pre-approved. Below are some helpful links:

Mortgage Calculators - there are several you can try
Mortgage Guide - this is another step-by-step guide explaining the mortgage process and gives tips on what to do, and what not to do, prior to purchasing a property.
Credit Guide - another comprehensive tutorial
Call Matt Ulmer at to get a pre-qualification over the phone. Matt works for BancGroup Mortgage Corp. and both Matt & BancGroup are the most efficient loan officer and mortgage company I have ever used.

2. Call Judy Orr at 708-536-8200 or contact me now. I will set you up with a free Automated Home Search program that will alert you to new homes on the market via e-mail. This is the way to find the best buys. Because of advertising deadlines, many homes in ads have already been sold by the time of publishing. Not everyone uses a For Sale sign and we don't always put SOLD tags on signs of homes that have contracts. If you'd like to get started right away without having to make a phone call just fill out my Home Finder's Form.

3. I also provide full MLS search. You will have to register as MLSNI (Northern Illinois MLS) requires it. I do not share or sell your information to anyone so go ahead and register. This will give you full MLS access and you can take your time searching different areas and get an idea of price ranges.

4. If you find properties that you would like to see call Judy at 708-536-8200. Please keep in mind that many of the properties have families living in them and I need to set an appointment to see the different properties.

5. Be prepared to write a check for "earnest money" when you find a home you want to purchase. Depending on the purchase price and other factors, I will give you a suggestion of how much earnest money you'll need.

6. When we get to the point of writing up a contract, I will perform a Comparative Market Analysis for you to show you what similar properties have sold for in the past 6 months. This will be helpful when deciding what to offer.

7. It is best for you to hire a real estate attorney to review the accepted contract and help you through closing. If you don't have an attorney I have several to suggest to you.

8. Once a contract is accepted you will have a time limit to have a home inspection done at your cost. I can provide you with a list of certified inspectors if you don't have someone in mind.

9. After the contract is accepted I will fax all documents to your attorney and your loan officer. You will need to contact your loan officer to get the loan application started and/or to provide any needed documentation.

10. Prior to closing you will have the right to what is referred to as the final walk-through. I will accompany you but this is not a full inspection. We will check to make sure no damage has been done since the contract was written and we can test things like water faucets, flush toliets & check appliances that are remaining as part of the contract agreement.

The Closing! Most likely you'll meet at a title company. The closing date is actually set by the attorneys once the mortgage company has given the OK. Your attorney will explain all of the many documents you'll be signing. You'll need to provide photo I.D.'s. The sellers do not have to be at the closing as they are allowed to pre-sign their documents. As a buyer, you do need to be present.

In most cases your attorney already told you the amount of money you need to bring in to closing. You might feel this amount is higher than anticipated but they always want to make sure you have enough. If there is money due back to you the title company will cut you a check.

If the contract called for possesssion at closing you will get the keys to your property as soon as all monies are disbursed. If the sellers are staying in the property per the contract, an amount of money due you will be held in an escrow account to be disbursed when the sellers leave and turn over the keys to you.

Congratulations, you're in your new Chicago suburb home!

Helpful Buyer's Links:
Buyer FAQs
Credit Articles & Advice
Daily Interest Rates
Debt Consolidation Mortgage
Financing Guide
Home Buying Tutorial
Real Estate Glossary
Steps to Obtain a Mortgage
Writing an Offer to Purchase Real Estate

Buyers, if you are leaving the Chicago area to find a really great place without snow (well, maybe sometimes), consider homes in Austin, TX . Austin is not only a great city, but it is also a gateway to the Central Texas Hill Country and Lake Travis. Sam Chapman is one of my referral agents so give me a call if you'd be interested in speaking to Sam.

Judy Orr - Chicago Suburb Real Estate
Classic Realty Group - (708) 536-8200
15545 S. 71st Ct., Orland Park, IL 60462
4223 W. 55th St., Chicago IL 60632