Home Buying in Chicago>Question Details

Scottisinchi…, Home Buyer in Chicago, IL

I'm quite new to the home buying market. What are the basic steps I should be taking right now to target a move-in in approx 2-3 months?

Asked by Scottisinchicago, Chicago, IL Mon Jul 2, 2012

More specifically, I'm looking to find an apartment in the near north side of Chicago. There seems to be a great deal of listings and resources online but I don't know where to begin.

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Answers

16
Hi Scott,

It is time to get pre-approved and start looking! I have some great lenders I can recommend.

In this market, it usually takes six weeks to close after you write a contract for a financed purchase. It is best to close a week or two before you plan to move. THis will give you time to paint or clean/replace the carpet. Based on this time line, I would start now.

Best,
Ivan Sagel
312-515-7823
IvanSagel@DwellOneRealty.com
1 vote Thank Flag Link Thu Jul 5, 2012
I echo the sentiments of my fell realtors. Talk to a lender first and foremost to see where you stand financially before viewing any property. The last thing you want to do is get excited about a property you cannot afford OR underestimate your ability to purchase. Talk to about 3 agents before making a decision on someone to help you find your home. Look for agents who not only have the experience, but the TIME to work with you. Start thinking about what types of property that interest you. Be open and have vision!
1 vote Thank Flag Link Tue Jul 3, 2012
Get pre-approved today! This is the most important step. If you have already done so, get a second opinion. Call me today.

Alexander Romo
Senior Vice President
The Federal Savings Bank
312-738-8430

Or if you prefer, apply for free online
http://www.AlexanderRomo.com
1 vote Thank Flag Link Mon Jul 2, 2012
Get your financial business in order. Of course if you have debt pay it on time. Save your money. Do not incur any new debt. Get preapproved with a lender. Target your area, price range, amenities. Ask you agent to send you listings in your chosen location. Start looking!
0 votes Thank Flag Link Sun Jul 8, 2012
Hi,
did you get enough answers, or do you still wonder or have more questions or concerns, just get back to us and ask....
There are a lot of condos available for purchase, hard for us to assist you if we do not know what you are looking for, size, type and price range..... Were you able to connect with a lender, if not I like to
make some recommendations....

Good Luck to you.....
Feel free to contact me anytime.Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri Jul 6, 2012
Hi ScottisinChicago,

Congrats, that is really exciting!

Trulia's lifestyle and real estate expert Michael Corbett weighed in on some common language used in listings. This will be useful as you start navigating your hunt for your dream home near northern Chicago.

http://www.trulia.com/blog/michaelcorbett/2012/06/unlocking_…

Check it out and please let me know if you have additional questions, I am happy to be a resource!

Best,
Ali, Community Manager
0 votes Thank Flag Link Tue Jul 3, 2012
First things first. Get a pre approval letter from a good lender so you know how much you can afford.

Next I would get a good buyers agent. This way you have someone to walk you through the process, at no cost to you. Interview two or three agents and go with the one you mesh best with. I would be happy to help.
0 votes Thank Flag Link Mon Jul 2, 2012
First find a leder(mortgage broker or bank) that will run a credit check and give you a preapproval letter. This will tell any Realtor you care to use what your range to purchase will work.
0 votes Thank Flag Link Mon Jul 2, 2012
First find a leder(mortgage broker or bank) that will run a credit check and give you a preapproval letter. This will tell any Realtor you care to use what your range to purchase will work.
0 votes Thank Flag Link Mon Jul 2, 2012
you should be in my office 2 months before you want to move in..your spending a lot of money and you want to spend it wisely.. I am at Clark and Armitage..1 beds are 900+ 2 beds are 1700 +
0 votes Thank Flag Link Mon Jul 2, 2012
Hi,
The very first step is to connect with a local Lender, I can recommend some good ones to you....
They will be able to not only explore with you your options for your mortgage loan, based on your income, your obligations (like car payments and other) and your credit score, how much your loan amount could be, and consequently with the available down payment in cash you will then know
what price range you can search in and you will also have a good idea about the monthly payments,
to which of course you need to add the taxes and the monthly assessments....

So the lender is your very first step....

Then you need a good area Realtor to not only assist you to find the right property for YOU, in size, type, garage etc. in your established price range, and since I have the impression that you are a
first time home buyer ..... here some advice:

When I see a question like yours, then I always wonder why a Buyer anywhere is not working with an experienced local Realtor, a Buyers Agent, one who will work on behalf and in the very BEST interest of the Buyer, not only finding the properties, showing them, but also getting the Buyers pre-approved by a lender, so that they will buy within their limits and comfort zone, but there are so many details to pay attention to like the various terms of the offer, negotiations with the Seller, earnest moneys, inspection, appraisal issues, walk thru, estimates for repairs, market analysis for a property so that it will be a competitive offer and sooooo much more.

Buyers Agents are usually if the property is listed on the multiple listing services i.e. listed by a real estate company/brokerage paid by the Seller's side at the closing out of the Seller's proceeds, i.e.
the Buyers Agents services are free to you the Buyer, but your commitment and loyalty to one Buyers Agent will be required....

When looking to buy a condo/townhouse you also need to know what the assessments cover, as this is different for each condo, pets allowed or not etc. etc., condo docs and so many details to
pay attention to.
DO NOT DO THIS ON YOUR OWN …. FOR YOUR OWN PROTECTION…….

Let me know if I can help.... What do you think your idea of price range is? and size of property.
I could start e-mailing you listings to preview......

As far as your time frame is concerned, you should get a pre-approval from a lender in a very short period of time, let's say a few days..... Then another week or 2 to select the best properties in your
price range, size, upgrades etc., Home viewings, lets say two half days worth and then writing an
offer and negotiating with the seller another week, a week for the inspection and attorney approval period, so we are talking about a month or so time frame, once you have a fully executed contract
then you need to apply for the loan with all documentation (which you should collect while looking...)
and the lender will probably take 4 - 6 weeks for the loan commitment....
So you are good with your time frame, unless you cannot find what you may like.

Hope to hear from you....

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Jul 2, 2012
Work with a Lender and get pre qualified immediately.
and then
Work with a Realtor to assist you with finding a home that meets your needs.
0 votes Thank Flag Link Mon Jul 2, 2012
There are lots of web sites that list property, but if you are serious you should find an agent to work with. You need to define your criteria....price point/#br's/location etc. You need to speak with a few lenders to get an understanding of what sort of mortgage you can afford. My web site has some lender references. Have an agent set up a search and start looking at property.The more you see the more you learn about values and what you get for the price point. You might need a bit more time than 2-3 months, but at least get started! Let me know if I can help
0 votes Thank Flag Link Mon Jul 2, 2012
I would speak to several realtors and hire one. They can help to explain the process and show some direction on where you need to be regarding your timeline.

If you need help you can contact me.
0 votes Thank Flag Link Mon Jul 2, 2012
Right now is the time to get going! A short check list:

1. Identify a solid lender and perform the financial analysis to get pre-approved
2. Start really watching your spending -- don't open any new credit lines or make big purchases
3. Have an agent (of course I would love to help!) talk to you about the criteria for your purchase. A lot goes into the decision -- what type of loan will you be using? Which properties are eligible for that type of financing, what should you be looking for based on the type of investment you are making (in either a single family or a building or condo
4. Get that search set up!
5. Closings take anywhere from 30 days to 90 days so now is the time to get out there and see what's on the market
6. If you have a hard target for a move-in date, you want to be looking and putting an offer in in the next 2-3 weeks at the latest. You likely will have to steer clear of short sales because of this time frame.

Let's talk! I'm happy to share a lot more with you.

Cheers!

Molly
0 votes Thank Flag Link Mon Jul 2, 2012
Call me at 773-914-5309 or email bboedermam@citypointrealty.com. i'll tell you everything you need to know.
0 votes Thank Flag Link Mon Jul 2, 2012
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