Home Buying in Chicago>Question Details

Mikejohnson9…, Home Buyer in Chicago, IL

We are first time home buyers trying to buy the apartment we live in from our landlord. What do we need to do?

Asked by Mikejohnson999, Chicago, IL Sun Sep 8, 2013

We have agreed on a fair price. The landlord has said she can save money on the commission side, which is fine, but I worry about going through this process without a realtor. What would you suggest we do? A realtor we know mentioned some kind of flat rate he would charge to help us. Does that sound wise?

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Dear Home Buyer,

What you need is a great attorney to work with you. Let me recommend John Zimmermann he is EXCELLENT. His number is 773-275-4997. Let him know that I recommend you.

Best of Luck,...
0 votes Thank Flag Link Tue Sep 10, 2013
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.

Best of luck!
0 votes Thank Flag Link Mon Sep 9, 2013
As a buyer, you should not be paying a agent anything. Their fee comes from the sellers side. If they can not get the seller to agree to pay a commission then that is when the agent would want you to pay him. All you really need is a good lawyer if both sides are agreeing on price and sale terms. You can contact me and I will put you in touch with a great lawyer.
0 votes Thank Flag Link Mon Sep 9, 2013
email me at jmichaels@remax.net and I may be able to assist in the process
0 votes Thank Flag Link Mon Sep 9, 2013
I'm going through the same scenario with a client. As a first-time buyer, you probably need more hands-on guidance and advice than your attorney will have the time to provide. Paying a broker you're comfortable with to assist you throughout the process..from the inspection through the closing...is a good investment of your time and money. You need a trusted team to make sure your interests are protected. That's more than talking with people on the phone.
0 votes Thank Flag Link Mon Sep 9, 2013

The first thing you should do is to get pre-approved for a loan by visiting my website and filling out a complete application. (Or just give me a call.)

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference: http://www.mattbukovy.com
0 votes Thank Flag Link Mon Sep 9, 2013
You can just get a good real estate lawyer and be done with it. If you have already agreed on a price and terms there really is not much more for a real estate agent to do, but hand it off to the lawyer to check title work and that everyone is following the terms of the contract.
0 votes Thank Flag Link Mon Sep 9, 2013
There is not a problem hiring a realtor for a flat fee to protect your interests. It is money well spent. Your attorney will also play a vital role in this case. But make sure that some of the money the landlord is saving will be passed down to you to offset some of your costs, since the landlord would normally cover the costs of both the seller's and the buyer's real estate commission.
0 votes Thank Flag Link Mon Sep 9, 2013

You should hire an expert, a Real estate broker, who can approach your landlord with your best interests at heart. You will also need to have your financing in please, unless you are paying cash, and a good lender.

Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing


Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Mon Sep 9, 2013
You will definitely need a lender and a lawyer.

Contact Bernard Duganzik with Key Mortgage 847 508 0190 he's a great mortgage guy

Contact Don Kiolbassa who is a lawyer and CPA. He's at 312 782 9035

You technically don't need a realtor. However, one will help you properly write an offer that protects your interests. A realtor will help you coordinate an inspection with qualified inspector. A realtor will work with your lender to help ensure a smooth transaction (meeting contingencies, scheduling appraisal, playing middle man between lender and lawyer). A realtor will be an extra set of eyes reviewing the process- your lawyer will help you but they aren't out in the field nor will one ever visit the property. A realtor will do research for you and advise you on whether or not you really are getting a fair price.

If you do not know how to handle any of the above you may be better served working with a realtor.

Jeff Nobleza
Baird & Warner Real Estate
773 677 5340 cellular
0 votes Thank Flag Link Mon Sep 9, 2013
Using a Realtor AND Attorney is a good step in ensuring that your interests are covered. Also, you need to get approved for a loan. Should you need any help with the financing, feel free to contact me.
Web Reference: http://www.bjdloans.com
0 votes Thank Flag Link Mon Sep 9, 2013
Get an attorney, and if your nervous, do the fee. Sometimes a few extra bucks is worth the piece of mind.
0 votes Thank Flag Link Mon Sep 9, 2013
using a professional is the wise choice.
0 votes Thank Flag Link Mon Sep 9, 2013
I do Flat Fee listings, but that is on the side of the seller. Get a loan approval from a lender first. If you qualify then just use an attorney who does R E. You will need to pay him a bit more money, but he/she can walk you through the process. Do not sign anything without showing it to your attorney.
0 votes Thank Flag Link Mon Sep 9, 2013
The first thing you need to Is to speak with a lender to get your financing in order. A pre approval is usually the first step in the home buying process. I would be happy to help. Please feel free to contact me at 773-290-0455
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Mon Sep 9, 2013
A flat rate commission is possible. You can also print out a standard ILL RE sales contract, have it reviewed by an attorney. If you agree on a price, you hope it meets the appraised value if you need financing. You will need a title package for lender; HO insurance, title certificate or policy, often an attorney orders these to close. In Ill maybe the lender offers such services. In some areas the title companies offer them, depends on the usual practices in the area. How much did your realtor friend want to charge as a flat rate?
0 votes Thank Flag Link Mon Sep 9, 2013
I agree with Santiago. Unless you have looked at other condos, how do you know that there aren't condos on the market that better fits your needs? I would work with a realtor and see what else is available on the market. If you buy a different condo the seller would pay your realtor's commission. If you end up buying your apartment, you could pay your realtor the flat fee you have agreed on.
Nick Radakovich Home Sales Realty
0 votes Thank Flag Link Sun Sep 8, 2013
Are you sure you want just to buy that condo ? Why you don't want to look and open to the market ? That's no sound right to me .
Follow your feeling that something is not right and used a realtor
Email me back if you want to barcelonarealtor@gmail.com
Or used my web condo for chicago neighborhoods http://www.illinoisbienesraices. com
0 votes Thank Flag Link Sun Sep 8, 2013
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