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 â€¦. FOR YOUR OWN PROTECTIONâ€¦â€¦.
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....
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 :)