The first step is reaching out to a lender. I recommend doing your homework and speaking with at least two lenders in order to get the very best rate. Family and friends who have recently purchased real estate can be a great resource for recommendations. I am also happy to refer you to my network of trusted lenders whom I have worked with in the past and who have proven track records of quality service and success. Once you decide on a lender, they will guide you through the first steps of the mortgage approval process in order to get you pre-approved. Once pre-approved, we are ready to go out and start actively looking at properties. I will send over required broker-client paperwork for your review and signature prior to our first showing.

We will discuss your wants and needs and set up a detailed search of available properties drawn from the Multiple Listing Service (MLS). This is the central listing database in Illinois that feeds all real estate websites including Redfin, Zillow, Trulia and Realtor.com among others. Simultaneously, I will utilize my vast network of Agents and Brokers to search for any properties not yet on the open market. These are called pocket listings. Once you’ve identified properties you are interested in, I will make arrangements for us to view them in person. When you are confident you have found “the one,” I will take you through each stage of the buying process – from drafting an initial offer all the way through signing on the dotted line at the closing table. I will work diligently to ensure you feel educated, empowered and informed every step of the way.

Once you have identified the property you want to purchase, I will use my market expertise to determine the most accurate, fair market price for that property. This involves creating a Comparative Market Analysis (CMA) by looking at recent and similar Active, Pending and Sold properties in the area. After taking into consideration other pertinent factors – such as competitiveness and timing – I will work with you to develop an offer strategy and to determine a game plan for successfully coming to terms with the Seller.

The length of the buying process can vary greatly depending on the parameters of your search and the specifics of your eventual contract terms. Some Buyers find a property that meets their needs the very first day out and others spend months looking for their perfect place. Ultimately, it all depends on you and your specific needs. Once under contract, a typical closing period is generally 30-60 days; that said, quicker or longer closing periods are common and often utilized to accommodate financing, construction and/or the sale of either parties’ previous homes.

There are additional costs to consider in the buying process. Once under contract, you will likely hire a home inspector in order to learn about the current condition of the property you are purchasing. A real estate attorney is also an invaluable investment to ensure you have a smooth transaction from contract acceptance to closing. These will be upfront costs to you – the Buyer – and typically in the form of a flat fee. You may hire other inspectors or contractors for additional fees at your discretion during the inspection period. At closing, you will be responsible for additional closing costs as well as transfer tax stamps – these are an often overlooked expense for Buyers and should be discussed with your lender well in advance of closing.