8 Steps to Buying a House in Illinois
- Step 1: Save for a down payment 🔑 Key takeaway: ...
- Step 2: Find a great real estate agent in Illinois 🔑 Key takeaway: ...
- Step 3: Get preapproved for a mortgage 🔑 Key takeaway: ...
- Step 4: Choose the right location ...
- Step 5: Start house hunting in Illinois ...
- Step 6: Make an offer ...
- Step 7: Inspections and appraisals ...
- Step 8: Close on your new home! ...
Full Answer
What do you need to know about buying a house in Chicago?
It must be in writing and signed by both parties (buyer and seller), and include an offer to sell or purchase, an acceptance of the offer, the sale price, and an adequate description of the property. See the Chicago Association of Realtors Residential Real Estate Purchase and Sale Contract for a sample.
Do I need a real estate agent to buy a house?
Before buying a house, condo, or other type of property in Illinois, you’ll probably want to contact a real estate agent. That person can help you locate the best home for your needs and handle all the complex procedures involved with the purchase.
How do I find a qualified home inspector in Illinois?
Obtain referrals for a qualified home inspector from friends or colleagues, or contact the American Society of Home Inspectors (ASHI) or the Illinois Chapter of the National Association of Home Inspectors, Inc.
What is the basic type of home purchase?
This brochure has discussed the basic type of a home purchase – an existing single family home purchase with conventional mortgage financing.
What is required to buy a house in Illinois?
Minimum credit score of 640 is generally required. Must meet county household income limits and purchase price limits. Contribute $1,000 or 1% of the purchase price, whichever is greater. The home must be your primary residence.
How do I buy a house for the first-time in Illinois?
If you're a first-time home buyer in Illinois with a 20% down payment, you can get a conventional loan with a low interest rate. And you never have to pay for private mortgage insurance (PMI). Of course, few first-time buyers have saved enough for 20% down. But the good news is, you don't need that much.
How long does it take to buy a house in Illinois?
So, to answer the question, “how long does it take to buy a house?” On average, it will take 3 to 6 weeks to complete your home shopping, 4 to 6 weeks to finalize a loan contract, and generally 3 to 6 weeks to close. That adds up to a total of 2 1/2 to 4 1/2 months to buy a house from start to finish.
Do you need a realtor to buy a house in Illinois?
Before buying a house, condo, or other type of property in Illinois, you'll probably want to contact a real estate agent. That person can help you locate the best home for your needs and handle all the complex procedures involved with the purchase.
What credit score is needed to buy a house in Illinois?
620 or higherCheck your credit score In order to secure a conventional mortgage in Illinois, you'll need a credit score of 620 or higher. If your credit score is lower than 620, you'll want to start building it up right away.
How much do you have to put down on a house in Illinois?
While conventional loans require a 20% downpayment, you'll only need to put 3.5% of your new home's value down at the time of purchase with an FHA loan, provided you have a strong credit score and borrowing history.
What do you need to buy a house?
Some of the most important requirements for buying a home include a down payment, a good credit score, and an acceptable debt-to-income ratio. Homebuyers also need to be prepared for closing costs, which are due before the final paperwork on the home is signed.
Do you need a mortgage to buy a house?
Buying a home with no mortgage is one thing, but buying a home without a deposit could be difficult. Almost every seller and mortgage lender will want some sort of downpayment to secure the house. However, there may be a few ways you can purchase a home without putting down a deposit.
Do you need a lawyer to buy a house in Illinois?
Some states mandate that home buyers hire an attorney for the real estate closing while others stay silent on the matter. Illinois is one of the states that does require you to have a lawyer review your purchase agreement before finalizing your home purchase.
Is it a good time to buy a house in Illinois?
Analysts say August is the best month to buy a house because sellers are lowering their prices before the fall. You may be able to get a better price in late fall and winter, but supply will be lower and you'll have fewer homes from which to choose.
How long is the process to buy a house?
As a general rule of thumb, the buying process takes approximately 12 weeks. However, this doesn't factor in the time it takes you to search for your perfect property.
How can I buy a house without a down payment?
There are currently two types of government-sponsored loans that allow you to buy a home without a down payment: VA loans and USDA loans. Each loan has a very specific set of criteria you need to meet in order to qualify for a zero-down mortgage.
How fast can you buy a house?
It typically takes anywhere from four weeks at the low end to six months (or more) to shop for and close on a house. But it can be quicker if you make a strong offer right away in a fast-moving market or slower if you have a hard time finding just the right place or keep getting outbid.
How long is the process to buy a house?
As a general rule of thumb, the buying process takes approximately 12 weeks. However, this doesn't factor in the time it takes you to search for your perfect property.
How long does it take to buy a house once offer accepted?
However, this timescale can vary due to a variety of factors, often falling somewhere between 11-21 weeks. Completion day often occurs 7-28 days after exchanging contracts. However, although uncommon, it is possible to exchange and complete on the same day.
How long does a house purchase take?
The house buying process can differ greatly and is one of the biggest decisions you'll make in your life. It takes about 6 months in total to buy a house, however this varies from move to move so be sure to do your research in advance.
How to buy a house in Illinois?
Before buying a house, condo, or other type of property in Illinois, you’ll probably want to contact a real estate agent. That person can help you locate the best home for your needs and handle all the complex procedures involved with the purchase. Some of the benefits of using a real estate agent include his or her: 1 knowledge of the community, median home prices, and market conditions 2 ability to match homes to your needs and budget 3 experience preparing a viable offer and handling other paperwork, and 4 central role in negotiating the final deal.
What is the seller's responsibility under the Illinois purchase contract?
Under the Illinois purchase contract, the seller is expected to correct those problems as a condition to closing.
What to look for in a house buying agent?
Be sure the agent you choose has ample experience representing buyers (not just sellers), good references, and qualifications to meet your house-buying needs in terms of your ideal location, type of property, and budget.
How much does a real estate agent charge?
The best news is that working with a real estate agent won’t cost you anything. The seller usually pays the entire real estate commission (typically 5% to 6% of the house sale price, split between the seller’s agent and yours).
Does Illinois require a lawyer to buy a house?
Although Illinois does not require buyers to use a lawyer to prepare the purchase agreement and other paperwork related to buying a house, state custom does require that an attorney review the purchase agreement before finalizing the purchase.
Is buying a home in Illinois a good experience?
With proper preparation, careful choice of a real estate agent, and prudent use of other qualified professionals, buying a home in Illinois should be a positive experience.
Is a newly built home exempt from disclosure?
Certain types of sales (such as newly built homes) are exempt from state disclosure rules.
Where can I get a home inspector?
Obtain referrals for a qualified home inspector from friends or colleagues, or contact the American Society of Home Inspectors (ASHI) or the Illinois Chapter of the National Association of Home Inspectors, Inc.
How long do you have to have a home inspection before you make an offer?
If you do not have a home inspection before you submit an offer to purchase (due, for instance, to time and cost factors), you should insist on a reasonable inspection contingency period after the acceptance of your offer (again, several business days ) to allow for one or more professional inspections of the property.
Why do you need an attorney for a mortgage?
Because your attorney should be familiar with the mortgage loan process, he or she can help you understand the information you get from your lender and can monitor your lender to keep the closing on schedule.
What do you do when you have determined the area where you wish to live?
Once you have determined the area where you wish to live, you can often save both time and frustration by working with a knowledgeable and enthusiastic real estate agent familiar with that area.
How to find a good real estate attorney?
If you do not know a competent, experienced real estate attorney, ask your friends and colleagues to recommend an attorney with whom they have had a satisfactory experience in a real estate matter. You can also contact your local bar association and ask for the names of several real estate attorneys in your area. When you contact the attorney, be sure to inquire about the fee arrangement and ask questions about that attorney's experience in handling real estate matters.
Where does closing take place on a mortgage loan?
The closing will take place at the office of the title insurance company or at the office of one of the attorneys.
Who to consult with when a lender suggests a co-signer?
If your lender suggests a co-signer, or a particular method of holding title, consult with your attorney before agreeing.
What is an offer letter for a house?
Your offer letter is a letter submitted to the seller of the property or the seller’s agent that tells them that you’re serious about buying their home. Your offer letter includes your personal information, the price you want to buy the home for and any contingencies and conditions you want on the home sale (for example, that the home must pass an inspection before you buy). You should also include a deadline for your seller to respond to the sale in your offer letter.
What to do after closing on a mortgage?
After you close on your mortgage loan, the only thing you need to do is manage your mortgage payments. But owning a home is about much more than simply paying off your principal and interest each month and choosing furniture. You’ll also need to put aside money for any repairs or maintenance issues that come up, property taxes and your homeowners insurance premiums. Staying organized and thoroughly understanding your loan will help you be prepared for homeownership.
How many steps are needed to close a loan?
Though this process can vary depending on the lender you choose, most closings include 3 steps:
Is Quicken a good lender?
Quicken Loans ® is one of the largest online lenders in the United States and it’s one of the best lenders for first-time buyers. Buyers who purchase their first home love Quicken Loans’ fast, straightforward preapproval application process. Simply answer a few questions about your income, where you want to buy a home and the type of loan you need on your desktop, smartphone or tablet. Most people will receive a decision instantly.
The 10 Best Places To Buy A Home In Illinois For 2021
What's the best place to buy a home in Illinois for 2021? According to our analysis, would the the ideal place to buy a home looking into the future.
How do you determine the best places to buy a home in Illinois for 2021?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.
There You Have It - The Best Places To Purchase A House In Illinois for 2021
There's our analysis of the best places to buy a house in Illinois. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
About Chris Kolmar
Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.