Buying Process

In Illinois, the buying process for a house typically involves the following steps:

1. Meet with a real estate agent to discuss your home buying needs and budget.
   It's important to note that meeting with a real estate agent is an important first step in the home buying process, as they can help you navigate the market, find homes that fit your needs and budget, and negotiate the terms of your offer. Working with an agent can help streamline the process and ensure that you find the right home for you.

2. Pre-approval: The buyer typically pays for the cost of obtaining a pre-approval, which may include an application fee and the cost of a credit report. This step can take a few days to a week or more depending on how quickly you can gather the necessary documentation and how long it takes the lender to review and process your application.

3. Find a home: The length of time it takes to find a home can vary widely depending on the current real estate market and the availability of homes that meet your needs and budget. This can take anywhere from a few weeks to several months. The buyer's real estate agent typically does not charge the buyer a fee. Instead, the agent is paid a commission by the seller at the close of the transaction. However, the buyer is responsible for paying for any costs associated with touring homes, such as gas and transportation.

4. Make an offer: Once you find a home, you will work with your real estate agent to submit an offer to the seller, and provide an earnest money deposit to show your good faith in purchasing the property. The earnest money deposit is typically 1% to 5% of the purchase price of the home and is held in an escrow account until closing. The buyer typically pays for the cost of the appraisal, which is typically included in the closing costs. This step can take a few days to a week depending on the negotiations between the buyer and seller.

5. Inspection: After your offer is accepted and the earnest money deposit is received, you will typically have a period of 7-10 days to have the home inspected by a professional inspector. The buyer typically pays for the cost of the home inspection.

6. Appraisal: Once the inspection is complete and any necessary repairs have been negotiated, the lender will order an appraisal. The appraisal process typically takes 1-2 weeks. The buyer typically pays for the cost of the appraisal, which is typically included in the closing costs.

7. Closing costs: As part of the closing process, you will be required to pay various fees and costs associated with obtaining your mortgage and finalizing the purchase of your home. These may include lender fees, title fees, insurance costs, and other expenses, which typically add up to 2% to 5% of the purchase price of the home. It's important to speak with your lender and real estate agent to understand the specific closing costs associated with your transaction. The buyer is responsible for paying for the majority of the closing costs, which typically include fees associated with obtaining the mortgage, title insurance, and other miscellaneous expenses. However, the seller may agree to pay for some of these costs as part of the negotiation process.

8. Closing: The length of time it takes to close on a home can vary depending on the complexity of the transaction and the availability of all parties involved. Typically, the closing process takes 30-45 days from the time the offer is accepted. During this time, the earnest money deposit will be credited towards the down payment and closing costs, and the remaining balance of the down payment and closing costs will be due at closing. The buyer is responsible for paying the remaining balance of the down payment and closing costs at closing. The seller is responsible for paying any outstanding liens on the property and for paying their share of the prorated property taxes and homeowners association fees.