Buying Process (Summary)
Here's a summary of the home buying process in Illinois and who pays for what:

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. Get pre-approved for a mortgage and determine your budget.

3. Search for a home that fits your needs and budget.

4. Work with a real estate agent to submit an offer to the seller, and provide an earnest money deposit of 1-5% of the purchase price.

5. Have the home inspected by a professional inspector and negotiate any necessary repairs.

6. The lender orders an appraisal, which is typically paid for by the buyer.

7. 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, typically totaling 2-5% of the purchase price. The buyer is responsible for paying for the majority of the closing costs.

8. Close on the home, with the remaining balance of the down payment and closing costs due at closing. The buyer pays for the remaining balance, while the seller pays for any outstanding liens on the property and their share of prorated property taxes and homeowners association fees.

Reasons for buying a house

There are many reasons why people choose to buy a house. Some common reasons include:

1. The desire for a sense of ownership and stability: Owning a home can provide a sense of security and stability that renting may not offer. When you own a home, you have control over the property and can make changes to it as you see fit.

2. The ability to build equity: When you buy a home, you can build equity over time as the value of the property increases. This can be a good investment and can provide a financial cushion in the future.

3. The need for more space: As families grow or individuals' needs change, they may find that they need more space than what an apartment or rental property can offer. Buying a house can provide the opportunity for more square footage and the ability to customize the space to meet specific needs.

4. A desire for a sense of community: Buying a home in a specific neighborhood or community can provide a sense of belonging and connection to a particular area.

5. The potential for tax benefits: Owning a home can provide tax benefits, such as the ability to deduct mortgage interest and property taxes on your tax return.

Ultimately, the decision to buy a house is a personal one and will depend on individual circumstances and priorities.