For a first time homebuyer, the process of buying can be confusing. It is not just about finding the property. There are many steps leading up to finding the property and many steps once the property has been found. I have created a time line that should help give you a feel for the process and the steps involved.

The total number of days for any of these steps can vary somewhat, but the order in which they occur does not vary. Following is a list of FAQ’s that might also help.

When should I start looking?

Many people begin somewhere between 6-9 months before they expect to ‘close’. On average as you can see from the above time line, once you find the property, you usually have 30-60 days before you close and can move in. When you actually start your search should be based on that time frame at minimum.

How much can I afford?

Talk with a lender. They should not charge for a consultation. See my Resource page for some referrals. 

How much money do I need up front?

The lender will be able to tell you how much money you will need on hand. In addition to the down payment, there are additional costs. Some are flat fees and some are based on the loan amount and/or purchase price.

What is the MLS?

The MLS (multiple listing service) is the central database into which ALL listed property from ALL Realtor members in metro Chicago, surrounding suburbs & member counties is contained. Most real estate web sites give you access to some version of the MLS database. The web sites of the major real estate firms usually only show you listings from their own firm. My web site gives you access to the greatest number of listed property, but it is not the complete MLS. It is not possible for the public to access the entire MLS database, but my web site is a great way to start your search. Once you are ready to get serious, give me a call and I can get you access to the entire MLS database!

Can I use the Internet to search for properties?

Yes! The Internet is a great tool when you are in the beginning stage of your property search, but it has a few shortcomings, which make it inefficient, as you become a more ‘serious’ buyer. All web sites with a MLS search tool get that information from the MLS. However, it is not the complete MLS database. In addition the data is on a delay, not ‘real time’.

New listings may take 1-4 days to appear. Listings that have gone under contract or even closed may still appear as ‘active’. This can be frustrating if you are a more serious buyer.

The criteria you are allowed to use to narrow your focus are somewhat limited. Many of the results will not be close to what you want. This can also be a bit irritating.

Once you become a ‘serious’ buyer, give me a call and I can put you directly into the MLS to eliminate these issues.

How do I know what to offer?

That can depend on many factors. As a buyer agent, I will provide you with an analysis of similar properties that have recently sold. You might be able to offer less on a property that has been on the market 3-4 months than if it has been on the market 3-4 days or weeks. The level of motivation of the seller can also be a factor. This may or may not be to your advantage, but is usually unknown until you start negotiating.

Do I need an attorney?

Yes, real estate documents are legal documents that require the review and approval of an attorney. See my Resource page for some referrals.

Do I need a property inspection?

Yes, the standard real estate contract in Illinois has a provision for a property inspection. The time frame provided usually coincides with the attorney review time frame often 5-7 days. You can hire whomever you want to check the property out. See my Resource page for some referrals. You can also look in the yellow pages. If an issue arises that cannot be negotiated to your satisfaction, you have the option of canceling the contract and getting your money back as long as you are within the attorney review time frame.

What does the monthly assessment for a condo cover?

In most condominiums, the assessment covers such things as trash, water/sewer, common property and liability insurance, building supplies, management & maintenance staff, reserve fund etc. The big difference from building to building is whether or not the heat and hot water are included. If the building has a central boiler, then the assessment includes the heating bill. If each unit has its own furnace & water heater then the heat is not included in the assessment.

How do I know if the condo association is financially sound?

As part of the standard contract, I include a Rider which requires the seller, usually through the association or management representative, to provide you with a copy of the condo declaration, bylaws, amendments, 2 years financials, current budget, statement of reserves, notice of special assessments, if any, planned projects, and outstanding financial liabilities or lawsuits, if any. Your attorney will review this information with you during the attorney review period.

The Above Questions & Answers Are for Illustrative And Informational Purposes Only. Please Consult Your Attorney Regarding Your Specific Situation.