Buying a home intimidates most people, but with a bit of planning ahead of time, it isn’t that difficult. So you’ll understand exactly what to expect, we like to give our buyers an outline of the entire deal. These are our nine steps to buying a home.

Step 1 – Prepare to purchase
Before you begin your home search, there are many things you need to consider. You’ll probably want to form a check list of items you need, get an idea of what neighborhoods you want to live in, and begin working on your budget. A good guideline to adhere to is that your mortgage payment should be around 1/3 of your net monthly income.

Step 2 – Talk to a real estate agent
That’s where we can help. We’d be happy to plan a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future. We’ll discuss neighborhoods, school districts in the Chicago area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.

In addition, we’ll assist you in getting started on your loan. Select a Fee Real Estate System & Rentals works with some of Chicago’s finest mortgage professionals, so you’ll be in great hands. They will help you choose which type of loan is best for you, as well as help you get approved.

Step 3 – Start your search
After our initial meeting, we’ll begin finding available homes on the market that suit your needs. We’ll research many of the homes and remove the duds, and then we’ll book appointments to view the houses whenever it’s convenient for you.

When we tour homes, we’ll show you the good features and negative ones. we’ll even ask you to tell us about things you like and don’t like. It’s common for buyers to revise their list of must-haves as we view homes and some features become far more necessary than others. If such is the case, we’ll look through all the listings once more and trim it down to the house you’ve been waiting for.

Step 4 – Get a grasp of the housing market
Our awareness of the Chicago home market is a crucial resource in your house search. We’re acquainted with all the neighborhoods and schools, and we will communicate what districts are “hot” and warrant immediate action and the others that are “cold” and allow for thoughtful consideration.

As we tour homes, we’ll be sure to tell you when the list price has room for negotiation and when we know the house is “priced to sell.” Every real estate agent in Chicago will tell you they know the market, but be careful, and make sure you ask your agent a lot of questions. If it seems like they don’t know everything, just call us at (312) 421-1000 or e-mail us at george@selectafee.com, and we’ll be more than happy to answer any questions you might have. Our market knowledge will help you stay a step ahead throughout the entire process.

Step 5 – Find the house of your dreams
We’re confident we’ll find the house of your dreams in Chicago. When that happens, we’ll precisely create your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as getting financing, completing the inspection, and a clean title.

When sending in your purchase offer, you’ll likely want to submit “earnest money.” This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate
Most deals don’t close on the initial offer. It’s pretty common to receive a counter offer. Don’t let this alarm you. We’ll figure out whether or not to agree to the counter offer, propose our own counter offer, or reject the seller’s offer and go on.

Market conditions determine how aggressively we negotiate the deal. We’ll also work within your budget. And at the end of the day, we’ll formulate a deal that works well for you.

Step 7 – Get a loan
After we sign the final sales contract, you’ll start working with your mortgage lender to close the loan. This won’t be a long process at all if you’re pre-approved, but you’ll want to keep in close contact with your mortgage lender. And we’ll take care of all the property information your lender needs to close the loan.

Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and we’ll analyze the estimate and let you know if it all looks adequate.

Then we’ll close on your house. This will most likely happen at a title company or escrow office and will probably be a smooth and peaceful event.

Step 9 – Move in
Success! It’s time to move into your new home. Enjoy it. And if you have any questions, just call us at (312) 421-1000 or send us