Home Buying process

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When you are learning how to buy a house it is essential to understand the overall process. Below is a list of what to expect in the buying process.

1.) Hire a Realtor. This will be the best thing you do as long as you have good representation. You should always the take time to sit down and interview your and have him or her explain the home buying process to you. You should tell your agent what you are looking for in a new home.

2.) Go see homes! You should get pre-approved for a loan before you start viewing properties. Once you have a purchase price you are comfortable with then it's time to see some properties. When you are buying a home you will know the house you want when it hits you. You will get an inner feeling that tells you, "this is the one". It's most important to be prepared when that happens. Sometimes you may find your dream home on your first time out and other times it can take months. The best way to prepare yourself for what the market has to offer is to learn it on your own by viewing properties with your agent.

3.) Write an offer! Once you find the home you want it's time to put in an offer. Your offer should be constructed by a few things. Your agent should compile a Comparative Market Analysis to help educate you on what your starting price should be. He or she will study the market time of the home for sale and do any additional homework. If you feel good about the numbers then move forward and put it in writing. It is okay to get a little nervous. Everyone gets a little anxiety when buying a home.

4.) Offer Accepted! Once you get an accepted offer you will put down your initial earnest money and get seller signatures on your purchase agreement/contract. Your contract should be contingent on a couple things: First, it will be contingent upon getting a home inspection (more on that next). Basically, you will typically have 5 business days to conduct a home inspection on the property. The average time someone spends in the house they buy is less than 15 minutes prior to making an offer. That means that they did not test everything within the home. That is the purpose of the inspection is so that you know EVERYTHING you are buying. This is how you get the piece of mind and do a more thorough inspection of the property. In Illinois it will also be contingent upon the attorney approval period, which is typically 5-7 business days after the contract has been accepted by both parties.