Buyers
Your guide to buying a home
From pre-approval to the keys, here is what to expect and how I help.
The home buying process, step by step
Buying a home is easier when you know what is coming. Here is the path most purchases follow in Illinois, and where I help at each step.
1. Define your goals and budget
We talk about what you need, what you want, where you want to live and how you want to live in it. We set a comfortable monthly payment, not just the maximum a lender will approve.
2. Get pre-approved
A lender reviews your income, credit and assets and issues a pre-approval letter. It tells you what you can really spend and makes your offer stronger. I am happy to introduce trusted local lenders.
3. Build your search
I set up a custom search with instant alerts so you see new listings quickly, including some that are coming soon. We tune it as you tour and learn what you like.
4. Tour homes
We visit in person or by video, compare notes after each home and look past staging to condition, layout, light, lot and neighborhood.
5. Make an offer
We review recent comparable sales, decide on price, earnest money, contingencies and timing, and write an offer designed to win without overpaying.
6. Attorney review and inspection
In the Chicago area, contracts are typically reviewed by attorneys, and you will order a home inspection (and often radon and other tests). We use the results to negotiate repairs or credits where it makes sense.
7. Appraisal and loan approval
Your lender orders an appraisal and finalizes underwriting. I keep the timeline moving and stay in touch with everyone involved.
8. Final walk-through and closing
We confirm the home is in agreed condition, review your closing documents, sign, get the keys and celebrate.
What to budget for
Varies by loan type and price. Many buyers put down less than 20%, with mortgage insurance in some cases.
Lender fees, title and settlement charges, attorney fees, prepaid taxes and insurance, and recording fees. Your lender provides a Loan Estimate.
Inspection and test fees are typically paid by the buyer at the time of service. Your lender will tell you about the appraisal fee.
Illinois property taxes are a meaningful part of the monthly payment. We look at each home’s recent tax bill together.
Movers, utilities, locks, paint and the small things every new home needs.
A cushion for the unexpected in the first year of ownership.
Buyer checklist
- Check your credit report and gather two years of tax returns, recent pay stubs and bank statements
- Talk with a lender and get pre-approved
- List your must-haves, nice-to-haves and deal-breakers
- Choose target neighborhoods and commute routes
- Set up your search alerts with Darren
- Line up a real estate attorney and home inspector
- Plan for homeowner’s insurance quotes before closing
- Schedule the final walk-through and confirm funds for closing
Common questions
How much do I need for a down payment?
It depends on the loan program and your situation. Some loans allow low down payments, while 20% avoids private mortgage insurance on conventional loans. A lender can show you the options side by side.
How long does it take to buy a home?
Searching can take weeks to months. Once an offer is accepted, closing commonly takes about 30 to 45 days, depending on the loan and the sellers.
Do I need an agent to buy a newly listed home?
You can contact a listing agent, but having your own agent means someone is looking out for your interests in pricing, negotiation and contract terms.
What is earnest money?
A good-faith deposit made with your offer that is credited toward your purchase at closing. The contract spells out when it is refundable.
Should I waive the inspection?
I generally advise against it. There are other ways to compete in a busy market, and we can talk through which make sense for you.
General information, not legal, tax or financial advice. Ask your attorney and lender about your specific situation.
Ready when you are.
Call or text Darren at (630) 901-3114 or send a note.