Monday, May 01, 2006

Purchase Steps in Chicago


* Initial Consultation (Screen/Interview Buyers Agents)
* Mortgage Pre-approval
* View Prospective Homes
* Identify a Property
* Present Purchase Contract To Listing Agent
* Initial Earnest Money ($1,000 Made Out To Listing Office)
* Negotiate Offer (Counteroffer, Price, Terms, Close Date)
* Acceptance Of Offer by Seller (Agreement)
* Final Signatures And Initials On Original Contract
* Contact, Fax Documents To Attorneys, Lenders, Etc.
* Contingency Periods Begin (Mortgage, Home Sale--Usually 30 Days)
* Attorney Period Begins (Usually 5-10 Business Days From Acceptance)
* Acquire Budget And By-Laws (Condominium)
* Professional Home Inspection
* Attorney Approval on Contract (5-10 Business Days After Acceptance)
* Balance of Earnest Money Due to Listing Office (5-10%)
* Appraisal (Lender)
* Loan Commitment
* Communicate With All Parties
* Acquire Homeowners Insurance Policy
* Interview With Condo/Co-Op Board (Usually In High rise Buildings)
* Await Closing
* Transfer Utilities & Change Of Address
* Schedule Movers
* Estimate Of Funds Needed At Closing (Good Faith From Lender including $7.50 per $1,000 City Transfer Stamp to be paid by Buyer)
* Final Walk Through Or Punch List (New Construction)
* Closing
* Celebrate! You're A Home Owner!!

Geno Petro
Chicago Home Estates

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