Buyers

"The Buyer's Advantage": As a homebuyer, your broker's commission is paid by the seller in most circumstances. This means your representation costs you nothing above the sale price of the home. The commission amount is what the seller has agreed to pay to the brokers from the proceeds of the transaction. See Why I Work by Referral.

  1. Review The Homebuying Process. The first step is to meet with a real estate professional. Discuss the type of home you're looking for, including style, price, and location. We will discuss The Consumer's Guide to Real Estate Agency in Illinois, a required disclosure that covers everything you need to know about real estate agency in Illinois transactions. 
  2. Next, get preapproved. You will need pay stubs, W-2s, and bank statements. Knowing what you can afford is critical to a successful home shopping experience. I will introduce you to my Lender, Larry Steinway at Guaranteed Rate; or, you may contact Larry directly at [email protected] and (773) 435-7542. Your lender will provide a Pre-Approval, which is necessary for deciding your price range and required when submitting an offer to purchase a home.
  3. Search for homes: the fun part! Your broker will schedule showings and help you find the perfect home. Not all real estate websites are the same. Your real estate professional has tools and systems to ensure you see every available home that meets your criteria with Advanced Search. Check out our House Hunting Checklist.
  4. Negotiation and Contract It may take a few tries to get it just right, but hang in there. You're on your way! In most cases, the contract provides you with a timeline to obtain financing, as well as time to inspect the physical condition of the home. Your real estate professional will inform you of all your rights and responsibilities related to the contract. Take a look at a this Sample Sales Contract from the Egyptian Board of Realtors.
  5. In Escrow, you and the seller have agreed to the price and terms. You will need to provide an escrow deposit check at this time and the home is effectively held for you until closing. I recommend using Silverline Title for your title insurance, and America's Preferred Home Warranty for Buyers.
  6. Preparation for Closing and Final Details Perform due diligence, order the appraisal, conduct a home inspection, and review terms with your attorney and lender. I can provide referrals to my professional partners and vendors for all of these services. You will be finalizing your loan, reviewing documents, and discussing the findings from the inspection. I will be managing this entire process for you.
  7. Closing! This is the transfer of funds and ownership. A title company or an attorney typically acts as an independent third party to facilitate the closing. 
  8. Congratulations! You're a new homeowner!
  9. Check out the Benefits of Home OwnershipReal Estate TerminologySeller Disclosures Information PamphleteXp Realty Affiliated Business DisclosureseXp Realty Wire Fraud NoticeProtect Your Credit BookletYoung Alfred Home Insurance FlyerRadon Hazards Pamphlet and Lead-Based Paint Hazards Pamphlet.

Sellers

  1. The Seller's Roadmap is the best place to start in understanding the process of selling your house and meet with a real estate professional. There's no commitment required on your part for the initial meeting. It will be educational and help you identify your next steps.
  2. Establish a Price with Strategic Pricing Your agent will provide a market analysis, which will help you set an asking price. As difficult as it may be, it's important to review the market analysis and consider your home price objectively.
  3. Prepare Your Home View your home through the eyes of the buyer and ask yourself what you'd expect. Your broker will offer some useful suggestions.
  4. List it for Sale and Show It When everything is in place your broker will put your home on the open market. It's critical you make it as easy as possible for potential buyers to view your home. Potential buyers may ask to see your home on short notice. It's best if you can accommodate these requests; you never want to miss a potential sale.
  5. Offers and Negotiation: Choosing an Offer If everything goes well, a buyer (and most often the broker who represents them) will present your broker with an offer. Your agent will present the benefits and risks of each offer. You will have the opportunity to either accept or counter any offer based on its merits.
  6. Under Contract At this point, you and the buyer have agreed to all of the terms of the offer and both parties have signed the agreements.
  7. Inspection and Final Details While under contract, the buyer will work with their mortgage provider to finalize the loan and perform other due diligence. The buyer will usually perform a physical inspection of the home. They may even ask you to make certain repairs. Your agent will explain all of your options regarding the inspection.
  8. Closing This is the transfer of funds and ownership. Depending on when the buyer moves into the home, you will need to be all packed up and ready to move.
  9. Congratulations! You've successfully sold your home!
  10. See also: ExpressOffers - The fastest way to sell your home and eXp Realty ExpressOffers Questions and Answers

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