Buyer Checklist: Things to have in mind, however we take pride of our full service guiding you through and helping you to take the best decision.
Purchasing Process 10 Steps from Pick to Move
1. Seek pre-approval for a mortgage: Typical time frame: 1 - 2 days
You must know how much you can spend before you spend it. For most of homes starting from 3.5% down payment is what’s needed, however for condos and some of the townhouses, it all depends on the financial status of the association so its case by case, our team will help you through this part alongside with your lender.
2. Find your new home whether it’s a single family or attached unit: Typical time frame: 1 week - 2 months
Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 unit before deciding on one. Internet-savvy buyers save time by doing their 'homework' before their search. The average number of units viewed before buying by our internet buyers is 4-5.
3. Offer & Negotiate on the unit: Typical time frame: 1 day to 1 week
Once your new home is selected, offers in IL has to be written using the standard contract; Everything is negotiable so inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc.
4. Sign final Contract: Typical time frame: 2 days – 3 days
Once both parties agreed on transaction details such as price, earnest money, closing date, etc. We will draw up the final version of the contract and send it to you and the seller to sign, then forward it to both attorneys, lender and yourself.
5. Start your mortgage application: Receive Commitment Letter from Lender. Typical time frame: 1 - 3 weeks
If the unit is being financed; Mortgage applications cannot be processed without an executed contract.
6. Book your home inspection: 3 days – 5 days
Now everything is signed; we have to book our inspection for the unit; inspection is very important regardless as having a professional licensed inspector definitely give you the piece of mind knowing what are you purchasing, also as buyers we have the right to ask the seller to fix or credit the buyer for many items if they are not functioning, broken, faulty .. etc.
7. Attorney & Inspection Period: Typical time frame: 1-2 weeks
After the buyer's conducts the home inspection; the buyer receive the inspection report and discuss the home conditions in light of the inspection, and whether if the buyer will request certain items to be fixed, replaced, receive credit, or proceed with the purchase and buy the property as is .
8. Continue your mortgage process: Receive Commitment Letter from Lender. Typical time frame: 3 weeks from contract date
9. Receive Clear to Close for the lender: Typical time frame: 1 week prior to closing
10. Schedule a Closing: Typical time frame: 1 day
Typical time frame from the time your new property is found, to the time to closes: 27 days – 45 days
First Time Home Buyer
Our Edge
Preparing your Property for Showing
Bidding and Negotiating
Listing to Closing
I. Getting Ready
o Listing Presentation & Comparative Market Analysis
o Pricing Property
o Marketing Plan
II. Game On
o Listing on MLS
o Advertising online
o Advertising Print
o Mailing campaign
III. Marketing like no tomorrow
o Open Houses
o Scheduling appointments
o Progress report
IV. Navigating Offers
o Presenting offers
o Offer & Acceptance
o Home Inspection
o Home Appraisal
V. Final Whistle
o Loan Clear to Close
o Closing Day
We are here to listen to your needs, review all the options, and then show you the best of what is out there. We will prepare you in advance for all possibilities and make sure that you don't miss out on any opportunity to rent the perfect home.
Typically renting process takes 1 week – 3 weeks process; put in consideration your existing lease, or move out date, your new move in date. We always advise our clients to start searching 45 – 60 days prior to move in date.
Renting process is very simple, you will need to fill an application and we will send you the background check link for you to complete, Background cost $40 and paid directly to www.mysmartmove.com
What to prepare
Guarantors If needed
If you do not meet the financial requirements of the landlord, you may be required to obtain a lease guarantor. The guarantor must be financially able and qualified to pay your rent as well as comfortably carry his or her financial responsibilities in case you default on the lease.
Credit Check
An application fee ranges between $40 and will cover the cost of your credit check. A good credit rating should have no delinquent or collection accounts, over 60% available credit and no substantial amount of debt. Some landlords are more flexible than others when it comes to credit.
International
If you are a first-time renter in Chicago and do not have a credit history in the U.S., landlords might require an extra security deposit, a guarantor or rent paid up front.
Procedures and requirements may vary from one building to another. We'll make sure to guide you through the best possible options.