Buyers Guide
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.
- Evaluate your budget - know what you want to spend for a down payment as well as monthly expenditures (i.e.; maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, parking, etc)
- Select a lender to obtain mortgage pre-approval (we will give you a list of lenders to make it easy for you however we work with all lenders)
- Select an attorney who specializes in IL Real Estate (we will give you a list of attorneys to make it easy for you however we work with all attorneys)
- Prioritize your needs - space, light, views, building amenities, etc.
- Identify your timeline for moving
- Explore different neighborhoods to identify your preferred needs
- Research schools in the selected neighborhood(s)
- Evaluate access to transportation in the selected neighborhood(s)
- Evaluate home amenities and for condos amenities and house rules in terms of your needs (i.e.; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.)
- Work closely with your broker to gather support materials for you mortgage application
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
Sellers Guide
Our Edge
- With more than 12,000 agents serving vibrant communities across the U.S., Compass is now the country's largest independent real estate brokerage. Our service is beyond brokerage; we are a financial consultant, educator, and partner to the end user.
- For the seller, COMPASS adds value to property through the most innovative, and powerful marketing.
- We will provide you with a second to none CMA comparative market analysis, consisting of powerful knowledge and an intense study of your property value considering all factors such as appreciation, market activity, and absorption rate.
- A customized marketing plan and campaign for your property, covering online and print media.
- Print material includes post cards and mailing campaigns to our list of potential customers, professionally designed fact sheets with floor plans, and detailed property photos.
Preparing your Property for Showing
- Selling residential real estate is our business. We encourage sellers to learn from our experience on how to expose the most attractive features of your property and prepare for showings or open houses.
- Make sure your rooms are not cluttered. Clear all excess chairs, lamps, magazines, toys, and tables that you don't use.
- Windows should sparkle. Blinds and curtains should be open and lights should be on to brighten the room.
- If the paint is peeling or cracking, consider painting the room (ask for our COMPASS CONCIERGE).
- Keep in mind that closets seem bigger if they are not too full.
- Clean your bathrooms, kitchen and mop the floors.
- Flowers, potpourri, or even the smell of freshly brewed coffee will make your home more inviting.
- Agents and buyers often feel more relaxed and comfortable discussing the property in private. Perhaps you would prefer to be away during the showing
- We will consult the comparable sales to price your property.
- Following our methods and experience; We will sell your property for the highest possible price in the most effective manner.
Bidding and Negotiating
- All offers will be in writing, we will pre-qualify every buyer and may request a financial statement with the offer.
- Since we owe our fiduciary responsibility to you the sellers our goal will be to negotiate the highest price possible keeping in mind not to lose the buyer. With countless transactions and negotiation experience we will guide you through every step of the way on making sure you have a successful transaction.
- Our marketing efforts sometimes may produce more than one buyer interested in purchasing your property. We are trained in coordinating healthy bidding wars and finishing with an ethical Last & Final step. It takes a skilled broker to coordinate a successful bidding war.
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 Da
Renters Guide
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
- Proof of income
- Employer verification letter - Most recent pay stubs
- Copy of driver's license or passport
- Most recent bank statement and stock portfolio statement.
- First month's rent
- Security deposit
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.