Chicago IL Homes and Condos for Sale
  • Home
  • Advanced Search
  • Selling
  • Multi-Family 2-4
  • About
  • Blog
  • Multi-Family 5+ Units
    Login
    (312) 788-7079

    Sign in to your account

    Need to reset your phone number?

    Don't have an account with us?

    Click here to sign up.

    Top Frequently Asked Questions From Homebuyers in Chicago

    Ready to buy a home?

    We’ve compiled a list of the questions we often get asked by our clients when looking to buy single-family homes in the Chicago area.

    Before You Buy:

    Should I get pre-approved before looking for houses?

    Yes! It’s always a good idea to get pre-approved by several different lenders before looking for houses. This will give you an idea of what rates you qualify for. If it’s your first time buying a home, getting in contact with local lenders can help you learn about the different types of loans and what the different benefits are for each one. It’s also important to get pre-approved to get an idea of the additional fees that come with a mortgage, like underwriting fees and closing costs.

    How do I know how much house can I afford?

    Before you get too deep into your home search, it’s important to figure out exactly how much house you can afford. Even if you can afford the down payment on a home, make sure your budget can cover the monthly mortgage payments that you’ll be making over the years. 

    Sites like Fifth Third Bank have free calculation tools that can help you assess how big of a mortgage will fit into your budget. Getting pre-approved will also give you a good idea of how much the bank will be willing to lend you depending on your financial history and current income.

    How do I know when I should buy a home?

    Deciding whether to keep renting or to buy depends largely on the area you live in. Property in Chicago is cheaper than in big cities on the West Coast, and buying might save you money in the long run and give you financial security as an investment. Low interest rates also provide better times to buy. 

     

    Contact Us Now

     

    If you’re new to the area, on the other hand, renting might give you an opportunity to check out different neighborhoods across the city before you settle down. If you find yourself in a neighborhood where you don’t want to stay for more than a few years, it will probably save you time and money to keep renting for the time being.

    Do I need to sell my house before purchasing a new home?

    You don’t need to sell your house before purchasing a new one. Buying a new home before selling your former one can make the transition easier since you won’t have to store your belonging and rent or stay in another space between the two properties. However, many sales to buyers who still own their first property are contingent on the sale of that first home, which means that the buyer can only purchase the home if they sell the first property in a given period. If your home doesn’t sell quickly, you could get “bumped” out of the contract and replaced by another potential buyer. While this process may sound challenging, an experienced Realtor will know how to guide you and avoid any potential pitfalls.

    When Searching for a Home:

    Do I really need a realtor to buy a house?

    You’re not required to use a realtor to buy a home, but we highly recommend using one (of course, we’re a little biased). A realtor does so much more than showing a property: they’ll help guide buyers to making a good offer that won’t get rejected, will point out potential problems of each property, and will have a great understanding of property values in the neighborhood. 

    If you research realtors that work with the type of property and neighborhood that you’re interested in, you’ll be able to find a buyer’s agent who can make your home-buying process easy and stress-free. Their expertise will actually help you save money and will raise your chances of getting a home that fits your financial needs and lifestyle.

    How many homes should I look at before putting in an offer?

    There’s no magic number of homes to consider before putting in an offer. If you are working with a good realtor, they will take into consideration what you’re looking for and will make sure that you see a wide range of properties that represent what’s available to you. 

    Although it can be difficult, we do advise that you try your best to stay objective during your home-searching process. Looking at a wide variety of homes can help you see not only the charm of properties but any potential problems that come with age or neglect from former owners.

    Should I consider a foreclosed property?

    To some buyers, foreclosed properties look like an attractive way to buy cheap and build value in a home with some sweat equity. While foreclosures can be a great opportunity, they come with the potential for underlying complications that aren’t made clear to buyers upfront. A property that has been neglected can have structural damage or issues with electricity or water that can’t be discovered until after purchase, and often you’ll find old trash, furniture, or belongings left behind that will have to be disposed of. It will also be harder to finance a foreclosed property with low-interest loans like the FHA loan, which has a set of quality standards that eligible properties must meet.

    After Making an Offer

    What happens if my offer is rejected?

    So you’ve put in an offer and find out that it is rejected by the seller. Is it all over? No! A rejected offer just means that the seller doesn’t agree to the offer you’ve made. You can submit a higher offer or respond to the seller’s counteroffer if they’ve made one.

    What happens after my offer is accepted?

    If your offer was accepted, congratulations! There’s still a lot to get done. First, you will want to have an attorney ready to review your contract as soon as possible (more on that below). You’ll want to get the details sorted out with your lender by completing the formal mortgage application. It will take some time to get the official documentation submitted and for the lender to begin the underwriting process. You will also want to begin the search for an inspector to conduct an inspection of the property.

    What happens during the “attorney review period?”

    As soon as you go under contract, you and the seller will both take the contract to your separate attorneys and have them review the terms and contingencies. You will also want to schedule your inspection as soon as possible so that you can create addendums to the contract that request pre-sale repairs from the seller based on the inspection report. 

    After you go under contract, you will have five business days (in the city of Chicago) to start attorney review and to complete the home inspection. It’s very important to get this process going as soon as possible so that your attorney can flag anything in the contract that needs to be addressed or altered to the contract, so you should make sure you have an attorney and inspector lined up to be scheduled as soon as you put in an offer on a home.

    What is the purpose of an inspection?

    An inspection is a prospective buyer’s opportunity to hire a third-party inspector to assess the condition of the home. If the inspector finds issues that need repair or that lower the home value, the buyer can bring these findings to the seller and request certain repairs, especially safety issues. 

    An inspector will examine the structure of the home, the condition of the roof, and the age and performance of the water heater, electric system, and heating and cooling systems. After their visit, they will write up a report of their findings. We also recommend that the buyer comes to the inspection and takes their own notes to get a good understanding of the property’s condition.

    How long does it take to close on a home?

    The time between an accepted offer and the closing date is often 30-45 days, but make sure you stay flexible in regards to the timeline. After your offer is accepted, several different parties have their own paperwork to process: the lender will process your application, you’ll make any changes to your offer based on new findings revealed in the home inspection, and the village that oversees the area might make requests for repairs based on their guidelines. Once these moving parts get sorted out, you will set a closing date, where you will sign mortgage and insurance documents with your attorney. Once you’ve signed everything, you’ll get the keys and the house will be yours!

    Have any other questions about the home buying process?

    With over a decade of experience helping clients buy and sell homes in Chicago, we understand the complications that come with the process. Feel free to reach out to our team with any questions you have, or check out our Advanced Search feature for local listings and start the search for your home today.

     

    Contact Us Now

     

    Newest Listings

    2614 W Evergreen Avenue, Chicago image
    2614 W Evergreen Avenue, Chicago $974,999

    New construction SFH in Wicker Park/ east Humboldt Park. This meticulously built by designer home has 5 Bedroom/3.5 Bathroom on three floors with a rooftop deck for ente...

    board logo
    • 5 Beds
    • 4 Baths
    • 11939879 MLS
    • ACTIVE Status
    board logo
    3314 N Lake Shore Drive Unit #3B-2A, Chicago image
    3314 N Lake Shore Drive Unit #3B-2A, Chicago $759,000

    OPEN TODAY! SUNDAY, NOVEMBER 19th 1-3pm. Home for the holidays! There's still time to be in your new home to celebrate the holidays. Priced to sell quickly, schedule your...

    board logo
    • 3 Beds
    • 3 Baths
    • 11929863 MLS
    • ACTIVE Status
    board logo
    5300 W Parker Avenue, Chicago image
    5300 W Parker Avenue, Chicago $1,375,000 ▼

    Large corner L shape 10 Units Multi- Family building in rapidly appreciating Belmont Cragin. Above the ground has Eight Units on 1st and 2nd floor that are all 1 Bedrm /...

    board logo
    • 11924539 MLS
    • ACTIVE Status
    board logo
    1712 N Rockwell Street, Chicago image
    1712 N Rockwell Street, Chicago $1,469,000 ▼

    Welcome to Rox Rez! A completely redeveloped, legal 4 unit in booming East Logan Square/ West Bucktown. Located just steps from the 606 Trail, this is the perfect armchai...

    board logo
    • 9 Beds
    • 6 Baths
    • 11913377 MLS
    • PRICE CHANGE Status
    board logo
    668 N Kingsbury Street Unit #407, Chicago image
    668 N Kingsbury Street Unit #407, Chicago $995,000

    Incredible value plus stylish luxury in a boutique building with private elevator entry awaits you at The Ronsley!! This 3 bedroom unit is the perfect blend of sleek eleg...

    board logo
    • 3 Beds
    • 2 Baths
    • 11911420 MLS
    • ACTIVE Status
    board logo
    5324 N Bowmanville Avenue, Chicago image
    5324 N Bowmanville Avenue, Chicago $875,000

    Developer Alert! Excellent investment opportunity in Bowmanville/Lincoln Square. Extra wide & extra deep lot, 50/57.25 X 157.82/186 with one pin number, zoned RS-3. Curre...

    board logo
    • 11909594 MLS
    • ACTIVE Status
    board logo
    2020 N Lincoln Park West Unit #31FG, Chicago image
    2020 N Lincoln Park West Unit #31FG, Chicago $899,000

    OH Saturday 12/2/23, Sun 12/3/23 11a - 2p ... Breathtaking, unobstructed, panoramic views from this 2 BR/2 BA with office (1630 sf) ... Completely private, with two b...

    board logo
    • 2 Beds
    • 2 Baths
    • 11898491 MLS
    • ACTIVE Status
    board logo
    1648 S Prairie Avenue Unit #4, Chicago image
    1648 S Prairie Avenue Unit #4, Chicago $1,389,500

    Absolutely stunning oversized townhome in prized Prairie Court! This townhome is nestled away in the courtyard to create an environment of tranquility and peace while hav...

    board logo
    • 4 Beds
    • 5 Baths
    • 11890792 MLS
    • ACTIVE Status
    board logo
    360 E Randolph Street Unit #2804, Chicago image
    360 E Randolph Street Unit #2804, Chicago $799,000 ▼

    Highly coveted Southwest corner on the 28th floor - 1,580 sq ft. 2 bed|2 bath. Breath-taking wraparound unobstructed views of the lake, harbor, city, & parks. Incredible ...

    board logo
    • 2 Beds
    • 2 Baths
    • 11881642 MLS
    • ACTIVE Status
    board logo
    842 N Wood Street, Chicago image
    842 N Wood Street, Chicago $1,399,000

    UKRAINIANE VILLAGE TRUE 4 UNIT APARTMENT 3 OF THE UNITS HAVE 3 BEDROOM WITH 2 FULL BATHROOMS WITH GRANITE COUNTER TOPS OVEN RANGE, DISHWASHER, FRIDGE, CENTRAL AC. THE GA...

    board logo
    • 12 Beds
    • 7 Baths
    • 11855720 MLS
    • ACTIVE Status
    board logo



    The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than our company are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

    Copyright 2023 MRED LLC. All rights reserved.

    Based on information submitted to the MLS Grid as of . All data is obtained from various sources and has not been, and will not be, verified by broker or MLS Grid. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

    NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the DMCA) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to DMCAnotice@theMLSGRID.com.

    The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.

    Like or Share
    Loading likes...

    Address Search

    Custom Market Reports

      Sold Listings
      Average Price
      Pending Listings
      Market Time

    Chicago's Popular Neighborhoods

    • Andersonville
    • Bucktown
    • Gold Coast
    • Irving Park
    • Jefferson Park
    • Lakeview
    • Lincoln Park
    • Lincoln Square
    • Logan Square
    • New East Side
    • Old Town
    • Pilsen
    • Portage Park
    • Ravenswood
    • River North
    • Streeterville
    • South Loop
    • University Village
    • West Loop
    • Wicker Park

    Luxury Real Estate

    • Luxury Homes
    • Luxury Condos

    Multi-Family 2-4 Units

    • Avondale
    • Humboldt Park
    • Irving Park
    • Jefferson Park
    • Lincoln Park
    • Lakeview
    • Logan Square
    • Portage Park
    • West Town
    • Wicker Park

    Pet Friendly Condo Buildings

    Interactive Map Search

    Interactive Map Search image

    Buying & Selling Made Easy

      Data is Updated Every 5-Minutes
      Active Listings
      Customizable Search Options
      Sold Listings
      New Listing Alerts
      Instant Home Value Assessments
      Pet-Friendly Condo Buildings

     

    Recent Blog Posts

    • Portage Park Multi-Family Real Estate: Complete Guide
    • Urban Townhome Lifestyle - Streeterville, Chicago
    • Home Sellers in Chicago - Success Story. Get Your Home Sold!
    • One Bennett Park: New Luxury Condos in Streeterville

    Frequently Asked Questions (FAQ's)

    • Selling a Multifamily Property
    • Selling a Condo in Chicago
    • Selling a Single Family Home
    • Buying a Multifamily Property (2-4 units)
    • Buying a Single Family Home
    • What's My Home Worth?

    Free Online Valuation Tool

    Connect with Us

    Youtube ChannelFacebook Business Page

    home for sale in Spain

    acapulco hurricane victim

  • Home
  • Advanced Search
  • Selling
  • Buying
  • Multi-Family Buildings
  • Blog
  • Site Menu
  • Contact Us
  • Market Reports
  • coldwell banker - chicago real estate source logo

    Chicago Real Estate Source - Coldwell Banker Realty
    Jose Hernandez
    1910 N Clybourn Ave 
    Chicago, IL 60614

    Office: (312) 788-7079
    Email: chicagoagent312@gmail.com

    Realtor & Equal Housing Logo

    © All Rights Reserved | Privacy Policy

     

    Advanced Searches

  • Relocation & Downsize
  • Pet Friendly Condos
  • Search SOLD Homes
  • Avoid Foreclosure
  • Multifamily 2-4 Flats
  • Zip Code Search
  • Commercial Apartment Buildings
  • Spanish Speaking Realtor
  • SOLD Multifamily Homes
  • Sitemap
  • Now Hiring
  • Online Home Valuation
  • Local Market Reports
  • Search All 2 Flats
  • Search All 3 Flats
  • Search All 4 Flats
  • Luxury Homes
  • Luxury Condos
  • IDX Real Estate Websites by
    • Accessibility • Terms • Privacy