The Home Buying Process in Chicagoland
Your Step-by-Step Guide from Search to Keys
Step 1
Step 1: Get Pre-Approved Before Looking at Homes
Why Mortgage Pre-Approval Matters
Getting pre-approved for a mortgage is one of the most important first steps when buying a home in Chicago or the suburbs. Pre-approval helps determine your budget, strengthens your offers in competitive markets, and speeds up the closing process once you find the right home.
What Mortgage Lenders Evaluate
▪️ Income & Employment History
▪️ Credit Score & Credit History
▪️ Debt-to-Income Ratio
▪️ Assets & Down Payment Funds
▪️ Employment Stability
▪️ Monthly Financial Obligations
Common Loan Types for Chicagoland Buyers
Conventional Loans
Typically require 3–20% down with competitive interest rates for qualified buyers.
FHA Loans
Government-backed loans with lower down payment requirements, often ideal for first-time buyers.
VA Loans
0% down financing available for qualified veterans and military buyers.
Jumbo Loans
Popular for luxury homes throughout Chicago’s North Shore and higher-priced suburban communities.
Marty and Amber connect buyers with trusted Chicagoland mortgage lenders experienced in conventional, FHA, VA, and jumbo financing.
Step 2
Step 2: Define Your Home Search Criteria
What to Consider When Buying a Home
Must-Haves
✅ Desired neighborhoods or suburbs
✅ School district preferences
✅ Number of bedrooms and bathrooms
✅ Commute requirements
✅ Budget range
✅ Property type and lifestyle needs
Nice-to-Haves
▪️ Finished basement
▪️ Home office space
▪️ Walkability to downtown or Metra
▪️ Large backyard or outdoor entertaining space
▪️ Updated kitchens or luxury finishes
▪️ New construction features
Deal Breakers
❌ HOA restrictions
❌ Excessive commute times
❌ Property condition concerns
❌ Flood zones or location issues
Marty and Amber create customized home searches for buyers throughout Chicago and the suburbs so clients receive listings matching their criteria as soon as they hit the market.
Step 3
Step 3: Tour Homes & Evaluate Properties
What to Look for During Home Showings
Property Condition
Evaluate roof age, HVAC systems, plumbing, windows, foundation, and overall maintenance.
Layout & Functionality
Does the home fit your lifestyle now and in the future?
Neighborhood & Location
Consider walkability, schools, commute times, parks, restaurants, downtown access, and long-term resale value.
Storage & Space
Closets, garage size, basement storage, mudrooms, pantry space, and future flexibility all matter.
Long-Term Value
Marty and Amber help buyers evaluate appreciation potential, neighborhood growth, and future resale opportunities.
Common Questions Buyers Should Ask
❓ How long has the home been on the market?
❓ Why are the sellers moving?
❓ What updates have been completed recently?
❓ Are there HOA fees or restrictions?
❓ What are the property taxes?
❓ Are there known issues with the home?
Marty and Amber provide honest guidance throughout every showing — highlighting strengths, identifying concerns, and helping buyers evaluate whether a property aligns with their goals.
- -Houses for Sale
- -Average Sell Price
- -Total Sold
Step 5
Step 5: Attorney Review & Home Inspection
Understanding Attorney Review in Illinois Real Estate
Illinois real estate transactions typically include an attorney review period after contract acceptance. During this time, attorneys review documents, negotiate terms, and finalize inspection-related matters.
Home Inspection Process
Professional home inspections evaluate:
✅ Roof
✅ Foundation
✅ HVAC Systems
✅ Plumbing
✅ Electrical Systems
✅ Structural Concerns
✅ Water Intrusion & Drainage
After the Inspection
Buyers may:
▪️ Request repairs
▪️ Request closing credits
▪️ Negotiate adjustments
▪️ Move forward as-is
▪️ Cancel within contingency timelines if necessary
Marty and Amber guide buyers through inspection negotiations and help determine which findings are normal versus significant concerns.
Step 5
Step 5: Attorney Review & Home Inspection
Understanding Attorney Review in Illinois Real Estate
Illinois real estate transactions typically include an attorney review period after contract acceptance. During this time, attorneys review documents, negotiate terms, and finalize inspection-related matters.
Home Inspection Process
Professional home inspections evaluate:
✅ Roof
✅ Foundation
✅ HVAC Systems
✅ Plumbing
✅ Electrical Systems
✅ Structural Concerns
✅ Water Intrusion & Drainage
After the Inspection
Buyers may:
▪️ Request repairs
▪️ Request closing credits
▪️ Negotiate adjustments
▪️ Move forward as-is
▪️ Cancel within contingency timelines if necessary
Marty and Amber guide buyers through inspection negotiations and help determine which findings are normal versus significant concerns.
Step 6
Step 6: Appraisal & Mortgage Processing
Home Appraisal Process
Your lender orders an independent appraisal to confirm the property value supports the loan amount.
Possible Appraisal Outcomes
✅ Appraises at Value
Transaction proceeds normally.
⚠️ Appraises Below Purchase Price
Potential options include:
▪️ Seller price reductions
▪️ Buyer covering the gap
▪️ Renegotiation between parties
▪️ Challenging appraisal data
Marty and Amber help buyers navigate appraisal situations strategically.
Step 7
Step 7: Final Loan Approval
Mortgage Underwriting Process
During underwriting, lenders:
✅ Verify employment and income
✅ Review all financial documentation
✅ Finalize appraisal review
✅ Confirm financing eligibility
Important Buyer Tips During Escrow
❌ Avoid opening new credit accounts
❌ Avoid large purchases
❌ Avoid changing jobs if possible
✅ Stay responsive to lender requests
✅ Maintain financial stability until closing
Once all conditions are met, the lender issues a “Clear to Close.”
Step 8
Step 8: Final Walkthrough Before Closing
What Happens During the Final Walkthrough
Buyers verify:
✅ Property condition remains unchanged
✅ Agreed repairs are completed
✅ Appliances and fixtures remain
✅ Home is clean and vacant (unless otherwise agreed)
✅ Systems are functioning properly
If concerns arise, Marty and Amber help resolve them prior to closing.
Step 9
Step 9: Closing Day
What Happens at Closing
Closing typically takes place at a title company or attorney’s office where documents are signed and ownership officially transfers.
What Buyers Need to Bring
▪️ Government-issued ID
▪️ Wire confirmation or certified funds
▪️ Proof of homeowner’s insurance
Closing Documents Include
▪️ Mortgage paperwork
▪️ Closing disclosures
▪️ Loan documents
▪️ Title documents
▪️ Affidavits and disclosures
Once documents are signed and recorded — you officially become a homeowner.
Step 10
Step 10: Move Into Your New Chicagoland Home
Post-Closing Checklist
✅ Transfer utilities
✅ Change locks
✅ File for homeowner exemptions if applicable
✅ Update your address
✅ Schedule renovations or updates
✅ Meet neighbors and explore your community
Congratulations — welcome home!
Average Chicagoland Home Buying Timeline
Weeks 1–4
▪️ Get pre-approved
▪️ Tour homes
▪️ Narrow down neighborhoods
Weeks 4–5
▪️ Submit offer
▪️ Negotiate terms
▪️ Go under contract
Weeks 5–6
▪️ Attorney review
▪️ Home inspections
▪️ Appraisal ordered
Weeks 6–8
▪️ Mortgage underwriting
▪️ Final loan approval
Weeks 8–10
▪️ Final walkthrough
▪️ Closing day
▪️ Move in
Total timeline varies based on financing, inventory, and how quickly buyers find the right property.
BUYERS
Buying a home is one of the biggest financial decisions you’ll make and having the right strategy matters.
In this video, we break down our home buying process, how we help buyers navigate the Chicago and North Shore markets, negotiate aggressively, uncover opportunities, and make smart long-term decisions with confidence from start to finish. 👇
