Sometimes, trying to buy a home can take you down a rough and rocky road. It is not uncommon for buyers to encounter legal or financial obstacles that could delay or halt the purchase.
Studying the laws governing Illinois residential real estate transactions can give you some direction, but there is more you can do. The tips below may help you smooth out some potential rough spots in your home-buying journey.
Get mortgage pre-approval
A mortgage pre-approval letter shows the seller you are a serious and qualified buyer and may give you an edge in a competitive housing market. To get pre-approved, provide your lender with details about your income, assets, debts and credit history. You will receive documentation showing lenders how much you can borrow and at what interest rate.
Look deeper than aesthetics
It is easy to fall in love with a visually charming prospect that also happens to meet some of your needs (such as location, style and size). However, there is more to the value of a property than wallpaper, paint and curb appeal. Get at least one professional inspection to ensure the home’s quality is as good as its appearance.
Recognize the need for guidance
You must have your final purchase agreement reviewed by a legal representative in Illinois, but they can also do the following on behalf of buyers:
- Address title disputes
- Review loan documents
- Assist with negotiations
- Review disclosure documents
- Attend the closing to ensure a smooth transfer of ownership
In other words, legal guidance can help you avoid mistakes and ensure that your rights remain secure during one of the most important transactions you may ever make.