Build Your Team or Pay!

When you are buying a home there are a lot of "moving" parts and people involved. Yes, that was a pun. But seriously, not only do you need to make sure you hire the right agent to represent you but you also will need an attorney, lender, and home inspector.

Most people who buy in Chicago do not realize that Illinois is what is called an "attorney state." This means that we use real estate attorneys to handle all of the paperwork once an offer is accepted. This is different in most states where the real estate agent handles all of these items. I can not stress this enough, make sure the attorney you hire is a REAL ESTATE ATTORNEY. Yes, there is a huge difference between some who does real estate full time and someone who only has real estate as part of their practice. A real estate attorney will know what to look for in all of the paperwork and will protect you better than a general attorney. Attorneys are typically paid at the closing, a one time fee, around $500-$600. Note: they are not paid hourly like a typical attorney.

Lenders are the money people. These are the people who are going to know your deepest darkest money secrets. Well, not really but you get the idea. They are going to know your personal financial situation, so make sure you are working with someone who you are comfortable with. These people need to know how to do loans in Chicago as well. Especially if you are buying a condo. Most lenders can do a single family home, but condos in Chicago are a lot different. Anyone who does not work in Chicago a lot is going to drop the ball which could cost you time and money. Mainly if they can not get the loan approved.

Lastly, your home inspector. These people are worth their weight in gold. ALWAYS HAVE A PROPERTY INSPECTED. You don't have to have an inspection but that's like going into battle without a weapon. You never know what can be wrong with a property and an agent is not going there to look for these issues. Hire a good property inspector to inspect the property. A good inspector will be able to point out any issues that can cost you money either right away or in the future. Inspections only cost a few hundred dollars but they can save you thousands!!!

Putting together a good team can be the difference between buying a solid property that will appreciate and one that will be a money pit. Your agent should be able to recommend good people for you. But if not I highly recommend doing your research online. Of course, you can always as me a well.