Things to know before buying a house

FULL TRANSCRIPT BELOW. Questions may be directed to Anant Deoras with exp realty [email protected] or 773.490.6151

Congratulations. You got the whole that you wanted. I'm so happy for you. You're kind of freaking out now like, Oh no, what did I what? What did I do? Listen, calm down. We're in the third part in a three part series, things to know before buying a house. Let's go

Hi, it's AD Anant Deoras with exp Realty, a proud local Chicago realtor serving the city of Chicago and the surrounding neighborhood. And we're at now, not technically the final step, but the final step. Basically in getting the contract, you've got the contract. We're in what's called the attorney inspection review. For purposes of buying a home, I like to kind of consolidate this into three parts there. We're in the third part, attorney and inspection review, what's called a AI. So now Illinois, we typically have a period of time, seven days where the seller agrees to the buyer's request to a, inspect the home and be, have an attorney. While again, as I mentioned in part two, well not required, it's highly, strongly recommended folks dealing with a binding legal contract. You've got to have an attorney. It's simple as that. The attorney will sit down with the buyer and go through the actual contract, but before that we want to get that inspection.

So inspection, what I'd like to do is I really like to get in there, get it as soon as possible, particularly if there was a property that was a little bit on the fence as far as condition, you know, just because a property isn't the best condition, it doesn't necessarily mean it's bad, but it's really that inspections with this really going to be critical. So you want to get in there and get the inspection. I have several inspectors and feel free to reach out. I'm going to post their information in the description, but really you don't really contact them until after we're under contract. So again that's going to be just more for a resource and informational purposes. So typically an inspectors that I work with within 24 hours after the inspection, they will produce a detailed report and any red kind of red line items or red flags that are raised that myself and your attorney probably look at.

We want to have a conversation with you. It's been very rare that it's completely clean. So, and of course if you have any questions you have, what I like to do is really, really quick conference called three of us. We talk through those elements and either we move forward, right with no requests or we um, it's literally three options. We move forward with no requests. B, we ask the seller to make the repairs and pay and by closing produced documents that prove that those repairs were done or see we do a credit so you cannot change the purchase price. It'd be very, very clear as once the parties have agreed to the price we're under contract, the purchase price doesn't change. However, if there is repairs that are needed, credits can be offered or the seller, um, can do the repairs themselves. So that's kind of where the confessions and where we're technically, if it's a $300,000 agreed upon purchase price, but there was $10,000 worth of repairs, seller agrees to do all 10,000.

And of course the net effect there you can see is two 90. However, from the purchase price perspective and what is recorded is 300,000 I hope that makes sense. Questions feel free to ask. So that is the portion of the inspection. If both parties agree, then the actual attorney inspection review isn't completely done until both parties sign off. And so once both parties sign off, you are officially outside or have a review. Um, now the period of a time of outside review until closing. Really what I would like to mention now for the purposes of kind of, you know, you guys are kind of probably still months away and it's a lot of information me plus you have, I do want to mention, you know I get asked a lot, okay [inaudible] how can I get out of the contract? I it's a little bit more than cold femur.

You're going to have those fears that they kind of mentioned. I kind of joked a little bit in the beginning, but if you're really truly like Anant, I just, I don't like this property or for whatever reason. Of course if there's a real valid reason, of course you need to communicate to me, there are stages you can, you can get out. Of course within the review, you know there is earnest money, which is part of consideration that you have to do as a part of the deposit. It's not an addition, but it basically gets reduced from the total purchase price. So again, for example, $300,000 example, if you put 5% of earnest money, that 15,000 you're remaining, that is two 85 within the attorney review period for you really don't have to have, it can be for any reason. There should be some valid reason you can through your attorney, submit a notice to cancel the contract as long as it's within the attorney period and both parties haven't signed off, you do have a right to that earnest money back.

If it's outside of that, then a lot of it has to do with your loan. So for whatever reason you can get your loan approved. Then of course that earnest money amount, um, will not be lost. You legally can get it back again. I know it's a little confusing. Feel free to reach out on that. And that's kind of what I want to brush on for now. Um, I hope you found the kind of the whole series beneficial. If you wanted to watch, uh, part two where I talked about the importance of the lender, feel free to go right here. And also I produce so many other videos about the cost of living in Chicago transportation in Chicago. I'm going to have a playlist running probably in a couple of seconds for you to look there. So again, this is AD Anant Deoras with exp Realty here serving the city of Chicago. I'm so proud of being in Chicago. If you've got any questions at all, there's a contact form below. Feel free to reach out.