Ready to find your new home?

Contact lenders (banks, credit unions, or mortgage brokers) to complete the pre-approval process and receive your pre-approval letter, which shows sellers you’re a qualified and serious buyer. Our team has vetted local lenders available offering pre-pre approvals with soft credit pulls, ensuring your credit score remains unaffected while shopping for homes. 

Choose an experienced buyer’s agent familiar with your desired area and market dynamics.

Sign a buyer’s agency agreement.

Identify preferences such as location, neighborhood, style, number of bedrooms and bathrooms, etc. 

Act quickly in low-inventory areas, be ready to offer competitively. 

Submit a written offer through your agent, including price, contingencies (inspection, financing, appraisal), closing date, earnest money (1–2% of purchase price in Illinois), etc.

In Illinois, offers are typically made via a standardized Residential Real Estate Contract. In hot markets like The Fox Valley, it may be necessary to offer above list price with appraisal gap waiver or include escalation clauses to compete in multiple offer situations.

Offers are written by your Realtor and sent to you Via Docusign or Dotloop for completion before submitting to the listing brokerage for seller review. 

Respond to counteroffers, if necessary, and negotiate terms (price, closing date, contingencies, etc.). Execute the contract via both parties completing final offer draft.

Once you receive an accepted offer, it is time to submit earnest money and schedule any inspections.

What Is Earnest Money? 

Earnest money (also called a good-faith deposit) is money the buyer puts down when they make an offer to show the seller that the buyer is serious about purchasing the home.

It is NOT a down payment.
It is NOT an extra fee.
It gets credited back to the buyer at closing.

In hot neighborhoods (western suburbs, some Chicago areas), you’ll still see 2–3% or higher to make an offer competitive. In slower markets, 1% would be more common.

Where Does the Money Actually Go?

Buyer writes the check (or wires) usually within 1–3 days of offer acceptance.  

It goes to a neutral third-party escrow account (title company, attorney, or brokerage escrow account in Illinois).

The seller never touches it until closing or forfeiture.  

At closing, it is applied to the buyer’s down payment or closing costs.

In Illinois, attorney review is common (5–10 business days post-acceptance), where you schedule and complete inspections with your agent while your lawyer reviews terms. Sellers may push for fewer repair requests or post inspections credits/repairs in competitive markets.

Common Inspections

-Home Inspection

-Radon Inspection 

Additional Inspections

-Well and Septic (Usually provided by seller)

-Sewer Scope

-Termite/Wood Boring Insect 

-Foundation Specialist

-Structural Engineer

-Mold

-Pest

-Asbestos

Continue working with your lender toward final underwriting approval. Lock in your interest rate if not already done. Stay in close contact with your lender to avoid delays.

Review the Closing Disclosure (CD) (provided ~3 days before closing) for loan terms, fees, and cash needed. Conduct a final walkthrough (1–24 hours before closing) to ensure the home’s condition.

Be sure to notify your new utility companies before the closing day to transfer utilities into your name. 

In Illinois, closings typically occur at a title company, with both buyer and seller (or their attorneys) present. Bring a cashier’s check or send wire to appropriate title office for closing costs (typically 2–5%, ~$6,000–$15,000 for a $300,000 home) along with down payment. 

Confirm these figures with your lender and real estate attorney before closing day. 

Sign all documents, including the mortgage note, deed, and Illinois-specific disclosures. Pay closing costs and receive the keys.

Illinois requires a transfer tax ($0.50/$500 of sale price). Funds are wired, and the deed is recorded with the county.

Schedule movers in advance. Closing typically takes 1–2 hours.

Update your address, and file for Illinois’ homestead exemption post-closing.