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Important factors to consider before buying residential property

Buying a home in Illinois is an exciting step for many people, but it is one of the most significant financial and legal decisions a person will make in a lifetime. Due to the serious nature of this type of purchase, it is beneficial for any buyer to carefully consider all options and ask the right questions. If you are thinking about a residential real estate purchase, you would be wise to have the right information before moving forward. 

One of the most significant steps that you can take before you sign a contract is to make sure you understand the implications of this step. Ask questions, get the information you need and make the effort to minimize the chance of surprises from an unexpected cost or complication down the road. It is in your interests to be thorough and prepared.

What are the right questions to ask?

Asking the right questions can be helpful, especially if this is your first home purchase. The following inquiries can help you understand how to protect your interests and succeed in your efforts to buy a home:

  • What type of house can you really afford? The size and type of house you can truly afford depends on various factors, including your income, your debt and more.
  • When should you talk to a lender? It can help to talk to a lender about your mortgage right away. That will help you narrow down your home search to only the homes you can really afford.
  • How long with this process take? The specific amount of time it will take to complete your home purchase will differ from case-to-case, but it can move quite quickly. On average, it can take 40 to 43 days to close on a home. 

These are just a few of the questions you may want to ask as you seek to buy a home. It is also helpful to know about subjects such as interest rates, what you need for a down payment and how to draft an appropriate purchase agreement.

Why do you need help when buying a home? 

Buying a home is a big step, and there are many benefits to having legal support and guidance as you make important choices for your future. When you work with an experienced real estate attorney, you can get the information you need and take the appropriate measures to reduce your exposure to complications and financial loss down the road.

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  1. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  2. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

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Washington Office 135 Washington Square Washington, IL 61571 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions

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