What Happens During a Real Estate Closing?

What Happens During a Real Estate Closing?

Congratulations you bought a house! Homeownership is exciting every time, whether this is your first house purchase or your tenth. However, along with the excitement comes a lot of uncertainty. Will the home pass inspection? Will the paperwork process go smoothly? Will the closing be easy? 

Closing on a house is certainly an exciting time. However, it can get frustrating if you aren’t properly prepared. Knowing the steps involved, documents needed and time it will take can make the whole process run more smoothly. You’ll also feel more confident the more you know about the process.

The First Few Steps

You’ve found your dream house and agreed with the seller on a price. But what happens now? The time you are under contract for a home purchase to your closing date can take 4-8 weeks to complete. That can seem like an eternity when all you want to do is move into your new home. However, you and the seller need this time to prepare for the transaction.

During this time, you will want to set up a third-party escrow account to cover closing costs and the down payment. This time prior to closing will also be a time for the home inspector to visit the home and make any recommendations. You’ll have time to negotiate the findings as well, asking the seller to make any repairs as needed.

Approaching the Closing Date              

As the big day approaches you will need to ensure all home inspections have been completed and passed. Any repairs that the seller had agreed to must be done to your satisfaction, as per any negotiation. 

As the closing date approaches, it is time to revise or increase your home insurance policy. If you haven’t owned a home before, you will be starting from scratch. If you have homeowner insurance currently, you will need to work with your agent to adjust the parameters for your new home.

Finally, during these last few weeks prior to closing, be cautious with your spending. Avoid any major purchases or opening any new lines of credit. Lenders and sellers do not typically like abrupt changes and major financial activity can cause a delay in your closing. 

The Day of the Closing

The final walkthrough is finished, all repairs are done, and now it’s time to close. Be sure you are prepared with a cashier’s check for the down payment and any closing costs. You will also want to bring along your checkbook for any additional fees or costs that arise during the process.

The closing process can be confusing, and there is a lot of paperwork involved. You can feel more confident that your best interests are taken into account when you work with a real estate attorney. At Bell Law, we excel at real estate transactions, meaning our clients have no surprises during their closing dates. We are there during the closing process to make sure everything runs efficiently and to explain what is happening to our clients. Our team is also there to negotiate any additional fees or costs that pop up during the process.

You don’t have to wait for your closing or contract to work with our experienced team of attorneys. Instead, call us as you begin your home search so that we can advocate for you throughout the entire process.

Call us today to get started.

How Is the Chicagoland Real Estate Market?

How Is the Chicagoland Real Estate Market?

When you consider putting your home or commercial property on the market, or when you are considering purchasing a new property, it can feel overwhelming. You aren’t sure if your property will sell or if you will be able to find a reasonably priced property to purchase. So much of your real estate transaction depends on the fluctuating market, and here in Chicagoland, the market can change from year to year or season to season. 

If you are wondering how the real estate market is in Chicago so far this year, here are a few things you should know.

Home Prices Remain High

According to Chicago Magazine, property prices are high and have been since the beginning of 2019. This is great news for sellers, but maybe not so great for buyers. However, there are more and more homes going on the market which could mean a more competitive market in certain areas or neighborhoods. This rising inventory is favorable news for buyers.

Some Suburbs are Strong

Chicago Business reports that while the overall real estate market may have drooped earlier this year, certain suburbs were strong enough to beat it.  Suburbs like Addison, Alsip, Riverside and Park Forest are excellent first-time buyer areas thanks to their low median prices.

No Matter the Market, You Still Need a Team

Whether the market is strong or weak, balanced or more favorable to a certain population, you still need a team of professionals to make your experience easier and to advocate for your best interests. Find yourself a real estate agent that will listen to you and be a guide for the process, as well as an experienced real estate attorney like any from the team at Bell Law. For years, we have worked with buyers and sellers of residential and commercial property, assuring the process is easy and stress-free. With us in your corner, you can be confident you are getting the best service from inspection through closing.

Learn more about our firm and contact us for a consultation today. We are ready to serve you and assure you have a favorable outcome during your transaction.

How to Choose a Real Estate Agent and Attorney

How to Choose a Real Estate Agent and Attorney

Choosing the right professional can make tasks around your home and life a lot easier. For example, you find the right plumber when your pipes are leaking or the right mechanic when your car sounds wrong. When you are ready to buy or sell your house, the right professionals can make the process smoother and protect your assets during the transaction. But with Real Estate Agents and Attorneys around every corner in your neighborhood, how can you know which one will give you the best experience? Here are just a few qualities to look for when choosing a real estate agent and attorney.

Local Knowledge

No matter if you are the buyer or the seller, you want a guide who knows your neighborhood of choice. Look for a Real Estate Agent who is local and knows the best up and coming neighborhoods. Finding a local Attorney is just as important. Knowledge about specific ordinances and laws will assure your transaction happens flawlessly.

Recommendations

When you are looking for an Agent and an Attorney, start by asking your friends, neighbors, and colleagues. A good Agent will have plenty of solid recommendations about their availability, knowledge, and overall experience. Similarly, an Attorney will receive praise for their knowledge and protecting their client assets.

Attention

When you are ready to call a few professionals to help during your buying or selling process, pay close attention to how much attention you receive during that first phone call. You want an Agent and an Attorney who will get back to you promptly and who seems genuinely excited to help you. While real estate professionals are certainly busy with their clients, the best ones have a way of making each client feel cared for.

If you are ready for work with an Attorney who has the local experience in the Chicagoland market, with big and small property transactions, contact the team at Bell Law. We enjoy giving each of our clients the attention they deserve and will assure your sale or purchase goes as smoothly as possible. Give us a call to get started today.

Add These Touches to Your Home Before Your Next Real Estate Showing

Add These Touches to Your Home Before Your Next Real Estate Showing

The winter season is typically not a hot real estate season here in the Chicagoland area. Frigid temperatures and snowy conditions tend to keep sellers and buyers cozied up at home instead of out scouting a new house. However, winter is the ideal time to get a jump on preparing your home to put on the real estate market once spring returns to the area.

Here are just a few touches you can add to your home that could make it more appealing to potential buyers come springtime. Even better, most of these ideas are ones you can do on your own for minimal investment. Here’s to a quick springtime sale!

Stage Furniture and Clear the Clutter

Home buyers cannot appreciate your kitchen counter space if there is too much clutter. Give buyers a clean slate, where they can visualize their own belongings throughout the home by getting rid of clutter throughout the home. Get rid of larger pieces of furniture that can make rooms appear crowded as well.

Invest in Fresh Flowers

While you can’t purchase flowers now to keep alive in a vase until your springtime showings, you can commit to having fresh flowers throughout your home once your house goes on the market. Buy a few neutral vases for key points in the house – the kitchen counter, a bathroom counter – and practice with flower arrangements now. For example, a small arrangement in the bathroom can add a pop of freshness and personality.

You don’t have to become a professional flower artist to make your home look beautiful. Further, if you don’t know if you can get out of the house to get fresh flowers regularly, consider a flower-of-the-month subscription that will be delivered to your door.

Make Your Table Look Great

Your dining room table or kitchen island is the heart of your home. Give buyers the chance to picture themselves at their table in your home by making your table look great. A simple centerpiece that is neutral but inviting can go a long way for potential buyers.

While you are clearing clutter and placing fresh flowers, don’t forget to secure a responsible and experienced real estate attorney before your home goes on the market. The team at Bell Law offers years of experience working with buyers and sellers to assure your best interests are at the heart of the deal. Give us a call to learn more about our services today!

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