Tips toward closing a trouble-free deal

Courtesy Chicago Tribune
By Ronald R. Rossi
Tribune staff reporter
Published March 5, 2000

If you are thinking about buying a home this year, here is a list of resolutions to help you close a deal. Keep in mine that in Chicago the buyer's attorney often will perform some of the agent's duties listed here.

Get yourself a knowledgeable, honest and aggressive real estate agent.

Pay attention to details when looking for a property – not only the property, but the neighborhood, the construction, the condition of the property and the grounds.

Do roof and home inspections and other inspections as needed.

Be careful buying property "as is."

Don't waive inspection rights. It may come back to haunt you.

Read and review all disclosures: the Transfer Disclosure Statement, the Supplemental Transfer Disclosure Statement, if used, home inspection reports and termite inspection reports. All should be read in detail and questions highlighted and discussed with either the agent or the inspector, or both. If you have an attorney, he or she can advise you on these documents.

Get preapproved for the loan amount for your targeted house. Don't waste time with lenders who will not preapprove you and with whom you have not already established a relationship. (Preapproval means that the lender has examined your finances and is willing to put into writing that he will lend you money to buy the property. Preapproval is not the same as prequalification. Prequalifying is based only on what you say your income and debt is. In preapproval, the lender has taken an application and has verified your finances.)

Make sure you understand the Preliminary Title Reports and the easements involved. If you don't, discuss it with the title company, your agent or your lawyer.

Be careful of advertisements and brochures that appear too good to be true.

Make sure your agent, or someone else, pulls the building permits and explains them to you.

Make sure your agent does everything possible to present your offer directly to the seller and the seller's agent.

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