Buyer & seller questions, answered

It depends on the loan. Typical minimums: conventional loans can start at 3% down for eligible buyers; FHA loans require 3.5% with a credit score of 580 or higher (10% with 500–579); VA loans often allow no down payment for eligible veterans and service members. Putting less than 20% down on a conventional loan usually means paying mortgage insurance.

Illinois buyers may also qualify for down payment assistance through the Illinois Housing Development Authority (IHDA). Your lender sets the final requirements, so get pre-approved early.

Buyers typically pay about 2% to 5% of the purchase price or loan amount in closing costs (CFPB, Fannie Mae), on top of the down payment. These include lender fees, appraisal, title insurance, attorney fees, recording fees, and prepaid taxes and insurance.

Sellers usually pay the state transfer tax ($0.50 per $500 of price, 35 ILCS 200/31-10) and the Cook County transfer tax ($0.25 per $500), plus any municipal transfer tax, attorney fees, title charges, commissions, and prorated property taxes. Your lender must give you a Loan Estimate after you apply and a Closing Disclosure at least 3 business days before closing.

There are two parts: the time to get an accepted offer, and the time from contract to closing. Time on market depends on price, condition, location, and current demand, so it varies a lot and I will show you recent local data for your home. After a contract is signed, closing is usually set in the contract, commonly about 30 to 60 days for financed buyers. No sale date or price can be guaranteed.

A Comparative Market Analysis compares your home with similar homes that recently sold, are under contract, or are for sale nearby, adjusted for differences like size, condition, and updates. It helps set a realistic list price. A CMA is a broker’s opinion of price, not an appraisal, and it is not a guarantee of sale price. Request a free CMA.

Illinois law does not require one in every case, but it is customary for buyers and sellers in Chicago-area residential sales to each hire their own attorney. The common Multi-Board Residential Real Estate Contract 8.0 gives each side’s attorney five business days after acceptance to approve, disapprove, or propose changes (attorney review). Attorneys also typically handle title, closing documents, and the closing itself.

Palos-area homes are in Cook County. The Assessor estimates market value; residential assessed value is 10% of that. The State applies an equalizer (multiplier) to get the equalized assessed value (EAV). Exemptions, such as the Homeowner Exemption ($10,000 off EAV) and Senior Exemption ($8,000 off EAV), are subtracted, and the local tax rate is applied.

Taxes are paid in arrears, in two installments. The first is 55% of the prior year’s total; the second reflects new rates, assessments, and exemptions. Due dates are set each year. Rates vary by taxing district, so look up any property on the Cook County Treasurer and Cook County Assessor websites. New owners must apply for their own exemptions. See also my exemptions article.

Typical steps: 1) get pre-approved by a lender; 2) sign a written buyer agreement and tour homes; 3) make an offer and earnest money deposit; 4) attorney review; 5) home inspection; 6) appraisal and final loan approval; 7) final walk-through; 8) closing, where you sign, funds transfer, and you get the keys. Your contract sets the deadlines for each step. More on buying.

It is strongly recommended. A pre-approval letter shows your likely budget and tells sellers a lender has reviewed your finances. Many sellers expect one with an offer. It is not a final loan commitment; the lender still reviews the property and your file before closing.

Earnest money is a good-faith deposit made with an offer, held in escrow (often by the listing brokerage or a title company) and credited toward your purchase at closing. The amount is negotiable and written into the contract. Whether it is returned if the deal ends depends on the contract terms, which your attorney can explain.

It depends on the contract and why the deal ended. The Multi-Board 8.0 contract includes deadlines such as attorney review, an optional inspection period, and a loan financing contingency. If a buyer properly ends the contract under one of these within its deadline, the contract usually provides for the earnest money to be returned; missing a deadline can change that.

Earnest money is held in a separate escrow account (225 ILCS 454/20-20(a)(17); 68 Ill. Adm. Code 1450.750). Under the Multi-Board contract it is released only on the joint written direction of buyer and seller or a court order; a brokerage escrowee may also give 14 days’ written notice of an intended disbursement, and any written objection keeps the funds held. Agents cannot decide who gets it.

It depends on your finances and comfort with risk. Selling first tells you exactly what you can spend but may mean a short-term move or rent-back. Buying first avoids a double move but may require carrying two homes, a bridge loan, or an offer contingent on selling, which can be less attractive to sellers. A lender can tell you what you qualify for, and we can plan timing together. Let’s talk.

Criminals pose as your agent, attorney, title company, or lender and send fake wiring instructions, often by email at the last minute. Money wired to a criminal is very hard to recover.

Before sending any funds, always call the title company directly to verify the wiring instructions. Use a phone number from an independent source, such as the title company’s official website or closing documents you received in person, never a number from an email or text.

Protect yourself: never trust wiring instructions sent by email alone; call the title company or attorney at a phone number you already know (not one in the email) to confirm before you send money; treat any “change” in instructions as a red flag; call again after wiring to confirm receipt. If you suspect fraud, call your bank immediately and report it to the FBI at ic3.gov.

Yes—for my real estate clients. As an Illinois Notary Public, I can notarize documents, which can save you extra trips.

I am a real estate broker sponsored by At Home Realty Group, Inc., with its office in Palos Hills, IL.

Yes. I speak English and Polish fluently, so we can work together in either language. I do not speak Spanish; for Spanish-speaking clients, a Spanish interpreter is available by appointment only for our meetings and important conversations.