Over the last year or so the housing market in Illinois and across the country has been up and down. In more places than others, real estate values are skyrocketing. In some places, inventory is scarce. Nonetheless, many of our readers may be ready to dive into the residential real estate market to buy a house. That can be an exciting time, but being cautious can certainly be beneficial.
Why should you be cautious? Well, for starters, buying a home is usually the biggest financial transaction most people will ever be a part of. Let’s face it: most homes cost more than $100,000 and, in some markets, much, much more. That is why when these transactions are contemplated, a purchase contract is part of the process.
Making an offer
When you have found the home you want, it is time to make an offer to purchase. Almost everyone will do so by tendering a purchase contract that, if the purchase offer is right, can be signed right away by the seller. So, getting that purchase contract right is crucial because, if the seller does sign it, usually you are locked in for the transaction – although there are always exceptions.
At our law firm, we work with Illinois residents who are ready to make the significant move of buying a home. We do our best to help our clients make sure their purchase contract is right. For more information about how we might be able to help with your legal needs, please visit the real estate overview section of our law firm’s website.