To buy a second-hand house in Chicago, follow these steps: Secure pre-approval for financing, hire a licensed realtor, tour properties, negotiate offers, conduct a home inspection, review disclosures, and close the transaction through a title company. Prioritize homes with recent updates to avoid costly repairs.

The process begins with pre-approval to determine budget and strengthen offers. Chicago’s median home price was $450,000 in Q2 2023, per the Chicago Association of Realtors, making pre-approval critical. Realtors are legally required to hold state licenses, ensuring compliance with local laws like the Illinois Real Estate License Act. Inspection costs average $500–$1,000, according to HouseMaster, a national inspection firm, highlighting the need to identify issues early. Chicago’s disclosure laws mandate sellers to report known defects, reducing liability risks. Closing typically takes 30–45 days, with title companies handling escrow and ensuring clear ownership. Data from the Federal Housing Finance Agency shows 30-year mortgage rates averaged 7.08% in June 2023, influencing affordability. Proactive steps like pre-approval, inspections, and legal compliance minimize financial and legal risks, aligning with Chicago’s competitive market and regulatory environment.