It’s been said that selling your home can be more stressful than many other major life events. When you’re under duress and need to sell quickly, additional strain is added to the mix. We’ll help you by exploring your options when selling your house in Chicago.
Exploring All of Your Options When Selling Your House in Chicago
Let’s explore selling your house in Chicago through a professional real estate agent, which is the traditional method. Agents are paid based on a percentage of the sale price in addition to other possible fees they or their broker may also charge. Market conditions can impact your asking price in this demand-driven market.
You’ll need to invest in updates and repairs in preparation for showings while playing a waiting game until the right buyer comes along. Usually requiring inspections of the house, they may also require repairs prior to closing. Sadly, you could end up with a buyer that doesn’t qualify for the mortgage, after taking all of the steps to meet the qualifications from banks and waiting for the mortgage underwriting process and property inspection.
Because professional buyers usually offer cash, you can expect a quick closing on your house in Chicago. The sale is usually as-is, which speeds the process even further, saving you both time and money. This also alleviates you of the legal responsibilities associated with disclosure.
Professional buyers are taking higher risks, offer faster cash sales, and usually pay the closing costs. For these reasons, their offers are usually lower than properties sold as FSBO or listed on the MLS. Regrettably, there are less than honest buyers who may try to take advantage of time or financial constraints you reveal to them, so research carefully just who you’re working with. At Blue Ladder Development, we are dedicated to making offers to homeowners that are fair and well thought out.
For Sale By Owner
Selling a house in Chicago on your own may sound appealing because you will be controlling everything. Professionals, such as real estate agents or auctioneers, charge fees for their services, cutting into your profits. Should you be experienced regarding legal issues where real estate advertisements and transactions are involved, you can save a great deal of money on the deal. However, it can be extremely costly and legally devastating to make an error on either advertising or how you handle all of the aspects of your sale with the buyer.
Depending on the circumstances you find yourself in, you may be able to negotiate a short sale with your lender. You will want to note that this is a very slow-moving process which means that the lender has agreed to allow a sale for less than the remaining debt on the loan.
Avoiding the headaches of showing your house is one of the favorable aspects of auctions. Additionally, these properties close quickly, selling as-is, so you won’t need to continue to pour time and money into repairs and upkeep of your house in Chicago.
Keep in mind the usual fee for their service is a rather high 10 percent of the final purchase price. Because most auctions charge their fees to the buyer, lower bids are likely to be made in the attempt on the buyer’s part to pay a lower fee. Make sure you’re aware ahead of time if you’ll be responsible for their fee, which takes more away from your bottom line. Actually, realizing a sale of the property at auction isn’t guaranteed, there could low attendance or several properties up for auction at the same time, leading to lower bids
We’re happy to further explore all of the options for getting started now on selling your house in Chicago. Just call Blue Ladder Development today at 630-387-6861 or send us a message to learn more!