Selling a house is a lot of work. Today’s home buyers are pickier than ever before and their expectations of Chicago area home sellers can be difficult to satisfy. Fortunately, home sellers in the Chicago area do have options that would save them the time and hassle of dealing with a difficult buyer.
When selling a house in Chicago, most people immediately think about hiring an agent and listing the property on the MLS. While this is a great choice for many sellers, it may not be the best option for everyone. As a home seller you should educate yourself on all of the options you have when selling your property and choose the option that suits your needs best. In today’s post we will cover the several different options for selling a house in Chicago that will buy your Chicago house using a straight-forward and simple process. With a direct sale, you won’t have to worry about commission, repairs, cleaning-up or waiting for a buyer to come along. You will immediately know the amount you are receiving as well as the closing date so you aren’t left in limbo, wondering when your house will sell.
Direct sales are becoming increasingly popular, however, not all buyers are the same. Make sure you do your homework on both the local market and the buyer you are working with. A direct sale may not offer full price, but for some people, the amount saved on repairs and wasted time more than makes up for the difference in price.
List Your Home With An Experienced Agent
Of course, listing your Chicago house is an option. Take the time to learn about everything that is involved and what will be expected of you. No two agents work exactly the same and there are no guarantees. Your property can be listed for any price, but there is no guarantee you will receive it. Watch out for agents who try to “wow” you with a high listing price. If it’s priced too high, it will likely sit on the market, possibly for months at a time. You will inevitably have to lower the price, while your property drops down the list of homes available on the MLS. If you decide to list, make sure your agent prices your home to sell. Not just setting a high price to convince you to sign a listing agreement.
Offer Seller Financing
This can work for some people who don’t need the cash from the home immediately. You can elect to carry the note setting up a “rent-to-own” structure. Your tenant will “rent” the property at a higher than average price, with some of the money going toward a down payment on the home. They will then have the option to buy the property outright at the end of a certain period of time, typically around 2 years.
Consider Your Other Options
If selling simply isn’t in the cards and you need to move, there are other options. You can rent the house out as either a short or long term rental. Before you move forward with this option, you’ll want to make sure you really do your homework and know exactly what you are getting into. If you are planning on purchasing a new house then having a mortgage on your existing property may impact how much the bank is willing lend you for the new property.
You’ll also have to prepare yourself for becoming a landlord and able to deal with the issues that come with having tenants. While renting out the property can be a great way to off set the expenses it is by no means an easy path forward.