Video Transcription
Hi, this is Jeff with Kendall Partners. Hey, I’m just in my office here getting ready to wrap up for the day. I’ve had a lot of questions lately about, “Hey, we love your offer. Can you tell me more about what closing costs you guys pay when you guys purchase homes with cash?” It’s a good question. We have that question a lot, and I wanted to make a short video just basically explaining that and how simple of a process it is. Now, we use a one page contract to purchase homes here throughout Illinois. We’ve been doing that since 2007, but specifically in regards to our contract and what we do and what we don’t do, when we give a cash offer to you to buy your home, really, let’s just say the contract is at $200,000 dollars, you’re basically going to get that contract amount minus any attorneys fee that you may pay. That’s going to be up to you. That could be $300 dollars, that could be $1,300 dollars. I hope it’s not that high, but it could be I guess.
Then you’re also going to be paying your tax prorations through the date of closing. Real estate taxes are paid in arrears here in Illinois, that’s just how the process works. You got them when you purchased the home, or are given the home, and now you’re going to give them to hopefully us, Kendall partners, as the new buyer. From there, we are paying for title insurance, we’re paying for the escrow, or the closing fee, you may have heard that’s what it’s called, closing protection letter, or CPL, fees, state, county, city transfer taxes. We cover all of that. We also buy our own survey. That could be $300 dollars or it could be $800 dollars, depending on the size of the property. Our one page contract lines all that out, it’s very simple. Attorneys like it. Your attorney will get along with it just fine depending on who they are, where they are, and where you’re located. They may try to modify the contract, which is fine, I’m sure we can come to an agreement, but that’s basically it.
Again, you get your purchase price minus your attorneys fee and your tax proration from closing. Again, depending on where you’re located, for instance if you’re in Chicago, or Westmont, or Westchester, or Lombard, certain towns, municipalities have different transfer fees to close. We have to take that into account into our offer, and make sure that we’ve got that rolled in there. We do all that due diligence up front so that you know when you get a cash offer from us it’s actually what it is. We’re not looking to write you an offer, and then go back and say, “Hey, we forgot about this fee or that fee.” We believe in doing our research up front. Not that we don’t make mistakes, we certainly do. Just know that when you’re working with Kendall Partners, looking to sell your home and you want a cash offer, you’re looking for an investor, you’re searching on the internet who’s the best investor, who’s the best cash buyer, whatever word or phrase or keywords you might be using to find the right company to work with, if you weren’t referred to us directly, hopefully you were, if you weren’t, unless you found us online, or maybe you got something in the mail from us, just know that do your research.
Make sure that whoever you’re working with, if it’s not us, that they are covering the closing costs. They certainly should be. That’s normally how this industry works. Make sure you’re getting apples to apples pricing on your contract. One contract is not the same as the next contract. The saying goes that the big print gives it to you but the small print takes it away, and it’s true. There is no fine print in our contract. It’s just a one page document that spells it all out. It’s written in plain English for anyone to understand. Again, I hope that clears it up. I hope that if you have any questions you can certainly contact us, contact me.
Again, I’m Jeff with Kendall Partners, I am one of the owners. I am the decision maker on all of our purchases and, again, I’d love the opportunity to talk with you, sit down with you at your home, or at least speak with you over the phone, or if we have to via text or chat, and put a deal together. If you’re looking to sell in the Chicagoland area, looking for a cash buyer, wanting to sell as is regardless of condition, could be a newer home, could be an older home, we’ve purchased homes as recent as a 2013 home all the way back to 1897, so we know Chicagoland is an older market in general. We’ll take a look at just about anything. Again, Jeff with Kendall Partners. Hopefully, that clarifies up some things on the contract. Contact us at the office or shoot me an email, Jeff@KendallPartnersLTD.com, or give us a call at the office here. Love to talk with you. Thanks for the opportunity, have a nice day.