Selling your house can be just as stressful as some other major life events you may experience. What if it’s a major life event that is causing you to have to sell quickly? A job transfer, ill or aging family members, inability to pay the mortgage or keep up with necessary repairs …. these situations can cause additional strain. So what are your options when you have to sell your house fast in Chicago? Below we explore a few options and share how selling directly to Kendall Partners can help.
Hire a Listing Agent
Hiring a professional real estate agent, the traditional method for selling a house, can help when you need to sell your house in Chicago. Real estate agents are paid based on a percentage of the sale price of your house. They might also charge additional agency fees and/or marketing fees, so it’s important that sellers understand what fees are part of the listing agreement signed with an agent. Current market conditions can have a significant impact on the list price of your house, since real estate is a demand-driven market. A real estate agent will gather information on comparable house sales in your neighborhood (comps), and may encourage you to shoot for the highest possible sale price on your house. There may be some things you will need to do in order to list your house in a high price range.
Most likely, sellers who use an agent will need to make up-front investments in updates and repairs to prepare for showings and attract potential buyers. They also play a waiting game until the the right buyer comes along and makes an offer. Buyers hire inspectors to walk through the house and prepare reports detailing the condition of the structure, mechanical systems, appliances, and cosmetic condition of the house. During negotiations, buyers ask for repairs or even upgrades, repair credits or occasionally a price reduction based on the inspector’s report. If the buyer is using financing to purchase your house, there may be additional inspections or work that must be completed for the loan to be approved. Unfortunately, after all the negotiations and inspections, you could end up with a buyer who doesn’t actually qualify for the mortgage, even after taking all the steps required by the lender. This puts you back at square one, re-listing your house. Rarely does the next offer come in higher than the original one, since potential buyers now have the perception that the deal fell through due to a defect with the house.
Work Directly with a Professional Cash Home Buyer
A professional cash home buyer like Kendall Partners will purchase your home directly from you, using cash. This type of sale is usually As-Is, which means you don’t have to make any repairs or upgrades to the house. You may not even have to clean the house, or clean out all the personal contents. There’s no third parties involved, like a lender, bank, inspector, or appraiser. Because the process is streamlined, you have more control over the sale and when it closes. This saves you time, hassle, and money associated with the sale process. It also alleviates you of the legal responsibilities associated with disclosure. We buy houses fast Chicago, and when you need to sell your house fast in Chicago, we can help sellers skip the hassle and costs of the traditional home selling process.
A professional cash home buyer takes on more risks associated with the property, while at the same time offering sellers a hassle-free way to sell your house fast in Chicago, and have access to the proceeds quickly. Kendall Partners will also pay customary closing costs. For these reasons, a cash offer is usually lower than offers made on houses listed on the MLS. Many sellers find that the benefits of selling a burdensome property quickly and putting an end to accruing holding costs outweigh the hassles of selling a house with an agent. Anyone who owns or has inherited a burdensome property should consider selling directly and whether it helps them get relief. At Kendall Partners, we are dedicating to walking sellers through their options to see if selling directly would be a good fit. To see how we have helped sellers reach their real estate goals, check out our 5 star google reviews here!
For Sale By Owner
Selling a house in Chicago for sale by owner may sound appealing because you can control the process. If you hire a professional like a real estate agent, you’ll end up paying fees and commissions which cuts into your profits. If you’re an experienced seller, you may be able to save a lot of money. Make sure you are aware of the legal issues that can come up regarding real estate advertisements and transactions, and you have a good grasp on how to communicate and respond to the buyers’ attorney during negotiations. It can be extremely costly and legally devastating to make an error either on your listing and advertising, or on how you handle all the other aspects of the sale process with your buyers.
Depending on your circumstances, you may need to negotiate a short sale with your mortgage lender. The name ‘short sale’ may sound as if it is a way to sell your house quickly, however it’s actually a very slow-moving process used to help a financially distressed homeowner sell the house for less than what is due on the mortgage. This process requires the lender who holds the mortgage to give approval for the sale and for the amount they will allow. When the homeowner finds a buyer, all the proceeds from the sale of the property go to the lender, who then either forgives the difference on the loan or requires the homeowner to have to repay all or part of the difference between the original amount of the mortgage and the proceeds on the sale. Depending on the state, the difference may have to be forgiven.
Auctioning off your house can help you avoid the hassles of showings, and the speed of closing the deal, as-is, are all benefits of selling a house using an auction process. Fees for auctioning a house can be rather high, usually about 10 percent of the final purchase price. Most auctions will charge their fees to the buyer, so the lower the bid on the purchase price, the lower the fee. Sellers who want to auction their house should make sure they know exactly what the fee percentage will be and who is responsible for those fees. Also keep in mind that the sale of your house at an auction isn’t guaranteed. There might be low attendance at the auction, or several other properties may come up for auction at the same time, leading to a lower number of bids.
Still Have Questions?
When you’re in a stressful situation and you need to sell a house quickly, Kendall Partners can help. We understand how overwhelming it can be to own a burdensome property and feel like you’re stuck with it! We talk to homeowners every day who can no longer afford to own and maintain a property, or who just don’t have the luxury of time, money, and energy to put into fixing up a house in order to get it listed. Whether you need to move quickly for a new job, need to help aging family members move to be closer to family, or you are just fed up with being a landlord, we can help! Skip the hassle listing your house on the MLS will put you through and give us a call today at (630) 389-8232 to see if our easy home buying process will work for you and your real estate situation, or submit your information below and we’ll get you a fair no-obligation cash offer on your house. We buy houses fast Chicago and surrounding areas, and we’d love to speak with you today.