What are the Challenges for FSBO in Illinois?
Selling your house in Illinois can be an expensive transaction. Attorney’s fees, agent’s commission, title, and closing costs can take a toll on your financial health. Many homeowners sell their homes without a realtor to save a large commission, especially for expensive properties. This process is called an FSBO (for sale by owner) transaction, in which you execute your home sale on your own.
While that does look tempting, FSBO transactions may or may not work for everyone. The last thing you want is to end up selling your home for a price much lesser than you were expecting just because you wanted to save on the realtor’s commission. Here are a few challenges of FSBO deals in Illinois.
Complex Documentation and Closing
Even experienced home sellers hire real estate agents or lawyers to execute closing as smoothly as possible. If you are selling a property for the first time, drafting legal documents will require an agent or experienced real estate attorney.
FSBO Legal Services, one of the top FSBO legal firms in Northbrook, Illinois, can help you from the beginning by providing documentation till closing. Working with real estate attorneys in Illinois to assure a smooth transaction for your FSBO.
Limited Listing Options
Not every real-estate website accepts FSBO sellers. Only certified real estate agents who have an account on real estate platforms can list your house for sale. That being said, some companies, such as Zillow, allow individuals to list properties for sale. But, you have limited options. If you want the best visibility and a good quote for your home, you need to work with a real estate lawyer.
Inaccurate Pricing
The biggest mistake of a seller is pricing their property without conducting an inspection and finding its actual market value. You can never know how much your property is worth without market research. An agent’s pricing strategy tends to be more accurate than your neighbor’s or relative’s suggestion. They don’t just assign a number to your house. A realtor checks recent sales of comparable properties, property conditions before suggesting the most accurate price. Homeowners don’t consider these factors. They put a random price tag on their property.
Legal Problems
Illinois law does not require you to hire a real estate agent for selling your real estate. However, having a real estate attorney on your side will help will in case of legal trouble. A buyer can sue you for not disclosing the defects in your property at the time of closing.
For all legal services for FSBO in Illinois, please contact FSBO Legal Services at Cook County, Illinois.
