How FIRPTA Can Tie Up Your Real Estate Sale Proceeds For many sellers, closing is the moment when months of planning finally turn into net proceeds. But for some sellers, a large portion of those proceeds may be withheld at closing under a federal rule known as FIRPTA. If that happens late in the transaction, it can come as a major shock. In plain English, FIRPTA can cause 10% to 15% of the sale price to be withheld and sent to the IRS, even before the seller’s final tax liability is determined. In some cases, that money may not come back until after the seller files a U.S. tax return.…
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Selling Without a Realtor (FSBO) in Chicago: What Sellers Forget to Negotiate
What Sellers Forget to Negotiate in Private Home Sales Private home sales are becoming more common in Chicago-area real estate, especially when a seller already knows the buyer. Sometimes it’s a friend, family member, neighbor, tenant, or someone who heard about the property before it ever hit the market. At that point, many sellers assume the hard part is over. They have a buyer, they have a price, and they are ready to move forward. But in many private sales, the real friction starts after that. Why? Because a buyer and a price are not the same thing as a complete deal. A private home sale still requires clear agreement…
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Selling Without a Realtor in Chicago: What Happens After You Find a Buyer
Found a Buyer Without a Realtor? What Happens Next in a Chicago Home Sale Finding a buyer without a realtor can feel like the hard part of the home sale is already done. After all, if you already know who the buyer is, there is no need for listing photos, open houses, or multiple showings. For many sellers, especially in private or off-market deals, that sounds like a major simplification. And in one sense, it is. But what many sellers do not realize is that finding the buyer and closing the deal are two very different parts of the transaction. Even when no realtor is involved, the legal and closing…
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Common Mistakes Sellers Make When Selling Without a Realtor in Chicago
Common Mistakes Sellers Make When Selling Without a Realtor in Chicago Selling a home without a realtor in Chicago can absolutely be done. In fact, more sellers seem to be taking that route, especially when they already have a buyer lined up through a friend, family member, neighbor, or word of mouth. At first glance, these deals can look simpler. There’s no listing process, no open houses, and no back-and-forth through agents. But what many sellers discover very quickly is that the transaction itself has not gotten any simpler. The same legal and closing process still applies. The same risks are still there. The difference is that there is often…
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Things I Wish Sellers Knew Before Listing a Condo in Chicago
Selling a condominium in Chicago can feel straightforward at first glance. You list the unit, find a buyer, and move toward closing. In reality, condo sales often involve additional layers of review and approval that don’t come up in single-family transactions. Many of the issues that delay or complicate condo deals are not obvious until the property is already under contract. Over time, certain patterns come up again and again. These are the things many sellers wish they had known before listing. 1. Your Association’s Financial Health Matters Buyers aren’t just purchasing your unit — they are also buying into the condominium association. That means lenders and buyers will often…
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Selling a Home Without a Realtor in Chicago: What Sellers Should Know Before Signing a Contract
Selling a home without a realtor — often referred to as a “For Sale By Owner” (FSBO) transaction — is becoming more common in the Chicago area, especially when a seller already has a buyer lined up. At first glance, these deals can seem simpler. There’s no listing process, no showings, and no back-and-forth through agents. But what many sellers don’t realize is that the legal and closing process doesn’t go away just because a realtor isn’t involved. Understanding what still applies can help prevent delays, confusion, and unnecessary risk. What Changes (and What Doesn’t) In a traditional sale, a real estate agent helps market the property and manage the…
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Why Title Issues Can Delay a Home Sale (And How They Are Usually Resolved)
Why Title Issues Can Delay a Home Sale When most homeowners decide to sell their property, they focus on price, buyers, and closing dates. What many sellers don’t realize is that every real estate transaction also requires a title search to confirm that the seller can legally transfer ownership of the property. Most of the time, the title search comes back clean and the transaction proceeds without any problems. But occasionally, the search reveals issues that must be resolved before closing can occur. These are known as title issues, and while they are usually fixable, they can delay a home sale if they are not addressed in time. Understanding how…
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Why a Buyer’s Mortgage Can Still Be Denied Before Closing in a Chicago Home Sale
Why a Buyer’s Loan Can Still Be Denied Before Closing One of the biggest surprises for home sellers is learning that a buyer’s financing is not fully final until the very end of the transaction. After a contract is signed, many sellers assume the mortgage is already approved and the closing is essentially guaranteed. In reality, lenders continue reviewing the loan file throughout the transaction, and several final checks occur shortly before closing. Most of the time everything proceeds smoothly. But when something changes late in the process, a buyer’s loan approval can still be affected. Understanding how this works helps sellers avoid panic if a transaction suddenly slows down…
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How to Evaluate Multiple Offers in a Chicago Home Sale: Why the Highest Offer Isn’t Always the Best
How to Evaluate Multiple Offers in a Chicago Home Sale: Why the Highest Offer Isn’t Always the Best In a competitive Chicago real estate market, multiple offers are common. When they arrive, most sellers focus on one thing: the highest purchase price. It’s understandable. A bigger number feels like winning. But in a Chicagoland home sale, the highest offer is not always the strongest offer — and not always the one most likely to close. Price matters. Certainty matters more. Below are the key factors sellers should evaluate beyond the headline number. 1. Appraisal Risk in Chicago Real Estate When a buyer is financing the purchase, the lender orders an…
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Putting the Fun in Law
Let’s face it — law firms are often considered pretty stale and boring places. Although most things surrounding the law are serious, like big real estate purchaes, there are ways to make the experience less drab and a little more enjoyable. Patrick Loftus understands this more than most lawyers. By taking a highly personal approach with his clients, Patric has found a way around the bore. While most law firms rely on suport staff to be the primary contact with clients, and their clients may not have a single conversation with their lawyer until the day of closing, if ever, that is not the case with Patrick. “Each one of…
