Selling a home without a real estate agent can be a reasonable choice in the right circumstances. Some homeowners already have a potential buyer. Others are comfortable marketing the property, arranging showings, and negotiating directly. Some simply want to reduce the commissions and other costs associated with a traditional listing. These can all be legitimate reasons to consider a for-sale-by-owner, or FSBO, transaction. However, removing the listing agent does not remove the work involved in selling a home. It changes who is responsible for performing that work. Before deciding to sell without a realtor, homeowners should understand the responsibilities they will be accepting and determine where they may still need…
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FSBO Sellers: The Buyer’s Attorney Is Not There to Protect You
When selling a home privately, one of the most common mistakes a seller can make is assuming that they are protected because “there is already an attorney involved.” That sounds reassuring. It should not be. If the attorney represents the buyer, then the attorney’s job is to protect the buyer. Not the seller. This does not mean the buyer’s attorney is doing anything wrong. Quite the opposite. A good buyer’s attorney should be looking out for the buyer’s interests. That is the purpose of representation. But sellers, especially FSBO sellers, need to understand the difference between an attorney being involved in the transaction and an attorney representing them. Those are…
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FSBO Sellers: Don’t Argue About the Buyer’s Broker Fee. Do the Math.
A seller recently came to me with a concern I expect to hear more often: “I don’t want to pay the buyer’s broker.” That reaction makes sense. If you are selling your home FSBO or through a private sale, one of the main reasons is usually to control costs. You may not want to pay a listing broker. You may not want to pay a buyer’s broker. You may feel like the whole point of selling privately is to avoid giving away part of the deal in commission. Fair enough. But sellers need to be careful. A request for buyer-broker compensation should not automatically become a symbolic fight. In many…
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FSBO Sellers: Who Wrote the Contract Matters
Selling your home without a realtor can feel empowering. You find the buyer. You agree on a price. Everyone seems ready to move forward. Then someone sends over a contract. That is the moment many FSBO sellers move too quickly. In a private sale, the buyer, the buyer’s agent, or the buyer’s attorney may provide the purchase contract. That does not automatically mean the contract is unfair. But it does mean the seller should stop and ask a basic question: Does this contract protect me, or does it mostly protect the buyer? The contract is not just paperwork. It is the rulebook for the transaction. The Purchase Price Is Only…
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5 Mistakes FSBO Sellers Make Before They Even List
Many homeowners choose to sell their property without hiring a realtor. Sometimes they already have a buyer in mind. Sometimes they want to avoid paying a commission. Sometimes they simply believe they can handle the process themselves. Selling a home without a realtor can be successful, but many For Sale By Owner (FSBO) transactions encounter problems before the property is ever listed. Here are five common mistakes that can create unnecessary headaches later in the transaction. 1. Pricing the Property Based Solely on Zillow Online valuation tools can provide a useful starting point, but they are not appraisals. Automated valuation models often miss factors that significantly affect value, including: Property…
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The Cheapest Closing Lawyer Will Cost You More Later
When buying or selling a home, it is natural to look for ways to save money. Real estate transactions are expensive. There are inspection costs, lender fees, appraisal fees, title charges, moving expenses, commissions, taxes, and closing costs. By the time someone gets to the attorney fee, it can feel like just another line item. So some buyers and sellers choose their closing attorney based almost entirely on price. That is understandable. It can also be a mistake. The cheapest closing lawyer may save you money upfront. But if the legal work is rushed, incomplete, or too high-volume, the problems that get missed can cost far more later. Your Closing…
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Your Realtor’s Lawyer May Be Convenient. But Are They Independent?
When buying or selling a home in the Chicago area, it is very common for a realtor to recommend a real estate attorney. That recommendation may be helpful. Many realtors work with experienced attorneys and know who can keep a transaction organized. A referral can save time, reduce confusion, and give a buyer or seller a place to start. But it should not be an automatic decision. Your real estate attorney should be chosen because they are the right fit for you, not simply because their name was handed to you during the transaction. A Realtor Recommendation Can Be Helpful There is nothing wrong with asking your realtor for an…
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Why Closing Dates Get Postponed in Chicagoland Real Estate Sales
A closing date feels final when it is written into the real estate contract. Unfortunately, anyone who has been through enough Chicagoland closings knows the truth: the closing date is often more like a target than a guarantee. Most buyers and sellers assume that once the contract is signed, everyone simply works toward the closing date and the deal closes on time. Sometimes that happens. But in many residential real estate transactions, the closing date gets pushed back because one piece of the process is not ready. That does not always mean the deal is falling apart. But it does mean the parties need to understand what is causing the…
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FSBO Sellers: Finding a Buyer Is Not the Finish Line
FSBO Sellers: Finding a Buyer Is Not the Finish Line For many FSBO sellers, the biggest concern is simple: finding a buyer. That makes sense. If you are selling without a listing agent, you are likely thinking about pricing, photos, showings, online exposure, buyer interest, and whether someone will actually make an offer. But once a buyer appears, many sellers make a dangerous assumption. They assume the hard part is over. In reality, finding the buyer is only the first major step. The transaction still has to make it from contract to closing. That is where many FSBO sellers run into problems. A Signed Contract Is Not the Same Thing…
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FSBO Sellers: The Hard Part Starts After You Find the Buyer
Many homeowners who sell by owner focus on one major goal: finding a buyer. That is understandable. Without a listing agent, the seller may be handling pricing, photos, showings, buyer questions, and negotiations on their own. Getting someone interested in the property can feel like the biggest hurdle. But in many real estate transactions, the hard part starts after the buyer says yes. Finding a buyer is important. Getting the transaction to closing is a different challenge. A Buyer Is Only the Beginning Once a seller has an interested buyer, the transaction moves into a more detailed phase. The parties need a written contract. The contract may go through attorney…
