Why Buyers Ask for Concessions After the Inspection Selling a home in Chicagoland can feel like you cleared the hard part once you accept an offer. The buyer liked the home, the price was negotiated, the contract was signed, and everyone is moving toward closing. Then comes the inspection. For many sellers, the inspection period is where the deal suddenly starts to feel less certain. The buyer may ask for repairs, credits, a price reduction, or some combination of all three. Sometimes the request is reasonable. Sometimes it feels like the buyer is trying to renegotiate the entire deal after the fact. So why does this happen? In most cases,…
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Cook County Commercial Property Owners: Don’t Wait for the Tax Bill to Think About Appeals
1. Introduction Commercial property owners often focus on property taxes when the bill arrives. That is understandable, but it may be too late. In Cook County, the appeal process is tied to assessment notices, township filing windows, and Board of Review deadlines, not just the final tax bill. 2. The Tax Bill Is Not the Starting Point The bill tells you what you owe. The assessment process helps determine how the taxable value was set. If the assessment is too high, the owner needs to act during the appropriate appeal window. 3. Commercial Appeals Require More Than Complaining About Taxes For commercial and income-producing properties, the appeal may involve real…
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Cook County Condo Assessment Appeals: Should Your Condo Board File as a Group?
When Cook County reassesses a condominium building, individual unit owners often focus only on their own assessment notice. That is understandable. But it may be too narrow. For many condominium buildings, the better question is whether the condo board should review the assessments across the entire building and consider a group appeal. Why Condo Buildings Are Different Condominiums are often easier to compare than single-family homes because similar units may exist in the same building. A building may have several units with the same floor plan, same square footage, same number of bedrooms and bathrooms, same tier, similar views, and similar amenities. That creates a useful opportunity. If similar units…
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Why Sellers Give Property Tax Credits in Chicagoland Closings
Why Sellers Give Property Tax Credits in Chicagoland Closings If you are selling a home in the Chicago area, one of the closing costs that can catch you off guard is the property tax credit. Sellers often see this line item on the closing statement and think: Why am I giving the buyer a credit for taxes if I already paid my tax bills? Fair question. Annoyingly, the answer is not always obvious, because Illinois property taxes are paid in arrears. That means the tax bill you pay this year is usually for the prior tax year. Naturally, because nothing says “efficient system” like paying last year’s bill while trying…
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The 3 Main Reasons to Appeal Your Cook County Property Tax Assessment
Cook County property tax bills can be frustrating, especially after a reassessment. But a higher tax bill does not automatically mean your property assessment is wrong. Before filing an appeal, the better question is: What is the actual reason the assessment should be reduced? For many Cook County residential property owners, the most common appeal arguments fall into three categories: lack of uniformity, incorrect property characteristics, and overvaluation. 1. Lack of Uniformity A uniformity appeal argues that your property is assessed higher than similar properties. This does not mean simply finding a neighbor with a lower tax bill. A useful comparison usually involves properties that are similar in location, classification,…
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Closing Costs That Catch Sellers Off Guard in Chicagoland
Closing Costs That Catch Sellers Off Guard in Chicagoland When sellers think about the cost of selling a home, they usually focus on the biggest numbers first. They think about sale price, mortgage payoff, and maybe commission. What often gets less attention are the smaller or less obvious closing-related costs that can still affect the seller’s net proceeds in a meaningful way. In Chicagoland transactions, these costs are not always huge individually, but they are often surprising. And because many of them show up later in the process, they can create frustration right when sellers expect the numbers to be getting clearer. Here are some of the closing costs that…
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Why Final Walkthrough Issues Can Cost a Seller at Closing
Why Final Walkthrough Issues Can Cost a Seller at Closing By the time a home sale reaches the final walkthrough, many sellers assume the difficult part is over. The contract is signed. Attorney review is done. Inspection issues were negotiated. Financing is moving toward the finish line. At that point, it is easy to view the final walkthrough as little more than a formality. But in many transactions, the final walkthrough is the buyer’s last chance to confirm that the property still matches the deal that was made. If something is wrong, the issue can still affect closing. That is why final walkthrough problems can cost a seller time, money,…
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How FIRPTA Can Tie Up a Seller’s Real Estate Sale Proceeds
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…
