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…
FSBO
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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…
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What Sellers Should Know About Buyer Inspection Requests
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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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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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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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…
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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…
