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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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…
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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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Real Estate Brokers Crossing Over Into Other Fields | The HomeBuyer’s Hour
This episode of “The HomeBuyer’s Hour” was packed with valuable insights for buyers, sellers, and anyone interested in the Chicago real estate market. From economic updates to personal stories, the show covered a wide range of topics related to the industry. Here are some key takeaways: Market Updates and Economic Influences: The manufacturing index suggests a strong market ahead, potentially influencing pre-approval numbers. Interest rates remain a point of discussion, with the 10-year treasury hovering around 4%. Upcoming elections and career transitions are potential economic influencers. The Role of Real Estate Brokers: Clear communication and effective collaboration are crucial for smooth transactions. Building positive relationships and strategic thinking are key qualities. Brokers…
