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: 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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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…
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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…
