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.…
-
-
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…
-
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…
-
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…
-
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…
