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…
