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…
