Chicago-area homeowners selling without a real estate agent can now download the free LoftusLaw Chicago FSBO Seller Starter Kit. The kit includes Illinois disclosure forms, a pre-contract checklist, a plain-English transaction timeline, Chicagoland transfer-tax information, and a worksheet for estimating the seller’s net proceeds. You can download the free kit here: Download the Free Chicago FSBO Seller Starter Kit Finding the Buyer Is Only the Beginning Some homeowners decide to sell without a real estate agent because they already know their buyer. The buyer may be a relative, neighbor, tenant, friend, or someone who approached the owner directly. Other sellers decide to market the property themselves to avoid paying a…
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Can You Sell a Condo While the Association Is Considering a Special Assessment?
Yes, you can sell a condo while the association is considering a special assessment. However, you should investigate the proposed project and the association’s finances before listing. Even if an assessment has not been formally approved, the issue may affect the asking price, negotiations with the buyer and your expected proceeds at closing. A Special Assessment Does Not Have to Be Final to Affect the Sale Condo owners sometimes assume that a potential assessment does not matter until the board takes a formal vote and establishes the amount. In practice, the problem can affect a sale much earlier. The association may already be: Collecting bids for a new roof Reviewing…
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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…
