NEGOTIATE FOR THE BEST POSSIBLE PRICE To gain the upper hand, get creative with the seller concessions you offer a buyer. While they might cost you a little more at closing, concessions sweeten the deal for buyers and could lead to a higher final sale price. Knowing what’s important to buyers in your area will help you strengthen your offer. A survey of local real estate professionals found that in Illinois, sellers often cover 2.10% to 3.00% of buyers’ closing costs. On a home of median value, that will cost an additional $5,184 to $7,406. Also consider offering these seller concessions:
In a traditional home sale, the seller’s agent draws up the contract. If you forego an agent, you’ll have to create the contract yourself or hire a real estate attorney to help. Writing a contract yourself can be difficult. You’ll need to purchase a contract template online and fill it out with a comprehensive description of the terms, including the purchase price, down payment, closing date, payment plan, disclosures, and contingencies.
Mistakes, ambiguities, or the absence of key information may lead to legal disputes or cause you to lose money from the sale.
HOME WARRANTY If your home has major appliances or systems that are on their last leg, a home warranty can give buyers peace of mind. A warranty will cover possible issues and is typically less expensive than paying for the repairs (or accepting a lower offer from a wary buyer).
If you don’t feel comfortable writing the contract yourself, you can hire a real estate lawyer. Illinois law doesn’t require FSBO sellers to use an attorney, but it’s customary to use one. An attorney can help ensure your contract is free of loopholes, secure the best terms for you, and protect you against a breach of contract.
PROPERTY TAXES
REAL ESTATE ATTORNEY FEES IN ILLINOIS Typically charge a flat fee ranging from around $500 to $750 in Illinois. Realtors say they’ve seen attorneys charge as little as $99 and as much as $1,250. Chicago real estate lawyers charge a fixed fee ranging from $500 to $1,000 for a condo or single-family residential closing, a CPA, and an attorney. Give local companies a call for specific estimates. Real Estate Attorney Required
Often, you have to share past tax information about the property before closing a sale and many first- time home buyers are shocked by how much property taxes actually are. By covering some of those costs, you can offer these buyers some financial relief and make them more inclined to close on the sale.
REPAIR CREDITS
Repair credits are win-wins for buyers and sellers. You’ll credit the buyer a set amount to cover the cost of repairs. Once the deal closes, the buyer can personally oversee the project to their liking and you don’t have to worry about repairs going over budget.
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