Considering listing your home? You absolutely have to know these 6 facts about selling your house in Chicago that an agent will not tell you. Before you reach out to a real estate agent to sell your property, don’t look back with regret over not actually understanding everything that lay ahead in the traditional listing process of today.
Dinner time? While you may consider sitting down at the table together as a family highly valued time, the dinner hour, or during your weekend, is likely the prime time your potential buyers will be walking through with their agent. While no-one likes to have strangers walking through their private space and looking at all of their belongings, it is a real estate agent’s job to be certain that as many strangers as possible do just that. Likewise, you’ll need to keep your house in picture-perfect condition at all times. Be ready to plan your life around showings or open houses. This is one detail about selling your house in Chicago that an agent will not tell you.
Show me the money! Because the process is based upon the completion of inspections and appraisals, not to mention other deadlines and hurdles that you’ll be jumping, closings can be delayed. It isn’t unusual for closings to take up 60 days, and quite possibly longer, through conventional financing in traditional real estate. This is another fact about selling your house in Chicago that an agent will not tell you.
Days on the Market
Are we there yet? While your real estate agent may be able to quote the average days on the market for listings, one thing they cannot tell you is just how many days it will take to sell your property. Without having a realistic picture of the possible length of your timeline, the plans you start to make may all be in vain. You may also find yourself responsible for two properties if you are forced to move before the sale is completed. This is another piece of information about selling your house in Chicago that an agent will not tell you.
The deal is off? The bottom line is, your sale may fall through if a contingency isn’t met. Contingencies are provisions in the contract that must occur before the sales contract is fulfilled, and are common in traditional real estate. For instance, if your house doesn’t pass the inspection, or meet the purchase price in the appraisal, the buyer or their lender, may renegotiate or even walk away from the deal. This is a fact that can be devastating to learn the hard way, about selling your house in Chicago that an agent will not tell you.
So you were under the mistaken impression that everything was fine? Inspections are a necessary part of traditional listings, regrettably, they can also bring to light very expensive secrets. Depending on the nature of the previously unknown issue discovered during the inspection of the property, the expenditures to repair or replace the problem could run into the thousands. Another tidbit about selling your house in Chicago that an agent will not tell you, you’ll be responsible to complete any repairs required by the lender or a contingency. Failure to complete the repairs, despite any lack of funds you may be facing, will void the contract.
Slice of the Pie
Commissions, fees, marketing, staging, storing belongings to decrease clutter, and closing costs. Your real estate agent will expect you to make changes aesthetically which could include updating or renovating that could run into the thousands. In addition to the cut real estate agents and their broker’s will take-off of the top in commissions, you’ll be responsible to pay for the marketing and hiring the digital photographer, including a drone pilot, for your online presence. Along with these costs, you’ll be paying for staging, with the aim of making your home appeal to the highest number of buyers which has proven to help in a faster sale with a higher purchase price. This may require you to put excess belongings in storage until the home sells. Depending on many factors, you could also be responsible for expenses at the closing. All of this eats away at the profit you’re expecting. Carefully consider these facts that take away from your bottom line, when selling your house in Chicago that an agent will not tell you.
Intrusive, expensive, time-consuming, and offering no guarantees are facts about selling your house in Chicago that an agent will not tell you. Chicago Home Buyers saves you money, time, and provides you with a guaranteed and very quick closing date. These are just a few of the reasons why a direct sale to Chicago Home Buyers may be better for you. Send us a message or call (312) 300-2043 today to find out more!