10/30/2023
The Home Selling Process in Chicago
The home selling process might seem overwhelming.
What does it consist of? What will you have to do? How do you get started? How much does it cost? How do you make sure that you get a fair price for your home?
These are all questions that - naturally - home sellers want answers to.
And here, we're going to give an overview of the home selling process for people in Chicago - you'll learn about the traditional home selling process as well as an alternative strategy.
Let's dive in! 😄
Want to sell as-is for cash? There's an easier way to sell your home than what we're about to describe. And if you want to learn about it, give us a call at (312) 219-4419.
The Traditional Home Selling Process in Chicago
The traditional home selling process is the route most people take - they find a real estate agent, list on the MLS, repair & update, market, negotiate, pay for inspections and appraisals, wait for escrow, and close.
All in all this process takes an average of 90 days from listing to closing (a little bit more if you consider finding an agent and listing the home).
Here are the details.
1. FIND THE RIGHT AGENT
The first step is to find a real estate agent you can trust - someone who's been working in Chicago for a long time and someone who has a good reputation.
Google is a great place to research real estate agents.
Make sure that you check reviews, call, ask questions, and determine how much their commission is going to cost you (it's usually between 3% and 6%).
It's also worth asking about their process - how do they market homes? How long do their listings usually take to sell? What's their negotiation process look like?
2. CHOOSE A PRICE
Once you've found a trustworthy agent, it's time to choose a price.
Your real estate agent should be able to advise you on a good listing price, but it's also worth doing a bit of your own research to double check your agent's opinion.
Look at other similar homes that have sold in your area recently and compare your own listing price to them - does it make sense?
If not, check with your agent.
3. CREATE A MARKETING PLAN
Next, your agent will create a marketing plan.
They will (or should - if they don't do the following, find a new agent) take pictures of your house, write some copy, and post your listing on the MLS. They might also schedule some open houses and encourage you to repair, clean, or update certain parts of the property.
4. REPAIR, UPDATE & STAGE
Buyers today want to purchase homes that are in pristine condition - the prettier they are, the easier they sell.
Your agent will advise you as to what you should do to the home to make it as appealing to buyers as possible.
This will like include cleaning, repairing and updating certain parts of the property - and those costs will fall on your shoulders.
5. PREPARE FOR SHOWINGS
Up next is home showings.
You - the owner - will typically want to get out of the house during this period so that the buyer's agent can show the home in private.
Your real estate agent will let you know when these are happening - you might also need to leave during open houses.
6. NEGOTIATE
After someone makes an offer, you and your real estate agent will review it and do one of three things...
1. Reject
2. Accept
3. Counter offer
This initiates the negotiation process where you and the buyer - through real estate agents - try to come to a fair agreement.
7. APPRAISAL & INSPECTIONS
If you and the buyer come to an agreement on price, then the buyer will likely need/want to do an appraisal as well as some inspections.
An appraisal is usually required by the mortgage lender to ensure that the property is worth what it's being purchased for. And the inspections are to ensure that the property doesn't have any hidden damage.
If damage is found during the inspection phase, then you might be responsible for fixing it before closing.
8. CLOSING
Finally, closing.
This is where the transaction is complete and you and the buyer pay your dues to the title company, real estate agents, as well as any other fees.
Closing costs typically run about 10% of the sale of your home and are split between the buyer and seller - so this can get pretty spendy fast.
THE ALTERNATIVE HOME SELLING PROCESS
As you can see, the traditional home selling process is a bit long-winded.
But for those of you who want to skip the headache, there's an alternative method. At Long Branch Properties, we buy homes as-is for cash. We make offers within a few days, close within a couple of weeks, and we even pay all closing costs. There are no hidden fees or strings attached.
If you want to learn more about our process, give us a call at
(312) 219-4419 - we're always happy to chat with homeowners in our favorite city: Chicago
Who are we?
We are a real estate solutions company based out of Chicago. We’re a family-owned business with a focus on helping homeowners like you find solutions to any problem. Life can be hard; Our team has experienced some hardships in life personally which include selling a home due to divorce, selling inherited property downsizing due to income loss and losing a home. These experiences help us to relate to any situation and carry out our mission to help others. Whether you’re going through a foreclosure, can’t sell your property, or just need to sell your house fast, Long Branch Properties can help.
https://www.longbranch-properties.com/
