For many people, the thought of selling their home can seem like a lot of work accompanied by a long list of expenses. It might seem even more troubling if the property is in bad shape or needs repair. However, it doesn’t have to be that way! In our latest post, we will explore the ways you can sell your house in Chicago without any hassle whatsoever!
When selling a property in Chicago, most people immediately think about hiring an agent and listing the property on the MLS. This is a great solution for many people, however, you should know there are other options available to you. There are many ways to sell a Chicago area home! Consider your options to discover which selling method is right for you and your situation!
Sell Directly to A Professional Home Buyer
You can sell your house without using an agent, ultimately saving a ton of time and money depending on the situation. For example, there are companies such as Global Abundance LLC that will buy certain assets like multifamily properties using a straight-forward and simple process. With a direct sale, you won’t have to worry about commission, repairs, cleaning-up or waiting for a buyer to come along. You will immediately know the amount you are receiving as well as the closing date so you aren’t left in limbo, wondering when your property will sell.
Direct sales are becoming increasingly popular, however, not all buyers are the same. Make sure you do your homework on both the local market and the buyer you are working with. A direct sale may not offer full price, but for some people, the amount saved on repairs and wasted time more than makes up for the difference in price.
List Your Home With An Experienced Agent
Of course, listing your Chicago house is an option. Take the time to learn about everything that is involved and what will be expected of you. No two agents work exactly the same and there are no guarantees. Your property can be listed for any price, but there is no guarantee you will receive it. Watch out for agents who try to “wow” you with a high listing price. If it’s priced too high, it will likely sit on the market, possibly for months at a time. You will inevitably have to lower the price, while your property drops down the list of homes available on the MLS. If you decide to list, make sure your agent prices your home to sell. Not just setting a high price to convince you to sign a listing agreement.
Offer Seller Financing
This can work for some people who don’t need the cash from the home immediately. You can elect to carry the note setting up a “rent-to-own” structure. Your tenant will “rent” the property at a higher than average price, with some of the money going toward a down payment on the home. They will then have the option to buy the property outright at the end of a certain period of time, typically around 2 years.
Consider Your Other Options
If selling simply isn’t in the cards and you need to move, there are other options. You can rent the house out as either a short or long term rental. The trouble with this can be finding great tenants and retaining them for as long as possible. Renters can be quite nomadic, and tenant turnover can cost you dearly. If you haven’t done this in the past, consider hiring a property manager to help you keep everything in order.