While selling your house on your own will save you in real estate commissions, much of the costs you will absorb, such as marketing, are included in the commission. These savings come at a high price for most sellers, and we’ll discuss the costs you can expect with an FSBO listing in Chicago.
From excited buyers agents calling at the most inopportune of times to unwanted spam and phishing attempts on your phone from your marketing, selling your own home as an FSBO listing in Chicago means you’re acting as a gatekeeper. Before you bite off more than you can chew, you need to have a realistic picture of the time involved. You will need to set aside several hours for answering or return calls, sorting out qualified buyers.
Dealing with the public, in general, can be daunting for those who go it on their own with an FSBO listing in Chicago, especially when potential buyers are standing in your home and being less than diplomatic. Having an agent means that you can avoid the discomfort of answering questions that could be highly intrusive or of a private nature that the buyer shouldn’t be asking. In contrast, it is second nature to an experienced agent to fend off such questions with professional responses. Staying cool in the face of such questioning can be rather tricky.
One of the top reasons sellers delay putting their home on the market is their dread of the entire process of showing the house. Strangers exploring their private domain is disturbing and intrusive to many sellers, even if viewed through online photos or a 360-degree virtual tour. From the inconveniences of last-minute buyers wanting a walk-through to rescheduling your whole life around potential buyers, having an FSBO listing in Chicago can be a true nightmare.
Marketing the FSBO listing in Chicago properly from the start is key to reducing the number of days your property will sit on the market. The longer a listing lingers, typically, the less the seller will realize. This marketing plan would typically include hiring a professional photographer and drone videographer. From minor touchups in paint to a complete redecoration project, an agent will engage in staging the property for the best possible presentation. Top-performing agents know that competition is fierce in today’s market, as buyers can quickly scroll through hundreds of online listings in a matter of minutes.
Because you’re attached to your home, it makes handling your negotiations for your FSBO listing in Chicago difficult for many sellers. Especially for a home that isn’t in perfect condition, buyers’ could make lowball offers, which could feel insulting. In their efforts to save money on the deal, comments can seem heartless and cold. An emotional reaction to potential buyers during such essential negotiations can be costly.
A great deal of upfront money can seemingly disappear into the hole of repairs on FSBO listings in Chicago. Inspections are a necessary evil and benefit you as a seller, protecting you from the possibility of legal action should you fail to make disclosures. Often, for your buyers to qualify for their loan, all repairs must be completed before closing, which means you will be footing the bill. Otherwise, your buyers could ask for a price reduction that is usually outrageous for the repairs, their demands whittling away any profit remaining on the property.
An essential step in any real estate transaction is the earnest money, usually handled by the agent and their broker, held in an escrow account until the closing. When you accept an offer and take your home off the market, your buyer will have put down a deposit, typically between one to three percent of the purchase price, to show that they are committed to making the deal. You will need to hire an attorney or arrange for a title company to retain the escrow funds when you have an FSBO listing in Chicago.
Most sellers work with a professional, preferring not to carry the load of all of the FSBO listing responsibilities in the Chicago real estate market. Along with online and local marketing for the house, this job entails complicated paperwork that falls within strict timelines and requires a considerable time commitment. Errors on this paperwork can delay or even derail your deal.
Skip Listing Altogether
Avoid the commissions and all of the hassles of an FSBO listing in Chicago. Selling to Chi Home Buyers won’t cost you a dime and won’t take much time! Because Chi Home Buyers buys homes in as-is condition, directly in cash, the process takes only a few days! Ready to learn more about how Chi Home Buyers can help you solve your problems? Contact us today to find out how Chi Home Buyers can save you money and time at 708-206-9123.