One method to sell your Illinois property without scrambling to spruce it up is to sell it in its current state. While it may be tempting to sell a house in Illinois in its current state, there are some important negatives to consider. Here is some important information to know ahead of time.
» Jump To:
- As is meaning
- Illinois real estate market trends
- Pros and cons of selling as is in Illinois
- Illinois ‘as is’ real estate contract
- Things to consider before putting your house for sale
- Process of selling as is
- Options for selling as is
- Final word
What Does “As Is” Mean in Real Estate?
In real estate deals, “As Is” refers to the property being sold in its current state. This means the buyer is willing to accept a home with a soiled carpet, a leaking roof, and faded paint, among other things. However, “as is” is a legal expression that refers to a complete agreement to disclose information about the property’s actual state. Sometimes it is also referred to as “as is where is” in a real estate contract.
In such cases, the homeowner should honestly disclose defects in the condition of the home – also known as “Caveat Emptor”, or in layman’s terms “let the buyer beware.” Also, to avoid abusive business practices, real estate agents are secrecy to honestly speak of the defects. Or they could be punishable under the Consumer Protection Act which is known as Chapter 93.
Can you Sell a House As Is in Illinois?
Yes, you can sell your house as-is in Illinois. You should go over this section with your lawyer to ensure that any special circumstances in your transaction are reflected in the contract.
Illinois real estate contract mentions provision of buyer accepting the house as is. It has to be duly filled by the sellers while selling their property.
Illinois Real Estate Market Trends
Before we talk about selling a home as-is in Illinois, let us take a look at some important pointers from TX real estate perspective:
|Number of home sales||Nearly 233,403|
|Typical home value||Nearly $254,300|
|Average number of days on market||56 days |
|% of buyers who purchased a new home||41%4]|
|The average commission for real estate agents in Illinois||5%-6%|
|% of sellers who opted for real estate agents||87%|
 In the year 2021
 From Feb 2021 to March 2022
 As per Illinois REALTORS yearly report 2021
Benefits and Risks of Selling a House As Is in Illinois
Key Benefits of Selling a Home As Is in Illinois:
|Save Huge Fortune||Home renovations can be quite costly. You won’t have to spend a lot of money—or worse, go into debt—on substantial repairs or modifications, which can cost up to $150 per square foot if you sell as is. |
Imagine spending $15,000 only to renovate a 100-square-foot kitchen! Remember that getting into debt to repair your home is never a good idea.
|Property Is Sold Quickly||Apart from the costs, remodeling can take a long time before you can sell your home. These steps are optional. Furthermore, there is no need to stage the home for showings.|
|Reduce Inspection Bargains||If you’re selling a home as-is, you can tell potential buyers how much you’re willing to spend on repairs ahead of time. This will make the closing process less stressful.|
|Avoid stress and hassles of the process||You have the option of selling your house to cash companies when selling it as-is. It will only help in saving time but not money. When selling to a cash company, they offer very low ball offers. You also won’t have to deal with a real estate agent or haggle over other costs.|
Key Drawbacks of Selling Your Home As Is in Illinois:
|Negative assumptions about the property||Selling as-is may give purchasers an unfavorable impression of the property. They presume your home has major flaws, which isn’t often the case. This has an impact on the price it commands.|
|Most potential buyers offer less||Because buyers think you’re desperate and believe your home has major flaws, they’ll likely offer a lower amount than it’s worth.|
|Difficult to find buyers||When selling your house as-is, you’re more likely to attract flippers and purchasers who don’t mind doing some minor repairs — a fixer-upper opportunity. Due to their tiny numbers, finding such buyers can be challenging.|
|Repairs cannot be avoided completely||You are not exempt from making repairs just because you choose to sell a home as-is. Buyers will try to haggle over the cost of repairs. It will be up to you to determine how to proceed. You might consider a buyer who offers a good price in exchange for some modest repairs.|
Illinois Real Estate Contracts
Illinois Residential Purchase and Sale Agreement is a legally binding contract covering both parties in a residential property transaction. It is an “as is” contract that enables Illinois residents to sell their properties in the existing condition.
As stated in Paragraph 14 of the contract, buyers are not precluded from requesting certain repairs to be done at the seller’s expense.
Just because you’re selling your house as-is, buyers are not prohibited from inspecting the property, negotiating repairs or treatments in future revisions, or canceling the contract within the option period.
What if You as the Seller Want to Back Out of an “As Is” Offer?
The Illinois real estate contract makes no mention of sellers withdrawing from the “As Is” offer. The contract simply covers how and when it can be terminated, as well as who gets the earnest money.
Before opting out of a contract, always consult an attorney and a certified real estate agent or broker.
What if the Contract does not Contain Provisions for an “As Is” Sale?
In case your real estate contract is not “as is” you can bargain with buyers to waive any inspections, appraisals, or survey requirements.
Furthermore, you can request a large deposit (Earnest Money) so that if the buyer backs out, they would lose a big amount of money.
Things To Consider Before Listing Your House
You need to keep a few things in mind when selling their house as-is or otherwise in Illinois. This includes the following:
|Best time to sell||According to Patch, June and May are one of the best months to sell a home in Illinois. It is also observed that people who sold their houses in May leveraged a 6% higher rate than the estimated market value.|
Attom also found out that sellers who sold their homes on 28 June saw a whopping 9% higher premium than on any other day of the month. Even in hot spots like Chicago, the month of June recorded a 5% higher premium.
|Pricing your house competitively||Pricing your house right is half the battle won! Competitive prices will not only help you in attracting more buyers but also the correct ones with whom negotiating the final price won’t be very difficult. |
You can also opt for Comparative Marketing Analysis (CMA) usually offered by real estate agents in Illinois. If you are selling your house by owner in Illinois you can create your CMA with Zillow or Redfin.
» More: How to Price Your Home For Sale in 6 Steps
|Knowing seller disclosure obligations (More)||While selling a house in Illinois, you are expected to furnish the Seller’s Disclosure Notice. It is a standard form in the form of a checklist wherein you have to disclose various facts about your Illinois property. |
» More: Sellers Disclosure Illinois: A Guide To Ace Your Disclosure Process
|Creating property description||Creating an appealing property description is very important. It can help in luring buyers toward your Illinois home. You can include important things like renovations, historical significance, any special features like the name of the renowned architect, etc. Basically, your property description should reflect how your house stands apart from other houses in Illinois.|
💡 Pro Tip: In the state of Illinois, where the climate could go nuts, you might want to consider installing a new HVAC system or updating an existing one.
|Prepping your house for sale||Few efforts can be done to make a positive impression on potential buyers. Making modest repairs (flooding is not unusual in Illinois), such as repairing your roof, decluttering and depersonalizing your home, repairing your HVAC systems to combat the Illinois heat, and so on are all examples.|
How To Sell As Is in Illinois?
To sell your house as-is in Illinois, you pretty much follow the same steps that you follow for a standard home sale. The only major difference is you can skip the home staging part. But selling a house as-is requires a little approach in marketing.
Marketing with a Fixer-Upper
Selling a house as is differs in terms of the marketing approach needed. Marketing it correctly as a fixer-upper can help you attract more prospective buyers. Here are a few marketing techniques that you can use:
- 💡 FACT: In real estate, fixer-uppers are properties that require repair and are therefore sold as-is. The lower purchase price, lesser competition, and quality control are a few of the reasons behind their popularity.
Identify and Fix “Deal Killers”
Even when putting your Illinois home for sale as is, you have to fix a few things. This includes glaring problems that the buyers may not overlook and can kill the deal. Some of the very glaring defects you need to fix are:
|Damaged Foundation||A weak foundation of a house can be a very big turnoff for buyers as it poses a direct threat to the residents. Foundation repairing costs around $3,469 up to $5,908 in Illinois.|
|Termite Infestation||Termite infestation is a very common problem in the USA and it can easily turn buyers away even when buying a house as-is. Thus, it is important to conduct a termite treatment for your house. Termite treatment in the USA on average costs about $558. |
📝 Note: Termite treatment costs in Illinois are higher as termite infestations are more common here. This is due to the warm climate and high humidity.
|Ancient Roof||If your roof has some minor problems like leakage, it is best to get it repaired. Also, flooding is common in Illinois so it is best to get your roof repaired. |
House roof repair costs range from $300-$1,500. It depends on the type of roofing material, level of damage, etc.
Fill Out Seller Disclosures
Even when selling your house as-is, you need to fill out seller disclosures in Illinois. A brief about the disclosure forms that you need to fill out in Illinois is given below:
|Seller’s Disclosure Notice||A disclosure document that states any known issues in the house including appliances and any other systems. Another key point is that Illinois real estate laws may also expect home sellers in Illinois to disclose any information about when was the house built, and if and what major alterations, changes, and improvements have been made to the property.|
|Lead Paint Disclosure||Specifically for homes that were built before 1978. Accordingly, Federal law requires the seller to disclose any dangers related to lead-based paint.|
|Flood Zone Statement||A buyer’s lender may require the concerned property’s flood hazard disclosures report before providing the loan. This could be important in mortgages that are backed by the federal government.|
|Defects and Damage||The sellers are expected to reveal if their house in Illinois has any major defects or damages with regards to electrical and housing systems, damage caused by termites, squirrels, or other insects, or water intrusion and drainage.|
🎯 Houzeo Makes It Easy For You To Meet Your Disclosure Requirements
Houzeo offers the best possible alternatives for you to deal with disclosures.
💲 List your property with Houzeo’s Freemium Plan
💲 Purchase the “Contract to Close Upgrade Package”. A Licensed broker will review your paperwork to make sure it is appropriate.
In addition, you should also have the settlement agent review the paperwork so you cover all bases.
» More: Start your FREE listing NOW!
Here are the best practices you should note when selling a home as-is in Illinois:
|1.||Disclose all the details||Disclose all the details to the buyers as it will help them make an informed decision and will also reflect your honesty as a seller. Remember, you’re offering your house to the buyers in its existing condition, and that means you have to make an assurance that it is still structurally livable and sound.|
|2.||Label your listing as “As Is”||Mentioning “As Is” in your listing will help buyers understand that you are selling your home in the existing condition and it is different from the regular sale.|
|3.||Pre-listing Inspection||Conducting a pre-listing home inspection when selling as is will ensure that the overall process is transparent. This will also help in building trust with the buyers.|
|4.||Make minor improvements||You can carry out the high return on investment repairs which can enhance the look of the property. This includes installing fresh mulch on the lawn, deep cleaning and decluttering, adding a fresh layer of paint, etc.|
|5.||Keep your intentions clear||It’s necessary to be clear in your marketing intentions. Buyers may back out after they figure out there are too many repairs to handle. It will not just waste time but put a bad reputation on your future negotiation.|
|6.||Demand a fair price||Never ask for above the estimated price. Some buyers will ask their contractors for estimates or do their home inspection just to make sure you’re not playing coy. If you want to double your property’s worth, make time to prepare your home—or spend bucks for improvements.|
Options for Selling a House As Is in Illinois
Best Option: List Your House “As Is” on the MLS via Houzeo.com
Houzeo is a tech company that deals in American real estate and aims to improve the home selling experience. More than $3.5 billion worth of properties were listed on Houzeo.com in 2021.
By choosing Houzeo, you can attract offers as high as 100% of the home value. Houzeo’s cutting-edge technology ensures your house is listed on the MLS and gets maximum exposure.
» Explore: Houzeo Reviews: Is Houzeo Worth Your Money?
Best Option To List Your Home As-Is in Illinois
Houzeo, an online real estate tech company, provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.
💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.
📣 Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.
⚡ Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.
⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.
📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:
- IntelliList Listing Management System: Lets you manage your listing 100% online.
- Houzeo Showings: Manage showing appointments online.
- Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for highest and best offers.
- Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
- Houzeo Settlement Agent Platform: Guides you to your closing.
👉 Our Take: Houzeo.com is our top pick because it delivers an unbeatable combination of savings, tech features, and service of any flat fee MLS listing service website we’ve reviewed.
Houzeo Reviews: Houzeo is 100% online. You can finish the listing formalities in less than 60 mins.
- Nationwide coverage
- Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
- Quick listing (within a day with concierge)
- Savings on commissions
- 100% online – easy listing, fast changes, online showings, and online offers
- Mobile app availability
Houzeo is available nationwide.
Sell Your Home to Companies that Buy Houses for Cash
A cash company can be a viable alternative if your property is in severely poor condition and you need to sell it quickly for cash. They are real estate companies that make speedy bids and assist you in selling your house for cash quickly.
However, there is one significant disadvantage. You’ll only get 50% to 70% of the fair market worth of your home, which is a low-ball offer. An investor with quick cash can get a home worth $150,000 on the open market for $70,000. An offer that is roughly 50% less than the property’s market value.
- ✍️Pro Tip: Consider selling your Illinois home as-is to an iBuyer
If your house is not in extremely bad condition then you can opt for iBuyers. iBuyers are companies that will buy your home for cash outright. An iBuyer can offer and close the deal within 24 hours.
»Explore: iBuyers Reviews: Selling Your House for Cash in 2022
Sell Your House As Is Through an Agent
The traditional option for selling your houses as-is through real estate agents is always available. This will help you understand what all price options are available to you. A real estate agent would also help you guide you throughout the process and would assist you during closings as well.
The average real estate commission in Illinois is approximately 5.78% of the sale price, which means if you choose to sell with the help of a REALTOR you will have to shell out this much amount as their commission. To save this amount you can list it on Flat Fee MLS Listing companies such as Houzeo. Such Flat Fee MLS Listing platforms make the job easier for home sellers who are otherwise looking to sell FSBO.
Selling a shabby, worn house in Illinois or any other state can be a challenge. However, doing minor repairs and highlighting the best features of your property can help compete for these drawbacks.
If you don’t have the patience to handle renovations, you can ask for advice from your real estate agent to make a list of what necessarily needs repairs. As a result, it’s easier for you to weigh the benefits against the low asking price. And the buyers will have the convenience to reflect on the need for work they need to commit.
But to avail of the agent’s advice, you have to shell out a heavy real estate commission. THIS IS WHERE HOUZEO CAN HELP!
Houzeo can help skip some of the manual processes involved here. With Houzeo, you can list your property as an owner and facilitate a hassle-free closing process with the help of an attorney. You do not have to worry about complex processes as the platform is 100% online. It will also help in listing your property on the MLS at a flat fee rate, taking care of tasks that otherwise would require manual intervention.
Check out some of the Houzeo reviews and how it has helped customers around the US.
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Frequently Asked Questions (FAQs)
Is Illinois a full disclosure state?
No, Illinois is not a full disclosure state.
Do you lose money selling a house as is?
Just because you are selling a house in its existing condition doesn't mean you would have to sell it for a loss. The proper market analysis combined with providing accurate seller disclosures can help you fetch the best possible price for your house.
What does it mean when a house is listed as sold as is?
A house that is being listed as sold as-is means that the buyer would have to accept the house in its existing condition and no major repairs would be made by the seller unless agreed upon otherwise.
Should you sell your house as is?
You can choose to sell your house as-is if you want to close on your house quickly and do not wish to spend a lot of money on repairs.
Should I fix up my house or sell as is?
It completely depends on the situation. If you have some very significant repairs to be made, then you should sell your house as-is. Because this can save you thousands of dollars. But in this case, you should also be prepared to accept lowball offers.
How to sell a house as is for cash?
You can opt for companies that buy houses for cash or iBuyers to sell your house as-is for cash.
Can you negotiate an as is home in Illinois?
When a real estate agent lists a home for sale "as is," the buyer's legal rights are unaffected. You can indeed negotiate an as-is home in Illinois.
How much do you lose selling a house as is?
Most of the cash companies offer 20-50% lower than your home's market value. A significant amount to lose!
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