Selling a house in Illinois in 2022 has become rather challenging. The number of homes for sale in Illinois has increased by a substantial 37.3%. At the same time, the number of houses sold in Illinois has decreased by nearly 5-6% since the past year.
» Jump To
- Best Time to Sell
- Pricing Your Home Right
- 3 Ways to Sell Your Illinois Home
- Prepping & Marketing Your Home
- Managing Showings & Offers
- Paperwork in Selling Your Illinois Home
- Closings in Illinois
- Final Word
1. Best Time To Sell A House In Illinois
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.
» Best Time to Sell a House in Illinois: Know When’s The Best Time to Sell a House in Illinois.
2. Price Your Home Competitively
As a seller, accurately pricing your property is equally important. It is also just as integral to keep in mind that the price you list your home at determines the popularity of your listing and brings in foot traffic. The list price itself doesn’t determine what your sale price is.
REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. Your LIST PRICE is not your SALE PRICE!!!
What happens if you under-price or over-price your listing?
|If you price it too low||It is most likely that you will get multiple offers. You’ll likely go for “Highest & Best Offer” or counter the best offers to finalize the sale price with the buyer. And you will sell at market price|
|If you price it too high||You will get little traffic. It’ll make you drop the price, and you will sell at the market price|
Regardless of whether you price it too high, or too low, you’ll likely sell it at the right market price. Real estate professionals will typically price the home just a tad bit lower to attract foot traffic and get multiple offers. It’s likely that multiple offer situations if handled right can even drive up your final sale price above the market price of that property. If you are opting for “for sale by owner” (FSBO) then you can easily create your CMA with Zillow and Redfin and understand how to sell a house by owner in Illinois works.
Option 1: Sell Your Home For Sale By Owner In Illinois
The idea of selling your house in Illinois FSBO has its drawbacks. Though you save up on the commission money, you will have to handle everything – listing, marketing, negotiations, closings, etc. – on your own.
🚩 Key Downsides of Selling Your Home For Sale By Owner (Illinois):
- No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO in Illinois means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes, not on the MLS.
- No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own as a For Sale By Owner.
» For Sale By Owner Contract Illinois: How to Create a For Sale By Owner Contract in Illinois.
Option 2: List With A Traditional Full-Service Agent
Hiring a full-service agent can, of course, help you sell a home in Illinois. From listing to closing, the agent will help you with everything. But of course, you’ll be paying a full 2.5% to 3% listing agent commission. And even if you find an unrepresented buyer, you’re still on the hook for the full commission.
🚩 Key Downsides of Listing With a Traditional Full-Service Agent:
- Hefty Commissions Will Cost You Thousands: Realtor commissions in Illinois fall between 5% to 5.21% and that’s thousands of dollars of fees in commissions!
- Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. For almost everything, including if a counteroffer was submitted, the status of your closing, and how many showings you’ve had, you’ll have to reach out to your agent.
- Slow & Manual Process: Most Real Estate Agents in Illinois do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.
Best Option: For Sale By Owner with a Flat Fee MLS Listing
The average realtor commission in Illinois is around $15,000. Listing with a high-tech website like Houzeo.com saves you the listing agent commission. In addition, it gets you maximum exposure to the MLS and helps whenever you need it.
✅ A Flat Fee MLS Listing Service Combines the Best of Both Worlds:
- Save Thousands in Commission: Instead of paying a 5% to 6% listing agent commission, you just pay a $300 listing fee.
- Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
- Help When You Need It: Services like Houzeo.com offer the “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
- Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer’s or their agent’s contact info. It doesn’t get easier.
- Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
- A-la-carte Options: Need a yard sign, ShowingTime, lockbox? You can purchase them easily from your Houzeo dashboard!
Best Flat Fee MLS Listing Company 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.
» Flat Fee MLS Illinois: Discover The Best Flat Fee Listing Companies in Illinois.
Option 3: Other Discount Real Estate Brokers
Apart from Flat Fee MLS Listing Companies, there are three other types of discount real estate brokers you can choose from.
Flat Rate Brokers
A Flat Rate is a fixed amount the seller pays the broker. Flat-rate brokers are predominantly full-service brokers. They handle everything from listing to closing. These fees are fixed and do not change as per your home’s services or the selling price.
A flat rate is perfect for homes priced on the higher end. Let’s say your house for sale in Illinois is valued at $450,000 and you pick a flat-rate pricing model of a $3500 listing fee. If you opt for the traditional agent route, you would have to pay a realtor commission of around $27,000.
Apart from the buyer agent commission, you will also be responsible for concessions, attorney fees, and warranties.
Our Top Pick For Flat Rate Brokers
Redefy provides listing at a flat fee of $3500. However, the platform becomes expensive when a house is sold over $1 million. The selling fee in such a case is 1% of the total sale price.
The company does provide in-house support which helps sellers with accurate pricing and other features like staging home, etc.
Like some other low commission real estate agents, Redefy has the process where limited agents cater to a large volume of customers. This poses a risk to service quality. Also, Redefy works on a team-based model rather than a one-agent policy.
Redefy provides features like listing on MLS, comparative market analysis (CMA), showing service, yard sign, lockbox, and more.
Redefy does not provide open houses and printed flyers which makes it a bit different from the traditional Realtors.
Redefy is rated out of 5 on Yelp.
Redefy covers only the region of Chicago in the state of Illinois.
Low Commission Real Estate Agents
A Low commission realtor or an agent is a discount real estate broker who works on a lower commission rather than the traditional 3% commission.
With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low-commission real estate companies in Illinois more relevant to sellers nationwide.
Generally, low-commission Realtors in Illinois work at commissions like 1%-2% instead of the traditional 3%.
Our Top Pick For Low Commission Realtors In Illinois
Ideal Agent helps the sellers find quality low commission real estate agents. The listing fee on Ideal Agent is 2% which leads to only marginal savings.
With the free-of-cost agent matching service, there is no obligation to work with the recommended low cost real estate agents. Additionally, the company has strong criteria for selecting agents (only top 1% sale producers).
It is required by the sellers to talk to the concierge on the phone post which an agent is assigned. This does create a delay in the selling process. On average, a seller saves approximately $3000 – $4000 while listing with Ideal Agent.
Ideal Agent has an average rating on TrustPilot.
Ideal Agent is available throughout the U.S.
Virtual Full-Service Brokers
A virtual full-service broker does everything a traditional broker would do i.e. listing, marketing, pricing, negotiating, etc. The only difference is that a virtual full-service broker would do all of these online i.e. virtually.
Because of their cloud-based presence, they have many advantages. Such as lesser fees, discounted commissions, and much better management and marketing support. Many MLS listing companies like Houzeo, also provide full-service options that are 100% online.
Our Top Pick For Virtual Full-Service Brokers In Illinois
Houzeo is the best virtual full-service provider to sell homes for sale by owners in Illinois that offers the following services to home sellers:
- Online showings through Houzeo Showings
- Mobile Application
- Fast changes to your MLS listing
- Listing syndicates to hundreds of other real estate websites, and a lot more
*We could not find any other reputable virtual full-service company in Illinois.
What If I Want To Sell My House Fast In Illinois?
Due to some reasons, a seller may say he wants to sell his house fast in Illinois or any other state. So if you’re one of them and wondering how you can sell your house fast in Illinois, here’s what you can do:
|Sell Your House As Is||Selling a House As Is in Illinois can help you save hundreds of dollars by bypassing the repairs. This also ensures that your house is sold fast.|
Selling a house as-is in Illinois can be done via a real estate wholesaler as well. A wholesaler is an investor who buys your house in its existing condition and sells it for a higher profit.
» More: Selling A Home As Is: A Step-By-Step Guide For Sellers
|Sell Your House For Cash||If you want to sell your house fast in Illinois then selling them to cash companies can be a very good option. They can offer you cash right away and accelerate the process of selling a house fast. There are various types of cash companies that can ensure that the deal is closed instantly.|
» Buy Houses for Cash in Illinois: Discover The Best Companies that Buy Houses for Cash in Illinois.
|Offer Your House To A Flipper||Home flippers are the ones who are involved in flipping houses in Illinois are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save both time and dollars.|
» More: How to Flip a House: An Introductory Guide For Beginners
» Sell My House Fast in Illinois: Discover Best Ways to Sell Your House Quickly
- ✍️ Pro Tip: Consider selling your Illinois home to an iBuyer
iBuyers are companies that will buy your home for cash outright. They use technology to make an instant offer. This gives them an edge over the traditional cash companies. The price is decided with the help of their proprietary algorithm, recent real estate data, and their in-house experts. An iBuyer can offer and close the deal within 24 hours.
»Explore: iBuyers Reviews: Selling Your House for Cash in 2022
» Sell My House Fast for Cash in Illinois: Know How to Sell Your House Fast for Cash in Illinois.
4. Prepare and Market Your House For Sale in Illinois
A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.
Get My House Ready
Whether you selling a house in Illinois or any other state, you need to take care of certain things if you are thinking of selling a home without a realtor in Illinois. Here is what you need to do:
|Declutter & Depersonalize||Make sure you eliminate anything that may bring a feeling of personalization from your perspective i.e. you need to make the buyers imagine as if it is their home. This means removing your personal belongings, etc. before the showing.|
|Make Repairs||If your home requires any necessary repairs, make sure it is done before you start the process of selling. For example, if your property has any issues related to the roof, you must fix them early on. This may help later when the inspection is done.|
|Repaint Neutral||You can attract a higher number of customers when you paint your home with neutral colors.|
|Improve Curb Appeal||Go for a clear landscapes, fresh flowers, or exquisite paintings because the first impression is everything!|
|Implement staging||The best way to sell a property is by hiring a home staging professional. They would be able to utilize the spaces and furniture cleanly and attractively.|
|Install Or Update HVAC System||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.|
» Home Staging Illinois: Discover The Best Home Staging Companies in Illinois.
Ways To Market My Home in Illinois
Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy can make a difference in getting your house sold.
Here’s what you need to do if you are in for selling a home in Illinois or any other state:
|1.||List on the MLS||Homes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission. You can work with the best real estate brokers in Illinois to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in Illinois. |
Houzeo will help you save the hefty realtor commission and get your property maximum exposure. All of this, just for a small flat fee!
✍️ Pro Tip: Research the best For Sale By Owner websites to sell your house by owner
|2.||Get a Yard Sign||Opting for a yard sign can be a good investment when selling your home in Illinois. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive the attention of potential buyers. |
Houzeo’s yard sign can help you in this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!
✍️ Pro Tip: If you secure a buyer from a yard sign, you’ll save on the buyer agent commission. In a nutshell, it is worth the $49 investment.
» For Sale By Owner Yard Signs: Check out the 7 best FSBO Yard Signs!
|3.||Share Your Listing on Social Media||Share your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission. Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.|
✍️ Pro Tip: If you secure a buyer from social sharing, you’ll save on the buyer agent commission.
|4||Hire a professional photographer||As a seller, you can hire professional real estate photographers in Illinois to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers. |
✍️ Pro Tip: Professional photographer can collate a portfolio that otherwise may not be possible if you are taking up the job.
» More: Create Your Best Listing Photos
|5||Run ads||When selling a home in Illinois, running ads on print and social media can help you attract more buyers.|
✍️ Pro Tip: Try to cover as many social media channels as possible to initiate ads for your listing.
With Houzeo, you can market your property to a large audience as it gets listed on the MLS and other real estate websites.
5. Manage Showings And Negotiations
Seems like you’re prepared for selling a house in Illinois! Now as you’d guess, showing it to buyers is the next step!
How To Manage Showings When Selling A House In Illinois?
Once your property is ready for showings, it is critical to manage the showings effectively. You can either opt for online showing tools or host an open house.
Online Showing Tools
Online showing tools provide home buyers and their agents with a frictionless way to request and schedule showings.
The very popular Houzeo Showings, a cutting-edge solution, helps buyers and buyer agents choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.
|1.||Home Sellers Can Set Their Showing Calendar||Buyers and buyer agents should only be shown times when the property is available for showing. This saves time for all the concerned parties.|
|2.||Buyers & Buyer Agents Can Request & Reschedule Showings||Make sure that buyers and buyer agents can request showings at available times. In addition, they should be able to reschedule and cancel on an ad-hoc basis.|
|3.||Buyers & Buyer Agents Can Provide Feedback on the Listing||Feedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.|
Introducing the Houzeo Mobile App!
- View your listing
- Review and compare offers
- Manage showings with Houzeo Showings
- Counter an offer
- NEW! Buyers can now search your property and save it in “Favorites”
Hosting Open Houses
92% of home buyers find open houses useful. If your house is located in Chicago or Peoria or any other prime spot in the Illinois housing market, more buyers would be interested in buying. In such cases hosting an open house would be more feasible.
- ✍️ Pro Tip: You might attract unrepresented buyers, saving you the entire buyer agent commission.
Here are a few things to keep in mind when hosting an open house in Illinois:
|Ensure Your House Is Ready||Buyers would not want to see a house with a leaky roof or broken doorknobs. Thus make sure you have fixed all the defects and made all the necessary repairs beforehand.|
|Choose A Correct Time||People are busy on weekdays. Thus hosting an open house on weekends, preferably a Sunday, would be best. Also, you need to take care of the time of day. Usually, afternoons are the ideal choice.|
|Post Open House Online||As per the National Association of Realtors, 93% of buyers rely on the internet for their home searches. Thus, posting online will make potential buyers aware of the open house. You can also list your open house on the local MLS, real estate websites like Zillow & Trulia, Facebook, etc.|
|Give Visitors Their Space||During the open house, you might want to stay away from the property. This would give them the desired space to explore at their convenience. Also, it will help them in visualizing their future in the house.|
|Get Your Neighbors Involved||You can invite your neighbors to the open house. Even if they may not be interested in purchasing your home in Illinois, they would spread the word.|
How To Negotiate Offers When I Want To Sell My Home In Illinois?
Counteroffers and requesting the highest & the best offer are the two tools of negotiations when selling a home fast in Illinois or any other state.
Most brokers or brokerage companies will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!
|#||Advanced Tactic||When to Use||How to Use|
|1.||Counter an Offer||Single or Multiple Offer Situation||Your best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc. When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.|
▶️ Learn more: How to counter an offer on Houzeo
|2.||Request Highest & Best Offers||Multiple Offer Situation||If you have multiple offers and a timeline by which you’d like to pick an offer, you can call for the Highest & Best offer from all the interested parties.|
▶️ Learn more: How to request the Highest & Best offers on Houzeo
Also, negotiating offers means focusing on other factors like contingencies, concessions, responsibility, and more.
6. Documents Needed To Sell A House In Illinois
A lot of paperwork is needed to sell a house in Illinois. Though your realtor takes care of all the paperwork on your behalf, you need to be aware of them.
Disclosures For Selling A House In Illinois
Illinois real estate disclosure laws aren’t very different than the ordinary laws in other states in the US. Typically, while selling a house in Illinois, sellers may have to fill in seller disclosure forms that provide information on the overall health, structure, and features of the house.
Additionally, there could be really specific questions about the property in the Illinois seller disclosure form. While sellers are not obligated to answer every particular question, it is advisable to consult an attorney and not hide any such detail that may cause a dispute or even a lawsuit in the future.
You may need to have the following disclosures when selling a home in Illinois:
|Seller’s Disclosure Notice/ History of the property||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. At the same time, 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.|
» Seller Disclosure Illinois: A Guide to Ace The Seller Disclosure Requirements in Illinois.
Mandatory Documents For Illinois Real Estate Transactions
Review these documents at length and understand their provisions. Here are some key documents you’ll likely need when selling a house in Illinois:
|Purchase Agreement||It is a Standard Form of Real Estate contract that details the terms of transactions to which buyers and sellers agree. It contains aspects such as sale price, financing contingencies, property description, etc.|
|Statement of Closing Costs||This statement summarizes all the expenses involved in the transaction. The document is not complicated and can easily be taken care of.|
|The Deed||This document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.|
|Certificate of Title||It allows you to state that you have the right to sell the property.|
|Bill of Sale||Information about the seller and the buyer with the selling price. This is important as part of the process of selling real estate in Illinois because it contains all the base information about the property.|
Possible Additional Documents
The below table showcases some more documents that one may require while selling a home in Illinois:
|Loan Payoff||In the case of a mortgage, you need to provide proper documentation if the disbursement of the loan amount has been completed. Else, you need to provide how much you still owe.|
|HOA forms||If the house is part of HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.|
|Survey papers||The documentation defines the location and the dimensions of the property. This could be vital while selling your own home in Illinois.|
|Home Inspection||Contains all the details about the inspection of the property.|
|Repairing Proof||While selling a home in Illinois, if the seller has made repairs to the property before the sale, he/she needs to furnish the relevant documentation.|
|Home Warranty||Contains all the coverage of the property, period, and cost.|
|Closing Disclosure||Proof that the seller agreed to buyer concessions. The disclosure is provided to the lender.|
|Power of Attorney||If the property is inherited, then the seller needs to furnish the details of the history and how the property was passed onto him/her.|
|Affidavits||A seller will need to provide a few affidavits like name affidavit, non-foreign, etc. This may also include affidavits like “Affidavit of Title” which discloses that you are the rightful owner of the property and that there are no liens on the property.|
|Correction Agreement||In case there are any errors in the documentation, you may be required to correct those errors.|
Bring TWO Forms of Official ID
There will likely be a licensed notary involved in the closing process who’ll require you to swear on your identity. You would also be required to furnish identity proof (like a passport, driving license, or any other authorized document) during the process. However, the closing process might require you to produce secondary identity proof.
7. Closing On Your Illinois Home
Illinois real estate closing process is handled by an attorney. Your realtor and settlement agents usually handle the legalities. But you still need to be prepared for a few things during closing.
Take Care of Title, Appraisal, And Inspection
|Title||In Illinois’s real estate laws, there are two types of title insurance policies- the Loan Policy and the Owner’s Title Insurance Policy. |
📝 Note: In Illinois, sellers pay for the Owner’s Title Policy, whereas the buyers pay for the Lender’s Title Policy. But, it is subject to negotiation between each party.
|Appraisal||A money/mortgage lender typically goes for a home appraisal to identify what is the appropriate value of a particular property. Based on the outcome by licensed appraisal agents, the lender decides the amount that should be part of the mortgage. This is crucial while selling a house in Illinois (or any other state) as it keeps the buyer protected from the unwanted sale price.|
|Inspection||Inspection is also part of the process where licensed individuals scan the property for any issues. If there are defects, re-negotiations might take place between the seller and the buyer. Consulting a real estate agent may be a good option for the seller to take care of these processes.|
Overall Cost Of Selling A House In Illinois
It should be noted that realtor commission and sale price are not the only two things that are involved from a real estate transaction perspective. There are multiple other fees involved while selling a house in Illinois that should be known to a seller and is crucial for a sale. Here’s a list to get you started:
The list will also help the seller in getting an answer to the question – How much will it cost to sell my home in Illinois?
|Transfer Tax||Illinois real estate transfer tax is one significant charge while selling a home in IL. In the state of Illinois, Transfer Tax is imposed at $0.50 on every $500 or $500 on every $10000 worth of property with an additional $0.25 on each $500 in counties.|
|Capital Gains Tax Illinois||You are required to pay a tax on the capital gain of the property. A capital gain is a difference between the amount for which a property was bought and the amount for which the property is sold.|
|Title Insurance||Title insurance protects the buyer if an important chain of title ownership is missed by the Title agent/company which could cause issues later. The premium is typically paid by the buyer but it can be paid by either seller or buyer based on negotiations.|
In Illinois, Title insurance is approximately between 0.5-1% of the sale price.
|Home Warranty||A seller may go for a home warranty if some components of the home (water heater, air conditioner, fans, etc.) require attention. As a result, this benefits the buyer in case a component of the home breaks down later.|
|Appraisal Fees||An appraiser is hired to determine the actual price of the property. The cost of the appraisal process depends on various factors such as property type, size, and location. It is usually paid by the buyer.|
In Illinois, home appraisal cost is between $300 and $400.
|Inspection Fees||A general home inspection in Illinois would cost $300 – $600, depending on the area of the property. Apart from this, various other inspections such as pest inspection, pool inspection, roof inspection, etc. are carried out.|
|Survey Fees||A survey of the property is generally carried out before the purchase deal. It includes all the features related to the property. Surveys can generally cost you between $300 and $500.|
|Attorney Fees||A real estate attorney can help you with the documentation and other closing processes. Illinois real estate attorney fees could range from $400 – $800.|
|Title or Escrow Fees||Escrow fees in Illinois may cost you anywhere between $200 and $800.|
|Other Costs||Apart from the stated costs, multiple other costs are involved to sell a home in Illinois. These can be local fees related to stamp taxes, recording fees, estoppel fees, and any other as imposed by the city/county. Apart from these, there can be fees to prep your home, relocation fees, and more.|
» Illinois Real Estate Commission: Know The Exact Estimates of Commissions in Illinois.
Who Pays Closing Costs In Illinois?
Various closing costs in Illinois are involved while selling a house. Most of them are customarily paid by sellers whereas a few of them can be negotiated.
|Closing Costs||Seller Responsibility|
|Realtor Commission||Sellers are responsible for paying REALTOR commissions in IL|
|Attorney Fees||Real estate attorney fees in Illinois are usually paid by the seller.|
|Title Insurance||The cost of title insurance in Illinois is looked after by the seller.|
|Survey Fees||Survey fees in Illinois are considered the sole responsibility of the buyer.|
|Home Warranty Fee||The home warranty fee in Illinois is paid by the seller.|
|Home Inspection Fee||When closing on a home in Illinois, it is the buyers who pay the home inspection fee. However, while listing the home on MLS, the inspection fee is the seller’s responsibility.|
» Seller Closing Costs Illinois: ALL You Need to Know
How Much Are Closing Costs In Illinois?
If you are concerned about how much are closing costs in Illinois then know that the amount of money you will spend on closings while selling a property in Illinois could depend on a lot of factors like the REALTOR’S commissions, a number of taxes, and fees as determined by the Illinois real estate closing laws.
You can calculate your closing costs using Houzeo’s Advanced Closing Cost Calculator. The calculations are based on the latest prices and it gives you a very detailed estimate of all the costs involved in the transaction.
» Seller Closing Cost Calculator Illinois: Know the Exact Estimates
Selling a house in Illinois, or any other state could be an overwhelming process. While one could hire a realtor due to intimidating paperwork, it also costs you a ton; thus leaving you with little profits and lesser satisfaction.
Many sellers are thus opting for FSBO or DIY route. It may also increase the seller’s responsibilities and limit the exposure, but then it also saves a decent amount of dollars. So the next best choice becomes discount real estate brokers.
Among these brokers, Flat Fee MLS Listing Companies are the best choice. Flat Fee MLS Services allow sellers to control the selling process without compromising on exposure. All of these at a small listing fee!
With hi-tech companies in Houzeo, you have the option to list your property as an owner and enable a smooth closing process. You do not have to worry about complex processes as the platform is 100% online. It will help in listing your property on the MLS at a flat rate and take care of other tasks that otherwise would require manual intervention. Another big point is that due to platforms like Houzeo, real estate agent commissions are declining. This is because of the Flat Fee MLS structure that companies are providing.
Eager to Know How Houzeo Works?
We’ve got you covered. Check out the following video to understand how Houzeo works and why it is one of the best free websites to list for sale by owner in the U.S.
What is Houzeo?
An overview of what the platform is all about
Frequently Asked Questions
Who pays closing costs when selling a house in Illinois?
It is usually the seller who pays closing costs in Illinois. However, a few costs are open for negotiation.
How to sell property by owner in Illinois? ( How to sell a house by owner in Illinois)
Home sellers in Illinois could list their properties on the MLS and sell a home FSBO with flat fee MLS listing services like Houzeo.
What are the documents required to sell a house?
You could require documents like the seller's disclosure, Illinois radon disclosure, purchase agreement, Title certificate, the deed, etc.
Do I have to pay taxes on my home sale?
Yes, while selling a home in Illinois, sellers are required to pay a transfer tax while transferring their ownership.
What is the real estate commission in Illinois?
The real estate commission in Illinois is between 5%- 5.21%.
Is mold disclosure required in Illinois?
No, mold disclosure does not come under statutory requirements like the lead and radon disclosures in Illinois.
What are the typical closing costs for seller in Illinois? $2000- $200,000
Typical closing costs in Illinois are around $2000- $200,000.
» How to Stop Foreclosure in Illinois: Discover Ways to Stop a Foreclosure in Illinois.
» Who Pays for Title Insurance in Illinois: How Much is Title Insurance in Illinois.
» Cost to Build a House Illinois: How Much Does it Cost to build a House in Illinois.
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