27 min read May 24, 2022

Selling A House In Illinois: Here’s What You NEED to Know

✍️ Editor’s Note: Houzeo is America’s most advanced home selling website. Houzeo covers all major Illinois Carolina MLS’ to give you maximum exposure for selling a house in Illinois at the lowest flat fee.

>> SAVE: Americans have listed $4 billion+ worth of properties on Houzeo.com so far. Start your FREE listing NOW!
selling a house in illinois

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.

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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.

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 lowIt 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 highYou 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.

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 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.

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: Agents 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!

👉 Explore Houzeo Reviews: Home Selling made easier with Houzeo.com!

Best Flat Fee MLS Listing Company In Illinois

🔥 BEST FLAT FEE MLS LISTING SERVICE

Houzeo.com

Houzeo Logo
  • Listing Fee: $349
  • Available nationwide
  • 4.75 Stars 4.9/5 (3,280 reviews)

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 has a 4.9 out of 5 rating on Google & Trustpilot.

Houzeo is available nationwide.

» More: Best Flat Fee MLS 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

🤔 IN-HOUSE SUPPORT | QUALITY RISK

Redefy

Redefy logo
  • Listing Fee: $3500 flat fee
  • In-person support
  • 4.5 Stars

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.

🔍 Explore more: Real estate facts you should know



  • Decent listing fee for low-value homes
  • In-house support
  • Flexible add-on features
  • 1% commission for homes with a value of $1M+
  • Average customer service quality due to high customer volume
  • Limited coverage
  • A non-refundable deposit of $500

Redefy is rated 4.5 out of 5 on Yelp.

Redefy covers only the region of Chicago in the state of Illinois. 

Low Commission Real Estate Agents

Low commission realtors or agents are discount brokers who work on a lower commission rather than the traditional 5.5-6% commission.

With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low commission discount brokers more relevant to sellers nationwide.

For example, some of them offer full-service packages at 1 or 2% brokerage. This covers everything from listing to closing. This makes selling a house in Illinois far better and more convenient.

Our Top Pick For Low Commission Realtors In Illinois

🥉 GOOD CUSTOMER SERVICE | QUALITY AGENTS

Ideal Agent

Ideal Agent Logo
  • Listing Fee: 2% of sale price
  • Nationwide coverage
  • 4.75 Stars

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.

🔍 Explore more: Ideal Agent Reviews (2022): Everything You Need To Know



  • Qualified agents
  • No obligation to choose an agent
  • Add-on services like professional photos, and more
  • Good customer service
  • Marginal savings
  • Single-agent match
  • Inconsistent agent results
  • No customer dashboard
  • No buyer savings

Ideal Agent has an average rating of 4.9 out of 5 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 Ilinois.

What If I Want To Sell My House Fast In Illinois?

Due to some reasons, a seller may want to sell a house fast in Illinois or any other state. So if you’re one of them and wondering how can I sell my house fast in Illinois, here’s what you can do :

Sell Your House As IsSelling 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 the 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 CashIf 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.

» More: Reviews of 13 Best Cash Companies
Offer Your House To A FlipperFlippers in real estate 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 time and dollars.

» More: How to Flip a House: An Introductory Guide For Beginners
    ✍️ 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

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 & DepersonalizeMake 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 RepairsIf 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 NeutralYou can attract a higher number of customers when you paint your home with neutral colors.
Improve Curb AppealGo for clear landscape, fresh flowers, or exquisite paintings because the first impression is everything!
Implement stagingHire a professional who can help you with setting up your home like arranging furniture to make the home look spacious and tidy.
Install Or Update HVAC SystemIn 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.

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:

#Marketing TacticsDescription
1.List on the MLSHomes 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 discount real estate brokers 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 SignOpting 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.

» More: The Importance Of For Sale By Owner Yard Signs
3.Share Your Listing on Social MediaShare 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.
4Hire a professional photographerAs a seller, you can hire a professional photographer 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
5Run adsWhen 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.

» More: Creative Ways To Market Your House For Sale

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 managing 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.

#FeatureDescription
1.Home Sellers Can Set Their Showing CalendarBuyers 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 ShowingsMake 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 ListingFeedback 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.

🗓️ Houzeo Showings has all the required features and is available on the Houzeo mobile app!

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”

Start Your FREE Listing NOW!

Hosting Open Houses

If your house is located in a hot seller’s market like Chicago or Peoria, then more buyers would be interested in buying them. 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 ReadyBuyers 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 TimePeople 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 OnlineAs 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 SpaceDuring 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 TacticWhen to UseHow to Use
1.Counter an OfferSingle or Multiple Offer SituationYour 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 OffersMultiple Offer SituationIf you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.

▶️ Learn more: How to request Highest & Best offer 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 propertyA 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 DisclosureSpecifically for homes that were built before 1978. Accordingly, Federal law requires the seller to disclose any dangers related to lead-based paint.
Flood Zone StatementA 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 DamageThe 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.

» More: What else might I need to know while filling out the Illinois seller disclosure form?

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 AgreementIt 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 CostsThis statement summarizes all the expenses involved in the transaction. The document is not complicated and can easily be taken care of.
The DeedThis 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 TitleIt allows you to state that you have the right to sell the property.
Bill of SaleInformation 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 PayoffIn 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 formsIf the house is part of HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.
Survey papersThe documentation defines the location and the dimensions of the property. This could be vital while selling your own home in Illinois.
Home InspectionContains all the details about the inspection of the property.
Repairing ProofWhile 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 WarrantyContains all the coverage of the property, period, and cost.
Closing DisclosureProof that the seller agreed to buyer concessions. The disclosure is provided to the lender.
Power of AttorneyIf the property is inherited, then the seller needs to furnish the details of the history and how the property was passed onto him/her.
AffidavitsA 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 AgreementIn 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

TitleIn 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.
AppraisalA 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.
InspectionInspection 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 TaxIllinois 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 IllinoisYou 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 InsuranceTitle 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 WarrantyA 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 buyer in case a component of the home breaks down later.
Appraisal FeesAn 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 FeesA 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 FeesA 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 CostsApart 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.

Who Pays Closing Costs In Illinois?

Various closing costs are involved when selling a house in Illinois. Most of them are customarily paid by sellers whereas a few of them can be negotiated.

Closing CostsSeller Responsibility
Realtor CommissionSellers are responsible for paying REALTOR commission in IL
Attorney FeesReal estate attorney fees in Illinois are usually paid by the seller.
Title InsuranceThe cost of title insurance in Illinois is looked after by the seller.
Survey FeesSurvey fees in Illinois are considered the sole responsibility of the buyer.
Home Warranty FeeThe home warranty fee in Illinois is paid by the seller.
Home Inspection FeeWhen 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.

How Much Are Closing Costs In Illinois?

Closing costs 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.

» More: Still wondering how to sell a house by owner in Illinois? List it on MLS FSBO!

Final Word

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 the 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, the real estate agent commissions are declining. This is because of the Flat Fee MLS structure that companies are providing.

Check out some of the Houzeo reviews and how it has helped customers around the US.

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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.

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