Selling Your House Without A Realtor in Chicago
If you’re thinking about selling your home in Chicago, you may be wondering how you can sell it without hiring a realtor. After all, your home is one of the biggest investments you’ll ever make – so you want to get the most out of your investment! Selling your house without a realtor in Chicago may be your best option.
If you hire a realtor, your agent and the buyer’s real estate agent will share about 7% of the total sales price as their commission – which is a very hefty sum. Hiring a realtor has its benefits, but if you really need extra cash, you may not want to pay this fee.
But it’s intimidating to sell your house without a realtor in Chicago. Don’t know where to start? Start with this article! We’ll discuss the basics of selling your home without a realtor, and the options you have, such as selling your home yourself, or selling it to a cash home buyer.
Can I Sell My House Without A Realtor?
Yes! There’s nothing stopping you from doing so. The primary things a real estate agent or realtor does are:
- List your home on the MLS (Multiple Listing Service)
- Market your house through ads, fliers, and websites
- Facilitate showings/open houses
- Act as an intermediary in negotiations and closing
You can do all these things yourself! It just takes a bit more work – so be prepared to spend some time showing your home, marketing it, and performing other tasks that a realtor would typically do.
The Benefits of Selling Your House Without A Realtor in Chicago
Selling your house without a realtor in Chicago has several different benefits. Here are a few of them.
- No commission – This is the biggest benefit. The commission for your agent and the buyer’s agent can easily reach 6-7% of the total value of your house. When you don’t have to pay this fee, you get more money – it’s just that simple.
- More cash in your pocket in low-equity situations – If you don’t have much equity in your home, you can get more money in your pocket. For example, if you have a home that is worth $400,000, and you owe $350,000 on the mortgage, and you sell it yourself, you end up pocketing $50,000 (less closing costs and other fees, of course).
However, if you go through an agent and pay a 7% commission, you pay the commission based on the value of the house, not your equity. You will pay $28,000 in commissions – leaving you with just $22,000 before fees. - You can get a higher price for your house – Because you do not have to “build in” selling fees and commissions to the price of your house, you can actually raise the price, and still keep it within the budget of a potential home buyer.
- Fewer expenses – The only real expense you’ll have is getting an appraisal for your home, and a home inspection. You control how much you spend on ads, signs, and other marketing materials – so you can do much more with a lower budget than a realtor.
Selling your home without a realtor can be a bit tough, but it’s’ worth the effort!
How to Sell Your House Without A Realtor in Chicago
The most popular way to sell your house without a realtor is “For Sale by Owner” (FSBO). When you sell your home FSBO, you essentially take over all the duties that a realtor would have. You’ll have to:
- Price your home – Hiring a home assessor is the best way to get an idea of how much your home is worth.
- List your home on the MLS – You can use Google to find an agency who will list your home on the MLS for just a few hundred dollars.
- Market your property – You’ll need to make signs, flyers, and digital ads to help market your home. It’s not going to sell itself!
- Hold open houses – Open houses are very useful for selling your home, and you’ll be responsible for organizing them.
- Show your house – This is easy. Who is a better person to know the selling points of your home? You own it, so you’ll know exactly what to talk about when showing it!
- Perform negotiations and close the deal – Negotiating and closing your deal can be a bit tough without a real estate agent. It may be a good idea to hire a lawyer to help you understand the paperwork and negotiation process.
- Comply with all selling laws in your area – You will want a real estate attorney to help ensure you’re complying with equal-opportunity selling laws, local Chicago regulations, and other laws when selling your home.
Sounds like a lot of work, right? It is – but there’s another way!
Selling Your Home for Cash – The Best Alternative
If you don’t want to pay a realtor – or put your home up FSBO, you have another choice. You can sell it to a cash buyer, like Max Cash Home Offers.
Cash buyers offer instant cash payments for your home. Typically, they will give you a lower offer than the true value of your home – but because you’ll save on listing fees, commissions, and the time it takes to sell your Chicago house, it’s worth it!
You get your money fast, and you don’t have to worry about complex negotiations, showing your home, or hiring inspectors. This lets you keep more money in your pocket and avoid the headaches of acting as your own realtor.
Sell Your House Without A Realtor in Chicago – With This Guide!
Whether you’re interested in an FSBO sale, or selling directly to a cash buyer, this guide is sure to help you. So, don’t hire a realtor – and don’t worry about paying sky-high commissions to sell your own home. Sell your house in Chicago yourself, and you’ll enjoy a number of fantastic benefits.
Max Cash Home Offers offers instant cash offers on houses nationwide. We do not provide legal or financial advice. For information on foreclosure, eviction or any other legal situation make sure you contact a local attorney.
