Do you need to sell your house in Chicago? When most people consider selling their home, they immediately picture calling a real estate agent and listing their home on the MLS. However, this is not always the most beneficial way for you to sell your home.
There are many factors to consider, such as how much time you have available to realize your asking price on the market and if your home fits the preferences that buyers seek in homes today. If not, you also need to consider everything it will take to get your Chicago home ready to put on the market.
We’ll discuss four unconventional ways to sell your house in Chicago
Owner financing is a lucrative yet unconventional way to sell your house in Chicago. This method of home sales opens your property up to an entirely different pool of buyers with less than perfect credit who are willing to pay a higher price for the ability to enjoy homeownership while getting their creditworthiness in order. You have the driver’s seat in this deal, setting a higher sales price for providing the opportunity and taking the risk that the market rises higher, and they are buying at a great price when the option expires in two or three years. You also carry risks. If the buyers fail to gain financing, you’ll be dealing with legal battles while still paying the mortgage payments.
Rent with an Option
Renting the home with a contract for an option to buy at the end of a given period, typically two years is a very creative, unconventional way to sell your house in Chicago. Sellers can charge a more significant upfront deposit towards the downpayment and add more to the rent as credit towards building a larger down payment over time. Again, you can set a premium on the final sales price as well with this method. Because the renters can leave at the end of the contract, they may damage the home or fail to take proper steps for preventative maintenance. Before you sell your home again, the house may be facing severe repair bills.
One more unconventional way for you to sell your house in Chicago is an FSBO listing or for sale by owner. This home sales method is attractive to homeowners who seek to avoid paying high real estate commissions. Regrettably, only about 10 percent of FSBO sellers are successful and have wasted valuable time with their property lingering on the Chicago market. Often this is because of inexperience with marketing real estate and dealing with the negotiations without injecting personal emotions. Homes that have been on the market for a long time rarely sell at current market values.
Direct sales to a company like Illinois Property Solutions are an additional unconventional way to sell your house in Chicago, with which most homeowners are unfamiliar. Professional buyers have the power of cash backing them, meaning that closing is only mere days or weeks away. A professional buyer will take the time to listen to your needs and will even compare what you would likely receive from a conventional sale with a real estate agent so that you can compare your options. With none of the hoops of listing to jump through, no showings, and no inspections to pass, a direct sale means your house will sell as-is. A professional buyer like those at Illinois Property Solutions handles everything for you. You don’t even have to clean before you leave. You can even pick the closing date.