I listed my home for sale by owner on the for sale by owner site, paying the additional fee to get it listed on the MLS offering a co-broke commission. However, see my question regarding commission. A lot of buyers are less than upfront with you as a seller or with agents.... more
You are not required to have one by the state of Illinois. You will want to make sure that you select an attorney who specializes in real estate. In most cases, you are selling one of your largest investments and it involves a buyer. For a residential sale in our area, the cost of the attorney can be $400-$500. The attorney will provide some important services to protect you during the transaction. They will review the contract to ensure that it is valid. They will also order the title search and commitment from the title company. The sellers attorney is responsible for communicating with the bank where the mortgage is held. This is to make certain that the pay off amount is accurate. Your attorney will contact the homeowners associations and other applicable utilities to make certain that the seller receives reimbursement for any dues/fees that are applicable after the home is sold. This is why it is important to use a local attorney where the property is located because they will be familiar with your area and what you may have paid. Your attorney will prepare the deed and any other documents required for closing. They will gather most recent tax information and prepare closing figures for the closing agent. In addition to the duties required prior to closing, your attorney should be be available to communicate with you and your real estate agent before, during and after the closing. They will attend your closing and be present in case an unexpected issue arises.... more
I will be happy to assist you if you want to have your own Realtor.
Please feel free to contact me anytime~!
Cindy Wang Do Yim, Broker/Owner
http://cindyyim.topseller.net/ (For All MLS active listings, click to Search for Homes)
Cindy's Residential & Commercial Realty... more
If you sign a listing agreement with a new agent once your first one expires, you are under no obligation to pay the first agent. If you sign a contract with a buyer under the new agreement (with your new agent), you will then owe the agreed upon commission. The first agent will not be able to ask for a commission.... more
if you sell the home to your tenants, on contract, you would be locking in a set price for the home and you would not have to incur time/expense of marketing it to other prospective buyers. you continue to own the home right up until the buyers make their final payment, in full. if the buyers break the contract, anywhere along the way, typically, you would be entitled to keep ALL of the money paid to you (even if it were 99% of the whole amount). you win, buyers lose.
if (when) the buyers stop paying, you can go to court to evict them and you can sue them for the breach of the contract. you would AVOID any of the formalities or costs or delays involved in foreclosing on a mortgage. its annoying, expensive and takes time, but much less so than if you sell the house outright and give the buyers a mortgage.
you state the most obvious "con" is in your question. if the buyers are not paying rent now, what would be any different if there were a sales contract? another disadvanatage is that you must continue to own the home, and manage all of this until the contract is closed. (i have had some clients sign 12 month contracts, others for 2 or 5 or 10 years). again, not substantially worse than managing the property as a landlord, but if you had a straight up sale, you would get all your proceeds up front, one lump sum, and you can wash your hands of the whole thing. its just neater and cleaner that way.
installment contracts of this sort are really, almost always, a transaction of last resort for buyers, more so than sellers. way too much risk for the buyer. i have only known one buyer in 23 years who actually completed a transaction. every other stopped making payments for one reason or another and lost everything they invested in their deals.... more