You’re ready to move on from your current home. But is it worth hiring an agent and paying huge commissions? How rapidly do you want to sell? Are you okay with making repairs? Can someone show your house at a moment’s notice if necessary?
Pros and Cons of Using a Real Estate Agent vs Cash Homebuyer in Chicago
Commissions and Fees
One thing you should know before hiring an agent is that they come with agent’s fees and commissions. Without using a real estate agent in Chicago, you can keep the commission fee that would have otherwise gone to them. Often, this saves you thousands of dollars.
A standard commission for selling a house is 3% per side. So, if you were to sell your $400,000 house, you would have to pay around $24,000 in commissions- not including the typical seller’s closing fees or any other possible transaction fees like those charged by the closing agent and real estate investor’s office. Fortunately, professional cash homebuyers almost never charge high rates like these; however, if they do levy some form of fee, it is significantly lower than what others might charge.
Waiting Time Frame
Real estate brokers have access to the Multiple Listing Service, or MLS, which allows them to find your home in searches for certain property characteristics. This appears to be a wonderful idea, but how long will it stay on the market? There is no definite answer sadly.
Real estate investors and other direct homebuyers, on the other hand, frequently have a network of other house purchasers, so if your property doesn’t meet their needs, it may be a good fit for one of their colleagues’ portfolios. In any case, this implies a short waiting period for an offer.
In addition, when you sell your house to a cash buyer in Chicago, the sale will typically close faster than with a traditional buyer. Traditional home purchasers often need to get bank approval and go through a mortgage underwriting process which can take time, and they may not end up qualifying for financing at all.
Inspections and Repairs
Professional house buyers in Illinois will mostly purchase houses as-is. For sellers, this saves you from the stress of having to repair any damages on the property or pay for additional expenses. Some companies don’t even require an inspection from the seller, making it a truly hassle-free transaction.
If you’re working with a real estate agent, the buyer’s agent will likely request an inspection of the property. If any structural issues are discovered, you may be required to pay for repairs before closing on the property.
Showings
Hiring a professional house buyer in Chicago will save you the headache of managing keeping your home clean for daily showings. You also don’t need to refrain from making messes around the house during the day; there are no pop-up showings while you’re gone!Selling to a professional homebuyer means you don’t have to worry about meeting with buyers or their agents and having to answer difficult questions.
READY TO SELL YOUR HOME?
At Onyx Homes LLC, we understand the time constraints homeowners have, especially if they want to sell their Chicago home fast. Rather than listing your property on the market, you can sell your home to us directly and close the deal within a fraction of the time. We are professional and experienced cash homebuyers in Chicago, IL. We buy houses for a fair price and can provide quick, convenient, no-obligation offers to help you with your situation.
Contact us today to schedule your property viewing and receive a fair cash offer on your home within 72 hours or less.
