Trupti G. is a content writer passionate about making US real estate topics easy to understand for her readers. When she's not writing, she enjoys meditating and spending quality time with her family.
Find Trupti Here Carol Coutinho Edited By Carol Coutinho Editor, HouzeoCarol C. is a versatile editor, expertly refining real estate content with precision and creativity. When not exploring market trends, she is immersed in the enthralling world of the theatre.
Find Carol HereThe number of repairs your home requires is inversely proportional to the property’s fair market value. So, you can try to make high-ROI repairs to enhance its value. This may include fixing a squeaky doorknob, replacing a leaky washbasin pipe, etc.
Pre-listing inspections will help you avoid violating your Illinois seller disclosure laws. Hire a professional Illinois home inspector to determine the unknown defects present in your house. This will prevent disputes with the buyer agent on unknown issues that may arise later.
Illinois’s seller disclosure statement has several sections related to property condition. Each section contains questions based on the property’s defects and features. If you hide any defect knowingly or unknowingly, you might end up in lawsuits, lose money, and damage your reputation. Illinois laws require sellers to maintain the property till closing as it was on the effective date of the real estate contract. If found guilty of a violation, the buyer can walk away from the sale without any legal obligations.
There’s a 15-day inspection period for the buyer to inspect the property. During this period, the buyer may choose to back out of an as-is offer without any penalty or losing the deposit money.
If the seller withholds or under-reports costs, they are required to fulfill the repair requirements as mentioned in Section 9 of the Standard Real Estate Contract.
If your property needs significant repairs, and you’re selling “as is”, you will limit your buyer pool to investors. Investors typically pay between 30% to 70% of the property’s FMV.
If your property is in good condition, you can sell it at or just below its Fair Market Value. In this case, most home buyers can finance the purchase through a mortgage. You can get a free estimate of FMV through home price estimator.
» How Much Do You Lose Selling a House As Is: Discover how much you lose selling a house for cash in Illinois.
We recommend selling your house as is in Illinois. This is because “fixer-upper homes” sell for less than turnkey homes. Moreover, 68% of millennials prefer to buy an ‘as is’ home.
If you’re still hesitant about selling, here are some pros and cons to help you decide.
| # | County/City | Selling a Home As Is in Illinois Near You |
|---|---|---|
| 1. | Chicago | Selling a House As Is in Chicago |
| 2. | Naperville | Selling a House As Is in Naperville |
Yes, you can terminate the contract if the buyer fails to get the mortgage pre-approved within the specified number of days. The buyer can terminate the contract if the property is unacceptable to them during the inspection period.
Typically, there’s no lawful duty to meet specific MPRs when selling an as-is home. You can disclose any known defects and let the buyer decide if they’re acceptable.
Selling your house as is can help you save thousands of dollars. It can also help you save a lot of time if you’re selling your home for cash. But there’s a tradeoff. You will receive a lowball cash offer of up to 70% of your home’s FMV.
Cash-buyer marketplace like Houzeo can help you get up to 100% of your home’s FMV. Moreover, major cash buyers, including Opendoor and HomeVestors, have submitted offers on Houzeo properties. List your home as is with Houzeo and save on the 3% listing agent commission.
Check out how Houzeo works in this video:
How to List on MLS With Houzeo?
5 Easy Steps to List on MLS with Houzeo by owner
» Houzeo Reviews: See how Houzeo home sellers save thousands with Houzeo technology and MLS exposure.
Yes, you can sell your house as is for cash in Illinois. You can list on a cash buyer marketplaces like Houzeo and Sundae. You can also sell your home to institutional cash buyers like HomeVestors or We Buy Houses.
You can do the following for selling a house as is by owner in Illinois:
1. Price your home competitively
2. List on local Illinois MLS
3. List your property on the best FSBO sites
4. Request cash offers for your home
» How to Sell a House By Owner Illinois: Discover ways to sell your home by owner in Illinois.
It depends on Illinois's housing market conditions. In a seller's market, buyers are willing to overlook the problems of the property, making as-is an attractive option. However, spending time and money on repairs could increase your home's value and attract more buyers.