Are you considering the sale of your house in Chicago? Typically, people envision the conventional approach of engaging a real estate agent and listing their property on the Multiple Listing Service (MLS). However, it’s worth exploring alternative methods that may be more advantageous for you.
Several factors should be taken into account, including the time available to achieve your desired selling price in the market and whether your home aligns with the preferences of today’s buyers. If not, you must also consider the necessary preparations to make your Chicago home market-ready.
In this article, we will delve into four unconventional strategies for selling your house in Chicago.
Owner financing presents an unconventional yet lucrative approach to selling your house in Chicago. This method broadens your potential buyer pool to include individuals with less-than-perfect credit who are willing to pay a higher price for the opportunity to become homeowners while improving their creditworthiness. As the seller, you have control over the deal, setting a higher sales price to provide this opportunity and taking the risk that the market value will rise even further during the option period of two or three years. However, there are risks involved, such as potential legal battles if buyers fail to secure financing while you continue making mortgage payments.
Rent with an Option
Renting your home with a contract that includes an option to buy at the end of a predetermined period, typically two years, is a creative and unconventional approach to selling your house in Chicago. Sellers can request a significant upfront deposit, which can be applied toward the down payment, and allocate a portion of the rent as credit for building a larger down payment over time. This method also allows you to set a premium on the final sales price. However, there are risks associated with tenants potentially damaging the property or neglecting preventative maintenance, resulting in significant repair costs before selling the home again.
FSBO (For Sale By Owner):
Another unconventional method to sell your house in Chicago is through an FSBO listing, which means selling the property without involving a real estate agent. This option appeals to homeowners seeking to avoid high real estate commissions. Unfortunately, only about 10 percent of FSBO sellers achieve success, as many struggle with marketing their property effectively and navigating negotiations without becoming emotionally involved. Homes that linger on the Chicago market for extended periods often sell below their current market value.
A lesser-known alternative for selling your house in Chicago is through a direct sale to a company like One Piece Home Buyers. Professional buyers have the advantage of cash, enabling quick closings within a matter of days or weeks. A reputable buyer will listen to your needs and even provide a comparison of what you could expect from a traditional sale through a real estate agent, allowing you to evaluate your options. By bypassing the listing process, showings, and inspection requirements, a direct sale ensures your house is sold “as-is.” A professional buyer, such as One Piece Home Buyers, handles all the necessary tasks on your behalf, eliminating the need for pre-sale cleaning. Moreover, you have the flexibility to select the closing date that suits you.
Consider these unconventional methods when selling your house in Chicago to explore alternatives beyond the traditional real estate agent route. Each approach offers its own benefits and considerations, so it’s crucial to thoroughly evaluate your circumstances and objectives before making a decision.