Cash For Houses Illinois vs. Listing with an Illinois Realtor
You can never know which selling option would help you achieve your sales goals. Even in an exceptional seller market like Illinois, it’s best to weigh your options and determine what works for you. We can’t make this decision on your behalf, but we’ve provided relevant information to nudge you in the right direction. Below, we’ve delineated the differences between investors and real estate agents.
Listing with Realtors | Sold to Cash For House Illinois | |
| Commissions / Fees | Seller (usually 2-3%) |  No commissions or fees |
| Who Pays Closing Costs? | Seller and Buyer split or seller pays all closing costs | No closing costs to you |
| Financing Contingency | Necessary for sale | Not required |
| Appraisal Needed | Yes | No appraisal needed |
| Who Pays For Repairs? | Seller pays for repairs or gives credit to buyer for repairs | We pay all repairs |
| Who markets the property? | Realtor handles marketing the property at sellers’ expense | no marketing required |
| Number of Showings | Unlimited until property is sold | Only contractors for bids |
| Average Days Until Sold | 2-6 months | Days or weeks |
| Closing Date | Set by financial institution (buyers’ lender) | You choose closing date (move out) |
Benefits of Cash Buyers
Selling a house can be done in various ways, and two of the most common methods are listing it with a realtor or selling directly to an investor. Both approaches have their own advantages and disadvantages. Here’s a breakdown of the key differences:
- Process:
- Realtor: The realtor lists the house on the Multiple Listing Service (MLS) and other platforms, conducts showings, negotiates on behalf of the seller, and manages the transaction process.
- Investor: The investor makes a direct offer to buy the property. The process is typically faster as it skips the listing, showing, and often, the financing steps.
- Timeframe:
- Realtor: Selling through a realtor can take longer, especially if the market is slow. The average time can range from a few weeks to several months or more.
- Investor: Selling to an investor is generally quicker. Offers can be made within days, and closings can occur within a week or a few weeks.
- Condition of the Property:
- Realtor: Houses listed on the open market generally need to be in good condition to attract potential buyers. Sellers might need to invest in repairs or upgrades.
- Investor: Investors often buy properties “as is,” meaning the seller isn’t required to make any repairs. They’re typically looking for properties they can renovate and either rent out or resell.
- Costs and Fees:
- Realtor: Sellers typically pay a commission, which is often 5-6% of the sale price. There might also be closing costs, staging costs, and repair costs to make the home market-ready.
- Investor: Investors don’t charge a commission. However, their offer might be below market value since they factor in the costs of repairs and their desired profit margin.
- Price:
- Realtor: With a competitive market and a well-maintained home, sellers might get offers at or above the listing price.
- Investor: Offers from investors are often below the market rate because they are accounting for the costs of repairs, renovations, and their profit.
- Negotiations and Inspections:
- Realtor: There’s often more negotiation involved, especially after home inspections reveal necessary repairs.
- Investor: Investors might forgo inspections, or if they do conduct them, they typically won’t ask for repairs. Their initial offer usually considers the property’s condition.
- Financing:
- Realtor: Buyers often need to secure financing (like a mortgage), which can introduce uncertainties and delays in the selling process.
- Investor: Investors often buy in cash, eliminating the need for mortgage approvals or appraisals, which can expedite the sale.
- Purpose:
- Realtor: Realtors aim to get the best price for the seller and earn a commission in the process.
- Investor: Investors are buying with the intention of making a profit, either by renting out the property, reselling it after renovations, or holding it for appreciation.
In conclusion, the right choice between listing with a realtor or selling to an investor depends on the seller’s circumstances, priorities, and the property’s condition. If a seller wants the highest possible price and is willing to wait, a realtor might be the best choice. If a quick sale without the need for repairs is a priority, selling to an investor could be more appropriate.