Sunday, 21 July 2013 02:08

A Guide on How to Buy & Sell a Home in Illinois

How a real estate agency can help you buy or sell a home in Springfield Illinois

Buying and selling a home is a momentous life event. Learning how the general process works will provide you with the confidence you need to undertake the task at hand. Here's a guide to help you out.

A real estate agent is your best asset, whether you're looking to buy or sell a home. They can help you avoid common mistakes and ensure you get the best deal possible. The agent also has access to promotional tools and other resources that private sellers lack. Most likely, your agent will draw up a contract detailing the terms such as price, items to be excluded from the sale, their responsibilities, compensation, etc.

There are two options for listing a home. A multiple listing means your house will appear in the local MLS publication, and it's available to all agents in the area. An exclusive agency listing is where your broker receives emolument even if another agent sells the home, but not if you find the buyer.

It's important to be forthright with the condition of your home. Illinois law requires sellers to disclose any issues concerning construction. Federal law also requires homeowners to disclose the presence of lead-based paint but this mostly concerns houses built before 1978. Failure to provide these reports could lead to a lawsuit. If you have any legal questions, seek out a real estate lawyer.

An interested buyer will make a written offer stating an offering price and any other stipulations. You have the right to accept or reject this offer for any reason that is not discriminatory. You also have the ability to submit a counter-offer to change any terms you disagree with.

Once an agreement is reached, a purchase agreement is indited and signed. This document is legally binding, so make sure it clearly states what you expect out of the deal. Often, there will be contingencies that need to be dealt with before the purchase agreement is finalized. These usually involve an inspection for defects in the finial stages of the selling process. The goal is to negotiate a solution. If an agreement is not reached, the contract can be revoked. Otherwise, if all contingencies have been cleared, you are done!

Contact us to learn more about buying and selling homes in the Springfield, Chatham and Rochester area. Our Team members specialize in listing properties, buyer agency, office management, listing and closing coordination, short sale assistance, statistical analysis, and more. Obtain a free consultation today!

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