For Sale by Owner or otherwise known as “FSBO” is a real estate term for a seller that desires to sell their home without real estate broker representation. FSBO sellers are motivated by their ability to perform the services traditionally performed by a real estate agent. Generally, in Illinois, a seller will pay a six (6) percent commission to the seller and buyer’s real estate agent or broker. Six percent on a major transaction is a significant financial investment. FSBO now also may include a low flat fee realtor such as Rocket Homes which offers a flat fee rate of $499 plus the 3 percent of the sale price to a Buyer’s agent in securing a buyer for a seller’s home.
FOR SALE BY OWNER IN YORKVILLE, SHOREWOOD, AND PLAINFIELD ILLINOIS
Gateville Law Firm and Sean Robertson provide real estate legal services to For Sale by Owners or otherwise known as “FSBOs”. Often, a For Sale by Owner must perform the services traditionally performed by a real estate broker or agent. One of these services is putting a Multi-Board Residential Real Estate Purchase Agreement 7.0 (hereinafter referred as “real estate purchase agreement”) together, which is difficult. Attorney Sean Robertson and his law firm has a simple interview form that we ask sellers and buyers to have filled out. This interview form contains critical information necessary to complete the real estate purchase agreement.
REAL ESTATE PURCHASE AGREEMENT
The Real Estate Purchase Agreement is essentially the contractual obligations between a seller and buyer. Additionally, there are disclosures that must go along with the real estate purchase agreement. For Sale by Owners will be held to the same standard as a real estate broker or agent. These disclosures are vital because the buyers have a right to know certain information. The real estate purchase agreement contains the following key terms:
• The sales price
• Any closing costs creditors or home warranties
• Description and address of the property
• Calculation of real estate taxes (or prorations for taxes)
• Earnest Money and who should hold Earnest Money
• Attorney Review and Home Inspection Deadlines
• Rights to Assign the Contract (for investors and flippers)
• Financing terms such as conventional, FHA, etc.
• Closing date
These are among some of the critical terms, which are highlighted in a residential real estate purchase agreement.
MARKETING YOUR HOUSE
One of the main responsibilities of a FSBO is marketing their house and being available for showings. In our experience, we have found that access to the Multiple Listing Service or otherwise known as the “MLS” is critical. We have had clients state that their house was unsellable until their house was placed on the MLS. One of the advantages of a real estate broker is their subscription to the MLS. FSBO should strongly consider at a minimum using a low-cost real estate agent or agency due to the ability to list their property on the MLS.
Often, in our experience, FSBO have found success in marketing their properties through Facebook and Facebook groups. Furthermore, websites such as owners.com, Zillow, Trulia, Redfin, HomeFinder.com, Craigslist, E-Bay, and LoopNet. Often, real estate brokers often advertise in a variety of ways through social media as well.
YORKVILLE, PLAINFIELD, AND SHOREWOOD FOR SALE BY OWNER ATTORNEY
House sellers must perform a variety of services, which are traditionally being performed by real estate agents and brokers. These services include the following:
• Deciding on how to price the sales price
• Marketing your home
• Attending and coordinating house showings
• Attending and coordinating home inspections
• Preparation of a real estate purchase agreement or otherwise known as a “real estate contract” or Multi-Board Residential Real Estate Contract 7.0
KENDALL COUNTY AND WILL COUNTY REAL ESTATE PURCHASE ATTORNEYS FOR FSBO BUYERS AND SELLERS
Attorney Sean Robertson and the team of real estate professionals with Gateville Law Firm will draft your real estate contract for sellers. We also have an intake form to assist in determining the key issues involved in a real estate purchase agreement. We also will prepare the real estate disclosures required. We will order a real estate title, examine your real estate to ensure that your property can be sold, and coordinate the real estate process for FSBOs. We are experienced real estate attorneys and have significant experience working with FSBOs in the Plainfield, Shorewood, Joliet, Crest Hill, Naperville, Yorkville, Oswego, Minooka, Morris, Aurora, and Montgomery areas among others. Contact Attorney Sean Robertson at 630-780-1034.
