Need to sell a house in Wheaton Illinois? With so many houses on the market, it can be hard to know where to start. Luckily, there is an easy and cost-effective way for you to sell your home without having to deal with any real estate agents. This guide will walk you through how For Sale By Owner works in Wheaton Illinois. Heck, it was written by a Wheaton attorney with the know-how you can use to sell your home quickly, without paying any commission. You’ll also find out about the most common mistakes people make when selling their homes FSBO!
Many homeowners do not know how to sell for sale by owner. Some may even be misinformed about the process, thinking that they will have to pay a high commission fee and still end up with less than what their house is worth in the end. This article has tips from real estate experts who are familiar with FSBO sales in Wheaton, Illinois.
There are many beautiful homeowners associations in Wheaton, Illinois. Many of them — Adare Farms, Amberwood Estates, Arrowhead, Briarcliffe, Chateau Lorraine, College Station, Courthouse Square, Creekside of Wheaton, Danada East, Danada West, Dartmouth, Drake Terrace, Heritage Lake Estates, Hollybrook, Hunters Glen, James Place, Kingsbrook, Le Clair, Legends of Wheaton, Lorraine Court, Mackenzie Place, Muirfield, Northwoods of Wheaton, Park Circle, Pheasant Hollow, Pinegrove of Wheaton, Prarie Glen, Stonehenge, Streams Villa, Tartan Court, The Streams, Trees of Wheaton, Versailles, Wheaton Crossing, Wheaton Oaks, Wheaton Ridge, Windham Commons, Woodlawn Place, and Woodside have prices we haven’t seen since 2014!
Wheaton is a desirable place to live with so many parks and recreational activities. The Chicago Golf Club in Wheaton is home to the oldest 18-hole golf course in the nation! Cantigny Preserves and Danada Forest are two of the most beautiful green spaces in the Chicagoland area. It was good enough for America’s Pastor, Billy Graham to call his home for many years. And, if you love Chili, the annual chili cookoff is a blast!
Table of Contents
Step One: What Shouldn’t I Do to Sell my Home?
One of the most common mistakes people make when selling their homes is not doing enough research. You need to know exactly what you’re getting into before jumping in, and that means knowing how much your home will sell for after all expenses are accounted for. Knowledgeable real estate professionals, including brokers and a Wheaton attorney, can help you get the most bang for your buck. The second mistake people often make is only reaching out to one real estate agent. Ideally, you should speak to at least three agents before deciding on which one has the best idea of value. Not every strategy is good for every FSBO home. The last mistake is not making the home attractive enough to buyers. You should stage the home before putting it on the market to make your property more desirable than those around it.
Step Two: What Should I Do for FSBO success?
One of the first things you should do when deciding to sell your home FSBO is to get a lawyer. A knowledgeable real estate attorney will help you through every step, and make sure that everything goes smoothly. The next thing you should do is gather all your paperwork. This includes copies of the deed, lien information, and any other important documents. Your knowledgeable Wheaton real estate attorney will help you get title insurance on your property so that your buyer has more confidence in what they are buying. For single-family homes, you’ll also need a survey.
Next up is getting a great photographer who knows how to capture those stunning pictures buyers are going to want. You want to make sure that your home looks its best, and a professional photographer will be able to do just that.
Then, you should make a list of necessities. This includes everything from pest control to lawn care. The more work that is done before placing your property on the market, the more attractive it will be for buyers.
Step Three: How Do I Sell My House With a Wheaton Attorney?
Now that we’ve covered price, legalities, and sales – let’s talk about how to get to closing. If you have got an offer and agreed on a price, a property, and a date, this is where you should start reading.
First, you’ll want to order a real estate survey unless you’re in a condominium like Park East Condo Associates or Wheaton Place. A survey tells you where your property lines are and who can use your land. Surveys are good to know where the telephone and gas lines are located, but can also reveal big problems like bad fence lines or even buildings being placed on the wrong land. Those are rare, but in this business, you can never be too careful.
Next, you’ll look to get your mortgage payoff. For most lenders, you can get one of these by just calling your bank. Both the purchase loans and any home equity loans are pretty easy to find, and your lawyer can help. If you have an old HELOC, then you’ll need to make sure there is a lien release because those can’t be sold until we get a final credit letter.
Then, if you’re in one of Wheaton’s bigger condominium associations, like Waterford Place, you’ll need to get a Paid Assessment Letter from your homeowner’s association. We’ve already covered how to do this at length, and your Wheaton attorney can get that for you.
Step Four: 2022 Real Estate Disclosures for Wheaton Sellers
The next thing you need to do is get your real estate disclosures in order. In the state of Illinois, these are pretty simple. You’ll just fill out a Residential Real Estate Disclosure Form and give it to the buyer. This form covers any material defects that you know about the property. If there are any, you’ll have to write them down on the form. You should also give the buyer a Lead-Based Paint Disclosure Form if your home was built before 1978. In Illinois, we also have to give the buyer a Radon disclosure form. The Radon disclosure form is required because most of Illinois used to be underwater during the Jurassic period and as a result many toxic chemicals accrued in the ground. If Radon is over 4 parts per million, you’ll have to notify your buyer, and usually make some costly repairs.
You can get these forms from your local library, or online, or you can just tell me to handle it.
The last thing you need for disclosures is a copy of the Community Association Rules and Regulations if you live in a community with an HOA. You should get these from your association, or normally we do this for clients.
Step Five: Wheaton Local Requirements
In Wheaton, Illinois, the buyer of residential or commercial property is responsible for purchasing a Real Estate Transfer Tax Stamp. The transfer stamp costs $2.50 per $1,000 of the purchase price, rounded up to the nearest $1,000 of the purchase price.
First, you’ll need to schedule a final meter reading and pay the water bill. If you have a condo/HOA, they will almost certainly pay it for you. You’ll also have to pay any other amounts due to the city. Next, fill out a Real Estate Transfer Tax form and an Illinois Real Estate Transfer Declaration. The buyer will need to complete a Utility Account Application. Once you get these documents together, your Wheaton attorney can bring them, the deed, and the buyer’s payment for the transfer stamp to the Finance Office at 303 W Wesley Street, 1st Floor, Wheaton, IL 60187. If you have any questions, feel free to call the Finance Department at 630-260-2000 or visit them online at www.wheaton.il.us.
Each municipality has its own local requirements for selling real estate FSBO. If you’re looking to sell properties somewhere else in Illinois, we also have guides for Naperville, New Lenox, and more.
Transfer Tax Refund for Single Family Homes in Wheaton Illinois
If you sell a Wheaton principal residence and buy a different home in Wheaton to use as your new principal residence, you may be eligible for a transfer tax refund on the second home. This only applies if you are an owner-occupant and if the closings on both homes occur within 12 months of each other.
Also, if you sell your Wheaton home to your natural or adopted child, they may be eligible for a transfer tax refund.
To get the refund, the buyer must complete a Real Estate Transfer Tax Refund Application after the closing and submit it to the Finance Department.
Step Six: Closing and Selling Your Home with your Wheaton Attorney
Once you’ve accepted an offer, we can schedule a closing. This depends on when the buyer will close which is usually within 30 to 45 days of signing the offer contract for FSBO homes. That’s why it’s important to keep an eye out for these issues in advance. If you don’t stay on top of your transaction, you’ll end up waiting ages for third-party approvals in the transaction. By carefully following this guide, you’ll pay off all the debts on the property, extinguish your liability as best as you can, sell your home and have the smoothest transaction. If you’re interested in more, I’ve put a form below for you to contact us to start the process as your Wheaton attorneys.