Honest, detailed guides for Chicago homeowners navigating foreclosure, inherited property, divorce, as-is sales, and more.
The time and proceeds involved in selling a Chicago home depend on its condition, price, title, financing, and market conditions. A traditional listing, a for-sale-by-owner sale, and a direct sale to a cash buyer involve different costs and trade-offs. This guide outlines considerations for comparing those options; it does not predict a sale price or closing date.
A cash home purchase is a real-estate transaction in which the buyer does not rely on mortgage financing. Buyers may purchase directly or contract for a later assignment, and contract terms vary. This guide describes questions sellers can ask and terms to review; it does not certify any particular buyer or establish a market value.
The steps for selling inherited Illinois real estate depend on how title is held, the estate documents, and whether probate administration is required. This guide summarizes issues to confirm with the estate representative, an Illinois attorney, and a tax professional; the applicable documents and facts control each transaction.
If mortgage payments are unaffordable or past due, contact the mortgage servicer promptly and ask about available loss-mitigation options. The choices and deadlines depend on the loan, servicer, and case status. This guide provides general information, not a prediction that a particular option will be approved or stop a pending case.