logo
home   |   faq   |   site map

The Law Office of Edward Balcsik
2164 W. Giddings
Chicago, IL 60625
773 275-0754
fax: 773 275-7115
Header

Single family Special

Single family condo or house closing from just purchasers - $295
sellers - $175
single family
residential
closing special details
    

 

Edward Balcsik is a lawyer whose practice includes real estate law, particularly the purchase and sale of residential real estate. When selling or purchasing a house, vacant lot, condominum unit, commercial real estate or other real estate it is wise to protect yourself and your finacial investment by seeking the help of an experienced lawyer.

more
 

FSBO or For Sale by Owner refers to real estate (house, condo, vacant lot . . . )sold with out the benefit or cost of a professional real estate agent. There is nothing in Illinois law that requires a party selling real estate to hire a real estate agent. It is a business decision whether agent will provide more value (higher sales price, faster sale and less hassle) than the cost of the real estate commission.

Benefits to For Sale by Owner

The main benefit to FSBO is the significant savings on real estate commission achieved by selling your house or condo or other real estate on your own. Real estate commissions tend to run 5-6% of sales price. So it is easy to see how it might save you some money to sell it yourself.
Cost of For Sale by Owner

Many people focus only on the real estate commissions savings and ignore the potential and actual cost of selling real estate without benefit of a real estate agent.

A real estate agent can help you set the correct price for the property. Too high a price and prospective buyers will look elsewhere. Too low and you do not get the full value of the property.

A real estate agent can help you present the property. Agents are experienced in looking at properties and are usually aware of what appeals to buyers and also what turns them off.

A real estate agent can help you advertise the property in the MLS (multiple listing service) and elsewhere. They have experience in what advertising works and does not work.

A real estate agent can help you negotiate the contract. For people not use to negotiating this can be invaluable. Also, as professionals they can help you stay focused on the business details of the transaction.

A real estate agent can help guide you through the process, provide forms, publications and information necessay to selling.

Still for many people the savings can exceed the cost. This decision will be different for different people and situations.

Flat Fee Real Estate Brokers

There are some options to the pure for sale by owner approach. The most common is to hire a flat fee broker. What flat fee real estate broker do is list your property in the Muliple list services (MLS) and other sites for a flat fee. The fee is usually around $300 to $400. The only people who can list on the MLS are licensed real estate agents. Thus, the majority of the public cannot list on the MLS. However, the general public has unlimited access to view MLS listings at Realtor.com and other affiliated websites. If an real estate agent sells the property a commision will be due. But you can offer a commission as low as 1%. Many recommend between 2-3%, which is the “market rate.” The lowest commission you can offer is 1%
more
more
 
THIS IS AN ADVERTISEMENT: These materials have been prepared by us for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Internet subscribers and online readers should not act upon this information without seeking professional counsel.

This website is an advertisement for the Law Office of Edward Balcsik, a Chicago based lawyer providing legal services in the area of Real Estate, Wills & Estate Planning, Probate, and Small Business matters, Edward Balcsik serves clients in in communities including Chicago, Park Ridge, Norridge, River Forest, Niles, Lincolnwood, Skokie and Evanston..

Viewing of ChicagoRealEstateLawyer.biz does NOT create an attorney client relationship.

© Edward Balcsik 2007. All Rights Reserved.