For those selling a house in Illinois, paying the commission cost can be a real struggle. If you’re selling your house on your own, you can cut down on the commission paid to the traditional real estate agents, which ranges from 3 to 6 percent. Instead, choose a flat fee MLS listing service in Illinois. In this case, you need to pay only a flat fee that is established in advance.
What Is Flat Fee MLS
In general, flat fee MLS listing companies will post your property listing onto the MLS for a one-time flat fee. A flat fee MLS in Illinois will assist you in the process when you sell your house for sale by owner websites for a low cost. The commission that they would charge could vary from 2 to 3 percent of the sale price. They will list your property on the local MLS (Multiple Listing Service). A primary online resource for real estate agents, MLS is the place where properties are listed for selling or buying houses. In this way, your house gets to be listed on top national websites as well as popular local real estate sites.
In summary, a flat fee MLS listing service provides an alternative to selling your home with a traditional real estate agent.
Benefits of Flat Fee MLS Listing Services
There are several advantages of selling a house by owner in Illinois, through flat fee MLS listing. They include savings, planning, and being in control of the proceedings during the entire sale process. Being in control can help you decide the price of your home, how to market it, including photographs and descriptions of your home. Also, you are in charge of negotiations. Of course, in flat fee MLS listing services, the agent will help you in setting the best listing price. The flat listing gives you the best of both worlds of selling on your own and as an agent.
How to Choose the Right Flat Fee MLS in Illinois
Before choosing the right flat fee MLS company in Illinois, there are a few points to be kept in mind. It is important to check if they have an active and updated website. You can also read the reviews of their earlier customers regarding their services. The right agent will help prepare and set the price for your house, market it to prospective buyers, review purchase offers, negotiate with buyers (or more realistically, with their agents), and otherwise help guide the deal toward closing.
Once you find a real estate agent you want to work with, you will sign a “listing agreement,” which gives the agent the right to market and handle the sale of your property. Some of the best flat fee MLS companies in Illinois are Mentor Listing, Beycome, and Houzeo.
Guide to the Necessary Paperwork for Sale
You will need to put together the necessary paperwork for selling a house without a realtor and fill it out correctly. To maximize gains and pre-empt any pain, round up these documents before you list for a seamless selling process and closing. They include:
- Copy of Purchase Agreement and Any Addendums: This is the copy of the original, signed sales agreement, including any agreed-upon changes.
- Closing Statement: A detailed list of all the costs associated with the sale and who pays them, is often prepared by your escrow agent or title company.
- Signed Deed: To legally transfer your property, you will need the deed that proves you are the rightful owner.
- Bill of Sale: This is a receipt that includes information about both you and the buyer. It will also list the final price of the home and what was included in the sale.
- Affidavit of Title: It is a notarized document that states that you own the home, that there are no liens on the property, that you are not simultaneously selling the home to someone else.
The additional documents that can be required include Loan Payoff Information, HOA Forms and Guidelines, Survey Results or Survey Affidavits, Home Inspection Results, Proof of Repairs or Renovations, Home Warranty Information, Copies of Relevant Wills, Trusts, or Power of Attorney Letters, and Relevant Affidavits. Finally, you should be prepared to offer all the documents a buyer needs to ensure smooth sailing and prevent delays in the sale of your home. It is necessary to do all your homework and complete the required paperwork.
Selling your house can be a time-consuming and frustrating process. It requires a lot of time, skill, and patience. It also requires a great deal of attention to detail because a small mistake could end up costing big time. Fortunately, there are ways to sell your home quickly without having to compromise on the quality or price. And, by making the right choice of a flat fee listing company, this process is made easier and stress-free. Ultimately, it will help you secure a great offer for your home. Done correctly, selling a house on your own in Illinois can save you thousands of dollars.