Chicago Lawyer Comments on Selling a Home, Condo or Townhome on Your Own Without a Real Estate Agent

Philip J. Berenz, CPA, JD of the Law Offices of Philip J. Berenz, P.C. tells consumers, "Selling your home, condo or town home on your own can be a daunting task and requires some professional guidance."

For example, a homeowner's first question is usually, "where do I start?" Today there are many alternatives to selling your home instead of using the traditional real estate agent. Homeowners can find services that offer "flat fee" arrangements whereby a one-time fee is paid for the privilege of having their home, condo or town home advertised to the general public via various means. Some services even place the home on web sites that are searched by other real estate agents and buyers. Usually, however, such services will require the homeowner to offer a commission to the buyer's real estate agent. That means that the homeowner will still have to pay some form of real estate commission.

On the other hand, real estate agents understand pricing, your neighborhood and the local market demand. Some homeowners trying to sell on their own underprice their home; therefore, in trying to save money, such homeowners end up costing themselves quite a sum of money. The bottom line is as with anything else: Do your homework!

A few other major concerns of homeowners selling on their own is, "what forms do I need to provide a buyer" and "what can I ask a prospective buyer?" A homeowner should check on these requirements and ensure compliance to avoid legal problems. For example, in Illinois, every homeowner is required to fill out an Illinois "Residential Real Property Report Disclosure" disclosing to a prospective buyer whether the seller is aware of any "material defects" in approximately 20 different "categories." Failure to provide a buyer about knowledge of a known "material defect" can cost a home seller dearly even after the transaction is complete. Other laws require potential disclosure of lead-based paint depending upon the year the home was built.

A homeowner must also be wary of prospective buyers who may be wasting their time if the buyers have poor credit or questionable employment histories. Homeowners need to determine if a prospective buyer is credit worthy before accepting an offer. A contract for a sale of a home is not an easy contract to terminate, especially if a buyer has his or her heart set on owning your home!

-Philip J. Berenz, CPA, JD is a Chicago area attorney who regularly represents home sellers and buyers having handled in excess of $40,000,000 in transactions in the past several years alone. His experience with home sellers allows him to counsel clients to ensure compliance with local, State and Federal laws in the sale of a home and his guidance is sincere and attentive to the particular individual circumstances that vary greatly in such monumental transactions. You can learn more by visiting his web site at www.counseloroffices.com --soon to become the "Chicago Real Estate Law Blog."

This release was published on openPR.