For many homebuyers and sellers in Chicago, one of the hardest parts of closing a great deal is getting the timing right. It can be hard to coordinate schedules, line up movers, and establish deadlines, particularly if one or both parties is attempting to buy and sell a home at the same time.

In our experience, there’s one little real estate trick that can really help sellers caught up in a double transaction. It’s known as a rent-back agreement, and it offers flexibility and leverage to both buyers and sellers – if it’s done right.

What Is a Rent-Back Agreement?

Put simply, a rent-back agreement is a legally-binding agreement between buyer and seller that allows the seller to remain on the property, as a renter, for a set amount of time after closing.

There are a number of things for buyers and sellers – and their real estate attorneys – to consider when it comes to a rent-back agreement. Namely, all parties will have to negotiate and agree on terms including:

For every success story you may have heard about people deciding on “for sale by owner” for their home, there are countless other stories you don’t hear, all about the many issues that can arise when going down this route.

When you try “for sale by owner,” (we’ll shorten it to FSBO), you give up the helping hand of a real estate agent. During a real estate transaction, an agent can be a vital partner, one who knows the ins-and-outs of the housing market and all that goes into selling a property, including marketing efforts, negotiation strategies, and navigating the oftentimes lengthy closing process.

If you’ve done FSBO in the past, it may be worthwhile to investigate the current realities of selling a home without a real estate agent.

According to the Chicago Tribune, 20 years ago for FSBO-sold homes accounted for nearly 20% of transactions. In contrast, in 2017, 92% of home sellers were assisted by a real estate agent.

So, what do these people know?

Here are three big things to keep in mind before you attempt to sell a home all alone…

1.) Pricing Your Property Incorrectly

"To be, or not to be?”

This is the question famously asked by Shakespeare’s Hamlet, as he thinks over all of his choices and opportunities in a particularly fraught moment. It’s one of the most famous quotes in human history, but we think it’s time for a little bit of a revamp.

Specifically, we know that prospective homebuyers around the country are asking themselves a question more along the lines of:

“To wait, or not to wait?”

Let’s see if we can help set your mind at ease!

Why Now Is the Right Time to Buy a Home

Hamlet may pace back and forth muttering to himself to find answers. But here at Real Group RE? We prefer cold, hard facts. And many of the signs available say that it’s better to buy now, rather than waiting until next year.

Why act now? Well, it really comes down to two big factors - home prices, and interest rates.

Take a look at this beautiful 2-bed, 2-bath, perfectly situated on a quiet, tree-lined street near the heart of Lincoln Square, and featuring an expansive, quiet green backyard.

The spacious unit has an open layout, with hardwood floors throughout. The granite kitchen features stainless steel appliances, as well as a separate dining space. The master comes complete with an en suite bath, as well as custom organized closets.

The home features an in-unit washer/dryer, and a garage space comes included. With just one step down into the unit, single-key access to the home from the dedicated garage spot provides privacy and convenience. The building is in a prime location, just a stone's throw from the CTA Brown Line, the Metra, Mariano's, and all that Lincoln Square has to offer, including some of the best restaurants in the city.

Ready to set something up? Drop Real Group RE a line today to see this great space for yourself!

Real Group Real Estate

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