Sell your house for cash in Illinois

How to sell a house for cash in Illinois, step by step

1. Get your numbers first. Call your lender for a payoff statement and check your county tax bill. Run a quick estimate with our cash offer calculator so you know what a fair offer looks like.
2. Request several offers. One offer tells you nothing. Get at least two, from local investors, iBuyers that serve your area, or Cash Offer Desk where we buy, and check each one with the calculator.
3. Compare more than price. Look at the closing date, who pays closing costs and the transfer tax, the inspection period, earnest money, and whether the buyer will assign the contract.
4. Close with a professional. Attorneys are not legally required, but in most of Illinois, especially the Chicago area, buyer and seller each hire a real estate attorney. Title companies handle the closing itself.
5. Get paid at closing. Your mortgage and any liens are paid from the sale proceeds, and the rest is wired to you or paid by check.

Wholesalers in Illinois

Public Act 101-0357 (effective August 9, 2019) amended the Real Estate License Act (225 ILCS 454). Buying, selling, or marketing assignable contracts more than once in 12 months now counts as brokerage and requires a license. Violations can bring fines of up to $25,000 per offense.

Wherever you live, ask every buyer one question: “Are you buying this house yourself, or will you assign the contract?” A wholesaler can still be a fine option if they are upfront about it. Read our guide to wholesaling for sellers before you sign.

Closing costs and taxes

Illinois charges $0.50 per $500 (0.1%) plus a county tax of $0.25 per $500 (0.05%), both customarily paid by the seller. Chicago adds $3.75 per $500, usually paid by the buyer, plus a $1.50 per $500 CTA portion paid by the seller. Some other home-rule towns add their own taxes.

Many cash buyers offer to pay closing costs. Get that in the contract, and ask which costs it covers. Capital gains rules are federal and state; a tax professional can tell you what you will owe.

Do you have to disclose problems?

Sellers must give the Residential Real Property Disclosure Report (765 ILCS 77) plus radon and lead paint disclosures. Transfers by fiduciaries administering an estate, trust, guardianship, or conservatorship, and foreclosure transfers, are exempt.

If you are behind on payments

Foreclosures go through court. Owners can generally redeem until the later of seven months after being served or three months after judgment, so cases often take a year or more.

Selling before a foreclosure sale can protect your equity and your credit, but watch for foreclosure rescue scams. Never sign your deed over to anyone outside of a formal closing. A free HUD-approved housing counselor can walk you through every option. More in our foreclosure guide.