Strata Home Buyers issues cash-sale guidance for Chicago homeowners
The Orland Park homebuyer has published a checklist for Chicago-area sellers weighing direct cash offers against traditional listings.
By Daniel Okafor · Business Editor
2 min read
Strata Home Buyers has issued cash-sale guidance for Chicago-area homeowners weighing a direct offer against a traditional listing. The Strata Home Buyers cash-sale guidance centers on the amount a seller could receive after costs, the work needed before a sale and the conditions that must be met before closing.
The Orland Park company says homeowners should seek written details on fees, who will pay closing costs, inspection terms, cancellation rights and other contingencies. Sellers should also consider the proposed closing date alongside title work, occupancy arrangements and their moving plans.
What should Chicago homeowners compare in a cash offer?
The checklist urges sellers to look beyond an offer's stated price. A traditional listing may be better suited to owners seeking exposure to the open market, while a direct as-is sale may appeal to those trying to reduce pre-sale preparation or fit a closing around their circumstances, according to the company.
Paul Dichoso, Strata's closing coordinator, said homeowners should understand the full terms of an offer, including fees, contingencies and timing. He cited inherited properties, needed repairs and homes an owner no longer wants to manage as situations in which sellers may consider an as-is transaction.
A cash sale does not necessarily remove all conditions from the process. Zillow advises sellers to assess the closing timeline, contingencies, seller costs and the buyer's reputation as well as the purchase price. Its guidance also recommends obtaining proof that a cash buyer has funds available before taking a property off the market.
Cash deals can still involve inspection contingencies, title work and escrow functions, Zillow says. The purchase agreement should spell out the final price, any included items, contingencies, the expected closing date and each side's responsibilities.
Strata says it buys homes in their current condition for cash and can offer flexible closing dates. Its Chicago-area cash-sale guidance applies across its service area, including Aurora, Arlington Heights and Palatine; the company notes that property conditions and seller priorities can differ from one transaction to another.