Understanding the Probate Process in Illinois: What You Need to Know Before Selling a Property

  The probate process can be confusing and overwhelming, particularly when you inherit property that you need to sell. If you're navigating probate in Illinois, understanding how it works and the steps involved in selling property during probate is crucial. Whether you're an executor of the estate, an heir, or simply looking to liquidate property quickly, this guide will break down the key aspects of probate in Illinois and what you need to know before selling a property. What is Probate and Why Does it Matter in Illinois? Probate is the legal process of administering a deceased person's estate, which includes verifying their will, paying debts, and distributing assets. In Illinois, probate is handled by the circuit court in the county where the decedent lived. The probate process can be lengthy, sometimes taking a year or more, depending on the complexity of the estate. When someone passes away, their assets, including any real estate, must go through probate unless the pr...
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5 Reasons to Consider Selling Your Belleville House Via a Rent to Own Agreement

 

For those positioned to hold the property for an extended time, a rent-to-own agreement can be profitable to sell your property with buyers willing to pay a higher price. A rent-to-own sale earns more because you offer the buyers an opportunity to experience all of the perks of homeownership while repairing any credit issues. Or perhaps they need the time to save for the required percentage the lender requires for their downpayment. 

At the end of the agreement, you can set the terms to allow the buyers to walk away or that they will face legal action should they default on the contract. Sellers should contact a real estate lawyer to review their documents and ensure smooth sailing ahead. It’s well worth taking this extra step to avoid legal conflicts over the exact wording of your contract. 

Read on as we explore five reasons to consider selling your Belleville house via a rent-to-own agreement. 

Set Your Price

One reason to consider selling your Belleville house via a rent-to-own agreement is the ability to set your sales price at a higher value than the current market. You can name the price because you’re risking setting the price lower than the value in the future, typically two years. 

Listing Costs

Saving the costs of a listing is another reason to consider selling your Belleville house via a rent-to-own agreement. You won’t be paying commissions or other fees associated with listing on the MLS, including professional high-quality digital photography and drone videos, prepping the property for buyers, and even paying a professional stager to realize the best possible sales price on the market. 

Buying Pool

You increase your buyer pool by selling your Belleville house via a rent-to-own agreement beyond the typical buyer on the MLS to include those in the early stages of preparing their credit and increasing their savings towards their goal of owning their own home. Additionally, as societal norms have evolved over the past few years, more and more would-be renters are opting to move towards homeownership; rent-to-own agreements open the door to this untapped potential buyer pool.

Generate Cash Flow

Along with the downpayment, you’ll be earning a higher than average monthly rent, typically including an extra payment towards the down at the end of the contract term, which is another of the reasons to consider selling your Belleville house via a rent-to-own agreement. You won’t be paying the expenses for maintenance and repair because the buyers also assume ownership responsibilities in the contract.

Faster Sale

The speed at which you can enter into the agreement and start earning cash flow is a great reason to consider selling your Belleville house via a rent-to-own agreement. Then, you can take your downpayment straight to the bank without all of the hoopla and fanfare of qualifying for conventional loans that can take weeks or even months before closing.

Let Cardinal Creek Properties help you learn about selling your Belleville house via a rent-to-own agreement. A direct buyer from Cardinal Creek Properties will detail what you could earn by selling rent-to-own. Let the pros at Cardinal Creek Properties make it easy! With experts from every walk of the real estate industry, Cardinal Creek Properties can handle it all! If rent-to-own doesn’t suit your circumstances, our direct buyers will lay out what you’d make with a traditional listing with an agent and then lets you compare this to our offer, which you’ll agree is fair. When you work with Cardinal Creek Properties to buy or sell real estate directly, we never charge commissions. So why not find out what is in your best interest with absolutely no obligation? Contact Cardinal Creek Properties at (314) 467-8137.

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