We Buy Houses for Cash in Illinois

Selling a house in Illinois usually means more paperwork than people expect. Before a buyer signs, you owe them a statutory disclosure report and a radon disclosure, and in Chicago the transfer tax bill is split between buyer and seller at rates that surprise people moving in from other states. If you are behind on the mortgage, Illinois foreclosures run through the courts, which buys time but also adds a judge, deadlines and legal fees. Swifty Home Buyers buys Illinois houses for cash, as-is, with no commissions and no repair requests, and you set the closing date. Here is what the Illinois rules actually require, so you can compare a cash sale and a listing on the details that matter.

We buy houses in all 50 states. This guide covers the rules that matter in Illinois.

Illinois stacks transfer taxes by level of government. The state tax, listed by the Illinois Department of Revenue, is $0.50 for each $500 of value or fraction thereof, which works out to $1 per $1,000. Counties may add a tax of 25 cents for each $500 under 55 ILCS 5/5-1031, and Cook County's own rate is $0.25 per $500 of the transfer price. On a $300,000 sale that is $300 in state tax and $150 in county tax. Home-rule cities can add their own, and Chicago's is the one people notice: the City's Real Property Transfer Tax is $3.75 per $500, paid by the buyer, plus a CTA portion of $1.50 per $500, paid by the seller, for a combined $5.25 per $500. On that same $300,000 Chicago sale, the seller's CTA share would be $900. The transfer declarations are filed electronically through MyDec, including the state PTAX-203 and Chicago's Form 7551. Who pays the state and county stamps is something your contract should spell out, so read that paragraph rather than assuming. Some municipalities add their own transfer taxes or pre-sale requirements, so check with your village or city. Add your loan payoff, title and closing charges, attorney fees if you hire counsel, prorated property taxes and, in a listing, commissions. In a Swifty sale, there are no commissions, and every cost is in writing before you agree.

Illinois foreclosures are judicial: the lender files a lawsuit under the Illinois Mortgage Foreclosure Law, and nothing is sold until a judge enters a judgment. That gives homeowners two important windows. The first is reinstatement: under 735 ILCS 5/15-1602 you can cure the default and have the case dismissed before 90 days have passed from the date you were served with the summons or submitted to the court's jurisdiction. If a court makes a written finding that you reinstated, that option is not available again under the same mortgage for five years. The second is redemption: under 735 ILCS 5/15-1603, for residential real estate, the redemption period ends on the later of 7 months after service (or submission to the court's jurisdiction) or 3 months after the judgment of foreclosure. If the court finds the property abandoned, that window shrinks to 30 days after judgment. Whether you could owe money after the sale depends on how the case was pleaded and served, so ask an Illinois attorney. In Cook County, the Cook County Legal Aid for Housing and Debt program offers free help to residents and property owners who are behind on their mortgages or property taxes, including a mortgage foreclosure mediation program; the number is (855) 452-2637. Outside Cook County, look for a HUD-approved housing counselor. Selling during the reinstatement or redemption period can pay off the loan and protect equity that a judicial sale would put at risk.

• Sell as-is
• Inherited house
• Foreclosure
• Tenants or rental property

Chicago and Cook County

Chicago's Department of Finance lists its Real Property Transfer Tax at $3.75 per $500 of the transfer price, paid by the buyer, plus a CTA portion of $1.50 per $500, paid by the seller. Put together with the state tax of $0.50 per $500 and Cook County's $0.25 per $500, a Chicago seller on a $400,000 sale would see about $1,200 for the CTA portion, and the state and county stamps of $400 and $200 fall wherever the contract assigns them. The City's declaration is Form 7551, filed through MyDec. For owners who are behind, Cook County Legal Aid for Housing and Debt says all of its services are available at no cost to Cook County residents and property owners.