Cash Deals and Real Estate Investors

 Posted on August 08, 2022 in Residential Landlord Evictions

Yorkville and Kendall County Real Estate Investors Attorney

At Landlord Evictions, LLC, we represent real estate investors and property owners with regard to their real estate transactions in Kendall County including Yorkville, Oswego, Plano, Plainfield, Newark, Sandwich, Somonauk, and nearby areas. A cash deal is a strong offer on a residential real estate property.

The most formed contract for residential real estate closings is the Multi-Board Residential Real Estate Contract 7.0, which dictates a standard contractual agreement that is used by realtors, buyers, and sellers in the suburbs of Illinois. A real estate investor or property owner that offers a cash offer is a strong position to obtain an accepted real estate contract.

Residential Real Estate Attorney Serving Oswego, Plainfield, and Kendall County

The first step in hiring a buyer or seller’s residential real estate attorney is to call us at 630-780-1034 and establish the attorney-client relationship. The second step after hiring us is to have us negotiate the attorney review and home inspection process.

The attorney review and home inspection process are still important processes for cash buyers. The purpose of the attorney-review period is to obtain information such as whether a house, condo, or other property type used licensed professionals. Furthermore, it is helpful to identify whether there have been problems with the property in the past such as leakage, roof problems, or any insurance claims. 

The next part of the process is the home inspection period. The home inspection period is the period where the real estate investor hires a licensed home inspector to inspect the property. The residential real estate contract 7.0 excludes minor repairs, routine maintenance repairs, and cosmetic issues from being considered for the home inspection period. The types of repairs that are foreseen by the home inspection contingency period are major repairs such as health and safety concerns and items that are not working as intended. The home inspection period is important because many real estate contracts cancel during this period of the contract.

Appraisal Process

Generally, there is no appraisal process for cash buyers. This is significant because many sellers understand that cash buyers are less likely to result in a canceled residential real estate contract. The appraisal process generally involves the bank or lender that hires a licensed appraiser to identify the fair market value of the house. The second purpose of the appraisal process is to identify safety concerns from government-backed loans such as VA and FHA loans.

Title Insurance

Title Insurance is required for most residential real estate contracts unless excluded. Many real estate investors will consider paying the seller’s closing costs (if they get a great deal). Real estate investors offer cash deals to incentivize property owners to give them a good deal. One of the major benefits of a cash deal is the ability to close quickly. Closings with cash buyers are generally two to three weeks from the initial acceptance date. The purpose of title insurance is to provide a guarantee that the buyer is purchasing a property that is insurable. Without the ability to be insurable, the real estate investor may lack the ability to sell or refinance the property.

Well-Qualified and Reputable Kendall County Real Estate Attorneys for Landlords and Investors

The lawyers of Landlord Evictions, LLC are reputable and provide experienced and cost-effective legal representation for real estate agents, landlords, and property owners. We have a team of attorneys and support staff with significant real estate experience. Many of our staff members have worked years for title insurance companies and understand the ins and outs of the residential real estate process. Call us at 630-780-1034 to represent you with regard to your residential closing experience. Landlord Evictions, LLC has a niche in representing real estate investors and landlords in the local Kendall County area and surrounding areas.