How to Find Cash Home Buyers in Illinois for a Hassle-Free Home Sale
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Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
If you’re a homeowner in Illinois looking for a way to sell your house without the stress of appraisals, inspections, or buyer financing, working with a cash home buyer could be the solution you need.
Selling to a cash buyer can help you skip the lengthy traditional selling process while still meeting your financial goals. In this guide, we’ll explain how to find and connect with cash home buyers in Illinois, outline the benefits of working with them, and walk you through the steps of a successful cash sale.
Sell Your House Fast in Illinois With a Cash Offer
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Disclaimer: As a friendly reminder, this blog post is meant to be used for educational purposes, not legal or tax advice. HomeLight always encourages you to reach out to your own advisor.
How to find cash home buyers in Illinois
Looking to sell your home quickly and avoid traditional listing hassles? Cash buyers could be the right fit. Here are practical ways to connect with trusted cash buyers in Illinois.
Work with a reputable local real estate agent
A real estate agent can connect you with credible cash buyers, saving you the time of vetting potential offers yourself. Agents have networks of buyers ready to purchase homes quickly and can help evaluate whether offers are fair. If you don’t know where to start, HomeLight can connect you with a top agent in your area. While real estate commissions may still apply, an agent’s expertise can make a cash sale smoother and more secure.
Focus on investors rather than owner-occupiers
Investors, including institutional buyers, are key players in Illinois’ cash market. To attract their interest, list your home on investment platforms or attend local real estate events. You can also explore “We Buy Houses for Cash” companies, but remember, many house flippers follow the 70% rule and may offer less than market value.
Do your due diligence
If you’ve found a cash buyer you’re considering selling your house to, it’s important to thoroughly vet that company or individual to make sure they’re legitimate. You can do so by verifying the company’s rating with the Better Business Bureau (BBB), assuming they have a profile or are accredited. You can also reach out to your local office like BBB of Chicago & Northern Illinois, BBB of Central Illinois, and BBB Serving Greater Missouri & Southern Illinois.
Before signing an offer, ask for proof of funds
Always request proof of funds to confirm a buyer has the cash to close. This document, such as a bank statement, shows their financial ability. If they refuse, take it as a warning and look elsewhere for a legitimate buyer.
Inside the Illinois cash home buyers market
Illinois’ cash home-buying market is largely fueled by real estate investors, but other groups like Baby Boomers and new residents also make significant contributions. Let’s explore the key players shaping the cash buyer landscape in Illinois.
New residents seeking affordability
Illinois continues to attract newcomers searching for a lower cost of living compared to states with pricier housing markets. Cities like Peoria and Springfield offer affordable homes and access to amenities, making the state appealing to individuals and families looking for value. These buyers, often from higher-cost areas, may be ready to pay cash to secure homes quickly. This trend is particularly noticeable in suburban neighborhoods that provide both affordability and convenience, creating opportunities for sellers to connect with motivated cash buyers.
Baby Boomers
A growing number of Baby Boomers are purchasing homes in cash. In 2023, more than half of Older Boomers (born 1946–1954) and 32% of Younger Boomers (born 1955–1964) paid all cash for their homes. Many are downsizing or moving into single-level homes with features like first-floor primary bedrooms, low-maintenance yards, or wide hallways. Highlighting these features in your listing description can help you attract older buyers willing to pay in cash.
Property investors
Real estate investors dominate much of the cash market in Illinois, targeting homes for flipping, renting, or wholesaling. These buyers include institutional investors, house flippers, and buy-and-hold landlords who are often prepared to close quickly. Illinois has a steady share of investor activity, particularly in cities like Chicago, where rental demand is high. Selling to investors can provide a faster, more predictable transaction compared to traditional buyers reliant on financing.
Pros of working with a Illinois cash home buyer
Cash offers can be an attractive option for Illinois homeowners seeking an efficient and streamlined sales process. Let’s explore the key benefits of working with a cash home buyer:
- Quick closings: Selling to a cash buyer often means you can close the deal much faster than through traditional financing, often within days or weeks. This is because there’s no waiting for the buyer to secure a mortgage, which can significantly speed up the timeline.
- No contingencies: Cash sales typically come with fewer contingencies, if any. This means the sale is less likely to fall through due to financing issues or other common contingencies like home inspections.
- As-is purchase: Cash buyers often purchase homes as-is, meaning you won’t need to spend money or time on repairs or upgrades before the sale. This can be particularly advantageous if your home needs significant work.
- Simplified process: The process of selling to a cash buyer is generally more straightforward and involves less paperwork than selling through traditional means.
How to request a cash offer in Illinois
If you’re looking for an easier way to secure a cash offer for your home, HomeLight’s Simple Sale platform can connect you with the largest network of vetted and pre-approved investors in the U.S.
After answering a few basic questions about your home, you’ll receive a no-obligation, all-cash offer within 24 hours. If you accept the offer, you can close the sale in as few as 10 days. You can skip the repairs, prep work, and endless showings, and choose a move-out date that works for you — up to 30 days from closing.
Cash buyers usually offer less than what you might get on the open market, but selling the traditional way comes with fees that can eat up 9% to 10% of your sale price. So, depending on your needs, a cash buyer could still save you money in the long run.
How much are Illinois cash home buyers willing to pay?
Cash investors and home-buying companies often look for deals where they can buy properties for less than what they’re worth on the market. In return, sellers get the benefit of selling their homes quickly and with less hassle. House flippers usually follow the 70% rule, meaning they try not to pay more than 70% of a home’s after-repair value (ARV), including repair and upgrade costs.
The Illinois’ housing market is slumping; home sales are down year-over-year, and prices remain elevated. Given the current conditions, offers from house-buying companies might be lower than what you could get on the open market.
During periods with high demand and low inventory (seller’s markets), cash buyers often come closer to a home’s market value. Offers in this scenario can sometimes range from 80% to 85% of the ARV of the property.
What’s the process of selling to a Illinois cash home buyer?
If you’re looking for speed and simplicity, a cash home sale may be right for you. Here’s a breakdown of how the process generally works:
Complete the Illinois Residential Real Property Disclosure Report
Most states have mandated disclosure laws and require you to fill out a form detailing any material defects in the home. In Illinois, sellers are required to disclose any defects before accepting an offer.
If you’re working with a Illinois “We Buy Houses” company, they will likely prepare all of the necessary documents for you, including this one. However, you can speed up the process by filling it out ahead of time. These companies conduct their own inspections and purchase homes in any condition, so filing the disclosure statement is more of a legal obligation from their perspective.
The buyer runs a title search on the property
The cash buyer will also verify the property’s title. This ensures you have legal ownership and checks for any liens or claims that could prevent a smooth sale. Some of the most common reasons for title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.
The seller pays any associated fees
While cash sales typically involve fewer fees compared to traditional sales, you may still incur some closing costs, like transfer taxes, title insurance, escrow fees, and attorney fees. For example, Illinois sellers typically pay the Documentary Stamp Tax (aka transfer tax) at a rate of $0.50 for each $500 on the purchase price of the property.
If you’re looking to avoid closing costs altogether, “We Buy Houses” companies will often pay them for you in exchange for an offer that’s below market value.
Deciding to sell to Illinois cash home buyers
Homeowners have a good chance of selling for cash, as Illinois remains a popular state to invest in real estate. Whether you decide to compare buyers yourself, enlist the help of a real estate agent, or request an offer from Simple Sale, HomeLight can connect you with top professionals and valuable resources. We’re here to help you streamline your selling experience, leveraging Illinois’s investor-rich market to find a fast and efficient solution for your home sale needs.
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