As other have mentioned, yes you can sell anything. Whether or not a buyer can get financing will depend on the violations and whether the lender knows about them. Have you just received a violation notice or is there an active Housing Court or AH case? Is there a RULO or other consent decree on the property?
If the violations aren't substantial, the lender may just want an escrow for estimated compliance costs. If major the violations could easily kill the deal for anyone but a cash buyer.
I'm a little leery of this question and the violations. A '5' flat is not 'normal' in Chicago. Yes, legal ones do exist but it is definitely not the norm. My immediate thoughts are whether the 5th unit is an illegal conversion and if the outstanding violations have anything to do with that.
We provide jargon translation services, compliance consulting for City violations and Housing Court / AH assistance. Feel free to give me a call. Good luck
Hi Kimberly, are you living in this condo? Just for me to know....
Do you know if you would get permission of the association to rent?
I will have a closer look at your listing and get back to you.... You know your agent should have all the comps and this is not an easy market and a one bedroom is never that easy as it is limiting the amount of interested buyers, most even young couples want a second room, either to have an office, guest bedroom, den or future baby room.... and all ground level properties are also harder to sell in general, but then one never knows...
But this market is very very competitive and not an easy market for sellers... That said I will have a second look and get back to you.
If you have additional information contact me!
By the way if and when you either sell or rent, where would YOU go?
Talk to you soon.
Edith Karoline YourRealtor4Life
Working always in the very BEST interest of her clients!