Sohail A. Salahuddin | Broker Associate I Visionary
Innovative Property Consultants Team l Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.929.1565 | C: 312.437.7799 | F: 847.805.6030
"Local Experts, Global Reach"
If you are not planning to sell for more than 1 year do not worry about it because appraisers and buyers do not go back more than12 months. Appraisers do not go back more than 6 months and this market has started to change. If you are more concerned have a few agents do a market analysis of your unit to give you a range of value.
1 rental in a 6 unit building is not an issue. Lenders have started to relax their previously rigid requirements one of which had to do with the % of owner occupancy. Now, if the buyer is planing to live in the unit, the lenders do not care too much about owner occupancy. If the buyer is an investor, those loans do care about owner occupancy, yet 1 is still not an issue.
Hope you're having a great weekend and enjoying the weather!
Rental restrictions are becoming much more common in today's real estate market mainly because lenders/banks have a lot more restrictions in granting mortgages in condo buildings. If a building has too many rental units it just adds up to be more of a risk to the respective bank. Banks don't like risk! With that said, if you must sell your home and your building is at the rental limit you don't have much of an option aside from your building changing the rules.
If one unit goes into foreclosure it will definitely impact your home's value, especially if the home going into foreclosure is the exact same as yours (in finishes, layout, size, etc.) Just think of it this way: If you were a Buyer and you noticed that your home is priced at $200,000 but the foreclosed home sold at $150,000 and it's the exact same as yours, there is no reason why a Buyer would willingly pay the additional $50,000 just because yours was not a foreclosure.
Hope this helps! If you want a bit more insight or want to chat about real estate I'm always available via email and by phone.
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX