Elk Grove Village, Illinois 60007
In a foreclosure in Illinois, your attorney may want to change the law around that the buyer will not have to pay 6 months and the collection costs. Sometimes negation is successful, more so with owner occupants. Best to plan to pay the unknown amount if you are a foreclosure buyer getting a great buy.
The HOA fees are usually non-negotiable as these are charged by the Homeowners Association to manage the property. Prior to purchasing any property that involves monthly HOA fees, I always recommend checking the Homeowners Association budget to ensure there is enough surplus and there is no upcoming special assessments. In addition, most importantly as per Section 22.1of the Illinois Condo Property Act, a Condominium Seller must furnish to the prospective buyer a Disclosure Form indicating if the HOA fees are current or there are any outstanding or unpaid dues from the seller and if there are any special assessments under consideration. Feel free to e-mail me at firstname.lastname@example.org should you have any further questions or would like to discuss this.
Are you asking if you can negotiate the amount due for the HOA dues listed? If so, HOA dues are expenses prorated per unit who is a member of the associations. Some cover landscaping, snow removal, etc. I have seen HOA dues decrease or increase for certain associations if they vote/approve to use a different landscaping company or snow removal company and were able to obtain lower bids.
Hope this helps!
Check you the Baird & Warner office in Arlington Heights they have a lot of great realtors there that can help you.
When you want to buy a home the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.
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Best of luck!
These dues are not negotiable once you own a property. If you are talking about the HOA fees pursuant to the condo act when purchasing a foreclosed property then these back dues are up for negotiation and discussion. Feel free to give me a call me on my cell at 847-977-7024 if you have any specific questions.
HOA stands for Homeowner's Association. HOA has budget and expenses based on which they distribute the cost between the residents of the property. There is no negotiating on the HOA fees. Feel free to contact me with any questions you have.
Carrington Real Estate Services
157 N Evergreen Ave
Arlington Heights IL 60004